This course offers students the opportunity to study statistics, econometrics, finance, economics and mathematics to an advanced level. Students may also receive accreditation for the part one and part two elements of the Actuaries Institute's professional examinations and will be prepared for careers in the business and financial sectors, with a specific focus on actuarial and mathematical modelling and forecasting roles.
Postgraduate - Course
This course entry applies to students commencing this course in 2019 and should be read in conjunction with information provided in the 'Faculty information' section of this Handbook by the Faculty of Business and Economics.
Unit codes that are not linked to their entry in the Handbook are not available for study in the current year.
Admission and fees
Course progression map
Master by coursework
2 years FT, 4 years PT
This course normally takes 2 years full-time to complete but if you have relevant entry qualifications you may receive credit and be able to complete the course in 1.5 years or part-time equivalent.
You have a maximum of 6 years to complete this course including any periods of intermission and suspension, and must be continuously enrolled throughout.
Mode and location
Master of Actuarial Studies
Graduate Certificate of Business
Graduate Diploma of Business
Refer to 'Alternative exits' entry below for further requirements and details.
These course outcomes are aligned with the Australian Qualifications Framework level 9 and Monash Graduate AttributesAustralian Qualifications Framework level 9 and Monash Graduate Attributes (http://www.monash.edu/pubs/handbooks/alignmentofoutcomes.html).
Upon successful completion of this course it is expected that you will be able to:
- be critical and creative scholars who:
- produce innovative solutions to problems
- apply research skills to business challenges
- communicate effectively and perceptively
- be responsible and effective global citizens who:
- engage in an internationalised world
- exhibit cross cultural competence
- demonstrate ethical values
- have a comprehensive understanding of econometric methods and be able to provide discipline based solutions relevant to the business, professional and public policy communities we serve
- have advanced knowledge to master's level in actuarial studies.
This degree is accreditated by relevant Australian professional bodies. Refer to the Monash Business School professional recognitionprofessional recognition (https://www.monash.edu/business/future-students/graduate-study-options/after-you-graduate/professional-recognition) page.
The course is structured in three parts: Part A. Advanced preparatory, Part B. Mastery knowledge and Part C. Application studies. All students complete Part B. Depending upon prior qualifications, you may receive credit for Part A or Part C or a combination of the two.
Part A. Advanced preparatory
These units will provide you with a review of the knowledge base required for advanced studies in the actuarial discipline.
Part B. Mastery knowledge
These units will develop your understanding of econometric methods and will enable you to provide discipline based solutions within a business, professional or public policy community.
Part C. Application studies
The focus of these studies is professional or scholarly work that can contribute to a portfolio of professional development. This will be achieved by selecting complementary units offered across the university.
The course comprises 96 points structured into three parts: Part A. Advanced preparatory studies (24 points), Part B. Mastery knowledge (60 points) and Part C. Application studies (12 points).
- If you are admitted at entry level 1 you complete 96 points, comprising Part A, Part B and Part C.
- If you are admitted at entry level 2 you complete 60 points, comprising Part B.
Note: If you are eligible for credit for prior studies may elect not to receive the credit and complete one of the higher credit-point options.
The course progression mapcourse progression map (http://www.monash.edu.au/pubs/2019handbooks/maps/map-b6014.pdf) provides guidance on unit enrolment for each semester of study.
Part A. Preparatory knowledge (24 points)
You must complete:
- Introductory econometrics
- Actuarial statistics
- Statistical thinking
- Probability and statistical inference for economics and business
Part B. Mastery knowledge (60 points)
You must complete:
- Macroeconomics and monetary policy
- Managerial economics
- Actuarial practice I
- Actuarial practice II
- Asset liability management
- Applied insurance methods
- Financial mathematics under uncertainty
- Financial econometrics
- Foundations of quantitative finance
- Insurance and pensions
Part C. Application studies (12 points)
You must complete two units (12 points) at either level 4 or 5. Elective units may be chosen from the Faculty of Business and Economics or across the University as long as you have the pre-requisites and there are no restrictions on admission to the units.
Units can be identified using the browse unitsbrowse units (http://www.monash.edu.au/pubs/handbooks/units/search) tool and indexes of unitsindexes of units (http://www.monash.edu.au/pubs/handbooks/units/) in the current edition of the Handbook. The level of the unit is indicated by the first number in the unit code. You may need permission from the owning faculty to enrol in some units.
You may exit this course early and apply to graduate with one of the following awards, provided you have satisfied the requirements for that award during your enrolment in the master's course:
- Graduate Certificate of Business after successful completion of 24 credit points of study with a minimum of 18 credit points at level 4 or above
- Graduate Diploma of Business after successful completion of 48 credit points of study with a minimum of 36 credit points at level 4 or above.