FININMAT04 Financial and insurance mathematics
Faculty of Science
Financial and insurance mathematics (FININMAT04) is an extended major worth 72 credit points, listing 30 units, taught at Clayton. It is offered in 8 courses, including Bachelor of Science and Bachelor of Science Advanced - Global Challenges (Honours).
- Credit points
- 72
- Units
- 30
- Campus
- Clayton
- Offered in
- 8 courses
This is the 2022 handbook entry. See the 2025 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 requirement
MTH1030: You must have passed MTH1020 with a mark of at least 60 or VCE Specialist Mathematics units 3 and 4 with a raw study score of at least 30. Exceptions for students who passed MTH1020 with a mark in the range of 50 to 59 can be made with permission from the unit coordinator based on a diagnostic test.
MTH2010: Students must have passed MTH1030, MTH1035, or MTH1040 with a mark of at least 60. Exceptions for students who passed these units with a mark in the range of 50 to 59 can be made with permission from the unit co-coordinator based on a diagnostic test.
Level 1 science sequence12 credit points
Option 1
12 credit pointsOption 2
12 credit pointsDouble degree with engineering option
12 credit pointsSoftware engineering specialisation option
12 credit pointsLevel 2 and 3 core units54 credit points
- MTH2232Mathematical statisticsNo reviews yet6 cp
- ETC3400Principles of econometricsNo reviews yet6 cp
- ETC3420Applied insurance methodsNo reviews yet6 cp
- MTH3230Time series and random processes in linear systemsNo reviews yet6 cp
- MTH3241Random processes in the sciences and engineeringNo reviews yet6 cp
- MTH3251Financial mathematicsNo reviews yet6 cp
- MTH3260Statistics of stochastic processesNo reviews yet6 cp
Option 1
6 credit points- MTH2010Multivariable calculusNo reviews yet6 cp
- MTH2015Multivariable calculus (advanced)No reviews yet6 cp
Double degree with engineering option
6 credit pointsOption 2
6 credit pointsFinancial and insurance mathematics elective unit6 credit points
- ETC2410Introductory econometricsNo reviews yet6 cp
- ETC3460Financial econometricsNo reviews yet6 cp
- ETC3530Life insurance mathematicsNo reviews yet6 cp
- MTH2032Differential equations with modellingNo reviews yet6 cp
- MTH2040Mathematical modellingNo reviews yet6 cp
- MTH2051Introduction to computational mathematicsNo reviews yet6 cp
- MTH3011Partial differential equationsNo reviews yet6 cp
- MTH3051Introduction to computational mathematicsNo reviews yet6 cp
- MTH3060Advanced ordinary differential equationsNo reviews yet6 cp
- MTH3320Computational linear algebraNo reviews yet6 cp
- MTH3330Optimisation and operations researchNo reviews yet6 cp
- MTH2021Linear algebra with applicationsNo reviews yet6 cp
- MTH2025Linear algebra (advanced)No reviews yet6 cp
- MTH2140Real analysisNo reviews yet6 cp
- MTH3140Real analysisNo reviews yet6 cp
Courses that offer it
- S2000Extended majorBachelor of ScienceNo reviews yet
- S3001Extended majorBachelor of Science Advanced - Global Challenges (Honours)No reviews yet
- S3002Extended majorBachelor of Science Advanced - Research (Honours)No reviews yet
- S2006Extended majorBachelor of Science and Bachelor of ArtsNo reviews yet
- S2007Extended majorBachelor of Science and Bachelor of Biomedical ScienceNo reviews yet
- S2004Extended majorBachelor of Science and Bachelor of Computer ScienceNo reviews yet
- S2003Extended majorBachelor of Science and Bachelor of Global StudiesNo reviews yet
- S2005Extended majorBachelor of Science and Bachelor of MusicNo reviews yet
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
- 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
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
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?
8 courses in 2022: Bachelor of Science; Bachelor of Science Advanced - Global Challenges (Honours); Bachelor of Science Advanced - Research (Honours); Bachelor of Science and Bachelor of Arts; Bachelor of Science and Bachelor of Biomedical Science; Bachelor of Science and Bachelor of Computer Science; Bachelor of Science and Bachelor of Global Studies; and Bachelor of Science and Bachelor of Music.