Actuaries work in the assessment and management of the financial risks faced by insurance companies, superannuation funds and other entities. These risks include illness, disability or death of individuals, as well as risks to property (motor vehicles, buildings, etc.). The actuary’s work is based on a multi-disciplinary background in mathematics, statistics, finance and economics.
A major in Actuarial Studies will give you a firm grounding in the traditional actuarial skill set of mathematics, statistics, demography, finance and economics. Specifically, you’ll learn from subjects covering actuarial techniques and life insurance modelling, through to the mathematics of finance and insurance risk models. This background, coupled with strong analytical skills, sees actuaries serving as financial advisers to a range of organisations including insurance companies, banks and other financial institutions, superannuation funds and governments
The Centre for Actuarial Studies is accredited by the Actuaries Institute, which is the professional actuarial body in Australia. This accreditation means that students who complete certain subjects at the University of Melbourne, and achieve a sufficiently high standard, will be recommended for exemption from the corresponding subjects of the Actuaries Institute. Further details are available in the Students’ Guide on the Centre for Actuarial Studies website: fbe.unimelb.edu.au/economics/ACT/courses/current_students
The Faculty of Business and Economics is also designated as a Center of Actuarial Excellence by the US Society of Actuaries.
Intended learning outcomes
On successful completion of this major, students will be able to:
- Demonstrate a knowledge of the fundamental theories of actuarial science as they apply in life insurance, general insurance and superannuation
- Demonstrate a knowledge of the core areas of actuarial practice and critically discuss the application of actuarial theories to these areas
- Demonstrate knowledge relevant to financial mathematics and its applications
- Calculate quantities such as premiums, reserves, superannuation contribution rates and risk numbers
- Analyse real and hypothetical problems in insurance and superannuation
- Demonstrate appropriate communication skills for a professional environment
- Demonstrate a capacity to successfully work both independently with personal accountability and in a team
Last updated: 19 February 2021