How to become an actuary....... help me (1 Viewer)

[elektrolytik]

i am wondering

what happens if your university does not offer actuarial studies?

i have read the programs list and some people recommend studying mathematics (it has financial mathematics), while the university site says a masters in economics will do the same....

but the financial mathematics is only one course within the whole program. i am so confused......

im so confused because of this

and how hard is the mathematics program?

here is the whole year 3 courses

MATH3090 2 Financial Mathematics
MATH3101 2 Bifurcation and Chaos
MATH3102 2 Methods & Models of Applied Mathematics
MATH3103 2 Algebraic Methods of Mathematical Physics
MATH3201 2 Scientific computing: advanced techniques and applications
MATH3202 2 Operations Research & Mathematical Planning
MATH3203 2 Visualisation & Modelling in Scientific Computing
MATH3301 2 Graph Theory & Geometry
MATH3302 2 Coding & Cryptography
MATH3303 2 Abstract Algebra & Number Theory
MATH3306 2 Set Theory & Mathematical Logic
MATH3401 2 Complex Analysis
MATH3402 2 Functional Analysis
MATH3403 2 Partial Differential Equations
MATH3404 2 Optimisation Theory
STAT3001 2 Mathematical Statistics
STAT3003 2 Experimental Design
STAT3004 2 Probability Models & Stochastic Processes

what will this extended mathematics major make me in the end?

AND can someone explain to me how hard it is to get employed as an actuary? i know its not exactly a high paying job at the start....... but you can still earn a lot later right? right???

 

[scora]

I've read quite a lot about people advising others to do a mathematics course and then going to complete the professional exams to become an actuary. It's easy enough saying that, but has anyone on these forums actually tried doing that? I mean the exams you have to do are professional exams, not many people get through them- there are something like 1500 actuaries in australia.

Saying that you'll do this particular course and then hopefully get through the Institutes test is like telling a wannabe med student that doing a course in science in uni (~3yrs) and then doing the GAMSAT; but what if you fall over in the last test? you won't have any exemptions/professional qualifications (which is what you need to get a job in the actuarial field) and you'll probably be left with just a maths degree- might wanna become a maths teacher?

 

[lychnobity]

If the university doesn't offer it, then don't go there.

UNSW doesn't have a specific actuarial course either. You'd have to do a B Commerce (Actuarial Studies)

Macquarie and ANU offer specific ones. Try there.

If not, try to do a Commerce degree elsewhere and transfer.

That is all.

And use search function, it's at the top.

 

[Studentleader]

Do you want to be an actuary or an overpayed mathematician?

Most of the people on these boards want to do actuarial finance (quantitative finance) which is where you will be getting $200k+. This isn't just the case of getting a B.Sc though - you will be expected to have a PhD/Masters.

If you want your actuarial qualifications you should do a mathematics degree then apply to sit the London exams to get your stage one completed - thats the best way I see of doing it.

Appropriate coursework for financial mathematics is quite limited as an undergraduate - a degree in physics/computer science/mathematics/engineering will lay a good foundation as opposed to a commerce background.

Important topics are:
-Options Pricing
-Stochastic Calculus
-Real Analysis
-Linear Algebra
-Probability Theory

I'm a first year computer science/mathematics student so I can only speak from that knowledge. First year Calculus, Probability, Statistics and Linear Algebra are quite easy (generally a revision of highschool.) The only second year unit I have done is Applied Discrete Mathematics (Graph Theory, Number Theory...) which is quite interesting and easy to cope with.

Essentially you want to do the hardest undergraduate program you can just to show everyone you can think - while pure mathematics may give a strong foundation for learning other styles it promotes the 'I'm not getting my hands dirty' style thinking (students not being able to cope with immpure 'fuzzy' mathematics) - thats why the firms hire theoretical physists.

At the end of the day do what you love. If you don't love mathematics and just want a huge salary you should drop out and work as a labourer in the mines.

 

[velox]

Mining ftw. Makes investment bankers look weak.

13 hour days in 47 degree heat for 8 days straight.

 

[Studentleader]

Mining ftw. Makes investment bankers look weak.

13 hour days in 47 degree heat for 8 days straight.

The deadliest catch anyone?

 

[RuffWoof]

Hey, I have 2 questions.

1. In terms of topics, what is the difference between an acturial major and math/stat major?

2. Does an actuarial major pretty much cover what is in the finance major?

I'm thinking on doing acturial studies, not to become an actuary but to get a background in mathematics. However, I don't want to be using an extra year for a com/sci degree in math.

Thanks

 

[velox]

The differences are that with the actuarial major you will get exemptions, making it easier to get your (eventually) Part III.

They are different. Actuarial is more insurance/risk based. Finance is well, financial stuff, and much less quantitative.

Hopefully dvse will chime in with his opinion on actuarial vs maths.

 

[Studentleader]

The differences are that with the actuarial major you will get exemptions, making it easier to get your (eventually) Part III.

They are different. Actuarial is more insurance/risk based. Finance is well, financial stuff, and much less quantitative.

Hopefully dvse will chime in with his opinion on actuarial vs maths.

I think an actuarial science degree's only pro (as opposed to a mathematics degree) is the qualification which really doesn't add up to much compared to a PhD (there are some forms only a FIAA actuary can sign but I don't know the importance of this.) Actuarial is more risk based however due to the advancements in computing the syllabus is outdated.

What do you actually want to get out of a commerce degree? i.e. what do you actually want to do as a job. I think you'll find that a B.Sc + MBA (with experience) would be alot more appropriate than B.Sc+B.Comm in terms of moving up into management though that being said I am pretty biast against double degrees.

Unless you plan on doing 80% maths units like I am there is allways room to minor in commerce - if you want to get into IB remember there are quite a few people with only a mathematics background going through (there isn't THAT many people doing financial mathematics in Australia.)

 

[dvse]

1. In terms of topics, what is the difference between an acturial major and math/stat major?

2. Does an actuarial major pretty much cover what is in the finance major?

I'm thinking on doing acturial studies, not to become an actuary but to get a background in mathematics. However, I don't want to be using an extra year for a com/sci degree in math.

The overlap between a stats major and actuarial major is about 2 courses worth of content, something like "intro to probability and statistics" and "stochastic processes for dummies". Overlap with pure maths is virtually zero.

If you are at all interested in maths, you must do a maths degree (and read a lot on your own if you actually want to learn). Actuarial studies will not teach you much at all here. One extra year may seem a lot now, but in the scheme of things, I don't think you will regret it.

 

[underthebridge]

Yeh 5th year actuarial student at UNSW here agrees with dvse - the maths you'll learn is some basic first year calculus and algebra, and you learn mostly about probability and statistics concepts, but not in the kind of depth you'd get doing a maths degree.

There's no difference between Actuarial at UNSW and Macq and ANU. The separate degree thing is meaningless in all practical sense. UNSW just groups all of its commerce majors under Bach of Commerce, Macq likes to split them all up into separate degrees....am not sure why, but I think it becomes more difficult changing specialisations because its in a separate degree.

 

[Affinity]

Don't understand what's the hype with becoming an actuary

 

[dvse]

Don't understand what's the hype with becoming an actuary

It hasnt suffered nearly as much grade inflation as other commerce majors, so perhaps good marks are a better signal of motivation?

 

[ascentyx]

Don't understand what's the hype with becoming an actuary

Jobs Rated: The 10 Best Jobs of 2010 | CareerCast.com

 

[lychnobity]

UNSW Handbook Specialisation - Actuarial Studies

For UNSW only

 

[Foodie]

I personally would not touch an actuarial degree with the ten-foot stick. However, I do know that technical modelling skills and a flair for quantitative analysis are highly sought after in the biggest insurance firms, investment banks and government departments. An added plus is that it's very transferrable and you won't have too much trouble finding a job in any major financial centre in the world (financial crisis aside). My partner's best mate actually rose through the ranks of a U.S. based mutual fund with an actuarial degree.