A few questions about acutaries.. (1 Viewer)

N

ND

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I am undecided on which postition to put actuarial studies in on my preference list, so i thought i would try and get some info from people who are doing it.

- What kind of maths do you do mainly? I love maths but stuff like compound interest bores me, is it mostly this type of maths?

- What kind of salary would an acutary make on average? (i'm talking very rough figures), i know it's a high paying job, but just how high?

- What kind of demand is there for actuaries? i.e. how hard is it to find a job upon completion of the course?

Any info would be appreciated. Thanks.
 
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ok, juz to add to it


What kind of maths do you do mainly? I love maths but stuff like compound interest bores me, is it mostly this type of maths?

ACST151: mainly probability dealing with insurance and risk. We study the probablity of ruin if we run a casino. We apply the same in regard to an insurance company. We look at expected value of insurance claims to work out a premium. We learn basic info about insurance industry, so it's not full on maths like 4u etc. We use life tables to work out probability of person dying at certain ages etc. And work on different types of insurance policies. Also look at investment, which is where compound comes in.

If you don't like financial maths, then you won't like ACST101, which is wat we're doing next semester.

STAT171: Did 2u/3u probability in a week. Loaded us up wiv conditional probability tools. We do most of our work by making a load of assumptions pulled out from thin air, then using the normal distribution to work out probabilities to the 4th decimal point. Boring lecturer.

And also doing accounting and computer science atm

What kind of salary would an acutary make on average? (i'm talking very rough figures), i know it's a high paying job, but just how high?
After your years at Mq, graduates earn on average $47k when they find their job. I've heard that finding a job is quite hard. Employers don't just want academic results, they also want other characteristics (eg. you have to be like me =p). Also because you are still AIAA and that is only recognised in Aus.
Once you get FIAA, you're suddenly a global force. There is a huge demand for you and if Aus companies don't pay you over $100k, you pack your bags and goto America.
So if you're good, 6 digit income isn't uncommon.
 
N

ND

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Originally posted by -=MLhtʻ=-
ok, juz to add to it


What kind of maths do you do mainly? I love maths but stuff like compound interest bores me, is it mostly this type of maths?

ACST151: mainly probability dealing with insurance and risk. We study the probablity of ruin if we run a casino. We apply the same in regard to an insurance company. We look at expected value of insurance claims to work out a premium. We learn basic info about insurance industry, so it's not full on maths like 4u etc. We use life tables to work out probability of person dying at certain ages etc. And work on different types of insurance policies. Also look at investment, which is where compound comes in.

If you don't like financial maths, then you won't like ACST101, which is wat we're doing next semester.

STAT171: Did 2u/3u probability in a week. Loaded us up wiv conditional probability tools. We do most of our work by making a load of assumptions pulled out from thin air, then using the normal distribution to work out probabilities to the 4th decimal point. Boring lecturer.

And also doing accounting and computer science atm

What kind of salary would an acutary make on average? (i'm talking very rough figures), i know it's a high paying job, but just how high?
After your years at Mq, graduates earn on average $47k when they find their job. I've heard that finding a job is quite hard. Employers don't just want academic results, they also want other characteristics (eg. you have to be like me =p). Also because you are still AIAA and that is only recognised in Aus.
Once you get FIAA, you're suddenly a global force. There is a huge demand for you and if Aus companies don't pay you over $100k, you pack your bags and goto America.
So if you're good, 6 digit income isn't uncommon.
Click to expand...
Thanks, just a q: What do you have to do to go from AIAA to FIAA?
 
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ye
part 3 i think is choosing to do 2 of 5 possible courses( not sure itf it's 3 now). And part 4 is juz a seminar on professionalism.

i think i recall a part time actuary telling me that u have to have 1 yr experience to become FIAA...but not sure
 
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Ah i see, how long does it take to complete part 3? (Sorry about all the q's.)
 
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put actuarial as your first pref, then you won't have to cut open stinky fat people.

(no offence to stinky fat people).

hehehe
 
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far out guys, stop persuading ppl to do actuarials. it makes the degree look cheap.

ND obviously likes spending 13yrs of his/her life without getting paid, so let it be...
 
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ND

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What do they put in the water at macq? :p

Isaac: Man those are some nice figures...
 
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Another question: Which is the best combination? I'm thinking of doing either 'BAppFin BCom - ActuarialStudies', 'BCom - Actuarial BEc' or 'BCom - Actuarial Bachelor of Laws'. How are economics and law regarded at macq (compared to say unsw)? Also, i am also kinda confused if the latter two are double degrees or what. What are all you guys doing? And what is the best for seeking employment?
 
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