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www.monash.edu/business-economics

Faculty of Business and Economics

AUSTRALIA CHINA INDIA ITALY MALAYSIA SOUTH AFRICA

What skills do actuaries need?Actuaries have excellent mathematical and business skills,

combined with the ability to think and communicate clearly

and logically. They often deal with complex issues and large

finances on a daily basis, so they need good judgement

skills and lots of experience. Becoming an actuary is much

more than being a number cruncher. Mathematics is just

the beginning!

Actuarial studies at MonashMonash Universitys actuarial program is accredited by the

Institute of Actuaries Australia, and places a large emphasis

on the development of practical, applicable actuarial skills.

We engage with actuarial employers on a regular basis to

ensure that the skills our students gain are the most relevant to

employers, making our graduates highly employable.

Students may achieve accreditation from the Institute of

Actuaries of Australia for selected actuarial units taken as

electives within the Econometrics and Business Statistics major

The Monash actuarial program also has a high level of

involvement with employers both through guest lectures,

internship programs, as well as our employer liaison committee,

which ensures our actuarial program is teaching the latest

developments in practice.

The course is delivered by actuaries who have practical

experience in the field, as well as those at the cutting-edge of

actuarial academic research.

What does an actuary do?Actuaries apply their skills in mathematics, statistics, finance,

economics and business to address problems in a range

of fields such as insurance, superannuation, business

and financial services, scientific and social research, and

engineering.

The actuarial profession is over 150 years old, and is

responsible for the design and pricing of products related to

future life expectancy. The principle of using in formation from

the past to forecast and price uncertain future events still

remains a cornerstone of the profession, although the role of

an actuary has extended significantly in the business world.

Today, actuaries can be found in a wide range of areas from

traditional pension and life insurance to general insurance,

enterprise risk management, fund selection and modelling

the risk profiles of large businesses. Many actuaries can be

found at the very highest levels of employment, as chief risk

officers or on the boards of large companies.

In these varied roles, actuaries identify, analyse and assess

risk. They determine the likelih ood of economic or property

losses such as those that occur during natural disasters,

and design ways to lower the financial implications of these

losses. They do this this by using information gathered from

historic data, and by applying modelling and forecasting

concepts from mathematics and statistics to real life

scenarios.

A closer look at

ACTUARIAL

STUDIESYou can studyactuarialstudiesin the:

Bachelor of Commerce

Bachelor of CommerceScholars Program

Bachelor of Economics

Bachelor of EconomicsAdvanced with Honours

www.monash.edu/business-economics

Monash University reserves the right to alter information,

procedures, fees and regulations contained in this

document. Please check the Monash University website

for updates (www.monash.edu). All information reflects

prescriptions, policy and practice in force at time of

publication. Published July 2013.

CRICOS provider: Monash University 00008C

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Course planTypically, students will major in actuarial studies as part of the Bachelor of Commerce. However you can also undertake a major

in actuarial studies as part of our Bachelor of Economics degrees.

The Monash Actuarial Program inspired me to embark ona challenging and internationally respected profession. Asactuarial skill sets are being expanded beyond thetraditional areas of practice into risk management, climatechange and public infrastructure I saw endless career

opportunities complementing my interest in mathematics.Having the program overseen by experienced actuariesensured high quality and relevant course content. Inaddition, networking opportunities with practising actuariesthrough the Monash Actuarial Student Society providedinsight into actuarial work in various industries.

My experience of the actuarial program was very practicaland enabled me to acquire the essential skills andknowledge to transition into full-time work as an actuarialanalyst at Mercer.

Fiona TsangBachelor of Commerce

Actuarial studies is a challenging, unique and rewardingmajor. I decided to study a major in actuarial studies asI knew it would give me both technical knowledge andproblem solving abilities. Throughout my major I was ableto apply creative and out-of-the-box thinking whetherI was faced with an in-depth analysis or a large scaleproblem, I knew I had the skills to solve it. Currently, I amworking in a graduate role at Deloitte, which has exposedme to many different industries and fields, including usingmy actuarial skills within the healthcare sector. The Monash

Actuarial Program has definitely helped me get a stepahead in my career.

Alex LimBachelor of Commerce

Studying a Bachelor of Commerce with an actuarial majorhas been a great experience. Ive always been attractedby the mystery of math, and I knew I wanted to pursue a

career in risk analysis, even before I entered university.The actuarial major is an integrated major that includesstudying aspects of finance, statistics, economics, insuranceand commerce. I enjoyed the challenge of studying such awell-respected field, and loved that it offered a combinationof mathematical theory and practical application.

As part of my studies I have developed solid analytical skillsand in-depth knowledge of the commercial industry, whichI know will be beneficial when I start working. The fact thatMonash offers units that are accredited by the ActuariesInstitute of Australia means I have already taken the firststeps to becoming an accredited fellow of the IAA.

Yijun Zeng (Jessie)Bachelor of Commerce

Bachelor of CommerceMajor in Actuarial studies

First Year

Semester 1 Pr inciples of marketing Business andeconomic statistics

Bu si ne ss l aw Pr in ci pl es o f acc oun ti ngand finance

Semester 2 Principles ofmicroeconomics

Data modellingand computing

Introduction tomanagement

Open elective orsecond major

Second Year

Semester 1 Actuarial statistics Actuarial unit(students choice)



Semester 2 Probability and statisticalinference for economics

and business

Actuarial unit(students choice)



Third Year

Semester 1 Actuarial unit(students choice)





Faculty commerce elective Faculty commerce elective Open elect ive orsecond major

Bachelor of Economics

Major in Actuarial studies

First Year

Semester 1 Principles ofmicroeconomics

Business andeconomics statistics



Semester 2 Principles ofmacroeconomics

Data modellingand computing



Second Year

Semester 1 Intermediatemicroeconomics

Probability and statisticalinference for economics

and business



Semester 2 Intermediatemacroeconomics

Actuarial Statistics Open elective orsecond major


Third Year









The Monash actuarial studies major has been accredited for exemption from professional examinations of the Institute of

Actuaries Australia. To achieve the maximum number of exemptions students will have to select specific electives in some cases

and are advised to speak with the course director for guidance.

Please note: these course maps are samples only. The actuarial units can be selected from a list of available units in the discipline.

Your electives/ second major units can be selected from a wide list of majors/units offered by the Faculty, or you can choose to

study additional actuarial units or a complementary second major such as econometrics and business statistics or economics.

A full list of undergraduate units offered by Monash is available atwww.monash.edu/study

Students are advised that, while the course advisors will endeavour to give every possible assistance and advice concerning unit choice, the onus is on students to

ensure that units selected meet degree regulations and requirements. Students should refer to the University Handbook for further information on course and unit details.

Best jobs of 2013As reported in the Wall Street Journal in April 2013,

CareerCast.com, a US-based career website,

ranked 200 jobs from best to worst based on five

criteria: physical demands, work environment,

income, stress, and hiring outlook. To compile

its list, the firm primarily used data from the US

Bureau of Labor Statistics and other government

agencies. In these rankings, six careers that require

econometrics and business statistics skills were

ranked in the Top 50 best jobs, includ ing: Actuary (No. 1)

University professor (No. 14)

Statistician (No. 20)

Market research analyst (No. 40)

Logistician (No. 46)

Management consultant (No. 48)

You can see the complete list of jobs at

www.careercast.com/jobs-rated

Careers in actuarial studiesActuaries work across many fields of finance and business.

People with actuarial qualifications are traditionally found

in life insurance companies and consulting actuarial firms,

offering a range of advice in various fields such as finance and

superannuation; investment operations for asset managers,

stockbrokers, banks; general insurance; health insurance

and the broader fields of risk management. Actuaries

also find work in other industries, such as the mining or

telecommunications sector, as well as in government

organisations and academia. They work across many different

types of projects, from carbon footprint modelling to the

mathematics of customer loyalty schemes. In these roles,they apply their mathematical modelling techniques and skills

to make sense of future uncertainties, and then communicate

their findings in a clear and concise way.

Some of the things you may do as an actuarial professional

include:

defining, analysing and solving complex financial and

business problems relating to areas such as insurance

premiums, annuities, superannuation funds, pensions and

dividends

examining financial projections for general insurance

companies, finance companies, government and other

organisations

designing new types of policies, assessing risks and

analysing investments in life insurance, superannuation

funds, health insurance, friendly societies, financial markets

and other areas

formulating mathematical models to simulate processes

applying models to experimental observations, and

adjusting and recasting the models

using numerical analysis methods to develop algorithms and

perform computations

liaising with management and clients to determine the

subject or area to be surveyed or examined

specifying the data to be collected, and the methodology to

be used in collection and analysis

evaluating and describing the reliability and utility of source

information

analysing and interpreting data, and producing relevant

statistics to describe and infer particular trends and patterns.
http://www.monash.edu/studyhttp://www.monash.edu/study

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