Course Planning Guide 2012 - Faculty of Business and Economics

Study areas
Accounting
Accounting in today’s business world is extremely sophisticated. An accountant is a strategic adviser and business partner
who must have a good understanding of business issues and processes, as well as the skills necessary for sound decision
making.
Accounting studies will equip you to understand the financial structure of an organisation and produce and analyse financial
information. Accounting graduates usually focus on one or more of the following areas:
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Financial Accounting is about the external reporting of a company’s financial position and performance. Financial accounting
information is used in making investment decisions and is widely used to value businesses and predict corporate success
and failure.
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Management Accounting provides information to managers to help them measure and control processes within their
business in a successful and profitable manner. It aids managers in strategy implementation, costing of new products and
services, evaluation of the value added by different areas within a business and managing their performance.
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Auditing and Assurance Services is about monitoring and adding credibility to the external reporting disclosures made by
companies. In addition, assurance services add credibility to non-financial information e.g. environmental reporting,
customer-satisfaction surveys, internet reporting and even the Oscar count.
Accreditation
To practise as a professional accountant in Australia, graduates are required to become a member of one of the three professional
accounting bodies: Certified Practising Accountants Australia, the Institute of Chartered Accountants in Australia or the Institute
of Public Accountants (IPA). Holders of the Bachelor of Commerce degree may apply for membership to professional accounting
bodies. Accreditation requirements can vary from year to year and you are strongly advised to check the websites of the respective
professional accounting body for information on the requirements for the year in which you commenced your BCom. Further
information about accounting accreditation is available at www.accounting.unimelb.edu.au/teach/proff.html
Major in Accounting
To obtain a major in accounting you will need to complete the following level-3 accounting subjects:
Actuarial studies
Actuaries work in the assessment, evaluation and management of the financial risks faced by insurance companies,
superannuation funds and other entities. These risks include illness, disability or death of individuals, risks to property,
and also major catastrophes or economic changes. The actuary’s work is based on a multi-disciplinary background in
mathematics, statistics, demography, finance and economics.
These subjects, plus actuarial modelling for life insurance, superannuation and general insurance, form the basis of the actuarial
stream in the BCom degree. Students learn a variety of skills, foremost amongst which are mathematical modelling and computing,
which enable them to move into a variety of industry positions in the insurance and finance sectors, and elsewhere.
In Australia, there are currently 2700 actuaries (partly or fully qualified). About 21% of these actuaries work in life insurance, 9%
work in superannuation, 19% work in general insurance, and the remainder are employed in finance and investment, management,
government service and universities. Many Australian qualified actuaries work overseas.
Accreditation
The Centre for Actuarial Studies is accredited by the Institute of Actuaries of Australia, which is the professional actuarial body
in Australia. This accreditation means that students who complete certain subjects at the University of Melbourne, and achieve
a sufficiently high standard, will be recommended for exemption from the corresponding subjects of the Institute of Actuaries of
Australia. Further details are available in the Students’ Guide 2012 on the Centre for Actuarial Studies website:
www.economics.unimelb.edu.au/actwww/ugradCurrent.shtml
Major in Actuarial Studies
To obtain a major in actuarial studies you will need to complete 37.5 level-3 points chosen from the following subjects:
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ACTL30001 Actuarial Modelling I
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ACTL30002 Actuarial Modelling II
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ACTL30003 Contingencies
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ACTL30004 Actuarial Statistics
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ACTL30005 Models for Insurance and Finance
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ACTL30006 Financial Mathematics III
Please check the prerequisites for these subjects at www.unimelb.edu.au/handbook
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ACCT30001 Financial Accounting
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ACCT30002 Enterprise Performance Management
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ACCT30004 Auditing and Assurance Services
Please check the prerequisites for these subjects at www.unimelb.edu.au/handbook
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