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Requisite map

Overview

Actuarial science will prepare you for a career as an actuary. To provide professional actuarial advice in Australia, and in most other developed countries, you must become a fellow of the local actuarial profession. This involves developing basic technical skills, learning how to apply these skills in a general setting, developing deep specialist knowledge and completing a professional course following two years' relevant work experience. Students will have the opportunity to gain industry-based experience as part of this specialisation. Graduates will be able to seek employment in international finance and business fields dealing with life, general or health insurance, superannuation, risk management and financial consulting. Many actuaries and actuarial graduates work on investment operations for asset managers, brokers and banks. There are a range of government-related jobs in regulatory control, workers' compensation, education and others. Some actuaries work with large companies on long-term strategic planning.

Course structure

Course rules144 credit points

In choosing your units, you must ensure that you complete no more than 10 units (60 credit points) at level 1 and at least six units (36 credit points) at level 3, including four units (24 credit points) at level 3 offered by the Faculty of Business and Economics.

Part A. Foundation commerce knowledge24 credit points

You must complete 24 credit points from the following units

Part B. Specialist discipline knowledge and Part C. Capstone experience72 credit points

Capstone unit

6 credit points

You must complete the following unit

ETC3530Contingencies in insurance and pensionsNo reviews yet6 cp

Specialist discipline units

66 credit points

You must complete 66 credit points from the following units. If you choose ENG1005 or ETC2440 or MTH1030, note that only one of these units can be included in your 66 credit points.

Part D. Free elective study48 credit points

You must complete 48 credit points of free elective study. Electives can be chosen from across the University, including to complete a major or minor from another course if you have met the required prerequisites and there are no restrictions on enrolling in the units. Enrolment in Faculty of Business and Economics units at campuses other than the campus of enrolment is subject to there being capacity after students from that campus have enrolled. You should also be aware of travel and timetabling limitations. No more than two units can contribute towards two majors, or a major and a minor, in the same course (including a double degree course). The same unit is not credited towards two minors. If you are in a double degree course, some units required for the other degree are credited as electives towards this Actuarial Science degree.

The handbook's description of this structure

The course develops through the four themes of foundation commerce knowledge, specialist discipline knowledge, capstone experience, and elective study.

Part A. Foundation commerce knowledge

These units will provide you with a comprehensive study of economics and econometrics disciplines and the impact they have on multi-discipline decision-making in organisations. The units consider the impact on the business, professional and public policy communities.

Part B. Specialist discipline knowledge

These units will develop your capacity as a critical and creative professional who is able to apply your knowledge of actuarial science to provide discipline based solutions to commerce. Units contained within the discipline may meet the requirements for professional accreditation bodies.

Part C. Capstone experience

The capstone unit is designed to consolidate the knowledge and skills acquired throughout the study of your specialisation.

Part D. Free elective study

This will enable you to further develop your knowledge of actuarial science, or commerce more broadly, or to select any units from across the University in which you are eligible to enrol including to complete a major or minor from another course.

Course progression map

The course progression map provides guidance on unit enrolment for each semester of study.

You must complete units as specified in Parts A, B, C and D (144 points): including 96 points of study in Parts A, B and C, and 48 points of free electives in Part D.

In choosing their units, you must ensure that you complete no more than 10 units (60 points) at level 1 and at least six units (36 points) at level 3, including four units (24 points) at level 3 offered by the Faculty of Business and Economics.

Units are 6 points unless otherwise specified.

Part A. Foundation commerce knowledge (24 points)

You must complete:

ACC1100 Introduction to financial accounting
ECC1000 Principles of microeconomics
ECC1100 Principles of macroeconomics
ETC1000 Business and economic statistics

Part B. Specialist discipline knowledge and Part C. Capstone experience (72 points)

You must complete:

a. The following capstone unit (6 points):

ETC3530 Contingencies in insurance and pensions

b. Eleven units (66 points) from the following

BFC2140 Corporate finance 1
ETC2410 Introductory economics
ETC2420 Statistical thinking
ETC2430 Actuarial statistics
ETC2440 Mathematics for economics and business or MTH1030 Techniques for modelling or ENG1005 Engineering mathematics
ETC2520 Probability and statistical inference for economics and business
ETC3420 Insurance mathematics
ETC3430 Financial mathematics under uncertainty
ETC3460 Finanical econometrics
ETC3520 Foundations of quantitative finance
ETC3550 Applied forecasting
ETC3580 Advanced statistical modelling

Part D. Free elective study (48 points)

Electives can also be chosen from across the University, including to complete a major or minor from another course if you have met the required prerequisites and there are no restrictions on enrolling in the units. Enrolment in Faculty of Business and Economics units at campuses other than the campus of enrolment is subject to there being capacity after students from that campus have enrolled. You should also be aware of travel and timetabling limitations.

No more than two units can contribute towards two majors, or a major and a minor, in the same course (including a double degree course). The same unit is not credited towards two minors.

Electives can be identified using the [[http://www.monash.edu.au/pubs/handbooks/units/search][browse units]] tool and [[http://www.monash.edu.au/pubs/handbooks/units/][indexes of units]] in the current edition of the Handbook. [[http://www.monash.edu.au/pubs/handbooks/aos/index-bydomain_type-major.html][Majors]] and [[http://www.monash.edu.au/pubs/handbooks/aos/index-bydomain_type-minor.html][minors]] can also be identified using the Handbook indexes. The level of the unit is indicated by the first number in the unit code; undergraduate units are those that commence with the numbers 1-3.

For students in a double degree course, some units required for the other degree are credited as electives towards this Actuarial Science degree.

Learning outcomes

These course outcomes are aligned with the Australian Qualifications Framework and Monash Graduate Attributes.

Upon successful completion of this course it is expected that you will be able to:

1
be critical and creative scholars who produce:
- innovative solutions to problems
- apply research skills to business challenges
- communicate effectively and perceptively
2
be responsible and effective global citizens who:
- engage in an internationalised world
- exhibit cross cultural competence
- demonstrate ethical values
3
demonstrate broad knowledge and technical skills in actuarial studies and be able to provide discipline based solutions relevant to the business, professional and public policy communities that we serve
4
be able to identify, analyse and quantify risk and opportunity using mathematical, econometric and financial analyses in a wide range of business settings
5
construct conceptual frameworks and use these to analyse complex issues in the corporate sector, government and the professions.

Entry requirements

Guaranteed ATAR and selection rank

88; International: UERT Year 12/Foundation Band 5 (90-92.49+); UERT Post-Secondary Band 3 (Distinction)

Other applicants

All applicants must satisfy the equivalence of the VCE subject prerequisites.

VET Certificate IV, Diploma or Advanced Diploma graduates:
Applicants will require a minimum of 70% average to be considered for selection. Preference will be given to applicants whose prior studies are related to the course. Programs that involve competency-based assessment without grades or marks will not meet the admission requirements.

Monash College entry requirements:

Diploma of Business (Commerce stream) Part 2 average: 70%
Monash University Foundation Year average: 76.25%

Higher education studies:
Applicants will require a minimum of 70% average to be considered for selection. Preference will be given to applicants whose prior studies are related to the course. A minimum of two single units must be completed in order to meet minimum admission requirements.

English language

Monash Minimum: Level A, that is: IELTS (Academic): 6.5 overall (no band lower than 6.0); or Pearson Test of English (Academic): score of 58 overall with no band lower than 50; or TOEFL Internet-based test: score of 79 overall with minimum scores: Writing: 21, Listening: 12, Reading: 13 and Speaking: 18; or Equivalent approved English test

Pathways

Monash College - Diploma of Commerce
Monash College - Diploma of Business
Articulation agreements:
Beijing Normal University (2+2) Exp: 10-May-23
Beijin Institute of Technology (2+2) Exp: 7-Sep-21
China South Agricultural University (SCAU) (2+2) Exp: 31-May-21
Shanghai University (2+2) Exp: 10-Dec-22
Sichuan University (1+2) Exp: 5-Apr-21
Shanghai University of Finance and Economics (2+2) Exp: 30-Jun-21
Shanghai International Studies University (2+2) Exp: 9-May-21

More information

Progression to further studies

Successful completion of this course may provide a pathway to the one year honours program Bachelor of Commerce (Honours). To be eligible to apply for entry into the Bachelor of Commerce (Honours), you must have achieved a distinction grade average (70%) or above in 24 credit points at level 3. In addition, some particular units may need to be completed for admission to honours.

Professional accreditation

Some specific or additional units may be required for professional recognition. Refer to the professional recognition webpage for more information regarding accreditation.

Other information

Actuarial science will prepare you for a career as an actuary. To provide professional actuarial advice in Australia, and in most other developed countries, you must become a fellow of the local actuarial profession. This involves developing basic technical skills, learning how to apply these skills in a general setting, developing deep specialist knowledge and completing a professional course following two years' relevant work experience. Students will have the opportunity to gain industry-based experience as part of this specialisation. Graduates will be able to seek employment in international finance and business fields dealing with life, general or health insurance, superannuation, risk management and financial consulting. Many actuaries and actuarial graduates work on investment operations for asset managers, brokers and banks. There are a range of government-related jobs in regulatory control, workers' compensation, education and others. Some actuaries work with large companies on long-term strategic planning.

Common questions

How long is Bachelor of Actuarial Science?

3 years full time, 144 credit points. At 24 credit points a semester, that is 6 semesters of full-time study.

What ATAR do I need for Bachelor of Actuarial Science?

The guaranteed ATAR listed for 2021 entry is 88.

Where can I study Bachelor of Actuarial Science?

At Clayton.

How do I plan my Bachelor of Actuarial Science units?

Open the course in the MonMap planner. It lays out your semesters, checks prerequisites as you drag units in, and tracks the credit points each requirement still needs.

Course details

Qualification: Bachelor Degree
AQF level: Level 7
Credit points: 144
Full time: 3 Years
Part time: 6 Years
Maximum time: 8 years

Faculty: Faculty of Business and Economics
CRICOS code: 097257F
Abbreviation: BActSci
Award title: Bachelor of Actuarial Science
Handbook years: 202020212022 2023 2024 2025 2026 2027