Actuarial studies at Monash Business School
While MBAs are often well known, not many people talk about actuarial studies.
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 CareerCast.com, 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
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