Actuarial Studies major
Actuaries assess, evaluate and manage the financial risks faced by individuals, organisations and governments for
future planning. Risks include illness, disability and death, the effects of natural disasters such as cyclones and earthquakes, and major economic or social change.
If you choose to major in actuarial studies
you will have a firm grounding in the traditional actuarial skill set of mathematics, statistics,
demography, finance and economics.
This background, coupled with strong analytical skills, sees actuaries serving as financial advisers to a range of organisations
including life, general and health insurance
companies; banks and other financial institutions; superannuation funds; and
governments. Actuaries tackle many types of problems, most of which involve uncertainty
about the future.
Learn more about the Centre for Actuarial Studies.
I knew I wanted to major in actuarial studies, and the University of Melbourne was one of few universities that offered this major. Choosing Commerce at Melbourne was the best decision I could have made. I enjoy every moment of my studies, have made many friendships among my classmates, and am confident the skills I've developed in my degree will be useful and relevant to my employment upon graduation.
Shona Wills
BCom graduate; now works at McKinsey & Company
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 Actuaries Institute Australia. 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 Actuaries Institute. 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 Actuaries Institute requirements exempts a graduate from all examinations required for Associateship of the Actuaries Institute. 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 the Actuaries Institute. 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 qualify 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)).
Commerce has always appealed to me because it combines all the things that I find interesting and gives them a real-world grounding. You can see how things are affected by a diverse range of factors, and you don't feel like you're studying something purely theoretical – it's all very practical.The actuarial major is challenging and has taught me a lot of useful skills, from the highly analytical and mathematics-based right through to the more managerial side. Actuarial is a combination of statistics, probability and finance, so you get to study a lot of interesting maths and learn a lot of statistical techniques, but you also get to ground this in finance and learn about the pricing of different instruments. James Morris
Bachelor of Commerce student
Majoring in actuarial studies
The minimum subject requirements for a major in actuarial studies are listed below. Click on a subject to view the subject listing in the University Handbook, including information about prerequisite studies and assessment. These subjects are included in the sample course plan below.
Please note: Students who commence the Bachelor of Commerce in Semester 2 must have completed VCE Specialist Maths 3 and 4 (or equivalent) in order to complete the actuarial studies major within three years. International students who commence in Semester 2 and have completed a high school qualification other than Australian Year 12 are usually unable to enrol in the actuarial studies major.
First year subjects
Second year subjects
Third year subjects
Sample course plan#
Major in actuarial studies, with relevant subjects to pursue actuarial accreditation. Click on the subjects below to see the relevant subject description in the Undergraduate Handbook. Each subject is worth 12.5 points unless otherwise specified.
| Year 1 | Sem 1 | Introductory Microeconomics (compulsory) | Accounting Reports and Analysis | Accelerated Mathematics 1* (breadth) |
Breadth (non-maths) e.g. Introduction to Cinema Studies |
Sem 2 |
Introductory Macroeconomics (compulsory) | Accounting Transactions and Analysis | Accelerated Mathematics 2 (breadth) |
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| Year 2 | Sem 1 |
Organisational Behaviour (compulsory) | Probability (compulsory) | ||
Sem 2 |
Statistics (compulsory) | Breadth (non-maths) e.g. Television and Popular Culture |
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| Year 3 | Sem 1 |
Core program elective e.g. Business Consulting |
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Sem 2 |
Contingencies |
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#This is a sample course plan only. Subjects offered may change from year to year.
Key
| Compulsory subjects | Actuarial subjects | Finance subjects |
| Breadth component | Accounting subjects | Management subjects |
Please note: All subjects on the course plan are required for actuarial accreditation.
*Students who do not gain entry to Accelerated Maths I will take MAST10006 Calculus 2 in semester 1 and replace Accelerated Maths 2 in semester 2 with MAST10007 Linear Algebra.