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?
Actuarial Studies can be challenging and demanding, requiring both a strong grasp of concepts and consistent effort. You don’t need to be a genius to succeed — but you do need to commit time, work hard, and actively engage with the material.
The current foundation program exemption system (from 2023 onwards) is based on subjects grouped into CS1, CS2, CM1, CM2, CB1, and CB2. To gain an exemption, you must achieve a weighted average of at least 70% across the relevant units, with no individual unit below 60%.
If your grades do not meet the 70% weighted average and/or the 60% minimum requirement, you can repeat individual units to improve your results through one or more of the following modes of study:
Masters, Graduate Diploma, or Graduate Certificate study to repeat particular units within a postgraduate course.
Single unit enrolment for a particular unit.
Example: A student who wishes to repeat ETC3530 for CM1 subject exemption could enrol in ETC5353 as a single unit or as part of another postgraduate course.
Direct study through the Actuaries Institute for the relevant Foundation Program subject.
Repeating a unit should always be confirmed with the Nominated Accreditation Actuary to ensure it remains suitable for exemption purposes.
Do I need to be good at mathematics?
Yes. Actuarial Studies requires significant competence in mathematics and problem-solving. You should both enjoy and be good at mathematics, particularly in calculus, algebra, and matrices. As well as having a strong mathematics background from school, students will be required to complete university-level mathematical units.
In addition to mathematical ability, enjoying problem-solving is important. While actuarial work in practice often involves analysis, modelling, and communication rather than advanced mathematical derivations, a solid foundation in calculus, algebra, and matrices is essential to progress through the course.
What is the difference between a Bachelor in Commerce majoring in Actuarial Studies and a Bachelor of Actuarial Science?
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.
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
What is the Bachelor of Actuarial Science and Master of Actuarial Studies combined program?
This is an integrated, streamlined 4-year program that combines undergraduate and postgraduate actuarial study. This vertical double degree will allow you to complete the Foundation Program and the university component of the Actuary Program. The degree is designed to help students obtain the maximum number of exemptions in the shortest time. It also allows for the student to gain relevant industry-based experience in their chosen specialisation. This is facilitated through the program's two specialisations: Actuarial Studies and Actuarial Analytics, which provide opportunities to apply your skills in industry-relevant contexts.
What is the difference between Actuarial Studies and Actuarial Analytics?
The Actuarial Studies specialisation is best aligned with those who have their eyes set on a career as a professional actuary. It focuses heavily on actuarial mathematics, probability, financial modelling, insurance, and risk management. This specialisation provides all the actuarial Foundation Program subject exemptions (and/or exemptions for the Actuary Program, depending on your chosen course).
The Actuarial Analytics specialisation focuses more on applying data analysis and statistical techniques to understand, process and manage risk. It is designed for 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 (more exemptions can be pursued through elective study).
Can I transfer into Actuarial Science from another Monash degree?
Yes, but it can be a competitive process. You must meet all course prerequisites as well as the minimum WAM (~80%, but subject to change depending on demand) and have completed at least 12 credit points at Monash to be eligible. Note that credit for units already completed will be assessed on a case-by-case basis. However, if you have missed units required for Foundation Program exemptions, you will be required to complete every unit relevant to a Foundation Program subject to be eligible for that exemption. Therefore, any gaps may need to be filled through single unit enrolment or postgraduate study later on. For personalised advice on your specific situation, contact the Actuarial Program Co-ordinator at julie.cook@monash.edu.
Can I become a member of the Actuaries Institute as a student?
Yes. The Actuaries Institute provides a university tier membership free of charge for all students currently enrolled in a university degree. This membership still includes some very important and relevant content for those interested in an actuarial career, such as access to free Insight, networking and Young Actuary Program events, as well as discounts on major events held by the Institute. It also allows access to the Actuarial Sprint app, and access Actuaries Digital articles and events. More information and steps on how to become a university member can be found here.
What is the Actuarial Sprint app?
Actuarial Sprint is an app developed by the Actuaries Institute (free in your university membership) specially designed for students considering or currently studying actuarial science. It lets you find out about actuarial roles and available jobs, as well as hear from practising actuaries about the profession. You can also join discussions with other actuarial students to share experiences and gain clarity on any questions you may have about your future career.
Are there any study tips for Actuarial students?
The Actuarial Program provides comprehensive resources and support to help students succeed, including high-quality teaching materials, clearly structured prerequisites, and additional workshops. For most students, the materials and resources provided by Monash are more than sufficient to achieve strong results — provided they are used effectively.
Successful students typically:
Attend lectures and tutorials consistently
Complete and review all unit materials in a timely manner
Engage with teaching staff to clarify questions
Form study groups for collaborative problem-solving
Refer regularly to the most recent Student Guide for up-to-date course information
Take advantage of workshops and consultation sessions for extra support
Utilise Monash Student Academic Success workshops, which offer self-paced modules covering key mathematical concepts ideal for refreshing and strengthening maths skills relevant to actuarial studies
Independent learning beyond the lecture slides can still be helpful, but all the essential resources for success are already provided within the program.
What career options are there for students completing Actuarial Studies?
After finishing their undergraduate degree, many students choose to complete an Honours year to obtain their Part II exemptions before entering the workforce. This allows them to avoid studying for Part II while working.
Other students begin working immediately after their bachelor’s degree and work towards later professional qualifications. It is common for students in Commerce degrees such as Finance or Accounting to secure internships in their penultimate year and convert these into graduate positions. Applications for internships and graduate programs often open early in the year, sometimes as early as February.
While this pathway is possible for actuarial students, many choose to focus on completing Honours first. However, in a less traditional route, some actuarial graduates enter the workforce directly, as their analytical and problem-solving skills are highly valued across many industries.
According to the Monash course handbook, graduates may work in:
Life, general, or health insurance, superannuation, risk management, and financial consulting
Investment operations for asset managers, stockbrokers, and banks
Government roles in regulatory control, workers’ compensation, and education
Long-term strategic planning with large companies, as well as in the broader fields of risk management, banking, and data analysis
Studying actuarial science does not limit you to becoming an actuary. Many graduates pursue roles in management consulting, risk assurance, data analytics, and other areas where strong quantitative and analytical skills are in demand.
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?
Course handbook: https://handbook.monash.edu/2022/courses/B2033
Monash Course Advice: https://www.monash.edu/students/study-support/course-advice
Monash Nominated Accreditation Actuary: Dan Zhu – dan.zhu@monash.edu