actuarial course plan at unimelb

[Escobar]

do most people do the sample course plan here:
http://bcom.unimelb.edu.au/majors/actuarial_studies
there isn't much flexibility so do most people just do this?

[wunderkind52]

do most people do the sample course plan here:
http://bcom.unimelb.edu.au/majors/actuarial_studies
there isn't much flexibility so do most people just do this?

Yes, you're right. I think Introduction to actuarial studies isn't compulsory, but would give you a good insight. Also AMI and AMII aren't compulsory - depending on how well you do in specialist you can do calculus instead.
For more information this guide is quite useful:
http://fbe.unimelb.edu.au/__data/assets/pdf_file/0007/1341934/ACTL_StudentGuideUndergrad2015.pdf

[alchemy]

Yes, you're right. I think Introduction to actuarial studies isn't compulsory, but would give you a good insight. Also AMI and AMII aren't compulsory - depending on how well you do in specialist you can do calculus instead.
For more information this guide is quite useful:
http://fbe.unimelb.edu.au/__data/assets/pdf_file/0007/1341934/ACTL_StudentGuideUndergrad2015.pdf

Whoah, awesome link, I hadn't come across that one before.
Thanks for sharing!

[Escobar]

Thanks!
I have another question: it says that actuarial students need to do 75-87.5 points of breadth, which includes 50 points that are compulsory
does this mean i can choose to do either 2 or 3 electives?
is doing 3 recommended? why?

[acinod]

Hey escobar!

The sample course structure is pretty much the go-to for most actuarial students. Unlike other majors, 4 of your breadths are taken up by maths subjects so you only get 2-3 left (these are the 'Free Elective' boxes in the link you posted). Everyone does 3 because breadths are awesome!

Here's some information on some flexible subjects:

• Accelerated Mathematics I and II - You do these 2 subjects if you get >38 in spesh. Otherwise you do the easier pathway - Linear Algebra and Calculus II. A lot of students choose the easier pathway even though they can do AM1 and 2 but from experience, these students rarely make it through all the way. Doing AM1/2 forces you to study from the first year on and generally pushes you to be more 'keen'.
• Introduction to Actuarial Studies - This is not compulsory, however it is highly recommended you do this subject to get a taste of what you will be studying for the rest of your degree. Most kids drop the major after doing this subject because they find it too boring.
• Business Finance - You can actually do this in the summer break (i.e. before your start second year semester 1). I highly recommend this since you'll free up your time and it's easier. Unless you want to go on a holiday of course. 
• Organisational Behaviour - You can actually do this subject anytime since there are no prerequitsite subjects and can be taken in either semester.
• Financial Mathematics III, Actuarial Statistics and Models for Insurance and Finance - these are 3 Level 3 Actuarial subjects and are also prerequistite subjects for Honours. However, if you don't plan to do Honours then you don't have to do them because they don't count towards your 'exemptions' unless you do Honours (you'll find out more about this eventually). Instead you can do 3 other Level 3 Commerce subjects and potential get a double Major. For example, I took 3 Level 3 Finance Subjects and got a double major in Actuarial Studies and Finance.

You should also like this page for more information:
https://www.facebook.com/actuarialstudentssociety/?fref=ts

Hope that helps!

[alchemy]

• Financial Mathematics III, Actuarial Statistics and Models for Insurance and Finance - these are 3 Level 3 Actuarial subjects and are also prerequistite subjects for Honours. However, if you don't plan to do Honours then you don't have to do them because they don't count towards your 'exemptions' unless you do Honours (you'll find out more about this eventually). Instead you can do 3 other Level 3 Commerce subjects and potential get a double Major. For example, I took 3 Level 3 Finance Subjects and got a double major in Actuarial Studies and Finance.

I thought you can't double major anything else with actuarial thesedays (unlike before), according to the course handbook. All these years I planned to double major finance with actuarial, just like you, but is it still a possible option to your knowledge? [/list]

[wunderkind52]

I thought you can't double major anything else with actuarial thesedays (unlike before), according to the course handbook. All these years I planned to double major finance with actuarial, just like you, but is it still a possible option to your knowledge?

I think it depends on what you want down the future! To get the exemptions necessary for level 1 you need to do the aforementioned finance subjects, which wouldn't really give you any space to take more finance subjects. You'd need to overload/summer course and don't forget breadth too! - it MAY be possible but it's definitely a stretch to fit into 3 years. I suppose if you're like acinod and don't actually need all the exemptions you don't have to do them!

[alchemy]

acinod can you please post your course plan (subjects you did, regrets, etc)?

[acinod]

I think I was the only one in my year that did a double major in actuarial/finance.

Here's what I did:

1st Year Semester 1

• AM1
• ARA
• Intro Micro
• Chinese 7 - biggest regret, should've done a breadth I actually liked instead of doing something because it 'might be useful'

1st Year Semester 2

• AM2
• IFA
• Intro Macro
• Intro to Actuarial

2nd Year Summer

• Business Finance

2nd Year Semester 1

• Probability
• OB
• FM1
• World Music Choir - best breadth decision I ever made

2nd Year Semester 2

• Statistics
• Inter Macro
• FM2

3rd Year Semester 1

• Actuarial Modelling 1
• Actuarial Modelling 2
• Derivative Securities

3rd Year Winter

• Global Management Consulting - I went to Singapore for 2 weeks as a student consultant with a group of awesome people. Best Uni Experience Ever.

3rd Year Semester 2

• Contingencies
• Investments
• Corporate Finance

To get a major you need to do 3 level 3 subjects of that major. My finance major came from doing Derivative Securities, Investments and Corporate Finance. The only prerequisite subject for these is Business Finance which you have to do anyway. As you will see later on, finance subjects are RIDICULOUSLY easy compared to actuarial subjects.

My biggest regret was doing Chinese at uni. It was basically Chinese School for adults.
Also regretted not studying hard enough in 1st semester and first year. AM1 was one of the lowest marks I got.

Best subjects would be World Music Choir and Global Management Consulting. Highly recommend picking breadths you will enjoy.[/list][/list]

[Escobar]

in the handbook (https://handbook.unimelb.edu.au/view/2015/B-COM), it says that we must do:
"At least 50 breadth points, with no more than 37.5 breadth points at Level 1"
so for actuarial students does that mean that only 1 of our free electives can be level 1? and the rest level 2 or above

[acinod]

in the handbook (https://handbook.unimelb.edu.au/view/2015/B-COM), it says that we must do:
"At least 50 breadth points, with no more than 37.5 breadth points at Level 1"
so for actuarial students does that mean that only 1 of our free electives can be level 1? and the rest level 2 or above

Yep that's right. Also not sure why they call it electives these days.

As far as I remember, elective means a subject within your degree (i.e. a commerce subject) and breadth is a subject from another degree (i.e. Maths from Science)

[alchemy]

Out of curiosity, what are you doing now that you've graduated? (What are you working as/what's your role?)

Yes I'm a stalker: https://www.linkedin.com/in/tony-tam-06976357

[byCrypt]

Does anyone know how to enroll in a computer science subject (such as Foundations of Computing) in replace of Accelerated Maths 1 in semester 1? Do I add it to my study plan under 'Breadth no maths' or 'Maths breadth' or 'Remaining points level 1, 2 or 3'?

The reason I'm not doing Accelerated Maths 1 is because I completed UMEP Maths last year. I contacted the Centre for Actuarial Studies and they recommended me to do a fourth subject, and not just do three in first semester.

Any help would be appreciated!

[UniMelbourneActuarialS.S.]

Does anyone know how to enroll in a computer science subject (such as Foundations of Computing) in replace of Accelerated Maths 1 in semester 1? Do I add it to my study plan under 'Breadth no maths' or 'Maths breadth' or 'Remaining points level 1, 2 or 3'?

The reason I'm not doing Accelerated Maths 1 is because I completed UMEP Maths last year. I contacted the Centre for Actuarial Studies and they recommended me to do a fourth subject, and not just do three in first semester.

Any help would be appreciated!

Hey there! Welcome to Actuarial Studies at UniMelb!

You should add the Computer Science subject into your study plan under "Breadth No Maths" - any breadth you decide to do that does not have an MAST prefix should be added here. This will give you the flexibility of choosing any subject (Commerce elective, Non-maths breadth, or even extra Maths breadth) for "Remaining Points Level 1, 2 or 3".

Your UMEP Maths will count towards your degree in place of Accelerated Maths 1, and will go under "Maths Breadth". I suggest you don't change anything here unless you want to switch from Accelerated Maths 2 to Calc 2, because all these subjects must be completed in order to enrol in 3rd year actuarial (ACTL) subjects.

If you have any further questions, I believe stolenclay was in your situation when he started his actuarial degree and might be able to help you

[byCrypt]

If you have any further questions, I believe stolenclay was in your situation when he started his actuarial degree and might be able to help you

Ah okay, that clears things up. Thank you