actuarial studies.pdf
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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)
Open elective orsecond major
Open elective orsecond major
Semester 2 Probability and statisticalinference for economics
and business
Actuarial unit(students choice)
Open elective orsecond major
Open elective orsecond major
Third Year
Semester 1 Actuarial unit(students choice)
Actuarial unit(students choice)
Open elective orsecond major
Open elective orsecond major
Semester 2 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
Open elective orsecond major
Open elective orsecond major
Semester 2 Principles ofmacroeconomics
Data modellingand computing
Open elective orsecond major
Open elective orsecond major
Second Year
Semester 1 Intermediatemicroeconomics
Probability and statisticalinference for economics
and business
Open elective orsecond major
Open elective orsecond major
Semester 2 Intermediatemacroeconomics
Actuarial Statistics Open elective orsecond major
Open elective orsecond major
Third Year
Semester 1 Actuarial unit(students choice)
Actuarial unit(students choice)
Open elective orsecond major
Open elective orsecond major
Semester 2 Actuarial unit(students choice)
Actuarial unit(students choice)
Actuarial unit(students choice)
Open elective orsecond major
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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