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Actuarial Studies Undergraduate information

Actuarial modellingActuarial statistics

Financial mathematicsModels for insurance and finance

Actuaries evaluate and manage risk. They weigh up the probability of adverse events, find ways to prevent them, and minimise the impact of events that do occur.

Am I A good fIT?To be a great actuary, you need to be persistent, articulate, comfortable with computers and good with numbers. You should have strong analytical skills and a love of learning.

IS The AcTuArIAl STudIeS mAjor for me?Are you naturally curious? Do you enjoy finding solutions to complicated problems? If you love numbers and want to use your maths skills to provide practical business advice, actuarial studies might be the major for you.

WhAT WIll I leArn?Actuarial studies will give you a firm grounding in the traditional actuarial skills set: mathematics, statistics, demography, finance and economics.

Why chooSe melbourne?

one of only six fully-accredited programs in Australia

With full accreditation from the Actuaries Institute, you can be sure that our actuarial studies major is the best possible preparation for work as a qualified actuary.

exciting student experience opportunities

There’s more to uni than lectures, assignments and exams. Get involved outside of the classroom – there’s something for everyone.

ranked 10th in the world for graduate employability#

Our graduates are known for their perceptive understanding of business issues, skilful communication and strong leadership.

over $2m in exclusive commerce scholarships

Be rewarded for your hard work in high school and at uni, through one of Australia’s most generous scholarship programs.

Commerce major in Actuarial Studies

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#QS World University Rankings 2013

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life insurance mathematics aims to produce valuations of life insurance policies, using probability models of human mortality and morbidity along with financial models.

Actuarial statistics is most prominent in general insurance, or any insurance that is not on a human life. For example, actuarial statistics is used calculate premiums and no claims discounts for car insurance policies.

core STudy AreASfinancial mathematics covers topics that are particularly important in the finance sector, including the theory of interest, investment mathematics and stochastic models for asset returns.

I chose actuarial studies because I was interested in applied

maths, economics and financial markets. The core subjects for the

major were relevant and well structured, and the technical skills I

developed allow me to add value in my workplace.

Viola chan, BCom Hons 2011, now works for Deloitte

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The university of melbourne is known for its actuarial program, and our centre for Actuarial Studies offers the widest choice of actuarial subjects in Victoria.

The Bachelor of Commerce consists of 24 subjects, usually taken over three years of full-time study. As part of the BCom, you must complete at least one major.

The Bachelor of Commerce major in actuarial studies is the shortest pathway to becoming a qualified actuary. To meet Commerce course requirements as well as accreditation requirements for the actuarial profession, you must complete a specified sequence of subjects.

This sample course plan names compulsory subjects in the BCom and all subjects required for actuarial accreditation. In total, subjects required for the actuarial studies major comprise 21 of 24 subjects in the degree. These subjects also fulfil honours entry requirements for the actuarial discipline.

The actuarial studies major incorporates subjects across Commerce disciplines, as accreditation requires studies in accounting, economics and finance. Free electives in the degree offer further opportunities to explore other disciplines, whether it be other commerce areas or subjects outside the degree. Note that two of these electives must be used to complete non-maths breadth subjects.

Sample course plan – bachelor of commerce1

Major in Actuarial Studies Meets honours entry and professional accreditation requirements

Year 1

Semester 1Introductory Micro-economics

Accounting Reports and Analysis

Free elective Accelerated Mathematics 1

Semester 2Introductory Macro-economics

Introductory Financial Accounting

Introduction to Actuarial Studies

Accelerated Mathematics 2

Year 2Semester 1 Probability Organisational

BehaviourFinancial Mathematics I

Business Finance

Semester 2 Statistics Intermediate Macroeconomics

Financial Mathematics II Free elective

Year 3

Semester 1 Actuarial Modelling I

Actuarial Modelling II

Financial Mathematics III Free elective

Semester 2 Contingencies (double subject) Actuarial Statistics

Models for Insurance and Finance

1 This is a sample course plan only. Subjects offered may change from year to year. You will be advised of current subject offerings prior to subject selection and enrolment.

2 You must use two of your three free electives to complete non-maths breadth subjects.

Compulsory subjects (including quantitative subjects counted as breadth) Commerce subjects required for actuarial accreditation Free elective subjects2

Breadth subjects required for actuarial accreditation

Studying the actuarial major

I love that my subjects have the perfect balance between theory and application. There’s a lot to learn, but it’s interesting and relevant in the real world. I can already see that what I’m studying will be useful when I finish uni.

harry breidahl, major in Actuarial Studies

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Becoming An ActuAry

Pathway to fellowshipTo become a fellow of the Institute of Actuaries of Australia (FIAA), you must undertake Part III of the Institute’s professional exams. Part III is directly administered by the Institute. Examinations are held in May and October each year and are undertaken after you graduate, while you are working full time.

The length of time taken to qualify varies from student to student. The FIAA qualification can be achieved in a minimum of five years, but the average time to gain full accreditation is between seven and eight years. This estimate includes completion of the four year Bachelor of Commerce (Honours) degree.

International recognitionOverseas actuarial bodies give recognition for the qualification of FIAA, subject to some supplementary training. There is also partial recognition for exams passed (or obtained through exemptions) under the Actuaries Institute.

Many of our graduates enjoy international careers in global financial centres like New York, London, Hong Kong and Singapore.

Pathway to associateship If you complete relevant subjects at the University of Melbourne – and perform sufficiently well – you will be recommended for exemption from the corresponding subjects offered by the Actuaries Institute. Should you receive the maximum exemption, you will be exempt from both Part I and Part II by the end of your Honours degree.*

Successful completion of the Institute’s Parts I and II exams, the three-year practical experience requirement and the Institute’s Professionalism Course leads to your designation as an actuary and an associate of the Institute of Actuaries of Australia (AIAA).

*If you do not obtain the mark needed to achieve exemption, you do not need to repeat the subject. As long as you achieve a pass mark or above the subject will still be credited towards your Bachelor of Commerce degree.

The University of Melbourne is one of only six institutions in Australia with full accreditation from the Actuaries Institute, the professional actuarial body in Australia.

optionS for further Study

The BCom major in actuarial studies is only the first step towards being an actuary – an Honours year might follow, and further research if you’re interested.

honours If you intend to qualify as an actuary, we recommend that you do an honours year. An honours year provides advanced knowledge in actuarial studies and fulfils all the requirements for Associateship of the Institute of Actuaries of Australia (AIAA).

In this fourth year of study, usually taken immediately after completing the Bachelor of Commerce, you will take advanced coursework in the areas of risk theory and financial mathematics. You will also produce a research essay or undertake a set of research projects in under-explored areas of actuarial science.

graduate research If you are interested in pursuing high-level research in actuarial science, you can go on to do research programs offered through the Centre for Actuarial Studies at the University of Melbourne. Established in 1992, the Centre is internationally recognised for its research in insurance, superannuation, financial mathematics and related areas.

Graduate research programs offered through the Centre include the Master of Commerce in Actuarial Studies and the PhD in Actuarial Studies.

for non-AcTuArIAl grAduATeSThe Commerce major in actuarial studies is the most straightforward way into the actuarial profession, but it’s not the only way to become an actuary.

The Master of Actuarial Science, offered by Melbourne Business School, is specifically designed for graduates who have mathematical or statistical specialisations – such as mathematics, physics or engineering.

The course will equip you with the skills to work as a trainee actuary, and possible exemption from Part I of the professional requirements of the Actuaries Institute.

www.mbs.unimelb.edu.au

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our graduates receive high-level training in actuarial science, combined with exposure to complementary disciplines and opportunities for development outside the classroom. They enjoy excellent career outcomes, including high starting salaries, outstanding job satisfaction and exceptional employment rates.

Actuarial careers

Where do AcTuArIAl grAduATeS Work?Some of our recent graduates are now working at:

Allianz

AMP Limited

ANZ Banking Group

Aon Benfield

CGU Insurance

Deloitte

Ernst & Young

Finity Consulting

Jardine Matheson Holdings

KPMG

Medibank

Mercer

Ping An Life Insurance Company of China

PricewaterhouseCoopers

QBE Insurance

Quantium

Suncorp-Metway

The Warranty Group

Towers Watson

cAreer ProgreSSIon In AcTuArIAlSample job titles

Chief Executive OfficerChief Financial OfficerPartner

ManagerActuaryConsultant

AnalystAssociateGraduate

your first job:

In 5-10 years:

In 15-20 years

I’ve secured a graduate role at Quantium, and will join a team that specialises in retail strategy and customer analytics. The position

requires knowledge of statistical techniques and how they can be used in the commercial environment. That is

essentially what we learn in the actuarial major.

Saurav Acharya, major in Actuarial

Studies

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yvonne Wen Consulting and data analytics, Melbourne

daniel Tram Management consulting, Melbourne

kimberly fraser Actuarial consulting, Melbourne

dinuka jayasuriya Commercial banking, Melbourne

joyce Au-yeung Insurance, Auckland

elijah mayr Investment banking, Sydney

Where could The AcTuArIAl STudIeS mAjor TAke you?

Zezan Tam Technology and innovation, Melbourne

erika lee Actuarial consulting, Singapore

Actuarial Undergraduate Information brochureAuthorised by: ProvostPublished by: The Faculty of Business and EconomicsPhotography: Joe VittorioCRICOS Provider code: 00116KIntellectual Property: For further information refer to www.unimelb.edu.au/Statutescopyright: Copyright University of Melbourne 2014. Copyright in this publication is owned by the University and no part of it may be reproduced without the permission of the University.

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