Extended majorUndergraduate

FININMAT05 Financial and insurance mathematics

Faculty of Science

Financial and insurance mathematics (FININMAT05) is an extended major worth 72 credit points, listing 29 units, taught at Clayton. It is offered in 3 courses, including Bachelor of Science and Bachelor of Science Advanced - Global Challenges (Honours).

Credit points: 72
Units: 29
Campus: Clayton
Offered in: 3 courses

The 2027 handbook has no page for FININMAT05. This is its 2026 entry, the latest one.

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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

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.
Note 1: MTH1035 and MTH2015 are advanced versions of MTH1030 and MTH2010, respectively.
Note 2: 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 units48 credit points

You must complete the following units plus one unit from both Options 1 and 2 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.

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.

ENG2005Advanced engineering mathematicsNo reviews yet6 cp

Option 2

6 credit points

You must complete one of the following units

Financial and insurance mathematics elective unit12 credit points

You must complete two of 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

The requirements for this extended major have been updated since their initial publication on October 11, 2024. For detailed information about these changes, please go to the 2025 Change register.

Requirements for progressing to honours and other further studies
You must meet the entry requirements for S3701 Bachelor of Science (Honours) 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
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 Jonathan Keith

Common questions

Which courses offer Financial and insurance mathematics?

3 courses in 2026: Bachelor of Science, Bachelor of Science Advanced - Global Challenges (Honours) and Bachelor of Science Advanced - Research (Honours).

What units are in Financial and insurance mathematics?

It lists 29 units, including ENG1005, ENG2005, ETC2410, ETC3400, ETC3460, ETC3530, MTH1030 and MTH2010. 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: 2026