Monash University's Actuarial Science programme aims to equip students with the ability to assess risks and opportunities in the business environment and use their personal findings to influence some of society's most important economic structures. In the Bachelor of Actuarial Science program, students learn to apply mathematical concepts to real-life situations and apply analytical skills to help companies plan for the future. As they further develop mathematical and analytical skills, students will use a range of concepts and data discoveries to solve real business problems. The structure of the actuarial science course is planned as follows.
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First, the overall structure overview
The actuarial science programme will be delivered through four themes: basic business knowledge, professional subject knowledge, capstone experience, and elective research.
1. Part A: Basic business knowledge
These courses will provide students with an integrated study of the disciplines of economics and econometrics and their implications for multidisciplinary decision-making in organisations. The curriculum considers the impact on business, professional and public policy groups.
2. Part B: Professional subject knowledge
These courses will develop students' abilities as critical and creative professionals, able to apply actuarial knowledge to deliver subject-based solutions to business. The courses covered within the discipline can meet the requirements of professional accrediting bodies.
3. Part C: Apex Experience
The capstone course is designed to consolidate the knowledge and skills acquired through professional study.
4. Part D: Free Elective Studies
This will enable students to further develop their actuarial knowledge, or more broadly business knowledge, or choose from university courses that students are eligible to enrol in.
2. Specific curriculum planning
1. Part A: Basic business knowledge
ACC1100 Introduction to Financial Accounting.
ACX1100 Introduction to Financial Accounting.
ECC1000 Principles of Microeconomics.
ECC1100 Principles of Macroeconomics.
ECX1200 Macroeconomics.
ETC1000 Business and Economic Statistics.
2. Part B: Professional subject knowledge
BFC2140 Corporate Finance1
ENG1005 Engineering Mathematics.
ETC2410 Introduction to Econometrics.
ETC2420 Statistical Thinking.
ETC2430 Actuarial Cash Flow Model.
ET2440 Economics and Business Mathematics.
ETC2520 Economics and Business Probability and Statistical Inference.
ETC3420 applies the insurance method.
ETC3430 Financial Mathematics under Uncertainty.
ETC3460 Financial Econometrics.
ETC3520 Fundamentals of Quantitative Finance.
ETC3550 for commercial and economic applications**.
ETC3580 Advanced Statistical Modeling.
MTH1030 Modeling Techniques.
3. Part C: Apex Experience
ETC3530 Life Insurance Mathematics.
4. Part D: Free Elective Studies
Students must complete 48 credits of flexible electives. Electives can be chosen university-wide.
To sum up, Monash University's Bachelor of Actuarial Science degree covers aspects such as financial accounting, microeconomics, macroeconomics, and economic statistics. Students will also learn the fundamentals of finance, corporate finance, debt markets, and fixed income**, and learn to apply mathematical concepts to real-life situations. Students who need Monash University tutoring can always contact us and we will provide one-on-one tutoring assistance tailored to your specific learning needs.