Actuarial Studies / Economics - 3588
Program Summary
Faculty: UNSW Business School
Contact: UNSW Business School Student Centre
Campus: Sydney
Career: Undergraduate
Typical Duration: 4 Years 
Typical UOC Per Semester: 24
Min UOC Per Semester: 6
Max UOC Per Semester: 24
Min UOC For Award: 192
UAC Code: 424350
Domestic Entry Requirements: See Domestic Entry Requirements
International Entry Requirements: See International Entry Requirements
Award(s):
Bachelor of Actuarial Studies
Bachelor of Actuarial Studies (Major)
Bachelor of Economics (Honours)
Bachelor of Economics (Major)
View program information for previous years
Program Description
If you are a prospective student researching your study options, please visit UNSW Business School website for more information.
The Bachelor of Actuarial Studies / Economics program enables students to complete a depth of study from the actuarial studies program offered by the School of Risk & Actuarial Studies and the economics program offered by the School of Economics in the UNSW Business School.
The typical duration of this program is 4 years full-time. With approval, students with an excellent academic record may also enrol in an additional Honours year in the Bachelor of Economics degree or in the Bachelor of Actuarial Studies degree.
For questions regarding requirements for the program, students should consult staff in the UNSW Business School Student Centre. Specific questions may be directed to the School of Risk & Actuarial Studies or the School of Economics.
Program Objectives and Graduate Attributes
Please refer to the program objectives as listed for the Bachelor of Actuarial Studies 3586 program and the Bachelor of Economics 3453 program.
Program Structure
A total of 192 units of credit is required to complete this dual degree program. Students must satisfy the following requirements for the Bachelor of Actuarial Studies and Bachelor of Economics components. A minimum of 96 UOC are to be in Economics courses (or approved Non-ECON courses) and a minimum of 96 UOC in courses for the Bachelor of Actuarial Studies.
These UOC need to be made up of:
These UOC need to be made up of:
- Compulsory first and second year Actuarial and Economics courses
- Third year elective courses from Actuarial Studies
- Economics major requirements
- Economics electives
- UNSW Business School First-Year Elective
- UNSW Business School electives
- General education courses
Compulsory courses (72 UOC):
- ACCT1501 Accounting & Financial Mgt 1A (6 UOC)
- ACCT1511 Accounting & Financial Mgt 1B (6 UOC)
- ACTL1101 Intro Actuarial Studies (6 UOC)
- ACTL2102 Foundation of Actuarial Models (6 UOC)
- ACTL2111 Financial Maths for Actuaries (6 UOC)
- ACTL2131 Probability & Math Stat (6 UOC)
- ECON1101 Microeconomics 1 (6 UOC)
- ECON1102 Macroeconomics 1 (6 UOC)
- FINS1613 Business Finance (6 UOC)
- MATH1151 Maths - Actuarial & Finance 1A (6 UOC)
- MATH1251 Maths - Actuarial & Finance 1B (6 UOC)
- MGMT1001 Managing Organisations&People (6 UOC)
Students may replace ACTL2131 with the two courses MATH2901 Higher Theory of Statistics and MATH2931 Higher Linear Models. If students make this replacement, the first of these courses (i.e. MATH2901) will count towards the compulsory course requirement, and the second course can be counted towards another major or minor or as an elective. Note that a minimum of 84 UOC must be completed in UNSW Business School courses for the Bachelor of Actuarial Studies.
Level 3 elective courses from Actuarial Studies (18 UOC) are to be selected from:
- ACTL3141 Actuarial Models & Statistics (6 UOC)
- ACTL3142 Actuarial Data and Analysis (6 UOC)
- ACTL3151 Life Contingencies (6 UOC)
- ACTL3162 General Insurance Techniques (6 UOC)
- ACTL3182 Asset-Liability & Derivatives (6 UOC)
- ACTL3191 Super and Retirement Benefits (6 UOC)
- ACTL3192 Retirement Saving and Spending (6 UOC)
The requirements of the Bachelor of Economics (24 UOC additional to compulsory courses)
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BEc Dual Mode 96 UOC
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Economics Requirements:
Students are required to complete at least 13 Economics courses including:
Students are required to complete at least 13 Economics courses including:
- ECON1401 Economic Perspectives (enrolment on completion of ECON1101)
- A major in Economics, Econometrics or Financial Economics consisting of 10 courses (60 UOC); and
- At least 2 additional Economics elective courses (12 UOC)
Note that 2 of the 10 economics courses required for the major (ECON1101 and ECON1102) are included among the compulsory courses. Further, the sequence MATH1151/MATH1251 substitute for the quantitative methods courses: ECON1202 and ECON1203 in Economics, and count towards the 10 courses required for the Economics major.
Business School Requirements:
Students are required to complete 3 Business School courses:
Students are required to complete 3 Business School courses:
- You must choose at least 1 of the following (6 UOC) courses:ACCT1501, FINS1613, INFS1602, MARK1012, MGMT1001, or TABL1710; and
- At least 2 additional Business School elective courses (12 UOC)
Course Substitution Options:
There are courses in the School of Mathematics and Statistics (Faculty of Science) and in the School of Actuarial Studies (Business School) that also substitute for the quantitative methods courses in Economics: ECON1202 and ECON1203, and count towards the 10 courses in the Economics major. Specifically:
There are courses in the School of Mathematics and Statistics (Faculty of Science) and in the School of Actuarial Studies (Business School) that also substitute for the quantitative methods courses in Economics: ECON1202 and ECON1203, and count towards the 10 courses in the Economics major. Specifically:
- Any one of the following courses is an acceptable substitute for ECON1202: MATH1031 or MATH1131 or MATH1141 or MATH1151.
- Any one of the following courses is an acceptable substitute for ECON1203: MATH1041 or MATH2089 or MATH2099 or MATH2801 or MATH2841 or MATH2901 or ACTL2002 or ACTL2131.
If you complete the sequence MATH1131/MATH1231 or MATH1141/MATH1241 or MATH1151/MATH1251 you may use this as a substitute for the sequence ECON1202/ECON1203.
These substitutes for the compulsory core courses count towards the required for the Bachelor of Economics degree.
Note: ECON1202 and ECON1203 may not be good substitutes for the indicated MATH and ACTL courses depending on your program. You should check with your program authority regarding course substitutions.
These substitutes for the compulsory core courses count towards the required for the Bachelor of Economics degree.
Note: ECON1202 and ECON1203 may not be good substitutes for the indicated MATH and ACTL courses depending on your program. You should check with your program authority regarding course substitutions.
Table A- Area(s) of Economics Specialisation:
- Econometrics
- Economics
- Financial Economics
Table B- Approved Majors from within the UNSW Business School:
- Accounting
- Business Law
- Finance
- Human Resource Management
- Information Systems
- International Business
- Management
- Marketing
- Real Estate Studies
- Taxation
General Education Requirements
General Education requirements account for 12 UOC (2 courses) and are to be taken outside the UNSW Business School. These courses allow you to select either courses that were developed especially for the General Education Program (beginning with GEN) or to choose 'mainstream' courses that are offered in the degree programs of other faculties. For further information about General Education Requirements please refer to the UNSW Online Handbook.
Please note that students enrolled in programs within the UNSW Business School cannot take General Education courses offered by the UNSW Business School. These restrictions also apply to the following courses:
Please note that students enrolled in programs within the UNSW Business School cannot take General Education courses offered by the UNSW Business School. These restrictions also apply to the following courses:
- GENL2015 The World of Work
- GENL2021 An Introduction to the Australian Legal System
- GENL2032 Cyberspace Law 2.0
- GENL5021 Business Law Basics
If students are unsure of their General Education requirements they should contact the UNSW Business School Student Centre (Level 1, room 1028, Quadrangle Building)
Honours
High achieving students may apply to undertake honours. Honours is a separate 1 year program of full-time study which provides students with advanced knowledge of their chosen field and develops research and communication skills. Students will need to complete advanced courses/seminars and a thesis.
For further information relating to Honours in these two programs, please see Actuarial Studies program and to the School of Economics Honours program website.
For further information relating to Honours in these two programs, please see Actuarial Studies program and to the School of Economics Honours program website.
Academic Rules
Content of Program
To be awarded a degree at Pass level, the BActSt/BEc must contain:
1. A minimum of 192 units of credit (UOC).
2. A minimum of 96 UOC of Economics courses.
3. Economics courses includes specified non-Economics courses, e.g. one of the Business School First-Year Electives (among ACCT1501, FINS1613, INFS1602, MARK1012, MGMT1001, or TABL1710), ACCT3563 and ACCT3583 and the School of Psychology in the Faculty of Science, specifically PSYC3001.
4.90 UOC of compulsory courses (60 UOC of Level 1, and 30 UOC of Level 2)
5. At least one Major from within Economics (Table A) Please refer to Table A on the Bachelor of Actuarial Studies/Bachelor of Economics 3588 program page.
6. At least 18UOC of elective Level 3 actuarial studies courses.
7. 12 UOC courses from outside the UNSW Business School to fulfil the University’s General Education requirement.
8. Maximum of 72 UOC of Level 1 courses, excluding Level 1 courses completed as part of the General Education Requirement.
Majors and Minors
9. A Major in the UNSW Business School is a sequence of at least 48UOC courses in a single discipline or area of study. An Economics Major is a sequence of 60 UOC courses in a single discipline or area of study. A Major in the School of Mathematics and Statistics comprises at least 60 UOC
.
10. Students completing a Major in the School of Mathematics and Statistics may treat MATH 1151 as equivalent to MATH1141, and MATH1251 as equivalent to MATH1241 for the purposes of completing major requirements.
11. If a student chooses to complete a second Economics major, and the Majors have courses in common outside the core economics courses, the common courses can only be counted towards one major.
12. 18 UOC of an UNSW Business School Major must be at Level 3.
13. If a student chooses to complete an UNSW Business School Minor, it will consist of 30UOC, with a minimum of 18UOC at Level 2 and Level 3.
Progression Rules
14. A minimum of 24 UOC of courses must be completed before enrolling in Level 2 courses.
15. A minimum of 48 UOC of courses must be completed before enrolling in Level 3 courses.
16. Students must declare their BEc major before commencing Year 2. (No such rule applies to the BActSt.)
Other rules in the BActSt and BEc will apply wherever relevant.
To be awarded a degree at Pass level, the BActSt/BEc must contain:
1. A minimum of 192 units of credit (UOC).
2. A minimum of 96 UOC of Economics courses.
3. Economics courses includes specified non-Economics courses, e.g. one of the Business School First-Year Electives (among ACCT1501, FINS1613, INFS1602, MARK1012, MGMT1001, or TABL1710), ACCT3563 and ACCT3583 and the School of Psychology in the Faculty of Science, specifically PSYC3001.
4.90 UOC of compulsory courses (60 UOC of Level 1, and 30 UOC of Level 2)
5. At least one Major from within Economics (Table A) Please refer to Table A on the Bachelor of Actuarial Studies/Bachelor of Economics 3588 program page.
6. At least 18UOC of elective Level 3 actuarial studies courses.
7. 12 UOC courses from outside the UNSW Business School to fulfil the University’s General Education requirement.
8. Maximum of 72 UOC of Level 1 courses, excluding Level 1 courses completed as part of the General Education Requirement.
Majors and Minors
9. A Major in the UNSW Business School is a sequence of at least 48UOC courses in a single discipline or area of study. An Economics Major is a sequence of 60 UOC courses in a single discipline or area of study. A Major in the School of Mathematics and Statistics comprises at least 60 UOC
.
10. Students completing a Major in the School of Mathematics and Statistics may treat MATH 1151 as equivalent to MATH1141, and MATH1251 as equivalent to MATH1241 for the purposes of completing major requirements.
11. If a student chooses to complete a second Economics major, and the Majors have courses in common outside the core economics courses, the common courses can only be counted towards one major.
12. 18 UOC of an UNSW Business School Major must be at Level 3.
13. If a student chooses to complete an UNSW Business School Minor, it will consist of 30UOC, with a minimum of 18UOC at Level 2 and Level 3.
Progression Rules
14. A minimum of 24 UOC of courses must be completed before enrolling in Level 2 courses.
15. A minimum of 48 UOC of courses must be completed before enrolling in Level 3 courses.
16. Students must declare their BEc major before commencing Year 2. (No such rule applies to the BActSt.)
Other rules in the BActSt and BEc will apply wherever relevant.
Fees
For information regarding fees for UNSW programs, please refer to the following website: UNSW Fee Website.
Professional Recognition
For further information, please refer to the Professional Recognition of Programs in the UNSW Online Handbook.
Further Information
Please note that these requirements may be subject to change. Students should always follow the program requirements according to the year they started their degree. For more information please visit Previous UNSW Online Handbooks
Contact the UNSW Business School Student Centre for advice.
tel: + 61 2 9385 3189
location: Level 1, room 1028, Quadrangle Building
Forms, policies and procedures
Frequently asked questions
Contact the UNSW Business School Student Centre for advice.
tel: + 61 2 9385 3189
location: Level 1, room 1028, Quadrangle Building
Forms, policies and procedures
Frequently asked questions
Related Program(s)
3543 Economics
3586 Actuarial Studies
Area(s) of Specialisation
