B2033 Bachelor of Actuarial Science

The Bachelor of Actuarial Science is a specialist course, structured in four parts: Part A. Core studies, Part B. Discipline studies, Part C. Specialist studies and Part D. Elective studies.

Part A. Core studies

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. Discipline studies

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. Specialist studies

These units let you focus more deeply on advanced areas of actuarial science. They develop your expertise in applying specialised knowledge and approaches to complex commerce problems, preparing you for professional practice or further study. Units contained within this component may meet the requirements for professional accreditation bodies. In this part you can select your area of interest, either actuarial studies or actuarial analytics. You will also consolidate your knowledge and skills acquired through the completion of a capstone unit as part of your specialist studies.

Part D. Elective studies

These studies 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. 

Masters Accelerated Pathway

Students who are progressing through Parts A, B, and C at a standard required for Actuaries Institute exemptions can use 24 credit points of the 48 credit points to complete four Level 5 units selected from B6060 Stage 1 Part D Application Studies, Additional actuarial studies units as an accelerated pathway into the Master of Actuarial Studies, subject to Faculty approval. Students who then successfully complete the Bachelor of Actuarial Science to the required standard will be eligible for admission into the Master of Actuarial Studies at entry level 3.

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 credit points): including 96 points of study in Parts A, B, C and 48 points of elective studies in Part D.

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.

Units are 6 credit points unless otherwise specified.

Part A. Core studies (24 credit points)

You must complete the following four units:

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

Part B. Discipline studies (36 credit points)

You must complete the following six units:. 

• ETC2410 Introductory econometrics
• ETC2430 Actuarial Cash Flow Modelling
• ETC2440 Mathematics for economics and business 
• ETC2520 Probability and statistical inference for economics and business
• ETC2560 Statistical modelling for actuarial studies
• ETC3550 Applied forecasting

Part C. Specialist studies (36 credit points)

You must complete one of the specialisations below:

• Actuarial studies
• Actuarial analytics

Part D. Elective studies (48 credit points)

You must complete 48 credit points of elective studies.

Students who are progressing through Parts A, B and C at a standard required for Actuaries Institute exemptions can use 24cp of the 48cp to complete level 5 units from their area of interest as an accelerated pathway into Master of Actuarial Studies. Students can also chose to complete additional units from the other stream to gain additional analytics/actuarial knowledge. Students who chose the Actuarial analytics specialisation can utilise the free electives to do the remaining actuarial exemption units from Part C to maximise their future career options.

You must ensure that you complete at least six units (36 credit points) at Level 3 in this course. If you take less than six Level 3 units in total under Part B and C you must take additional Level 3 units in Part D such that the total number of Level 3 units is at least six. 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.