Master of Accounting
The Master of Accounting program at Monash University offers a compreh...
Bachelor of Actuarial Science
Melbourne
INTAKE: Jul & Feb
Program Overview
The Bachelor of Actuarial Science program at Monash University is designed to provide students with a strong foundation in mathematical, statistical, and financial principles essential for assessing and managing financial risks in various industries. Accredited by the Actuaries Institute Australia, the program prepares graduates for careers in actuarial science, insurance, finance, and beyond.
Curriculum: The curriculum of the Bachelor of Actuarial Science at Monash University covers core subjects such as mathematics, statistics, economics, finance, and actuarial studies. Students learn to apply mathematical models and statistical techniques to analyze data, assess risk, and make informed decisions in financial planning, insurance, and investments. The program also includes courses in business analytics, risk management, and professional ethics, preparing students to become accredited actuaries.
Research Focus: Research is a significant component of the Bachelor of Actuarial Science program at Monash University. Students have opportunities to engage in research projects that explore actuarial models, predictive analytics, financial risk assessment, and emerging trends in insurance and finance. Faculty members mentor students, encouraging them to contribute to academic research and develop innovative solutions to complex financial challenges.
Industry Engagement: Monash University fosters strong ties with industry partners, including insurance companies, financial institutions, and consulting firms. Bachelor of Actuarial Science students benefit from industry placements, internships, and guest lectures, gaining practical insights into actuarial practice, regulatory compliance, and risk management strategies. These engagements enhance students' professional skills and employability in the competitive actuarial job market.
Global Perspective: With a global outlook embedded in its curriculum, Monash University's Bachelor of Actuarial Science program prepares students to navigate international financial markets, global insurance trends, and cross-border regulatory environments. Students learn about international actuarial standards and participate in study abroad programs or international exchanges, gaining cross-cultural competencies and expanding their professional networks on a global scale.
Location
Melbourne
Score
IELTS 6.5
Tuition Fee
AUD 49200
Undergraduate Entry Requirements
Application Fee: AUD $100
Academic Qualifications: Applicants for undergraduate programs typically require a minimum academic achievement of 70% or above in their previous academic qualifications.
English Language Proficiency:
- IELTS: Overall band score of 6.0 or 6.5 with a minimum of 5.5 in each component.
- TOEFL: Overall score of 80 with a minimum of 19 in each section.
- PTE (Pearson Test of English): Overall score of 58 with a minimum of 50 in each section.
Students must provide:
- academic marksheets & transcripts
- letters of recommendation
- a personal statement - SOP
- passport
- other supporting documents as required by the university.
It's important to note that entry requirements can vary by program and may change over time. Additionally, some programs may have additional requirements, such as interviews, portfolios, or work experience.
Monash University offers a range of scholarships to both domestic and international students to help cover the cost of tuition fees, living expenses, and other study-related costs. These scholarships are awarded based on academic excellence, financial need, leadership potential, and other criteria.
Monash International Merit Scholarship: This scholarship is offered to international students who have demonstrated academic excellence in their previous studies. The scholarship provides up to $10,000 per annum for the duration of the student's course.
Monash Asylum Seekers Scholarship: This scholarship is designed to provide financial assistance to asylum seekers who are undertaking undergraduate or postgraduate study at Monash University. The scholarship covers the cost of tuition fees, as well as a range of other study-related expenses.
Monash Equity Scholarship: This scholarship is offered to students who have experienced financial hardship or other forms of disadvantage that have impacted their ability to succeed academically. The scholarship provides up to $6,000 per annum to assist with living expenses and other costs.
Monash Indigenous Scholarship: This scholarship is available to Indigenous students who are undertaking undergraduate or postgraduate study at Monash University. The scholarship provides a range of benefits, including financial assistance, mentoring, and academic support.
Graduates of Monash University's Bachelor of Actuarial Science program are well-equipped with analytical skills and technical expertise to pursue rewarding careers in actuarial science, risk management, insurance, finance, and related fields.
Actuarial Analyst: Many graduates begin their careers as actuarial analysts in insurance companies, consulting firms, or financial institutions. They use mathematical models and statistical methods to assess financial risks, determine insurance premiums, and develop strategies to manage risks effectively.
Insurance Underwriter: Graduates may work as insurance underwriters, evaluating insurance applications, assessing risks associated with insuring individuals or businesses, and setting insurance premiums based on risk analysis and actuarial calculations.
Risk Manager: Some graduates pursue careers as risk managers in corporations or financial institutions, where they identify, assess, and mitigate risks across various business operations. They develop risk management strategies to safeguard financial stability and optimize business performance.
Investment Analyst: With a strong background in finance and quantitative analysis, graduates may work as investment analysts, evaluating investment opportunities, conducting financial modeling, and providing recommendations for portfolio management and asset allocation.
Data Scientist/Data Analyst: Given their proficiency in statistical analysis and data interpretation, graduates may pursue roles as data scientists or data analysts. They apply their skills to extract insights from data, develop predictive models, and support strategic decision-making in diverse industries.
Financial Planner/Advisor: Graduates with a Bachelor of Actuarial Science degree may become financial planners or advisors, helping individuals and businesses achieve financial goals through comprehensive financial planning, retirement planning, investment advice, and risk management strategies.
Consultant: Actuarial science graduates may work as consultants in management consulting firms, providing expert advice on risk assessment, financial modeling, and business strategy. They collaborate with clients to solve complex business problems and optimize operational efficiency.
Insurance Product Manager: In the insurance industry, graduates may specialize as insurance product managers, overseeing the development, pricing, and marketing of insurance products. They analyze market trends, consumer behavior, and competitive landscape to design innovative insurance solutions.
Actuarial Consultant: Some graduates choose to work independently or for consulting firms as actuarial consultants, offering specialized services such as risk assessment, financial forecasting, and actuarial valuations. They provide strategic advice to clients on managing financial risks and achieving long-term financial sustainability.
Government and Regulatory Roles: Graduates may pursue roles in government agencies or regulatory bodies, contributing to public policy development, insurance regulation, and financial oversight. They ensure compliance with regulatory standards and promote consumer protection in financial services.
Global Opportunities: Monash University's Bachelor of Actuarial Science program prepares graduates for international career opportunities in global financial markets, multinational corporations, and international consulting firms. Graduates leverage their skills in quantitative analysis, risk management, and actuarial practice to excel in diverse cultural and economic environments worldwide.
Continued Professional Development: Beyond graduation, Monash University supports alumni through professional development opportunities, continuing education programs, and industry networking events. Graduates can pursue further certifications such as the Fellow of the Institute of Actuaries of Australia (FIAA) or Chartered Enterprise Risk Actuary (CERA), enhancing their professional credentials and career advancement prospects.
