Mathematics Prerequisites for the Actuarial Major

If you are intending to pursue the Actuarial Studies major, you are required to complete certain subjects in your first year in order to build a solid foundation for the rest of your degree. The prerequisites for every third-year and some second-year ACTL subjects can be traced back to Probability MAST20004 and Introductory Financial Mathematics ACTL20001 — subjects to be completed normally in the first semester of your second year. 

For the majority of you, you will complete a subset of the following subjects, relevant to linear algebra and calculus, to ensure you have the prerequisite knowledge (and subjects) to enroll in the level-2 subjects.

These subjects include:

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Probability MAST20004

The requisites for MAST20004 are:

  • Obtaining a pass in a subject from the list of linear algebra subjects; and,

  • Obtaining a mark of 60 or more in a subject from the list of calculus subjects.

More information can be found here.

Introductory Financial Mathematics ACTL20001

Meeting the requisite conditions for ACTL20001 Introductory Financial Mathematics can be more complicated, as you can also mix and match subjects from both study areas — as long as you receive the required combined score.

These requirements are summarised in the following table. You must complete one of the Linear Algebra subjects and one of the Calculus subjects and receive a combined mark greater or equal to the cell that is the intersection of your chosen subjects.

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Example:

David received a 68 and 83 for MAST10008 and MAST10006 respectively. As the combined score is 151 and is greater than 135, David can enroll in ACTL20001.

More information can be found here.

Ineligible for MAST10006/MAST10007

Some students may not have met the high school prerequisites for MAST10006 and MAST10007 by having not completed VCE Specialist Mathematics 3/4 or equivalent with the required marks. In this case, you should study Calculus 1 MAST10005 in your first semester by replacing ACTL10001 in your study plan. This allows you to meet the prerequisites for MAST10006 and MAST10007 in your second semester.

UMEP Mathematics

If you have completed MAST10018 Linear Algebra Extension Studies and MAST10019 Calculus Extension Studies:

  • with a combined score of 150 or more, you are eligible for ACTL20001.

  • with a combined score above 135 but lower than 150, you must pass Real Analysis  MAST20026 to be eligible for ACTL20001. (You could forgo credit for one of your UMEP subjects to allow for space for MAST20026 on your study plan)

Disclaimer

Whilst the Actuarial Students’ Society has endeavoured to keep this information as accurate as possible, please note that the information found on this page only serves as a guide to a first-year Actuarial student’s study plan and is not a substitute for proper course advice. If you have a unique scenario not covered on this page — or require further assistance with course planning — please look into the relevant Handbook entries for the major or consult a Course Planning Advisor at Stop 1.