Course Info from 2021 PDF

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Actuarial Course Information at Monash University from 2021...

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Monash Actuarial Program Information from 2021 Most students are studying an Actuarial Studies Course or Major because they want to become Actuaries. In order to become an Actuary, you need to go through various stages, most of which you do through University study, and some after. This document covers: Part A & B : The Actuaries Institute requirements, and the relevant Monash Units you need to take to meet these requirements. Part C & D : The Monash Courses you may be enrolled in, and how they are structured to allow you to complete the required units.

A. Actuaries Institute Requirements - Foundation Program (from 2019) Transitional arrangements continue to be in place for students who completed some of the exemption requirements prior to 2019. Details about transition are found at https://www.monash.edu/business/ebs/study-options/actuarial-program There are various stages to become a fully qualified Actuary, and subjects that need to be studied at each stage. The Actuaries Institute grants exemption from some of their subject requirements if students achieve sufficient grades in selected Monash units. When you complete your course, you request Monash’s Nominated Accreditation Actuary (NAA) to review your grades and make a recommendation to the Actuaries Institute to grant exemption from relevant subjects. Under our Monash Exemption Policy, you need a 70% weighted average in the relevant Monash units corresponding to each Actuaries Institute subject eg an Actuaries Institute subject may require completion of two units, each with a 50% weighting. Undergraduate students Here are the Foundation Program requirements relevant for undergraduate students.

Students will also need to complete ETC2410, as it is a prerequisite for some of the 3rd year ETC units.

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Masters students Here are the Foundation Program requirements relevant for Masters students. Foundation Program

Monash Units

CS1 Actuarial Statistics

ETC5242 (25%), ETC5252 (50%), ETC3580/ETC5580 (25%)

CS2 Risk Modelling and Survival Analysis CM1 Actuarial Mathematics

ETC5242 (10%), ETC5342 (20%), ETC5343 (50%), ETC3550/ETC5550* (20%) ETC2430 (45%), ETC5353 (55%)

CM2 Financial Engineering and Loss Reserving CB1 Business Finance

ETC5342 (20%), ETC5346 (25%), ETC5352 (55%)

CB2 Business Economics

ECF5923 (45%) and ECF5927 (55%)

ACF 5950 (50%) and BFC2140 (50%)

Options for Foundation Program subjects Monash units relevant to the Foundation Program can initially be studied through undergraduate or Masters study. If a student’s grades do not meet the 70% weighted average, individual units can be repeated to improve grades through the following study:  

Masters study to repeat particular units within the course Single-unit enrolment for a particular unit.

Foundation Program subjects can also be studied directly through the Actuaries Institute.

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B. Actuaries Institute Requirements - Actuary Program (from 2020) Exemption from Actuary Program subjects can be recommended if students achieve sufficient grades in three Monash units as set out in the table below. Under our Monash Exemption Policy, you need a 70% weighted average in the relevant Monash units corresponding to each Actuaries Institute subject eg Actuarial Control Cycle requires completion of two units, each with a 50% weighting. Actuary Program (note 1)

Monash Units

Actuarial Control Cycle (note 2)

ETC4110 (50%), ETC4120 (50%)

Data Analytics Principles

ETC5250 (note 3)

Notes 1. Other Actuary Program subjects Asset Liability Management and Communication, Professionalism & Modelling are studied directly through the Actuaries Institute, not available through universities. 2. ETC4110 and ETC4120 can be studied in any order, but it is preferred to take ETC4110 first. 3. Students who have already taken ETC3250 may be able to undertake an informal study program including additional reading and a project as an alternative, subject to course co-ordinator approval

Monash units relevant to these Actuary Program subjects can be studied as follows:     

Masters course over 3 or 4 semesters (commencing in Semester 1 only) Graduate Diploma over 2 semesters (8 units) or Graduate Certificate over 1 semester (4 units) Honours course over 2 semesters (can commence in any Semester) Single Unit enrolment Undergraduate course (occasionally permitted in final year with approval from the Course Director)

ETC5250 Introduction to Machine Learning includes additional syllabus and assessment for actuarial exemption purposes. Special enrolment arrangements are: 



There is a prerequisite of ETC5242 Statistical thinking, which runs in Semester 2, and is part of the Foundation Program subject CS2. This prerequisite requirement may be waived if a student can demonstrate prior learning in R programming skills through relevant study or work experience (for example passing the CS2 subject through the Actuaries Institute). There is a prohibition of ETC3250 which will be waived for those students who take this unit in their undergraduate degree.

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C. Monash Course Structures Students who commenced prior to 2020 will have the opportunity to switch to new course structures, when that is suitable to your enrolment. Generally, if you are close to completing your course, the old course structure suits you better; otherwise the new course structure is preferred, as it aligns better with updated Actuaries Institute requirements. The new BCom (Honours) major in Actuarial Studies is available from 2021.

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BActSci Course Structure from 2020

Course Requirements: https://handbook.monash.edu/2020/courses/B2033 For convenience, the main requirements are shown here: Part A. Foundation commerce knowledge (24 points) Students complete: ACC1100 Introduction to financial accounting ECC1000 Principles of microeconomics ECC1100 Principles of macroeconomics ETC1000 Business and economic statistics Part B. Specialist discipline knowledge and Part C. Capstone experience (72 points) a. Students complete: ETC3530 Contingencies in insurance and pensions

*Capstone unit

b. Eleven units (66 points) from the following: BFC2140 Corporate finance 1 ETC2410 Introductory econometrics ETC2420 Statistical thinking ETC2430 Actuarial statistics ETC2440 Mathematics for economics and business or MTH1030 Techniques for modelling or ENG1005 Engineering mathematics ETC2520 Probability and statistical inference for economics and business ETC3420 Insurance mathematics ETC3430 Financial mathematics under uncertainty ETC3460 Financial econometrics ETC3520 Foundations of quantitative finance ETC3550 Applied forecasting ETC3580 Advanced statistical modelling

Actuarial Program units have some tough mathematics, so we encourage students to include at least one mathematics unit in their course, depending on your background. The mathematics unit is not required for Actuarial exemption, it just provides foundational knowledge. If you want maximum exemptions for the Foundation Program, you would want to take all the other units listed in Part b.

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2.

BCom Major Structure from 2020

BCom Course Requirements: https://handbook.monash.edu/2020/courses/B2001 Actuarial Studies Major Requirements: https://handbook.monash.edu/2020/aos/ACTRLSTD06 For convenience, here are the requirements for the Major. Students complete: a. The following five units (30 points): - ETC2420 Statistical thinking - ETC2430 Actuarial statistics - ETC2520 Probability and statistical inference for economics and business - ETC3420 Insurance mathematics - ETC3530 Contingencies in insurance and pensions b. Three units (18 points) from the following, with at least one unit (6 points) at level 3: - BFC2140 Corporate finance 1 - ETC2410 Introductory econometrics - ETC2440 Mathematics for economics and business or MTH1030 Techniques for modelling (advanced) or ENG1005 Engineering mathematics - ETC3430 Financial mathematics under uncertainty - ETC3460 Financial econometrics - ETC3520 Foundations of quantitative finance - ETC3550 Applied forecasting - ETC3580 Advanced statistical modelling

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Master of Actuarial Studies Structure from 2020

The Masters is designed to help students complete the University component of the Actuary Program, plus almost all of the Foundation Program. Course Requirements: https://handbook.monash.edu/2020/courses/B6014 For convenience, the main requirements are shown here: Part A. Preparatory knowledge (24 points) Students complete four units (24 points) from the following: - ACF5950 Introduction to financial accounting - BFC2140 Corporate finance 1 - ETC2410 Introductory econometrics - ETC2430 Actuarial statistics - ETC3550 Applied forecasting for business and economics - ETC3580 Advanced statistical modelling Part B. Mastery knowledge (60 points) Students complete: a. The following five units (30 points): - ETC4110 Actuarial practice I - ETC4120 Actuarial practice II - ETC5353 Insurance and pensions - ETC5242 Statistical thinking - ETC5250 Introduction to machine learning

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b. Five units (30 points) from the following: - ECF5923 Macroeconomics and monetary policy - ECF5927 Managerial economics - ETC5252 Probability and statistical inference for economics and business - ETC5342 Applied insurance methods - ETC5343 Financial mathematics under uncertainty - ETC5346 Financial econometrics - ETC5352 Foundations of quantitative finance

If students have already completed some of the Foundation Program in previous studies, they can select elective units at level 5 which complement actuarial studies and their particular interest in areas such as data analytics, econometrics and statistics.

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BCom (Honours) major in Actuarial Studies from 2021

Course requirements. https://handbook.monash.edu/2021/courses/B3701?year=2021 For convenience, the main requirements are shown here: a. The following units (30 points): -ETC4860 Honours research project (12 points) -ETC4110 Actuarial practice 1 -ETC4120 Actuarial practice 2 -ETC5250 Introduction to Machine Learning

b. Three coursework units (18 points) from: -ETC4400 Statistical theory and practice -ETC4420 Microeconometrics -ETC4460 Financial econometrics 2 -ETF5500 High Dimensional Data Analysis

Or from other units not specified above, provided they are at level 4 or 5, and with approval of Honours Coordinator and Course Director.

Entry requirements https://www.monash.edu/study/courses/find-a-course/2021/commerceb3701?international=true#entry-requirements-2 Completion of the Honours Supplementary Form is also required.

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D. Semester Offerings 2021 Semester 1

Semester 2

1st year units

ETC1000 ACC1000 ECC1000 ECC1100

ETC1000 ACC1000 ECC1000 ECC1100

2nd Year units

BFC2140 ETC2410 ETC2430

3rd year units

ETC3430 ETC3460 ETC3550

BFC2140 ETC2410 ETC2420 ETC2520 ETC3420 ETC3520 ETC3530 ETC3580

Masters/Honours units

ETC4110 (Actuarial Practice I) ETC5250 (Introduction to Machine Learning)

ETC4120 (Actuarial Practice II)

As a general principle, we recommend progressing through the units by year level eg taking all second year units before third year units.

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More details? Monash Actuarial Program web page https://www.monash.edu/business/ebs/study-options/actuarial-program The web page has good general information about processes and transition, but this document has the most up-to-date information about units and exemption requirements.

Actuaries Institute Full details on becoming an actuary and the Actuaries Institute education program are available via these links: https://www.actuaries.asn.au/becoming-an-actuary https://www.actuaries.asn.au/education-program

Students are encouraged to become a University Subscriber (at no cost) to gain access to career and networking opportunities and to keep up to date with actuarial practice, research and professional issues https://www.actuaries.asn.au/becoming-an-actuary/becoming-a-university-subscriber

Monash Actuarial Student Society (MASS) Students are also encouraged to join MASS to meet like-minded actuarial students and participate in extra-curricular resources and activities such as networking and volunteering opportunities. https://www.monashactuary.com.au/

Contact Us For general course queries: Brett Inder, Course Co-ordinator [email protected] For Actuaries Institute and exemption queries: Julie Cook, Nominated Accreditation Actuary [email protected]

Brett Inder & Julie Cook 17/12/2020

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