Frequently Asked Questions
MASS has compiled a list of frequently asked questions by students in their undergraduate Actuarial degree. We hope this helps clear some queries. These are student-written answers and are to be used as a guide. MASS is not responsible for providing academic advice.
How difficult is Actuarial Studies? (needs to be adjusted for the new exemption system)
Conceptually, Actuarial Studies can be quite difficult and demanding so it is important to both understand the concepts and consistently put in the hard work to get decent marks. In saying that, you don’t need to be a genius to do well – you just need to be willing to put in the time and effort to work hard and thoroughly understand the content.
There have been new, recently implemented exemptions for students who wish to be certified in Actuarial Studies. Instead of the old Core Technical exemptions, there are CS 1 and CS 2, CB 1 and CB 2 and CM1 and CM 2. Similar to the old ones you will need a weighted 70 average across specific units to get each CS/CB/CM. You cannot receive lower than a 60 in a unit if you wish to get the exemption that the unit relates to. If you get less than 70 you can retake an external exam to get the exemption, however, this will cost extra. Our website has more detailed information regarding these new exemptions.
Actuarial Studies, and university in general, requires independent work. Self-discipline is crucial for success – oftentimes, content isn’t stated clearly. Students will have to go beyond the lecture slides and independently learn from other sources.
Do I need to be good at mathematics to do Actuarial Studies?
One of the biggest misconceptions students are often told in school is that “if you like/are good at maths, do Actuarial Studies”. Whilst maths is involved, Actuarial Studies is primarily a business discipline. Many practising actuaries state that they don’t do much mathematics on the job. The maths you do in Actuarial Studies is nowhere near what you would do in an Applied Mathematics major. That being said, a foundation in maths is essential – basic calculus, algebra and matrices skills are a necessity. Students don’t need to be mathematical geniuses, but to some extent, you need to enjoy it. A strong interest in maths can carry you through the mathematical areas of your degree.
What is the difference between the Commerce Specialist degree and Bachelor of Commerce degree?
The Commerce degree is for students who are unsure of the major they want to pursue. It provides flexibility to change majors without doing any course transfers. The commerce degree has 6 core units: Management, Marketing, Accounting, Business Statistics, Economics and Commercial Law, which every Commerce student must do along with their major. These units form the fundamentals for most of the majors offered under the Commerce degree.
The Commerce Specialist degree, on the other hand, is suited for students who are confident in their area of study at the University. Specialist degrees are recommended for students that want to graduate with Actuarial Studies so as to fit all the exemption units into their degree. That being said, CS/CB/CM supplementary exams can be done externally if a student cannot fit all their units into their degree (with an extra fee). Students undertaking a Specialist degree need to take 12 units in that field as opposed to the 8 units needed to major in that same field through the Commerce degree. In addition, Commerce Specialist students are not required to do the Core units that Commerce students do. Students are able to skip subjects such as Management, Marketing and Commercial Law, which are considered to be Core subjects for all Bachelor of Commerce degree students yet may not be necessary for undergraduate actuarial students.
Also, keep in mind that doing a double degree in Bachelor of Actuarial Science and Bachelor of Commerce allows you to complete all required exemption units and complete another major such as Accounting or Finance. This can be helpful if you are not completely sure about working as an Actuary and instead want a few more options.
Are there any study tips for Actuarial students?
As for study tips in university, it is quite different to high school. It is often difficult for most students to adjust. Usually, the university doesn’t provide many practice exams for students (some units don’t provide any at all). It is challenging to get a High Distinction average.
Pre-reading, preparing for lectures in advance and solving all questions ahead of tutorials is advisable. Building a strong foundation by understanding all of the underlying concepts is essential. After a foundation is established, applying your knowledge to different types of questions becomes significantly easier. Moreover, use YouTube to your advantage, especially for actuarial units. Another good tip is to form study groups – actuarial studies can become quite hectic at times. Having a group to work through difficult problems together is a lifesaver.
Finally, after reading through all the given materials and doing as much as you can on your own, if you are still unsure of some concepts, make a habit to go to consultations to clarify all misunderstandings.
What career options are there for students completing Actuarial Studies?
After finishing their undergraduate degree, most students do an Honours degree to obtain their Part II Exemptions. On the other hand, students can definitely start working once they finish their undergraduate degree.
It is preferred by most people in the Commerce degree (like Finance and Accounting majors) to find an internship in their penultimate year and then secure a graduate position. You are able to apply for graduate positions in your final year and, when accepted, start working with the respective company post-graduation. Most people only go on to do Honours or Masters if they cannot get a graduate position (or find employment) in their undergraduate year.
Note that this is a bit different for actuarial students. Many choose not to take graduate positions at the end of their bachelor’s and instead do Honours to get Part II accreditation (the undergraduate degree only offers part I). This is done so that they do not have to study for their Part II Exemptions whilst working.
In a less traditional pathway, some students prefer to join work straight after graduation as quite a lot of industries and firms value actuarial students because of the analytical mindset they develop when studying their course. Studying actuarial studies doesn’t mean you must be an actuary, you can go into other professions such as management consulting, risk assurance and more!
It is important to note that internships and graduate positions start as early as February.
How applicable are the Monash Actuarial Units?
Most of the units you complete as you go through your Bachelor of Actuarial Science or your major in Actuarial Science will have a lot of variety. Finance units, Econometrics units and Actuarial specific units all are required to graduate with this degree. However, depending on where you find yourself after university many of these units will not have too much practical use. They will definitely have theoretical bases, but the intense maths and other skills learnt in units may not be directly applicable to working in Insurance or in Risk. You will never have to derive formulas by hand or do intense calculus in your day-to-day job as an Actuary. Therefore, it is important that you enjoy the content but may be difficult to see how you will like working as an actuary until you have experienced it.
What resources can help plan my course structure?
Studying Actuarial studies is different for everyone and there is no one set course structure that works for all students. As MASS is unable to provide specific course advice, the following resources are a good place to start when planning the structure of your academic journey:
Course handbook: https://handbook.monash.edu/2022/courses/B2033
MONPLAN: https://monplan.apps.monash.edu/
Monash Course Advice: https://www.monash.edu/students/study-support/course-advice
Monash Nominated Accreditation Actuary: Dan Zhu - dan.zhu@monash.edu