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Bachelor of Actuarial Studies / Bachelor of Science (Advanced Maths) (Honours)

Develop highly analytical and creative math skills to discover and resolve problems in economics, insurance, finance and programming.

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Graduate with two accredited degrees that are highly regarded by industry. The Bachelor of Actuarial Studies / Bachelor of Science (Advanced Mathematics) (Honours) at UNSW Sydney stands out in competitive job markets with specialised skillsets and an independent research project. Gain powerful mathematical techniques and professional accreditation as an actuary, combined with advanced knowledge in mathematics or statistics, and strong research skills.

The five-year program is all about math and the many ways it can be used in risk analysis. Develop specialist skills with business and core math courses and a research project. Explore study options including actuarial models, statistics, data and analytics. The degrees incorporate global work/study opportunities and practical real-world experience including internships, mentoring and career networking.

Graduates are prepared for success with relevant real-world experience and connections. They gain a thorough fundamental understanding of their chosen industry and specialist quantitative techniques that lead to key professional roles.

Why choose this bachelor degree?

UNSW Business School is a leading business school in the Asia-Pacific, and we rank 1st worldwide for Risk and Actuarial Studies. The Faculty of Science consistently ranks within the Top 50 worldwide for different study topics – Mathematics currently ranks 2nd in Australia and 38th worldwide (2019).

The Bachelor of Actuarial Studies / Bachelor of Science (Advanced Mathematics) (Honours) is a challenging and rewarding program that offers professional development and accreditation, and a selection of exciting majors and electives.

You will begin with business foundations in accounting, financial management, actuarial studies, probability, economics, business finance and people management. From there, delve into actuarial modelling, stats, financial mathematics and more.

You can choose an advanced mathematics major from:

  • Applied Mathematics - construct, analyse and interpret mathematical models for various purposes.
  • Pure Mathematics - research and develop existing mathematical theories or create new ones.
  • Advanced Statistics - become highly trained in probability and stochastic processes, statistical inference and modelling, and modern statistical computing methods.

Your research project is a one-year deep-dive into the area of advanced mathematics that interests you most. With the support of an Honours Coordinator, you could write a thesis on either of the topics listed above. See the program structure for detailed information.

Professional development and accreditation

During your study, make use of Career Accelerator, a portfolio of professional development opportunities that are exclusive to UNSW Business School students and include:

This degree is professionally recognised and prepares graduates with a career-ready standard of knowledge. It is fully accredited by the Institute of Actuaries of Australia and relevant courses are approved for VEE by the Society of Actuaries (SOA) in the US.

UNSW Business School degrees are shaped by industry leaders and world-class academics who recognise the future will present career opportunities that don’t exist today. Our Bachelor of Actuarial Studies / Bachelor of Science (Advanced Mathematics) (Honours) is designed to train your mind to adapt to future challenges. You will understand complex mathematical techniques, practise problem-solving, and build skills in critical thinking and decision making.

Talented Students Program

The Talented Students Program (TSP) helps eligible students in the Bachelor of Science and Bachelor of Advanced Science (Honours) develop specific skills during their degree. It offers exposure to research within the Faculty and provides flexibility and tailoring to suit the needs and talents of our students. Invitation to participate in the TSP is made by the Dean of Science on the basis of superior secondary education performance (ATAR or equivalent).

Who is this degree for?

  • Analytical and creative thinkers who have exceptional maths skills
  • High achieving students with a deep curiosity for scientific methodology and research
  • Those who want to strengthen career opportunities with an extra-comprehensive education
  • Job and career prospects

    As mathematics complements well with actuarial studies, you are in an exceptional position to excel in the following roles:

    • Actuarial Analyst
    • Asset Management Trainee
    • Business Consultant
    • Credit Analyst
    • Insurance Analyst
    • Investment Banker
    • Risk Assessment Officer
    • Superannuation Adviser
    • Wealth Management Analyst

    Find out how we prepare our graduates for career success

    Why UNSW Business School?

    Our students build professional networks among more than 90,000 Business School alumni worldwide and begin their new career before graduation. This advanced undergraduate double degree incorporates a suite of professional development opportunities offered by Career Accelerator, that are exclusive to UNSW’s Business School students. Career Accelerator helps you build industry connections through networking and mentoring, and you can undertake internships and global business practicums for credit towards your degree.

    Why study an undergrad degree

    The Bachelor of Actuarial Studies / Bachelor of Science (Advanced Mathematics) (Honours) is a 5 year dual degree program consisting of 40 courses (240 UOC). The program includes:

    • 12 core courses
    • Three level 3 Actuarial Studies electives
    • One Business School elective
    • One science (advanced mathematics) major
    • Science electives
    • Honours year in sciences (advanced mathematics)

    You must complete at least 16 courses (96 UOC) for actuarial studies and 24 courses (144 UOC) for science (advanced mathematics).

    Core courses

    ACCT1501 Accounting and Financial Management 1A

    ​The compulsory core accounting unit will have a preparer perspective. It will provide an introduction to basic concepts in accounting and their application for decision making by a wide range of potential users (e.g., shareholders, investment analysts, lenders, managers etc). This unit should benefit students who wish to specialise in accounting and those students whose primary interest lies elsewhere in the field of business.

    On completion, students should have a clear understanding of the accounting process and the language of accounting to enable communication with an accounting professional, understand the relevance of accounting information for informed decision making by a wide range of potential users, and have the ability to analyse and interpret accounting information. Topics covered will include the accounting equation, general purpose financial reports, cash and accrual accounting, adjustments, internal control, the accounting for key balance sheet assets, and interpreting and preparing information for managers to use in planning, decision making and control.

    ACCT1511 Accounting and Financial Management 1B

    ​Taken together, the accounting course in the compulsory core (ACCT1501) and this accounting course form an integrated study program designed to give students an understanding of the way in which financial information is generated and used, and to provide an appropriate platform for further study in accounting. On completion the first year accounting courses seek to develop students’: technical competence in recording economic events in the accounting system; a critical understanding of key technical terms and concepts so as to interpret accounting information and reports in the financial press; an ability to argue a reasoned position on key questions of accounting theory and practice; and familiarity with institutional structures that affect the practice of accounting.

    Topics covered in this course will include accounting for non-current assets and liabilities, revenues and expenses, balance sheet and income statement preparation, cash flow statements, ratio analysis, accounting policy choice and further detail on management accounting (including costing systems and budgeting).

    ACTL1101 Introduction to Actuarial Studies

    This course is designed to provide an introduction to actuarial studies. It covers the basic principles underlying the actuarial analysis and management of insurance, superannuation and other financial contracts. It also aims to demonstrate the importance of statistics, mathematics, demography, economics, accounting, finance, business law and computing to actuarial studies.

    ACTL2102 Foundations of Actuarial Models

    This course provides an introduction to the probability models used by actuaries for both liabilities and assets. Topics covered include the terminology of stochastic processes; main features of a Markov chain and application to experience rating; Markov process models and application to survival, sickness and marriage models; simple time series models including random walk and auto-regressive models and their application to investment variables; properties of Brownian motion and applications to investment variables; methods for simulation. Students will be required to implement models using spreadsheets and programs in a numerical computer package.

    ACTL2111 Financial Mathematics for Actuaries

    ​This course develops the financial mathematics required for the analysis of financial transactions. Topics covered include: mathematics of compound interest; analysis and valuation of annuities, bonds, loans and other securities; yield curves and immunisation; introduction to stochastic interest rate models and actuarial applications.

    ACTL2131 Probability and Mathematical Statistics

    This course covers probability and statistics topics relevant to actuarial studies. Topics covered include univariate and multivariate random variables, moments, moment generating functions, marginal and conditional distributions, sampling distributions, estimation methods, hypothesis tests, and linear regression. Examples relevant to actuarial studies, finance, and insurance are used to illustrate the application of the topics covered.

    ECON1101 Microeconomics 1

    Economics is a social science that studies the ways in which people interact with one another and make decisions in a world with limited resources. The goal of this course is to provide you with the basic tools to “think like an economist” – that is, to be able to use basic economic principles to ask and answer questions about how the world works and the effect of policies. We will cover topics such as how individuals or firms make decisions about the demand or supply of a product, how we can determine the efficiency of a market, and how we evaluate the costs and benefits of government intervention in a market.

    ECON1102 Macroeconomics 1

    Macroeconomics studies the aggregate behaviour of the economy. This course provides an introduction to the economic analysis of key macroeconomic variables such as output, employment, inflation, interest rates and exchange rates. The important elements of the course include measurement of macroeconomic variables, the development of models and theories to explain the behaviour of macroeconomic variables, the use of empirical evidence in evaluating different models, and the role of government policy in seeking to influence macroeconomic outcomes. The course will provide students with a framework for understanding the workings of the whole economy and the various interactions among households, business and governments.

    FINS1613 Business Finance

    This is a first level corporate finance course that looks at the essential aspects of financial decision-making. The course begins with the different ways in which companies can be structured and the differing types of ownership that exist. Next, the principles and applications of financial mathematics are introduced and used to value securities and investment decisions. Portfolio theory is used to provide a foundation for determining the relationship between expected risk and returns in financial and real asset investments. Dividend payouts and the choices between debt and equity financing, including methods of determining the cost of capital, are also covered. Further, this course includes analysis of the influence of the capital market environment, the implications of financial risk, taxation and the conflict of interest between managers and investors on the value and operation of businesses. The course develops distinct conceptual frameworks and specialised tools for solving real-world financial problems at both the personal and corporate level. Illustrations from real-life corporate practices are used to highlight the importance and relevance of financial management to the realisation of personal and corporate financial objectives. Examples include personal financial planning, funds management, capital raisings, portfolio selection of financial securities, private equity, public floats and the pricing of assets in the stock market.

    The course emphasizes the importance of Ethics in Finance. Students with no knowledge in finance will be introduced to conceptual foundations of ethics required to interpret professional standards arising from various industry advisory authorities on professional ethical conduct including the Banking Royal Commission, CFA Institute, and United Nations. In doing so, it provides a language in ethics to discuss ethical issues in the context of the finance profession.

    MATH1151 Mathematics for Actuarial Studies and Finance 1A

    Vectors and vector geometry, linear equations, matrices and matrix algebra, basic input-output linear models, determinants, least squares approximation, probability and statistics. Limits, continuous and differentiable functions, mean value theorem, fundamental theorem of calculus, numerical integration, functions of several variables, introduction to Matlab.

    Assumed knowledge: HSC Mathematics Extension 1. Students will be expected to have achieved a combined mark of at least 140 in Mathematics and Mathematics Extension 1 or 180 in Mathematics Extension 1 and Extension 2.

    MATH1251 Mathematics for Actuarial Studies and Finance 1B

    Complex numbers, vector spaces, polynomial interpolation, linear transformations, Markov processes, eigenvalues and eigenvectors. Exact and numerical solution of ordinary differential equations, sequences, double integrals, Lagrange multipliers.

    MGMT1001 Managing Organisations and People

    This course provides an introduction to the fundamental principles, practices, issues and debates associated with the management of public, business and third sector organisations. The frameworks, concepts and theories covered in the course are introduced to explain how managers deal with the diversity of issues faced in the effective management of contemporary organisations.
    The underpinning themes of the course centre on how managers can deal with the multiple demands of complex and turbulent environments, promote and sustain competitive advantage, manage changing social, political and technological factors inside and outside the organisation, ensure ethical and social responsibility, develop global organisations and manage diversity in the workforce. How management goes about its principal tasks of managing strategy, structures, people and systems are the key focus issues of the course. The main roles of modern management - planning, leading, innovating, organising and controlling - are also examined.
    Topics include the emergence, evolution and structure of management, conceptions of managerial work; management fads, fashion and knowledge; the task and internal environment; regulating people; the nature of organising; change and innovation; decision-making; influence processes; power and politics; ethical issues and professionalism in management; performance management: control and planning; and current trends.

    Entry to this degree is based on your Australian Tertiary Admission Rank (ATAR) or an equivalent rank derived from the following:
    • Australian interstate Year 12 qualifications (e.g. OP rank)
    • New Zealand NCEA Level 3
    • Equivalent overseas qualifications e.g. International Baccalaureate (IB) Diploma, GCE A-Levels
    • Post-secondary or tertiary qualifications
    • An alternative entry qualification

    Domestic students
    For further information on domestic admission requirements, see UNSW Future Students degree finder.

    International students
    For further information on international admission requirements, see the International Undergraduate Direct Entry Table.

    The UNSW English Language requirements also apply to this degree.

    Alternative entry pathways
    If you did not meet the entry cut-off of this degree, you might want to consider studying a different undergraduate degree (either at UNSW or another university), achieve good marks for your first year of study, and then apply for transfer into this degree.

    If you did not have the required academic qualification for admission, visit the UNSW Future Students website to find out what other options are available to you.

    Domestic students

    If you are an Australian citizen, Australian permanent resident or New Zealand citizen, you apply online through the Universities Admissions Centre (UAC).

    International students

    If you are an international student, and you’re completing an Australian Year 12, or the NZ NCEA Level 3 qualification in Australia or overseas, you apply online through UAC International.

    All other international students apply directly to UNSW.

    Transferring students

    Transferring within UNSW

    Current UNSW students can apply to transfer from one UNSW degree to another (e.g. from Bachelor of Arts to Bachelor of Commerce) as long as the entry requirements of the new program are met.

    Assessment is usually based on your high school qualification (ATAR or equivalent) and/or results from your UNSW studies. In most cases, you need to have completed a minimum of 6 courses (36 UOC) at UNSW.

    You can apply for transfer to another UNSW degree by:

    If you gain entry into the new program, you will then be assessed for transfer credits for courses already completed. You can see the transfer credits on myUNSW.

    Transferring from outside UNSW

    Students studying at another institution can apply to transfer to a UNSW business degree as long as the entry requirements of the program are met.

    Assessment is usually based on your high school qualification (ATAR or equivalent) and/or results from university studies. In most cases, you need to have completed a minimum of 6 courses (36 UOC) at the other university.

    You can apply for transfer to a UNSW degree by:

    • Applying through UAC (if you’re a domestic student) or directly with UNSW via Apply Online (if you’re an international student)

    If you gain entry into the program at UNSW, you will need to apply for transfer credits for courses already completed. Find out more about credit transfer at UNSW.

    For a list of pre-assessed business courses, visit our transfer credit guide.

    • If you’re a domestic student and have completed one semester of study, and your high school results (e.g. ATAR, IB score) met the entry requirements, you may be eligible to apply for transfer via UAC based on your high school results only.
    • If you’re an international student and have completed one semester of study, and your high school results (e.g. ATAR, IB score) met the entry requirements, you may be eligible to apply for transfer directly with UNSW via Apply Online.

    UNSW Business School students are some of Australia’s best and brightest, with a reputation for drive and innovation. Our graduates have exceptional employability rates, performing well above the national average. The majority of our students are employed full-time within four months of graduating and earning a wage higher than most business & management graduates.

    Our degrees include up to two for-credit industry experiences, such as internships or global business practicums. These experiences are part of a suite of opportunities that is exclusive to UNSW’s Business School students and organised through Career Accelerator. The professional development opportunities complement your studies, build connections to industry and give you a clear advantage after graduation.

    The opportunities are grouped within the Networking, Mentoring, Internships, and Global sections of Career Accelerator.


    The people you meet during your time at university can play a profound role in positively shaping your career. Connect with like-minded and influential people through:

    • Business Connect - an introduction to Networking
    • Industry Insights – workshop sessions delivered by industry partners
    • Industry Events – invitation-only events hosted by industry partners
    • Business Case Competitions – impress future employers with your problem-solving skills


    Participating in a mentoring program will boost your confidence, help grow your professional network, develop your communication, teamwork and leadership skills as well as building upon your business acumen.

    • Mentor Connect – a quick, online chat with an AGSM MBA student about your future
    • Career Mentoring Program – a 10-week program of career mentoring and coaching


    UNSW Business School’s for-credit and not-for-credit opportunities such consultancy projects, social entrepreneurship practicums, virtual internships and extra-curricular experiences.

    • Internships & Consulting Projects – real-world and virtual projects for program credit
    • Social Entrepreneurship Practicum – practicum to develop professional team skills in a real project for program credit
    • Business Experience – real-world and virtual projects for professional development

    Global Opportunities

    The personal and professional benefits of living, studying or working in a different culture are immense and recognised by employers.

    • Global Business Practicum - work in small cross-disciplinary student consulting team on a genuine business issue, usually in Asia
    • Social Entrepreneurship Practicum - build entrepreneurial, workplace and leadership capabilities in India
    • Business Immersion China - blend business, culture and Chinese language classes with company visits and excursions to sights of significant cultural importance around Shanghai
    • International Information Systems & Technology Practicum – experience how e-business systems differ across international borders
    • Student Exchange – live and study overseas for up to 3 terms at one of our 200 partner universities

    A Bachelor of Commerce prepares you for long-term business success. UNSW Business School graduates are currently employed in a variety of professions including: accountant/auditors, commercial managers, economists, financial advisors, human resource consultants, ICT business/system analysts, international business development managers, investment bankers, management consultants, marketing/brand managers, property business analysts, recruitment officers, and tax advisors – to name a few.

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    Quick facts for students

    Program code
    UAC code
    Bachelor Degree
    Assumed Knowledge
    Mathematics Extension 1
    Lowest Rank
    Other qualifications considered
    Accepted Qualifications for High School Graduates
    Total Units of Credit (UOC)
    Study Mode
    Face to face
    5 years full-time, 10 years part-time
    Commencing terms
    Term 1 – February
    Term 2 – June
    Term 3 – September
    HECS fee band
    Band 2/3
    Program fee (total)

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