FAQs
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The actuarial profession is an internationally recognised profession where members work in areas of life insurance, general insurance, data analytics, global pensions, investment advice and many other aspects of financial projections and advice. Many actuaries work for large companies operating in one or more of these areas and some actuaries work as independent consultants or in small groups providing fee for service advice on relevant areas.
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In Australia, an actuary normally refers to an Associate or a Fellow of the Actuaries Institute of Australia. In the UK, an actuary normally refers to an Associate of the Institute and Faculty of Actuaries or a Fellow of the Institute and Faculty of Actuaries. In the USA, an actuary normally refers to an Associate/Fellow of the Society of Actuaries or an Associate/Fellow of the Casualty Actuarial Society. There are actuarial bodies in many other countries which have various membership requirements.
Once qualified as an actuary in any one of the major bodies, you are generally recognised to practice as an actuary around the world - though particular requirements may apply if you move to a new country, before assuming full professional responsibilities.
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In many fields of finance and business – the major ones being:
- In life, general or health insurance, superannuation, risk management, and financial consulting.
- In investment operations for asset managers, stockbrokers, and banks.
- In government-related jobs in regulatory control, workers’ compensation, and education.
- In long-term strategic planning with large companies and in the broader fields of risk management, banking and data analysis.
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The actuarial Institutes or Societies in each of Australia, UK and USA provide a system of examinations to enable people to qualify as Associates or Fellows by examination. In some cases, there are relevant work experience requirements to fulfil.
To become a fully qualified actuary in Australia, you must complete the Foundation, Actuary and Fellowship Programs.
The Foundation Program can be completed at Monash University as part of the Bachelor of Commerce with a major in Actuarial studies or as part of the Bachelor of Actuarial Science. Two Actuary Program subjects can be completed by continuing on to the Honours year at Monash.
You can also study the Foundation and Actuary Program through our vertical double degree combining the Bachelor of Actuarial Science and Master of Actuarial Studies.
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The examination system of the Actuaries Institute has three parts with changes transitioning from 2019 to 2023:
- Foundation Program is “outsourced” in the sense that students can achieve “Exemption” from examinations by completing relevant units (with suitably good academic grades) at Accredited Universities (including Monash University). Alternatively, students can join the Actuaries Institute as a student member and enrol to sit a subject by distance learning. Exams are in April and September/October each year. A University student can do this as a way of making up for not achieving exemption grades in the University units, generally after completion of their course.
- Actuary Program is partly “outsourced” in the sense that students can achieve “Exemption” from part of the syllabus by completing relevant units (with suitably good academic grades) at Accredited Universities (including Monash University). The remaining part of the syllabus requires students to study by distance learning and sit examinations set and marked by professional actuaries.
- Fellowship Program requires students to study by correspondence and sit examinations set and marked by professional actuaries. Exam choices will cover – life insurance, superannuation and retirement, general and health insurance, data science, enterprise risk management, investment and banking.
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An Associate of the Actuaries Institute is entitled to the designation ‘Actuary’ and is a Fully Qualified Actuary (FQA) according to the standards of the International Actuarial Association.
Admission as an Associate includes:
- Completion of, or exemptions achieved in, both Foundation and Actuary Programs
- A period of Practical Experience Requirement
For an Actuary who is already an Associate, Fellowship of the Institute of Actuaries of Australia (FIAA) requires completion of the Fellowship Program, undertaken through the Actuaries Institute.
Further details may be found at Actuaries Institute.
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Yes, the Monash Actuarial Programs are fully accredited with the Actuaries Institute.
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Yes, the Monash Actuarial Program has an Accreditation Agreement with the UK IFoA. From 2026 onwards, students will have the chance to receive exemptions for some UK IFoA subjects.
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The Monash Actuarial Program has been designated by the Society of Actuaries (SOA),US as a Center of Actuarial Excellence (CAE) in 2023. It is the SOA’s highest recognition and places us amongst the top 10% of the actuarial programs around the world.
The CAE status allows universities and colleges with outstanding actuarial programs the opportunity to be recognised for that achievement and to compete for grants for education and research. For information about the possible conversion of Actuaries Institute exemptions to SOA credits, email your question to us at BusEco-Econometrics@monash.edu.
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Find out more information about entry requirements for:
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There will be two specialisations within the Bachelor of Actuarial Science from 2024.
The Actuarial Studies specialisation provides all the actuarial Foundation Program subject exemptions.
The Actuarial Analytics specialisation is designed specifically for those students who want to learn more modern analytics techniques and their potential applications in the actuarial, insurance and risk management fields, while still obtaining two of the Foundation Program subject exemptions. Students can pursue more exemptions via elective study.
Find out more information about specialisations here:
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The Actuarial, Business Analytics and Econometric programs taught in the Department are similar in the following ways:
- All programs use data analysis, mathematics and statistics to produce models and forecasts relevant to business and economic problems
- All programs can be studied as a Bachelor of Commerce major (alternative study of Bachelor of Actuarial Science, with Actuarial Studies or Actuarial-Analytics specialisations)
- Students can use elective space to study units across the three programs
- All program graduates are in high demand.
Explore the differences in the programs, from employment and study perspectives.
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Students who want to specialise in actuarial studies are encouraged to take the vertical double Bachelor and Masters which allows completion of the Foundation and Actuary Program over four years.
It offers a streamlined approach to actuarial education and covers both the Foundation Program and Actuary Program subjects in one cohesive course. It is designed for getting the maximum number of actuarial exemptions within the shortest time.
If students later choose a different pathway, such as employment or Honours study, there is flexibility to exit the course with the Bachelor degree after three years.
Find out more information about the Bachelor of Actuarial Science and Master of Actuarial Studies (vertical double degree).
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A double degree with Monash Business School offers you a depth of knowledge by allowing you to study two disciplines from within the Business School. Combine a Bachelor of Actuarial Science with a Bachelor of Commerce. Or combine a Bachelor of Commerce (majoring in Actuarial Studies) with a Bachelor of Economics or a Bachelor of Finance.
A double degree with another Faculty offers you a breadth of knowledge, as you study across disciplines and explore two interests. Combine a Bachelor of Commerce (majoring in Actuarial Studies) with a number of different degrees from other Faculties, including a Bachelor of Engineering (Honours), a Bachelor of Science or even a Bachelor of Biomedical Science.
Find out more information about double degrees here:
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A four-year vertical double degree combines the Bachelor of Actuarial Science and Master of Actuarial Studies. It offers a streamlined approach to actuarial education and covers both the Foundation Program and Actuary Program subjects in one cohesive course. It is designed for getting the maximum number of actuarial exemptions within the shortest time.
You can also combine study of the Foundation Program and Actuary Program subjects if you are approved for a further year of Honours study in the Bachelor of Commerce (Honours) Major in Actuarial Studies.
Find out more information about the vertical double degree and Honours here:
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Students progressing through to full qualification will find the later exams will have an emphasis on more qualitative skills, developing skills for the profession and being able to apply theory to more 'real-world' situations.
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The Bachelor of Actuarial Science and the Bachelor of Commerce (Actuarial Studies major) both provide the opportunity for Foundation Program subject exemptions and allow elective study in other Monash disciplines and programs.
Their course rules and entry requirements are different in the following ways:
- Bachelor of Commerce includes core units from all Business School departments including Accounting, Banking and Finance, Economics, Econometrics and Business Statistics, Management and Marketing. Students can progress to an Actuarial Studies major which includes some units required for Foundation Program subject exemptions. Students can elect further units required to complete all the Foundation Program units.
- Bachelor of Actuarial Science focuses on all units required for Foundation Program subject exemptions, with more electives available. Students can elect to specialise in Actuarial Studies or Actuarial Analytics or to study in other programs and disciplines.
- A higher ATAR entry requirement applies for the Bachelor of Actuarial Science than the Bachelor of Commerce.
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Exemption from Actuaries Institute subjects is based on a recommendation from Monash's Nominated Accreditation Actuary which advises that the student has obtained grades which satisfy the Actuaries Institute's standard for exemption.
The required Monash units for each subject and marks for exemption are listed in the Exempltions section below.
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Industry placements (sometimes called internships) are the perfect way to build on your skills in a real-world setting.
Participating in the Monash Business School Industry Experience (IE) program can improve your employability and even give you an academic credit. You can source your own internships or be matched with Monash sourced employers who employ actuarial students.
Our Monash Actuarial Students Society actively promotes internship and networking opportunities with their employer sponsors.
Monash Business School Graduate Development provides many opportunities for students to apply their learning and prepare for employment with activities such as Case Competitions, Consulting Projects, Career Events, Networking and Alumni Mentoring.
Monash students can also participate in external consulting opportunities with Global Consulting Group and 180degrees.
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You can find out more about our actuarial offerings by clicking the relevant links:
- Bachelor of Actuarial Science
- Bachelor of Commerce (Actuarial Studies)
- Master of Actuarial Studies
- Bachelor of Actuarial Science and Master of Actuarial Studies (vertical double degree)
If you have a question that you cannot find an answer to, you can email your question or request an appointment with the Nominated Accreditation Actuary via BusEco-Econometrics@monash.edu.
You can also contact other actuarial students at Monash Actuarial Students Society.
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Visit Actuaries Institute or the Monash Actuarial Students Society for more information on the actuarial profession in Australia.
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Successful completion of third year units in the Actuarial Program requires significant competence in mathematics. As well as a good level of mathematics at school a student will be required to complete university-level mathematical units.
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A key advantage of the Monash Actuarial Program is that actuarial studies can be combined with other degrees, such as double undergraduate degrees or a vertical double combining undergraduate and postgraduate study. Possible four-year, full time, double degree options include:
- Bachelor of Actuarial Science and a Bachelor of Commerce majoring in a related field such as Finance or Business Analytics
- Bachelor of Actuarial Science and Master of Actuarial Science that offers a faster, more streamlined pathway towards professional actuarial qualification
- Bachelor of Commerce, majoring in Actuarial Science with undergraduate degrees from other faculties such as Computer Science, Engineering, Law or Science (note: there may not be enough elective space to accommodate both all Actuarial Program units and the units required for the other undergraduate degree)
As the Program is part of the Business School's Econometrics and Business Statistics department, the Bachelor of Actuarial Science provides scope to specialise in Actuarial studies and/or Actuarial analytics or to broader study of Business Analytics or Econometrics.
The Program has earned “triple recognition” from all the three major global actuarial professional bodies (UK, US, Australia), making it the first and only program worldwide to attain this prestigious status.
With on campus study, the Program offers a relaxed atmosphere where you can meet and study with your teachers and fellow students. You can engage with, and be supported by the many student services provided by Monash. We recommend joining our very active and award-winning Monash Actuarial Student Society to connect with students and potential actuarial employers.
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The Actuaries Institute considers Artificial Intelligence (AI) to be "one of the most transformative forces of our future, both for the actuarial profession and society, offering both immense opportunity as well as risk – especially for those who fail to understand it."
The actuarial qualification pathway prepares the next generation of actuaries for the AI revolution with the compulsory Data Science Principles subject, bridging modern analytical techniques with real-world applications, and Data Science Applications, an advanced subject that covers cutting-edge techniques like neural networks and natural language processing. The education program also includes the compulsory Communication, Modelling and Professionalism subject, ensuring ethical and effective AI model design and communication.
"Looking to the future, the essence of actuarial work remains unchanged – it’s about delivering value, not wielding tools."
For Monash students there are lots of applications and tools that use AI to give advice or create content that could be useful in their studies. Monash supports its academics and students to learn how to use AI responsibly and ethically, as well as when it is not appropriate to use AI. It’s also important for everyone to understand the risks and limitations of these technologies.
https://content.actuaries.asn.au/resources/resource-ce6yyqn64sx3-2093352434-60069
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If you transfer to the Monash Actuarial Program from another university's actuarial program accredited with the Actuaries Institute, you may be granted unit credits for your prior learning so that you do not need to repeat study for Foundation Program subjects where you have already met exemption standards.
If you have studied directly with the Actuaries Institute or Institute and Faculty of Actuaries and passed Foundation Program subjects, your prior learning may be recognised when you commence a course in the Monash Actuarial Program.
In both cases, you can provide the Business School Admissions team with evidence of your prior learning as part of your course application.