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Thread: actuarial exemptions

  1. #51
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    Re: actuarial exemptions

    The list in the thing is LONG expired. Important changes have been made. Contact the school if interested.

  2. #52
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    Re: actuarial exemptions

    Does anyone know how much it costs do an exam at Institute of actuaries?

    I think i got less than credit, so I wil probably take it in september.

    Do we need to be a member in order to take the exam?

    the website isnt very clear

    http://www.actuaries.asn.au/Education/Exams/ExamPartOne

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    Re: actuarial exemptions

    its approx AU$500 (vary due to pound exchange rate) for each attempt if you write the exam externally

    I guess you dont have to be a member to write the exam? Better ask the institute becoz SOA doesnt need you to be a member to write the exam
    BCom@UNSW '07

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    Re: actuarial exemptions

    so let me just confirm

    if i undertake the Commerce (Actuarial Studies) / Science double degree (4 years full time), i gain exemptions from both PART I and PART II???

    thx (ie i will become an 'associate' of the Institute of Actuaries in Australia

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    Re: actuarial exemptions

    anyone can confirm??

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    Re: actuarial exemptions

    Quote Originally Posted by Pwnage101
    anyone can confirm??
    It was possible a few years ago. I don't expect it has changed and you can always take the courses non-award.

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    Re: actuarial exemptions

    Quote Originally Posted by Pwnage101
    so let me just confirm

    if i undertake the Commerce (Actuarial Studies) / Science double degree (4 years full time), i gain exemptions from both PART I and PART II???

    thx (ie i will become an 'associate' of the Institute of Actuaries in Australia
    Yes, you can, provided you do the right subjects and get the required marks.

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    Re: actuarial exemptions

    Quote Originally Posted by keithmoon
    Yes, you can, provided you do the right subjects and get the required marks.
    yep

    thx for the info

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    Re: actuarial exemptions

    hey , in order to become an actuary , u need to past all the 3 parts of the exams ??

    i m in the first year , planning to major in act studies and accounting , from the handbook , it says for actuarial major student , we should use math1511 to substitute Econ 1201 in the first sem ... but what if i decide to drop actuarial in the first year, in that case, do i have to repeat econ1201?

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    Re: actuarial exemptions

    The good news is that in a few years time, associates will also be allowed to use the title 'Actuary'. That's very good news.

    And no, you dont have to repeat ECON1201....I am fairly certain. Don't quote me on it though 'cause im not 100% sure...just 99.95% sure.

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    Re: actuarial exemptions

    Quote Originally Posted by keithmoon
    The good news is that in a few years time, associates will also be allowed to use the title 'Actuary'. That's very good news.

    And no, you dont have to repeat ECON1201....I am fairly certain. Don't quote me on it though 'cause im not 100% sure...just 99.95% sure.
    in the 2nd semester of 1st year, we use math1251 to substitute econ1203(QMB), if drop out from actuarial after the 1st year, then would need to take econ1203 ??but in order to take econ1203 , the prerequisite is econ 1201...so if dont have econ1203 , how to proceed to econ1203?

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    Re: actuarial exemptions

    dunno...ask them admin people. =D

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    Re: actuarial exemptions

    Quote Originally Posted by keithmoon
    The good news is that in a few years time, associates will also be allowed to use the title 'Actuary'. That's very good news.

    And no, you dont have to repeat ECON1201....I am fairly certain. Don't quote me on it though 'cause im not 100% sure...just 99.95% sure.
    Really?? Never knew that.

    Nice!!!

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    Re: actuarial exemptions

    Quote Originally Posted by Pwnage101
    Really?? Never knew that.

    Nice!!!

    It may not pass if it ever goes to general vote. Also signing any statutory documents that go to APRA / ASIC will still require an FIAA, so not sure what the actual implications will be.

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    Re: actuarial exemptions

    Question:

    I'm in my final year at UNSW, and planning on doing non-awards for part II. However, I was unable to get my CT7 Economics exemption.

    Do students normally just overload and do the UK exams in the final year?
    Or do they just do it in the 4th, postponing the part II courses?
    Or does UNSW allow them to do everything simul. in the 4th?

    Help would be appreciated.
    Blessed with the luxury of crying over spilt milk.

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    Re: actuarial exemptions

    Quote Originally Posted by alanbrucelee
    Question:

    I'm in my final year at UNSW, and planning on doing non-awards for part II. However, I was unable to get my CT7 Economics exemption.

    Do students normally just overload and do the UK exams in the final year?
    Or do they just do it in the 4th, postponing the part II courses?
    Or does UNSW allow them to do everything simul. in the 4th?

    Help would be appreciated.

    UNSW seems to be pretty backwards about the requirements for Part II - they definitely will let you do it in MQ, better course too (and they have a class in the city).

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    Re: actuarial exemptions

    UNSW Actuarial Studies - Current Students - Professional Recognition

    How accurate is the above information regarding exemptions?

    Can any one help me with questions I have about the actuarial industry/profession?

    p.s I have searched the IAA website extensively

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    Re: actuarial exemptions

    Quote Originally Posted by akqjt View Post
    Can any one help me with questions I have about the actuarial industry/profession?

    p.s I have searched the IAA website extensively
    What are your questions?

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    Re: actuarial exemptions

    Quote Originally Posted by dvse View Post
    What are your questions?
    I'm looking at doing a masters in actuarial studies as a way to get into the profession, but there's a lot I don't know to see if it's worth it.

    - What are the main areas of employment that ACTL grads get into upon graduation? Please detail the type of role, duties, remuneration, future career path(s) etc. For every area/role you provide me with could you also tell me how 'easy' it is to get in terms of what employers require of you etc. I'm just checking that I don't have to get an 80+ WAM to be employable upon graduation

    - Does graduating with L2 exemption make you significantly more employable than a grad with just L1 exemption? The reason I ask if because, for masters, you have 4 electives of which you can choose risk mgmt subjects, L2 subjects or other faculty subjects. I'm considering doing 4 MATH#### subjects in case I ever want to get into quantitative finance, or a non-actuarial position. What do you think? I've read a vault.com article about a financial service actuary talking about strategies to maximise investment returns and shiz, sounds interesting.

    Thanks

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    Re: actuarial exemptions

    Quote Originally Posted by akqjt View Post

    - What are the main areas of employment that ACTL grads get into upon graduation? Please detail the type of role, duties, remuneration, future career path(s) etc. For every area/role you provide me with could you also tell me how 'easy' it is to get in terms of what employers require of you etc. I'm just checking that I don't have to get an 80+ WAM to be employable upon graduation
    The only real areas are GI, Life and (defined benefit) super. Outside of these one is fairly unlikely to think of himself as an actuary. These jobs exist both in insurance companies and consultancies. 80 WAM would help, but 75 should probably be okay. Not sure if anyone will be able provide the statistics you are looking for. Have a look at the IAAust annual report to see member distribution by practice area etc. There is definitely an oversupply of grads so getting in isn't easy in any area, particularly with ongoing consolidations.





    - Does graduating with L2 exemption make you significantly more employable than a grad with just L1 exemption? The reason I ask if because, for masters, you have 4 electives of which you can choose risk mgmt subjects, L2 subjects or other faculty subjects. I'm considering doing 4 MATH#### subjects in case I ever want to get into quantitative finance, or a non-actuarial position. What do you think? I've read a vault.com article about a financial service actuary talking about strategies to maximise investment returns and shiz, sounds interesting.

    Part 2 exams will probably help, try to do a part 3 exam if you can as well. If you are going to do maths courses, fundamental areas like linear algebra, analysis and differential geometry would be considerably more helpful than stochastic processes etc if your aim is to actually understand what's going on - also helpful for machine learning used in algo trading.

    "Portfolio optimisation" is largely a pseudoscience, but your call.

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    Re: actuarial exemptions

    Quote Originally Posted by dvse View Post
    The only real areas are GI, Life and (defined benefit) super. Outside of these one is fairly unlikely to think of himself as an actuary. These jobs exist both in insurance companies and consultancies. 80 WAM would help, but 75 should probably be okay. Not sure if anyone will be able provide the statistics you are looking for. Have a look at the IAAust annual report to see member distribution by practice area etc. There is definitely an oversupply of grads so getting in isn't easy in any area, particularly with ongoing consolidations.








    Part 2 exams will probably help, try to do a part 3 exam if you can as well. If you are going to do maths courses, fundamental areas like linear algebra, analysis and differential geometry would be considerably more helpful than stochastic processes etc if your aim is to actually understand what's going on - also helpful for machine learning used in algo trading.

    "Portfolio optimisation" is largely a pseudoscience, but your call.

    How about areas that are non-traditional actuary work? (outside insurance). Positions at IBs, trading firms etc. How far does a degree in actuary qualify you to try your hand at quantitative finance?

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    Re: actuarial exemptions

    Quote Originally Posted by akqjt View Post
    How about areas that are non-traditional actuary work? (outside insurance). Positions at IBs, trading firms etc. How far does a degree in actuary qualify you to try your hand at quantitative finance?
    In Australia specifically, you have a reasonable chance of getting into graduate programs at commercial and investment banks, probably the same as a finance degree or economics degree.

    The actual material you learn in the program leaves you completely unprepared for anything that is usually called "quantitative finance", in that respect it's nearly as useless as a finance major. You need graduate level maths and some decent programming skills and actl doesn't come close.
    Last edited by dvse; 9 Mar 2009 at 7:39 PM.

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    Re: actuarial exemptions

    Yeah, regarding salary, it's probably around $150k 5 years post qualification in an insurance company.

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    Re: actuarial exemptions

    Quote Originally Posted by dvse View Post
    In Australia specifically, you have a reasonable chance of getting into graduate programs at commercial and investment banks, probably the same as a finance degree or economics degree.

    The actual material you learn in the program leaves you completely unprepared for anything that is usually called "quantitative finance", in that respect it's nearly as useless as a finance major. You need graduate level maths and some decent programming skills and actl doesn't come close.
    Thanks dvse

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    Re: actuarial exemptions

    dvse, another couple questions:

    I've been reading the most attractive feature of being an actuary (one that works in an insurance line) is that the hours are strictly 9-5 and once you become an FIAA, you could potentially be making 150k-250k whilst still maintaining a healthy 40 hour work week. What are your thoughts?

    Do you know any thing about risk management? I mean, all big banks and trading houses have a risk management division, which I assume is like market risk, credit risk, liqduity risk etc - I've been reading that actuaries can also find employment in this industry (true/false?), what are the condition like?

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