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Monash Actuarial Program – Frequently asked questions

  1. Does Monash plan to have an actuarial studies program?
  2. Will the actuarial studies program be accredited?
  3. How does exemption work?
  4. Under what Monash degree does the actuarial studies program fit?
  5. What will be the entry and course requirements?
  6. What Monash units will be relevant?
  7. What if I have already started at Monash?
  8. How capable do I have to be?
  9. What else in involved in qualifying?
  10. Where do actuaries work?
  11. What if I start the actuarial course and don’t finish it?
  12. How do I find out more about the progress with Monash’s plans to have the program accredited?
  13. How do I find out more information about the actuarial profession?

Does Monash plan to have an actuarial studies program?

  • Monash is fully committed to implementing a program in actuarial studies.
  • In early 2008 the Faculty of Business and Economics at Monash appointed 2 fully-qualified actuaries to its teaching staff in the Econometrics and Business Statistics Department.
  •  It is currently developing a program within the Faculty to offer the full range of actuarial subjects within the B.Com degree.
  • At least the first year component of this should be operating for the 2009 academic year and the second and third year elements in 2009/2010.

Will the actuarial studies program be accredited with the Institute of Actuaries of Australia?

  • Monash has initiated a process leading to full accreditation.
  • We have in late July applied to the Institute of Actuaries of Australia seeking provisional accreditation of this planned actuarial program, to be implemented in stages.
  • The first stage would be for the Institute to grant accreditation for Monash units covering the Institute's Part I subjects CT2 “Finance and Financial reporting” CT3 “Probability and Mathematical Statistics”, CT7 “Economics” and CT8 “Financial Economics”. Following the 16 October 2008 meeting of the Education Council Committee of the Institute of Actuaries of Australia Monash has received advice that an accreditation process covering this stage will shortly commence.
  • The second stage would be for the Institute to grant accreditation for Monash units covering the Institute's remaining part I subjects, namely CT1 “Finanical Mathematics” CT4 “Models”, CT5 “Contingencies” and CT6 “Statistical Methods”.
  • Monash is confident that the two stages of the accreditation process will be completed in a timely manner. The outcome of the Following the 16 October 2008 meeting of the Institute's Education Council Committee was reported to Monash in the following terms: of the Institute of Actuaries of Australia, Monash has received advice that:

    “At the same time we are looking to revise the accreditation policy to make it easier for new (University) entrants to become accredited. This should be complete early next year, thus giving Monash the opportunity to achieve Accreditation status in a way that is seamless for your students.”

    Thus Monash expects that accreditation of units associated with all part I subjects would be achieved by late 2009 or early 2010.

How does exemption from Institute of Actuaries of Australia subjects work?

  • Exemption from Institute subjects is based on a recommendation from the university that the student has met in relevant units a standard equivalent to a pass level in the Institute of Actuaries (UK) examinations. The mark required for this in currently accredited university programs is similar to that required for a Distinction grade in Monash units. With an accredited program, the Institute guarantees that the exemptions will be honoured if a sufficient grade is achieved.

Under what Monash degree does the actuarial studies program fit?

  • The actuarial program at Monash will be a 3 year undergraduate course within BusEco, leading to the degree of Bachelor of Commerce (B.Com).  Students enrolled in the Bachelor of Economics (B.Ec) will also be able to follow the actuarial program, if they wish to complement their actuarial studies with a stronger foundation in economics.
  •  The actuarial program will be offered within the Department of Econometrics and Business Statistics (EBS) at the Clayton campus
  • Students entering the program will need to comply with the general requirements for achieving a B.Com. There will be optional electives which a student may choose; the number of electives will depend on how fully they intend their course to satisfy the requirements for exemption from the Part I subjects of the Institute.

What will be the entry and course requirements for the actuarial studies program?

  • The entry and course requirements for actuarial students are proposed to be the same as for any other student taking the B.Com degree at Monash.

What Monash units will be relevant to the actuarial studies program?

  • The Department has drafted a proposed structure for the actuarial program. This is subject to any changes which may arise during the accreditation process.

What if I have already started at Monash in 2008 or before?

  • Students who have already commenced their studies at Monash in 2008 or prior may apply for up to four exemptions for Part I subjects. However these are assessed by the Institute on a case-by-case basis, and exemptions are not guaranteed.

 How capable do I have to be to consider an actuarial career?

  • Generally, success in both the Part I subjects, and in a career working as an actuary, requires academic ability equivalent to at least a university level Distinction or Second Class Honours result.  A VCE ENTER score in the vicinity of 95 or higher would provide an early indication of this ability. In addition specific aptitude in advanced level mathematics is highly desirable, as well as the preparedness to undertake long hours of study.

What else in involved with qualifying as an actuary?

  • The Part 1 exams of the Institute can be covered either at an accredited program at a university (like Monash) or by correspondence with the Institute of Actuaries (UK).
  • The Part II exams can be completed at an accredited university, by attendance or by correspondence. Monash is committed to introducing a Part II program in due course.
  • Though the Institute is considering extending the designation of an ‘actuary’ to those who have completed Parts I and II, currently students must also undertake the professional subjects in Part III to earn this designation. Part III subjects can be undertaken only through the Institute.
  • In total, full qualification including passing the Part III subjects usually takes some 3 to 6 years of study after an initial undergraduate degree undertaking actuarial studies.

Where do actuaries work?

In many fields of finance and business – the major ones being:

  • In life insurance companies.
  • In consulting actuarial firms offering a range of advice in various fields in finance and superannuation.
  • In investment operations for asset managers, stockbrokers, banks.
  • In general insurance, health insurance, or broking firms.
  • In government or academia.
  • In the broader fields of risk management.

What if I start the actuarial course and don’t finish it?

  • Over many years, a great many people have achieved only part of their actuarial qualification. Nonetheless many have gone on to achieve extremely successful careers in many types of enterprise. Many employers recognise the rigour and skills that actuarial training provides.  Within Monash, a student who commences a B.Com degree intending to undertake actuarial studies can switch to another area of interest if they wish.

How do I find out more about the progress with Monash’s plans to have the actuarial program accredited with the Institute of Actuaries?

How do I find out more information about the actuarial profession?

  • Visit the Institute of Actuaries of Australia website
  • The websites of the currently accredited Universities also provide relevant information (University of Melbourne, Macquarie University, ANU, University of NSW and Curtin University).