Risk Management in Banking/Finance (2 Viewers)

[qwerty44]

I am quite interest in risk management, but in banking/finance. Actuarial is more addressed to insurance, which I am not really interested in. What degrees/careers are best for risk management in the banking/finance industry?
I would assume that a Finance major would be appropriate, anything else?



Also what kind of stuff do you learn in each major of Advanced Maths at UNSW?

 

[qwerty44]

anyone?

 

[Shadowdude]

Pure Maths is pure maths.
Applied Maths is maths applied to the real world.
Statistics is statistics.
Quantitative Risk is probably that sort of thing you're aiming for, but I heard it's a really crap major that was just made to appease some of the Comm/Adv Maths kids who wanted to do Actuarial and a similar sort of major for Maths.

 

[qwerty44]

Pure Maths is pure maths.
Applied Maths is maths applied to the real world.
Statistics is statistics.
Quantitative Risk is probably that sort of thing you're aiming for, but I heard it's a really crap major that was just made to appease some of the Comm/Adv Maths kids who wanted to do Actuarial and a similar sort of major for Maths.

What do you mean by crap? Not taught properly, don't really learn much, badly prepared?

 

[Shadowdude]

What do you mean by crap? Not taught properly, don't really learn much, badly prepared?

Well I don't do it myself - all I have is hearsay. But from what I've heard, you don't learn much more than Actuarial, apparently there's a lot of overlap.

 

[qwerty44]

So I would be better off doing Actuarial?

Or could a double degree of Commerce and Adv Maths, with Finance and one of the maths majors, be enough to enter that field?

 

[Shadowdude]

Look at what Risk Management people are looking for in uni graduates. I'm sure most of them just want someone who has a background in maths. They don't particularly care what major, but they just want Mathematically minded people.

Of course if you do something more tailored, you'll probably score higher points. Like if I went and applied to the ABS with a Pure Maths major, they'd just look at me and go 'wat'.

Go research places you'll probably want to end up working at and see what kind of degrees they want.

 

[qwerty44]

Look at what Risk Management people are looking for in uni graduates. I'm sure most of them just want someone who has a background in maths. They don't particularly care what major, but they just want Mathematically minded people.

Of course if you do something more tailored, you'll probably score higher points. Like if I went and applied to the ABS with a Pure Maths major, they'd just look at me and go 'wat'.

Go research places you'll probably want to end up working at and see what kind of degrees they want.

Ok thanx. btw what major are doing and how are you finding it?

 

[Shadowdude]

Ok thanx. btw what major are doing and how are you finding it?

I'm doing pure. Or... at least that's the plan.


I'm finding it okay, concepts are manageable... it's at a good level for me. But don't plan your major ahead.

I came into uni going "Applied is the best! Mathematical modelling is for me!" and now, I'm doing Pure because I'm realising that Mathematical Modelling isn't something I'm actually interested in.

 

[khorne]

you do realise

risk in finance

is not the same as actuarial work?

In fact is very much non mathy at all

 

[qwerty44]

I'm doing pure. Or... at least that's the plan.


I'm finding it okay, concepts are manageable... it's at a good level for me. But don't plan your major ahead.

I came into uni going "Applied is the best! Mathematical modelling is for me!" and now, I'm doing Pure because I'm realising that Mathematical Modelling isn't something I'm actually interested in.

Yeh im not worried about major, just curious as to what they encompass.

 

[Shadowdude]

Yeh im not worried about major, just curious as to what they encompass.

Go to their handbook and read. It depends on what subjects you take under the major.

 

[ascentyx]

I find it funny how everyone automatically assumes actuarial = insurance and nothing else.
An actuarial degree would put you on good footing to eventually become a CRO or some other form
of risk management role especially as enterprise risk management becomes more mainstream.

 

[khorne]

no
thats retarded

actuarial risk work is actually very closed. It's like a plumber. You learn how to fix specific problems and that's it. The IAA is doing a good job to try and rebrand their actuaries, because honestly, if they couldn't find them jobs, they'd lose their precious membership moneiz. Don't believe a word. Actuaries are not really highly regarded. If a business needs specific risk management, there are hundreds of consultation firms that will do it, and most don't even employ many actuaries. If it's technical risk, then it'd be a mathematical basis, while other forms could be done by commerce grads. Just think. How many actuaries does KPMG employ? 40. That's not much son.

Actuarial work is basically for people too retarded to finish a Maths PhD and wanting to roll in dat 1% lyf (lol).

 

[qwerty44]

no
thats retarded

actuarial risk work is actually very closed. It's like a plumber. You learn how to fix specific problems and that's it. The IAA is doing a good job to try and rebrand their actuaries, because honestly, if they couldn't find them jobs, they'd lose their precious membership moneiz. Don't believe a word. Actuaries are not really highly regarded. If a business needs specific risk management, there are hundreds of consultation firms that will do it, and most don't even employ many actuaries. If it's technical risk, then it'd be a mathematical basis, while other forms could be done by commerce grads. Just think. How many actuaries does KPMG employ? 40. That's not much son.

Actuarial work is basically for people too retarded to finish a Maths PhD and wanting to roll in dat 1% lyf (lol).

Whoah you must really hate actuaries.

I wanted to consider a maths major instead of actuarial because I am getting the impression majoring in maths and finance can lead to actuarial work plus way more, while doing actuarial studies may leave options closed, as you said. Would anyone agree to this?

 

[ascentyx]

no
thats retarded

actuarial risk work is actually very closed. It's like a plumber. You learn how to fix specific problems and that's it. The IAA is doing a good job to try and rebrand their actuaries, because honestly, if they couldn't find them jobs, they'd lose their precious membership moneiz. Don't believe a word. Actuaries are not really highly regarded. If a business needs specific risk management, there are hundreds of consultation firms that will do it, and most don't even employ many actuaries. If it's technical risk, then it'd be a mathematical basis, while other forms could be done by commerce grads. Just think. How many actuaries does KPMG employ? 40. That's not much son.

Actuarial work is basically for people too retarded to finish a Maths PhD and wanting to roll in dat 1% lyf (lol).

Judging by most of your posts you seem like someone that attempted an actuarial degree but couldn't cope and now you have all this pent up rage you need to expel on BOS.

Also why don't you understand that you can do an actuarial degree without becoming an actuary? I've known many people that now work in management consulting, investment banking, private equity, risk management etc etc. Most employers seem to respect graduates that studied actuarial science because they know how challenging the degree can be.

 

[Shadowdude]

Judging by most of your posts you seem like someone that attempted an actuarial degree but couldn't cope and now you have all this pent up rage you need to expel on BOS.

Also why don't you understand that you can do an actuarial degree without becoming an actuary? I've known many people that now work in management consulting, investment banking, private equity, risk management etc etc. Most employers seem to respect graduates that studied actuarial science because they know how challenging the degree can be.

khorne is doing Medicine.

The world is his oyster!


Also he may or may not have a point, he does like to dabble in this sort of... stocks and finance stuff.

 

[seremify007]

Whilst his KPMG example is rather limited and flawed, khorne raises valid points.

To the OP, what aspect of risk management exactly are you interested in? I work with people from both the qualitative side (eg Basel 3 implementation and how it impacts the banks, or just middle office areas which govern limits and behaviours) and quantitative side (eg analysis and monitoring of economic/regulatory capital).


Sent from my iPhone using Tapatalk

 

[khorne]

Judging by most of your posts you seem like someone that attempted an actuarial degree but couldn't cope and now you have all this pent up rage you need to expel on BOS.

Also why don't you understand that you can do an actuarial degree without becoming an actuary? I've known many people that now work in management consulting, investment banking, private equity, risk management etc etc. Most employers seem to respect graduates that studied actuarial science because they know how challenging the degree can be.

omg u got me

I didn't make it into actuarial and now i hate all the actuaries and their stupid 8+ years qualification time and capped 200k (moar like 150k) pay! I am just so fucking jelly of those c200s they all buy!

 

[qwerty44]

Whilst his KPMG example is rather limited and flawed, khorne raises valid points.

To the OP, what aspect of risk management exactly are you interested in? I work with people from both the qualitative side (eg Basel 3 implementation and how it impacts the banks, or just middle office areas which govern limits and behaviours) and quantitative side (eg analysis and monitoring of economic/regulatory capital).


Sent from my iPhone using Tapatalk

I was thinking more quantitative side