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Extended majorUndergraduate

FININMAT03 Financial and insurance mathematics

Faculty of Science

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Financial and insurance mathematics (FININMAT03) is an extended major worth 72 credit points, listing 29 units, taught at Clayton. It is offered in 11 courses, including Bachelor of Commerce and Bachelor of Science; and Bachelor of Education (Honours) and Bachelor of Science.

Credit points
72
Units
29
Campus
Clayton
Offered in
11 courses

This is the 2020 handbook entry. See the 2021 entry.

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Requisite map

Overview

Financial and insurance mathematics is taught jointly by the School of Mathematical Sciences and the Faculty of Business and Economics, to ensure you develop high-level technical and analytical skills that are applicable in the workplace. Experts in this area use mathematical and statistical techniques to understand and assess risk in insurance and financial markets. Like actuaries, they determine the likelihood of specific outcomes and develop strategies that allow businesses and governments to either pursue new business opportunities or insure against risks.

The extended major in financial and insurance mathematics was introduced at Monash University in response to the national and international shortage of skilled workers in the finance and insurance industries, most notably workers with a rigorous mathematical training.

Financial and insurance mathematics is tailored to prepare you for working in the banking industry, investment firms, insurance companies, and in risk-management roles. However, like other mathematics graduates, you may also work for the Australian Bureau of Statistics, the Commonwealth Scientific, Industrial and Research Organisation (CSIRO), or in business analyst roles, universities, or management consultancy.

Availability

Financial and insurance mathematics is listed in S2000 Bachelor of Science, S3001 Bachelor of Science Advanced - Global Challenges (Honours) and S3002 Bachelor of Science Advanced - Research (Honours) at Clayton as an extended major.

Structure

Mathematics requirement12 credit points
This extended major relies on successful completion of MTH1030 and MTH2010 at a set level (60 or higher); if you are unable to meet the published marks for these two units, you may not be able to complete the major.
Level 1 science sequence12 credit points
You must complete one of the following options

Option 1

12 credit points
You must complete the following units

Option 2

12 credit points
You must complete the following units. MTH1035 and MTH2015 are advanced versions of MTH1030 and MTH2010, respectively. For the purpose of sequence requirements, MTH1030 and MTH2010 can be replaced by their corresponding advanced version.

Double degree with engineering option

12 credit points
You must complete the following units

Software engineering specialisation option

12 credit points
You must complete the following units
Level 2 and 3 core units54 credit points
You must complete the following units and one of the options below

Option 1

6 credit points
You must complete one of the following units. Note: If MTH2010 or MTH2015 was completed as part of the level 1 science sequence, replace it with a unit from the list of elective units below.

Option 2 - Double degree with engineering option

6 credit points
You must complete the following unit instead of MTH2010, except if you are in the specialisation Software engineering; in this case you complete MTH2010 in the option above.
Financial and insurance mathematics elective units6 credit points
You must complete 6 credit points from the following units. Note: MTH2040 is only available to engineering students, except if you are in the software engineering specialisation.

Courses that offer it

Notes

Requirements for progressing to honours and other further studies

You must meet the entry requirements for S3701 Bachelor of Science (Honours), M5021 Graduate Diploma of Health and Science Research or meet the progression requirements to the fourth year of S3002 Bachelor of Science Advanced - Research (Honours).

You must also complete prerequisite study as per the intended discipline. Refer to the honours prerequisites table.

Learning outcomes

In addition to achieving the broad outcomes of your course, and successfully completing this area of study, you will be able to:
  1. 1

    Display basic knowledge and key technical skills in advanced calculus and linear algebra as well as high-level knowledge of and skills in the important techniques, terminology and processes of probability, statistics and stochastic processes as appropriate to financial and insurance mathematics;

  2. 2

    Develop, apply, integrate and generate knowledge through abstraction and insight, and use high-level critical thinking skills to analyse, use and interpret the mathematics that arises across a range of problems in financial and insurance mathematics, including financial and risk models;

  3. 3

    Demonstrate skills in the written presentation of a mathematical argument that enable mathematical, financial and insurance concepts, processes and results to be communicated effectively to diverse audiences

Contacts

Academic Coordinators
Associate Professor Kais Hamza

Common questions

Which courses offer Financial and insurance mathematics?

11 courses in 2020: Bachelor of Commerce and Bachelor of Science; Bachelor of Education (Honours) and Bachelor of Science; Bachelor of Laws (Honours) and Bachelor of Science; Bachelor of Science; Bachelor of Science Advanced - Global Challenges (Honours); Bachelor of Science Advanced - Research (Honours); Bachelor of Science and Bachelor of Arts; and Bachelor of Science and Bachelor of Biomedical Science, and 3 more.

What units are in Financial and insurance mathematics?

It lists 29 units, including ENG1005, ENG2005, ETC2410, ETC3400, ETC3420, ETC3460, ETC3530 and MTH1030. The structure above shows which are required and which you choose.

Extended major details

Type
Extended major
Study level
Undergraduate
Credit points
72
Faculty
Faculty of Science
Organisational unit
School of Mathematics
Handbook years
20202021