It is not possible to combine Advanced Mathematics with Actuarial Studies at present but may be possible in the future.


THE RECOMMENDATIONS BELOW APPLY FROM 2008.

You can check the full rules for the BCom/BSc degree here.

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.

The courses listed in the sample plan have been timetabled so that they should not have any timetable clashes. This may not be the case if other electives are taken.

The combined degree requires:

Units of Credit values are as follows:

Each session 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 Level 1 and 2 Mathematics and Statistics courses are compulsory 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.)

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 Staistics Program advisor.

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 chosing 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.

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

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

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

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

Year 3 Session 1
ACTL3001 Actuarial Statistics
ACTL3002 Life Insurance and Superannuation Models
MATH3901 Higher Probability and Stochastic Processes
6uc Maths or Stats options

Year 3 Session 2
ACTL3003 Insurance Risk Models
ACTL3004 Financial Economics for Insurance and Superannuation
MATH2130 Higher Mathematical Methods for Differential Equations
MATH2620 Higher Complex Analysis
6uc Maths orStats option

Year 4 Session 1
FINS2624 Portfolio Management of Financial Assets *
6uc Commerce option
12uc Maths and/or Stats options

Year 4 Session 2
FINS3636 Interest Rate Risk Management *
6uc Commerce option
MATH3311 Mathematical Computing for Finance
6uc Maths or Stats options

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

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

1) (Modelling)
At least 6uc from:
MATH2140 Operations Research: Methods and Applications,
MATH2260 Dynamical Systems,
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 uc from:
MATH3611 Higher Analysis
MATH5825 Measure, Integration and Probability (needs special permission)

3) (Level III)
At least 24uc 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:

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 2 Commerce options in Year 4 instead (FINS2624 and FINS3636 recommended).

This plan allows you to proceed to Honours in Actuarial Studies, and also be elgible to apply for IAA exemptions. As listed it will give a Mathematics major. 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 Statistic major plus any 18 uc of Level 3 Mathematics. 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 Session 1
ACCT1501 Accounting and Financial Management 1A
ECON1101 Microeconomics 1
MATH1151 Mathematics for Actuarial Studies and Finance 1A
MATH1081 Discrete Mathematics

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

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

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

Year 3 Session 1
ACTL3001 Actuarial Statistics
ACTL3002 Life Insurance and Superannuation Models
MATH3901 Higher Probability and Stochastic Processes
MATH3911 Higher Statistical Inference

Year 3 Session 2
ACTL3003 Insurance Risk Models
ACTL3004 Financial Economics for Insurance and Superannuation
MATH2130 Higher Mathematical Methods for Differential Equations
MATH2620 Higher Complex Analysis
MATH3841 Statistical Analysis of Dependent Data

Year 4 Session 1
FINS2624 Porfolio Management of Financial Assets *
6uc Commerce option
MATH3161 Optimization
MATH3611 Higher Analysis

Year 4 Session 2
FINS3636 Interest Rate Risk Management *
6uc Commerce option
MATH3311 Mathematical Computing for Finance
MATH3121 Mathematical Methods and Partial Differential Equations

* See the note on Part II exemptions above.