Where will this take me?
You can look forward to a rewarding career in a variety of organisations and industries such as asset management, banking and finance, capital and risk management, data science, government, insurance, investments, and superannuation.
Your first job could see you as a:
- Actuarial analyst
- Pricing associate
- Portfolio analyst
In 5-10 years, you’ll progress to roles such as:
- Actuarial Consultant
- Data Engineer
- Insurance Pricing Manager
And in 15-20 years you could be a successful:
- Head of Portfolio Strategy
- Head of Pricing and Profitability
- Life Insurance Appointed Actuary
To qualify as an actuary in Australia, you must pass (or be exempt from) all three parts of the professional accreditation process prescribed by the Actuaries Institute (Australia).
All of Parts I and II are covered by subjects taught during the Bachelor of Commerce (Honours) degree. The Actuaries Institute (Australia) administers Part III.
The University of Melbourne is one of only seven institutions in Australia that has full accreditation from the Actuaries Institute (Australia); in addition to the Faculty of Business and Economics being designated as a Centre of Actuarial Excellence by the US Society of Actuaries.
Graduate pathways from this major
The skills and competencies you will develop by completing the Actuarial Studies major will put you in a good position to undertake further study in a range of business and economics or even in new disciplines, such as government, humanities, law or teaching.
The Actuarial Studies major leads to a range of professional specialisation pathways, in or outside of your discipline, that will prepare you for a wide range of professions.
The Masters of Commerce (Actuarial Science) facilitates actuarial graduates to study in greater depth in small classes, and gain further qualifications from the Actuaries Institute.
Other business and economics focused graduate study options include:
- Master of Applied Econometrics
- Master of Business Analytics
- Master of Entrepreneurship
- Master of Economics
- Master of Finance
- Master of International Business
- Master of Management (Accounting)
- Master of Management (Finance)
Honours is an optional fourth year of study that gives you the opportunity to draw together your undergraduate studies and focus on an exciting piece of original research thesis and complete advanced level subjects. Honours can prepare you for employment or graduate research.
- Offered in Accounting, Actuarial Studies, Economics and Finance majors.
Research training within the honour’s year, a postgraduate diploma or a master’s degree will be required as preparation for further graduate research.
If you’re interested in a pathway to academia or becoming an actuarial industry expert, you can undertake further study at Melbourne Business School.
They offer a Doctoral Program in Actuarial Studies or a Doctoral Program in Decision, Risk and Financial Sciences, involving 2-year Master of Commerce + 3-year PhD research.
What started as a talent for maths in high school, has put Joanna John on a path to a career as an actuary.
“It’s about analysing risk through numbers, but then being able to make judgments and predictions about the future,” she says. “Superannuation is a really big field for actuaries; it’s definitely one I would like to go into."
Through a scholarship and internship opportunity at Cbus Super Joanna was able to apply her theoretical knowledge in a real-world practical placement.
Read more about Joanna's work-integrated learning and scholarship experience.