[AUS] Monash University - What is Actuarial Studies and What Does an Actuary Actually Do?

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, you can study actuarial studies as part of the Bachelor of Commerce or the Bachelor of Economics.

Units offered in the actuarial studies major include:
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

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Our courses are accredited by the Actuarial Institute of Australia, which is the professional body for actuaries in Australia.