B Commerce Majors (1 Viewer)

[drmix]

i dunno which one to do,

wats the difference between actuarial studies, finance, and accounting? i guess im just depending between the three

 

[MAICHI]

Ok this is what I understand.

Actuarial studies = specialised financial math in dealing with insurance premium calculations.

Finance = theories dealing with raising capital for business, mergers, dividends, instruments involved such as share and bond price.. etc.

Accounting = reporting and intepreting financial information such as reading the balance sheet, making profit loss statement, coporate governance.. etc.

And in terms of math:
1.actuarial (lots of math)
2.finance (some math to a lot of math depending on your specialisation)
3.accounting (year 10 math?)

 

[drmix]

lol thanxs man!

i did ext1 maths and got 42, so i guess ill stick wit finace

i guess i dont love maths enough

 

[know_it_all]

hey can someone brief me on "business economics" n whether its totally math based?

 

[Capitalist]

http://en.wikipedia.org/wiki/Actuary

http://en.wikipedia.org/wiki/Accounting

http://en.wikipedia.org/wiki/Finance

 

[t-i-m-m-y]

Ok this is what I understand.

Actuarial studies = specialised financial math in dealing with insurance premium calculations.

Not just insurance premiums. Otherwise you've summed it up well. I think you should read the following descriptions from the Handbook, as choosing a major isn't as simple as flipping a coin (well it shouldn't be).

Actuarial Studies
Actuarial Studies involves the application of quantitative, economics and financial models and analysis to long-term financial management particularly in life insurance, general insurance, health insurance and superannuation, as well as in other financial services.

Actuarial courses at UNSW involve the study of models used to quantify and manage risks and the principles involved in pricing, risk assessment, investment, financial management and financial soundness of insurance companies, benefit plans, financial service companies and financial projects.

The courses are quantitative and intellectually demanding. Students require a strong ability and interest in mathematics, statistics and their applications to business. Actuaries are employed by insurance companies, superannuation funds, banks, and governments and also practise as consulting actuaries.

Accounting
Accounting is concerned with the provision of information for the management of economic resources and activities by means of measurement, communication and interpretation of financial data; with the development of information systems; and with the financial accountability and management of business and public enterprises.

Accounting lies at the head of economic exchange, whether conducted in physical or electronic markets. It enables students to comprehend many of the fundamental principles, processes and outcomes of business, thereby equipping students for a wide range of careers in businesses (from chartered accounting, management consulting, provision of financial services to general management). Graduates are employed not only as accountants, but also as entrepreneurs, entertainment promoters, treasurers, chief financial officers, etc.

Finance
Finance is a study of financial and capital markets. It is concerned with decision making within those markets, and how values or prices of financial assets are determined. Finance is also concerned with investment decisions (for example, selection among alternative projects, selection of securities to include in a portfolio), financing decisions of a firm (dividend policy, debt and equity structures, and lease purchase decisions), and the development of risk-hedging strategies so as to minimise the damaging effects of adverse movements in share prices, interest rates, exchange rates, and other uncertainties in domestic and international financial markets.

Global financial market integration has led to the emergence of multinational corporations. The discipline of finance focuses upon the financial management of these corporations and their financial and investment strategies in the international market, particularly in the Asia-Pacific region. The increasing expansion of insurance services and funds management are also studies.

Depending on the program of study selected, Finance provides training of a wide range of vocations including: multinational financial managers, multinational bank and insurance managers, multinational funds managers, venture capital and private equity specialists, corporate financial managers or treasurers, portfolio managers for trust funds, superannuation funds and insurance companies, investment analysts and financial researchers in stockbroking firms, merchant banks, trading banks and government departments, management consultants and takeover specialists in corporate advisory divisions of merchant banks, public accounting firms and management consulting firms.


If you love maths, want a challenge, then take actuarial. If your maths is okay and you have some interest in finance, pick it. If you want relatively secure career prospects, pick accounting. But many people hate accounting, but do it for the career prospects. Your choice!

 

[Sharpshooter]

some people do accounting for the interest (okay yea true 1st yr accounting should be shot, but it helps to know that stuff to understand business' in general), which brings me to the point accounting is great skills development in understand a business and its needs, expressing that and realistically does give you skills to complement anything in commerce. anyways just had to defend my major

but realistically and in all blunt honesty, if you accepted a place in the course and have no clues in majors are you sure commerce is where you want to be? sure i can definately understand wanting to do commerce and just not being sure on what major is right for you, heaps of people are in the same situation, but ensure you have that interest in the course before you commit

oh yea, and check out the unsw fce (faculty of commerce n ecos) website coz the info posted above is direct copy n paste from there

 

[§eraphim]

If your maths is okay and you have some interest in finance, pick it.

Sums me up nicely

 

[redslert]

Actuarial Studies, if you have to ask what it is, you shouldn't be doing it.