1. Want to be an Actuary or business Analyst.
Becoming an actuary
Colin O’Hare, Actuarial Studies Director – 2nd August 2015
Actuarial Studies at Monash

2. What is an actuary? Who becomes an actuary?
“Making financial sense of the future”
Actuaries are people who evaluate risk and opportunity
They are people with good mathematical, strategic, problem solving and communication skills
They apply modelling and forecasting concepts from mathematics and statistics to real life scenarios
Why become an actuary

3. Why become an actuary? Some of the reasons Challenging career
Excellent career opportunities
Money, money, money
Travel
Job security
Making a difference
Being an actuary is a globally recognised profession with high (increasing) demand and influence

4. A small profession…

5. …with great career prospects
Actuary ranked as the top career (out of 200 professions)
Actuarial jobs the most difficult to fill
Not just life and pensions insurance any more.

6. A variety of work opportunities
General insurance reserving and life insurance
Superannuation advice
Carbon trading advice
Car insurance premium
Data analytics
Marketing
Sustainability
Actuaries work across a number of sectors including finance, insurance, government, health, education, marketing and a range of other industries.
Industry placement
Previous host employers include: L’Oreal, ANZ, Westpac, Mondelez, Mars, Deloitte, EY, KPMG, PwC, DDB, government departments and private consultancies.
Up to 90% of students who undertake an internship receive a job offer from the sponsoring organisation upon completion of their degree (Australian Accounting Review 2009)
Extra/Co-curricular activities and support
Peer Ambassadors Leaders Program (PAL)
Course advice and academic support (SMART Program)
Study resources
Careers and employment services
Professional transitions program
Clubs and societies
Volunteer opportunities.

7. The skills that make a good actuary
Some of the skills
Mathematical skills (problem solving, probability and statistics, calculus…)
Computing skills (programming, model building,…)
Business awareness (finance, accounting, management, marketing…)
Soft skills (Communication, writing skills, presentational skills…)
Experience and judgement
It’s more than just mathematics and finance

8. Actuarial science Actuarial studies
Econometrics
Broad knowledge base
Accredited program
Actuarial science Actuarial studies
Identify, quantify and manage financial and other types of risk
Advice on long term and short term liabilities
Define, analyse and solve complex problems
Provide regulatory and high value corporate and trustee advice
Strategic planning ….(and more)

9. Study options at Monash
Commerce Specialist
Bachelor of Actuarial Science
Smaller core, more elective space
Bachelor of Commerce
Actuarial studies major
Larger core in year 1

10. What are you learning in actuarial science?
Financial mathematics and discounting of cashflows
General finance (asset clsses, terminology, characteristics…)
General macro and micro economics
Actuarial modelling, single and multi decrement modelling
Statistics and application to modelling frequency and severity in short term insurance
Contingent events and long term pricing and reserving
Financial stochastic modelling and interest rate modelling

11. The profession and Accreditation
Fellow Institute of Actuaries Australia
Parts 1, 2 and 3 must be completed
A specialist qualification at the top of the profession
Certain regulatory role reserved for FIAAs only
Associate of Institute of Actuaries Australia
Parts 1 and 2 must be completed
A more generalist qualification
Associates have all the technical abilities
..not necessarily the higher level business skills
Monash is fully accredited for part 1 and part 2 of the professional examinations
Students must achieve a Distinction mark on the corresponding course to receive exemption from the professional examination

12. Accreditation FIAA or AIAA (Parts 1,2 and 3 or just Parts 1 and 2)
FIAA – Specialist AIAA - Generalist
They apply modelling and forecasting concepts from mathematics and statistics to real life scenarios
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.
Why become an actuary

13. Monash professional accreditation
Professional exam
CT1 - Financial Mathematics
CT2 - Finance and Financial Reporting
CT3 - Probability and Statistics
CT4 – Models
CT5 – Contingencies
CT6 - Statistical Methods
CT7 - Business Economics
CT8 - Financial Economics
Part 2(a) – Actuarial control cycle
Part 2(b) - Investments
Corresponding Monash unit(s)
BFC2340
ACC1000 (40%),  & BFC2140 (60%)
ETC1000 (25%) & ETC2520 (75%)
ETC2430 (65%) & ETC3430 (35%)
ETC3430 (35%) & ETC3530 (65%)
ETC2420 (50%) & ETC3420 (50%)
ECC1000 (55%), ECC1100 (45%)
ETC3460 (50%) & ETC3510 (50%)
ETC4110 (50%) & ETC4120 (50%)
ETC4130 (100%)

14. Proposed pathway
Presentation title

15. Must work hard from day one, and what does work hard mean anyway?

16. Our accreditations include:
Presentation title