Major in Actuarial Studies
The role of the actuary involves the assessment, evaluation and management of the financial risks faced by individuals, households, investors and companies as they plan for the future. The actuary’s work is based upon a multidisciplinary background of mathematics, statistics, demography, finance and economics. Learn more about the Centre for Actuarial Studies.
Download the Actuarial Studies 2010 brochure (PDF, 1.7MB).
Professional accreditation
To qualify as an actuary, a student must pass (or be exempt from) three parts of the professional accreditation as prescribed by the Institute of Actuaries of Australia (IAAust). The first two parts can be undertaken as a part of the Bachelor of Commerce (Honours) degree.
If students complete relevant subjects at the University of Melbourne, and perform sufficiently well, they will be recommended for exemption from the corresponding subjects offered by the Institute of Actuaries of Australia. Should a student receive exemption from all corresponding subjects, they will be exempt from both Part I and Part II by the end of the Honours degree. Successful completion of Parts I and II of the IAAust requirements earns a graduate the Associateship of the Institute of Actuaries of Australia (AIAA). If a student does not obtain the mark needed to achieve exemption, they do not have to repeat the subject. As long as a pass mark or above is achieved, the subject will still be credited towards the Bachelor of Commerce.
Part III of the professional accreditation is set by IAAust. These examinations are held in May and October each year and are undertaken after university, while a person is working full time.
The length of time taken to quality varies from student to student. The qualification can be achieved in a minimum of five years, but the average time to gain full accreditation is between seven and eight years (including the four years of study to graduate with a Bachelor of Commerce (Honours)).
Major in Actuarial Studies
The minimal subject requirements for a major in actuarial studies are listed below.
Click on a subject to view the subject listing in the Undergraduate Handbook, including information about prerequisite studies and assessment. These subjects are included in the sample course plan below.
First year subjects
Introductory Macroeconomics
Introductory Microeconomics
Accounting Reports and Analysis
Accounting Transactions and Analysis
Introduction to Actuarial Studies
Accelerated Mathematics 1 or Linear Algebra
Accelerated Mathematics 2
Second year subjects
Organisational Behaviour
Financial Maths I
Financial Maths II
Business Finance
Intermediate Macroeconomics
Probability
Statistics
Third year subjects
Actuarial Modelling I
Actuarial Modelling II
Contingencies
Actuarial Statistics
Models for Insurance and Finance
Financial Maths III
Sample course plan
Click on the subjects below to see a subject description in the Undergraduate Handbook.
Year 1 Sem 1 |
Introductory Microeconomics (compulsory) |
Breadth subject (non-maths) |
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Introductory Macroeconomics (compulsory) |
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Year 2 |
Organisational Behaviour (compulsory)
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Probability (compulsory) |
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Statistics (compulsory) |
Breadth subject |
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Year 3 |
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Contingencies (Capstone subject - 25 points) |
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Key
| Compulsory subjects | Accounting subjects | Actuarial subjects |
| Breadth component | Finance subjects | Economics subjects |
Note: all subjects on the course plan are required for actuarial accreditation.