Actuarial studies at Monash Business School

5 May 2014

While MBAs are often well known, not many people talk about actuarial studies.

Monash Busnnes School
Study business at Monash University

But did you know that actuarial careers landed the top spot in a 2013 study of the best jobs to have by The Wall Street Journal’s job site, yet many people haven’t heard of actuarial studies. So what is it? And what does an actuary actually do?
Actuaries are responsible for identifying, analysing and assessing risk. They determine that likelihood of risk to ensure an organisation’s safeguards. They advise on the potential consequences of risk. This is done by creating mathematical models using past data and the actuary’s own knowledge and experience. These models are used to generate future scenarios in order to determine how likely and how severe future risks may be.
Actuaries traditionally work in consulting, banking, superannuation, stockbroking, insurance and investment but they also find work in consumer behaviour analysis (i.e., loyalty card schemes) and developing areas like environmental studies, climate change, and genetics.
At Monash Business School, you can study actuarial studies as part of the Bachelor of Commerce or the Bachelor of Economics.
Units offered in the actuarial studies major:

  • Data modelling and computing
  • Actuarial statistics
  • Probability and statistical inference for economics and business
  • Financial institutions and markets
  • Financial econometrics
  • Contingencies in insurance and pensions

Career Opportunities

Actuaries are needed in many fields, and while they typically work in in banking, superannuation, stockbroking, insurance and investment fields, actuaries also work in developing fields such as environmental studies, climate change and genetics. Actuaries are currently emerged in work as varied as forecasting carbon footprints to modelling frequent flyer schemes. As the world becomes more complex the need for actuaries grows.
As an actuary, your job title might be Insurance Actuary, Pricing Actuary, Investment Actuary Analyst, Product Development Actuary, Credit Risk Analyst, or Pension Risk Manager.
Because they are in high demand across the banking and finance industries, most actuaries will have above-average income and can work anywhere in the world—London, New York, Paris… you name it!

Monash University Business School

Monash University Business School is ranked number one in the Asia-Pacific region in a number of their business discipline areas. The “triple crown” accreditation now places Monash among the 60 business schools in the world with such global recognition, which equates to less than one per cent of business schools.
Included in Monash University’s Faculty of Business and Economics are the following departments:

  • Accounting and Finance
  • Business Law and Taxation
  • Econometrics and Business Statistics
  • Economics
  • Management
  • Marketing


Find out more about Monash University Business School and its business programs. Contact OzTREKK’s Australian Business Schools Admissions Officer Rachel Brady at 1-866-698-7355 or email Rachel at