Recommended Study Plan for the BCom/BSc Combined Degree (Program 3529) with Majors in Actuarial Studies and Mathematics or Statistics

NOTE: This study plan is for students who began in 2012 or earlier: from 2013 Actuarial Studies is no longer available as a major in the BCom but is a separate degree, the BActlStudies. Details on this degree combined with Advanced Maths, program 3589, will be provided as a future date.

The full rules for the BCom/BSc degree can be found in the UNSW Handbook under Program 3529.

For details on combining Advanced Mathematics with Actuarial Studies, see the UNSW Handbook listing for Program 3523.

The following recommended study plan has been specially designed to allow students to meet the requirements of the IAA Professional Syllabus Exemptions. The options in this program include Finance, Mathematics and Statistics courses considered relevant to Actuarial Studies, however other courses can be chosen. The options chosen must satisfy the requirements for the award of the double degree.
We also offer a sample complete plan to show how the options could be chosen so that you would be able to proceed to Honours in any one of Actuarial Studies, Statistics or Applied Mathematics and also be elgible to apply for IAA exemptions.

We will request that the courses listed in the sample plan be timetabled so that they should not have any timetable clashes. If other electives are taken, clashes are more likely.

NOTES:

From 2012 the combined degree requires

  • 96 UOC of Commerce, including a major and three specified Level I courses and four courses from the "flexible core" (see below)
  • 96 of Science, including a major and at least 24 UOC of Level I Science courses

For students starting before 2012 the requirements are:

  • 84 UOC of Commerce, including a major and three specified Level I courses and four courses from the "flexible core" (see below)
  • 84 UOC of Science, including a major and at least 24 UOC of Level I Science courses
  • Another 24 UOC chosen from Commerce or Science courses

Units of Credit values are as follows:

  • ALL Commerce courses are 6 UOC each
  • Science courses COMP1911, MATH###1 are 6 UOC each
  • Science courses MATH###0 are 3 UOC each

Each semester is 24 units of credit.
NO General Education is required.

This program provides a full Actuarial Studies major (plan) and the associated courses which will exempt students, who meet the required standards, from Part I, and for students who fulfill the requirements, from Part II of the Institute of Actuaries examinations.

Most of the Commerce courses listed are compulsory if Part I exemption is sought. FINS2624 and FINS3636 are strongly recommended but not compulsory. The "flexible core" consists of the following courses:

  • ACCT1511 Accounting & Financial Mgt 1B
  • ACCTL1001 Actuarial Studies and Commerce
  • ECON1102 Macroeconomics 1
  • FINS1613 Business Finance
  • INFS1602 Information Systems in Business
  • LEGT1710 Business and the Law
  • MARK1012 Marketing Fundamentals

NOTE that for Actuarial Studies, the course ACTL1001 is a compulsory part of the major.

The Level 1 and 2 Mathematics and Statistics courses are compulsory (but see below on MATH2931) and the others are strongly recommended. MATH1151/1251 replace MATH1131/1231 in the formal requirements for a Mathematics or Statistics major. MATH2901 and MATH2931 are required for Part I exemption, and replace ACTL2002 in the standard Actuarial Studies major.

NOTE: If MATH2931 is not taken, ACTL2002 must be included, and only three level III ACTL courses are required for the Actuarial Studies major.

Mathematics and Statistics courses are shown at the Higher level. The particular selection of Mathematics and Statistics options taken should have the approval of the Mathematics and Statistics Director of Undergraduate Studies.

Majors in either or both Mathematics and Statistics are possible in this degree. See the requirements. Students need to register with the Science Student Centre for the major or majors of their choice.

Particular care needs to be taken in choosing Level II options to ensure that prerequisites for Level III options are met.

The Objective 5 General Education requirements are met within the Actuarial Studies courses.

Recommended Study Plan

Year 1 Semester 1
ACCT1501 Accounting and Financial Management 1A
ECON1101 Microeconomics 1
MATH1151 Mathematics for Actuarial Studies and Finance 1A
MATH1081 Discrete Mathematics

Year 1 Semester 2
ACTL1001 Actuarial Studies and Commerce
MATH1251 Mathematics for Actuarial Studies and Finance 1B
COMP1911 Computing 1
6 UOC flexible core option

Year 2 Semester 1
ACTL2001 Financial Mathematics
FINS1613 Business Finance
MATH2111 Higher Several Variable Calculus
MATH2901 Higher Theory of Statistics

Year 2 Semester 2
ACTL2003 Stochastic Models for Actuarial Applications
MATH2601 Higher Linear Algebra
MATH2931 Higher Linear Models
6 UOC flexible core option

Year 3 Semester 1
MATH3901 Higher Probability and Stochastic Processes
MGMT1001 Managing Organisations and People
12 UOC ACTL electives

Year 3 Semester 2
MATH2130 Higher Mathematical Methods for Differential Equations
MATH2620 Higher Complex Analysis
6 UOC ACTL elective option
6 UOC Maths or Stats option
6 UOC ASB elective

Year 4 Semester 1
FINS2624 Portfolio Management of Financial Assets *
6 UOC Science option
12 UOC Maths and/or Stats options

Year 4 Semester 2
FINS3636 Interest Rate Risk Management *
MATH3311 Mathematical Computing for Finance
6 UOC ACTL elective
6 UOC Maths or Stats options

Mathematics courses in years 3 and 4 must be chosen to fulfill the following rules:

  1. At least 18 UOC must be Level III Mathematics for a Mathematics major. For a Statistics major MATH3901, MATH3911 and MATH3821 plus one from MATH3831, MATH3841 or MATH3851 must be taken.
  2. Students wishing to proceed to Mathematics or Statistics Honours should include at least 30 UOC of Level III Mathematics or Statistics in appropriate courses after consulting with the relevant Honours Coordinator.

It is recommended that the Mathematics and Statistics options include the following:

1) (Modelling) 
At least 6 UOC from: 
MATH3041 Mathematical Modelling for Real World Systems
MATH3101 Computational Mathematics
MATH3121 Mathematical Methods and Partial Differential Equations
MATH3161 Optimization 
MATH3201 Dynamical Systems and Chaos

2) (Analysis)
At least 6 UOC from:
MATH3611 Higher Analysis
MATH5825 Measure, Integration and Probability (needs special permission)

3) (Level III) 
At least 24 UOC of Level III Mathematics/Statistics courses

* Exemptions from Part II IAA subjects:

Students should note that The Institute of Actuaries of Australia requires that students have normally completed all of the Part I courses before enrolling in the Part II courses. 
The UNSW Part II courses ACTL4001 and ACTL4002 may be completed in the 4th year of Combined degrees as Commerce options, provided the students satisfy the entry requirements. 
FINS2624 and FINS3636 are highly recommended Commerce courses for Actuarial majors.
Enrolment in the Part II equivalent courses is subject to approval from the Head of Actuarial Studies. 
Students enrolled in the Combined degree program should meet the following requirements to be permitted to enrol in the Part II equivalent courses:

  1. Completed most of the Part I equivalent courses and obtained exemption, and be completing at most the final 2 of the Part I courses at the same time;
  2. Have an average mark of at least 70% in the ACTL courses completed to date and have at least three months' work experience in a financial services company, preferably in an actuarial graduate role by the time the student commences the course.

Students who do not meet these criteria may apply to the Head of Actuarial Studies for admission to the Part II equivalent courses, setting out the reasons for waiving the entry requirements. Applications will be considered based on work experience and academic performance.

Students who are not able to complete the Part II courses will need to complete two Commerce options in Year 4 instead (FINS2624 and FINS3636 recommended).

Sample complete plan

This plan allows you to proceed to Honours in Actuarial Studies, and also be eligible to apply for IAA exemptions. As listed, it will give a Mathematics major (see note above on MATH2931 and ACTL2002). For a Statistics major MATH3901, MATH3911 and MATH3821 plus one from MATH3831, MATH3841 or MATH3851 must be taken. For a double major in Mathematics and Statistics do the Statistics major plus any 12 UOC of Level 3 Mathematics. This can be done by replacing one of the Level III non-Statistics courses in the plan below with one of the Statistics options listed above. It also allows you to proceed to Honours in Statistics or Applied Mathematics provided the suggested Year 3 and 4 courses are suitably modified - you should seek advice from the appropriate Honours Coordinator prior to commencing Year 3.

Year 1 Semester 1
ACCT1501 Accounting and Financial Management 1A
ECON1101 Microeconomics 1
MATH1151 Mathematics for Actuarial Studies and Finance 1A
MATH1081 Discrete Mathematics

Year 1 Semester 2
ACTL1001 Actuarial Studies and Commerce
ACCT1511 Accounting and Financial Mgt 1B
MATH1251 Mathematics for Actuarial Studies and Finance 1B
COMP1911 Computing 1

Year 2 Semester 1
ACTL2001 Financial Mathematics
FINS1613 Business Finance
MATH2111 Higher Several Variable Calculus
MATH2901 Higher Theory of Statistics

Year 2 Semester 2
ACTL2003 Stochastic Models for Actuarial Applications
ECON1102 Macroeconomics 1
MATH2601 Higher Linear Algebra
MATH2931 Higher Linear Models

Year 3 Semester 1
ACTL3001 Actuarial Statistics
ACTL3002 Life Insurance and Superannuation Models
MATH3901 Higher Probability and Stochastic Processes
MGMT1001 Managing Organisations and People

Year 3 Semester 2
ACTL3003 Insurance Risk Models
MATH2130 Higher Mathematical Methods for Differential Equations
MATH2620 Higher Complex Analysis
MATH3821 Statistical Modelling and Computing
6 UOC ASB elective

Year 4 Semester 1
FINS2624 Porfolio Management of Financial Assets *
MATH3161 Optimization 
MATH3611 Higher Analysis
MATH3911 Higher Statistical Inference

Year 4 Semester 2
ACTL3004 Financial Economics for Insurance and Superannuation
FINS3636 Interest Rate Risk Management *
MATH3311 Mathematical Computing for Finance
MATH3121 Mathematical Methods and Partial Differential Equations

* See the note on Part II exemptions above.