B6060 Bachelor of Actuarial Science and Master of Actuarial Studies

Double degree courses include the core features of the component degree courses.

Stage 1. Bachelor of Actuarial Science

This course is a specialist course, structured in four parts. In this double degree course you complete: 

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.

You can enrich your degree to hone your academic and professional skills with a range of flagship rich experiences, including the Research, Experimentation and Discovery, Monash Innovation Guarantee and Global Immersion Guarantee and Volunteering. These flagship rich experience units may be credited in place of your elective studies if approved by the faculty. There are both 6 and 12 credit point unit options available.

Stage 2. Master of Actuarial Studies

The course is structured in four parts: Part A. Advanced preparatory studies, Part B. Core studies, Part C. Discipline studies and Part D. Elective studies. In this double degree course you complete: 

Part B. Core studies

These units will develop your understanding of actuarial, statistical, and econometric methods and will enable you to provide discipline based solutions within a business, professional or public policy community.

Part C. Discipline studies

These units will develop your capacity as a critical and creative professional who is able to apply your knowledge of actuarial studies to provide discipline based solutions to commerce. 

Course progression map

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

Stage 1. Bachelor of Actuarial Science 

You must complete units as specified in Parts A, B, C and D (144 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.

Some majors, minors and specialisations include the same units. Where this occurs, up to 12 credit points may be shared between:

• two majors; or

• a major and a minor; or

• a specialisation and a major or minor.

Note: Units can only count toward one minor. They cannot be shared across multiple minors.

Part A. Core studies (24 credit points)

You must complete the following 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 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 following specialisations:

• Actuarial studies 

• Actuarial analytics

Part D. Elective studies (48 credit points)

You must complete 48 credit points of elective study, comprising:

• 24 credit points of electives at undergraduate level; and

• 24 credit points of electives at level 5.

Electives at undergraduate level (24 credit points)

You must complete 24 credit points of electives at undergraduate level. Electives can be chosen from across the University, which may be used to complete a major or minor from another course, provided you have met the relevant prerequisites and there are no enrolment restrictions.

Notes:

- You must complete at least six Level 3 units (36 credit points) in this course. If you complete less than than six Level 3 units in Part B and Part C, you must complete additional Level 3 units in Part D to meet this requirement.

- 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.

- Electives can be identified using the advanced search in the current edition of the Handbook. Majors and minors can be identified using the Handbook advanced search. 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.

Electives at Level 5 (24 credit points)

You must complete 24 credit points of level 5 units offered by the Faculty of Business and Economics.

Stage 2. Master of Actuarial Studies

Part B. Core studies (18 credit points)

You must complete the following units:

Note. If you have already completed ETC3250 in Stage 1 then you cannot complete ETC5250. You must complete an additional 6 credit points from Discipline studies below.

• ETC4110 Actuarial practice 1

• ETC4120 Actuarial practice 2

• ETC5250 Introduction to machine learning.

Part C. Discipline studies (30 credit points)

You must complete the following units:

Note: If you have already completed any of ETC3420, ETC3430, ETC3460 , ETC3520 or ETC3530, you cannot take the level 5 equivalent.  You will need to replace this unit with another level 5 unit from the Faculty of Business and Economics.

• ETC5342 Applied insurance methods

• ETC5343 Financial mathematics under uncertainty

• ETC5346 Financial econometrics

• ETC5352 Foundations of quantitative finance

• ETC5353 Life insurance mathematics