Page 4 of 4 FirstFirst ... 234
Results 76 to 98 of 98
Like Tree3Likes

Thread: actuarial exemptions

  1. #76
    Junior Member
    Join Date
    Aug 2002
    HSC
    N/A
    Gender
    Undisclosed
    Posts
    206
    Rep Power
    13

    Re: actuarial exemptions

    Quote Originally Posted by akqjt View Post
    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?
    This is fairly accurate, yes, but the trends are not encouraging. It is probably fair to say that the salaries have been falling in real terms for quite some time. For 250k you will have to be a department head.

    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?

    All this VaR based stuff is now largely seen as somewhat inadequate. It will not be surprising if there are pretty big changes to how 'risk management' is done. You can probably get an entry level job with an actuarial degree, statistics/computer scence with some finance or economics would be more useful.

  2. #77
    Exalted Member Affinity's Avatar
    Join Date
    Jun 2003
    HSC
    2003
    Gender
    Undisclosed
    Location
    Oslo
    Posts
    2,065
    Rep Power
    13

    Re: actuarial exemptions

    Quote Originally Posted by akqjt View Post
    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?
    my boss' regular hours are 8:30 to 6/7 and potentially you could earn billions without going to uni.
    Last edited by Affinity; 23 Mar 2009 at 10:56 PM.
    -Forgive me-


    "UAI is inversely proportional to distance from the teacher"
    -The Late Syd Adams

  3. #78
    Cadet Dt 08's Avatar
    Join Date
    Feb 2007
    HSC
    2008
    Gender
    Male
    Posts
    34
    Rep Power
    9

    Re: actuarial exemptions

    hey

    i am thinking of possibly doing actuarial studies, but am a bit worried about the difficulty of the course and the high dropout rates

    would anyone roughly know how many first years end up becoming fully qualified as an actuarist?

    thanks

  4. #79
    Reborn lyounamu's Avatar
    Join Date
    Oct 2007
    HSC
    N/A
    Gender
    Male
    Posts
    10,039
    Rep Power
    15

    Re: actuarial exemptions

    Ok, let me get this straight (Since there seem to be some contrasting ideas and views about actuarial II exemption.

    So if you do ANY combined degree at UNSW (e.g. commerce/eco), u can get the exemption for the part II of Actuarial qualifacation?

    Quote Originally Posted by Dt 08 View Post
    hey

    i am thinking of possibly doing actuarial studies, but am a bit worried about the difficulty of the course and the high dropout rates

    would anyone roughly know how many first years end up becoming fully qualified as an actuarist?

    thanks
    More research would be helpful.
    Last edited by lyounamu; 20 Sep 2009 at 10:05 AM.

  5. #80
    Member
    Join Date
    Jul 2007
    HSC
    2009
    Gender
    Male
    Posts
    286
    Rep Power
    9

    Re: actuarial exemptions

    Quote Originally Posted by lyounamu View Post
    Ok, let me get this straight (Since there seem to be some contrasting ideas and views about actuarial II exemption.

    So if you do ANY combined degree at UNSW (e.g. commerce/eco), u can get the exemption for the part II of Actuarial qualifacation?
    If you do any combined degree, you still have to complete the UNSW Part II courses ACTL4001 and ACTL4002 along with your combined degree if you want the part II exemptions. Also, in order to enrol for ACTL4001 and ACTL4002 you need to first:

    1) complete your part I
    2) average mark of at least 70% in the ACTL courses completed to date and have at least 3 months work experience in a financial services company

    For more info, check out this site. It's got a pretty detailed explanation towards the end:

    http://www.maths.unsw.edu.au/student...lprograms.html

  6. #81
    Junior Member
    Join Date
    Aug 2002
    HSC
    N/A
    Gender
    Undisclosed
    Posts
    206
    Rep Power
    13

    Re: actuarial exemptions

    Quote Originally Posted by azureus88 View Post
    If you do any combined degree, you still have to complete the UNSW Part II courses ACTL4001 and ACTL4002 along with your combined degree if you want the part II exemptions. Also, in order to enrol for ACTL4001 and ACTL4002 you need to first:

    1) complete your part I
    2) average mark of at least 70% in the ACTL courses completed to date and have at least 3 months work experience in a financial services company

    For more info, check out this site. It's got a pretty detailed explanation towards the end:

    School of Mathematics and Statistics - With Actuarial Studies
    There is actually no sensible reason at all for these prerequisites other than to get people to enroll in Masters. Just about anyone can do these courses at MQ non-award.

  7. #82
    Like a virgin.
    Join Date
    Dec 2004
    HSC
    2005
    Gender
    Female
    Posts
    91
    Rep Power
    11

    Re: actuarial exemptions

    Quote Originally Posted by azureus88 View Post
    If you do any combined degree, you still have to complete the UNSW Part II courses ACTL4001 and ACTL4002 along with your combined degree if you want the part II exemptions. Also, in order to enrol for ACTL4001 and ACTL4002 you need to first:

    1) complete your part I
    2) average mark of at least 70% in the ACTL courses completed to date and have at least 3 months work experience in a financial services company

    For more info, check out this site. It's got a pretty detailed explanation towards the end:

    School of Mathematics and Statistics - With Actuarial Studies
    That is 1) OR 2), not both are needed.

  8. #83
    Junior Member
    Join Date
    Mar 2006
    HSC
    2008
    Gender
    Male
    Posts
    120
    Rep Power
    10

    Re: actuarial exemptions

    Not sure if its relevant, but has anyone heard about the recent changes to how AIAA (associate) is awarded and the term "actuary" is used? I just stumbled upon the institute of actuaries of australia website and found some changes.

    Apparently to become an associate (AIAA) now you not only need to complete part I and II but also extra courses and work experience. Any thoughts on this?

    source:
    http://www.actuaries.asn.au/NR/rdonl...entsletter.pdf

    Institute of Actuaries of Australia

  9. #84
    New Member
    Join Date
    Jul 2009
    HSC
    2004
    Gender
    Male
    Posts
    6
    Rep Power
    8

    Re: actuarial exemptions

    Quote Originally Posted by shinn View Post
    Not sure if its relevant, but has anyone heard about the recent changes to how AIAA (associate) is awarded and the term "actuary" is used? I just stumbled upon the institute of actuaries of australia website and found some changes.

    Apparently to become an associate (AIAA) now you not only need to complete part I and II but also extra courses and work experience. Any thoughts on this?

    source:
    http://www.actuaries.asn.au/NR/rdonl...entsletter.pdf

    Institute of Actuaries of Australia
    yep, these were the requirements to gain FIAA status before but now you have to fulfil them earlier in order to gain AIAA status. Don't know why they did this but I guess its because many students stop continuing their studies right after gaining their associate status. So probably they want these associates to have some credibility before calling themselves AIAA. Does anyone know the real reason?

  10. #85
    ... shaon0's Avatar
    Join Date
    Mar 2008
    HSC
    2009
    Gender
    Male
    Location
    Guess
    Posts
    2,049
    Rep Power
    10

    Re: actuarial exemptions

    Hi guys, in regards to Actuarial Studies, is it better to be very adept in Maths & Stats or have a deep understand of the accting and eco aspects of economy/markets/whatever is relevant. Also, is it possible to do a Masters in Actuarial Studies (not saying i will in any certain terms) in just a year?

    Thanks

  11. #86
    Junior Member
    Join Date
    Mar 2006
    HSC
    2008
    Gender
    Male
    Posts
    120
    Rep Power
    10

    Re: actuarial exemptions

    Quote Originally Posted by shaon0 View Post
    Hi guys, in regards to Actuarial Studies, is it better to be very adept in Maths & Stats or have a deep understand of the accting and eco aspects of economy/markets/whatever is relevant. Also, is it possible to do a Masters in Actuarial Studies (not saying i will in any certain terms) in just a year?

    Thanks
    Having the technical knowledge is mandatory to pass the part I exams but having a deep understanding the acct/eco theory will definitely help a lot.

    Yes, it's possible to do a masters in actuarial studies in one year but it requires you to have full part I background. Check the unsw actuarial website for more details.

  12. #87
    ... shaon0's Avatar
    Join Date
    Mar 2008
    HSC
    2009
    Gender
    Male
    Location
    Guess
    Posts
    2,049
    Rep Power
    10

    Re: actuarial exemptions

    A general query about Level I Exemptions. I've heard a rumour that one needs to achieve at least a credit in corequisite courses in Level I to be able to obtain Exemption Level I. Is this true?

  13. #88
    Junior Member
    Join Date
    Jul 2009
    HSC
    2010
    Gender
    Male
    Posts
    107
    Rep Power
    8

    Re: actuarial exemptions

    Hey guys just a quick question about the actuarial exemptions. For the exemptions that have more than one course eg ACCT1501+1511 and FINS1613 do we need a credit in each individual course or credit average in the 3 combined to meet the exemption requirement?

  14. #89
    Senior Member
    Join Date
    Aug 2008
    HSC
    2009
    Gender
    Male
    Posts
    890
    Rep Power
    8

  15. #90
    Junior Member
    Join Date
    Jul 2009
    HSC
    2010
    Gender
    Male
    Posts
    107
    Rep Power
    8

    Re: actuarial exemptions

    ^^thanks for this^^

  16. #91
    Executive Member halapenyo's Avatar
    Join Date
    Dec 2011
    HSC
    2011
    Gender
    Male
    Posts
    1,201
    Rep Power
    6

    Re: actuarial exemptions

    is it true that we need to do at least 4 years at university as part of actuarial exemptions?
    Quote Originally Posted by muhahahahahaha View Post
    Wow same asshole as always Lolsmith, sorry not all of us are capable of shoving half of australia's food supply down our throat.

  17. #92
    Junior Member
    Join Date
    Jul 2009
    HSC
    2010
    Gender
    Male
    Posts
    107
    Rep Power
    8

    Re: actuarial exemptions

    Quote Originally Posted by halapenyo View Post
    is it true that we need to do at least 4 years at university as part of actuarial exemptions?
    Don't think so, I think what you mean is that if you take a double degree... (4+ years), you will be able to complete Part II exemptions assuming you have met the required conditions. If you are doing a single degree, they are introducing a "Graduate Program" which will allow you to proceed to Part II exemptions.

  18. #93
    Ancient Orator 4025808's Avatar
    Join Date
    Apr 2009
    HSC
    2011
    Uni Grad
    2017
    Gender
    Male
    Location
    中國農村稻農
    Posts
    4,380
    Rep Power
    10

    Re: actuarial exemptions

    You can still take Part IIs as part of a non-award basis, according to the ASOC president.
    B Engineering (Petroleum) / B Science (Mathematics, Statistics) @ UNSW

    For Maths Tutoring inquiries, please visit here: http://community.boredofstudies.org/...d.php?t=281590

  19. #94
    Junior Member gahyunkk's Avatar
    Join Date
    Jul 2012
    HSC
    2014
    Gender
    Female
    Posts
    178
    Rep Power
    6

    Re: actuarial exemptions

    I accepted an offer (B.Actuarial/ B.commerce at UNSW). Is this course eligible for getting exemption for part1?
    I checked actuaries institute website http://www.actuaries.asn.au/becoming...ersity-courses
    and it only mentions following courses, but not B.act/B.comm.

    UNSW
    Bachelor of Actuarial Studies
    Bachelor of Actuarial Studies/Bachelor of Science (Advanced Mathematics)
    Bachelor of Actuarial Studies/Bachelor of Economics
    Master of Actuarial Studies
    Master of Actuarial Studies (Extension)

  20. #95
    Magniloquent Member mreditor16's Avatar
    Join Date
    Apr 2014
    HSC
    2014
    Gender
    Male
    Posts
    3,185
    Rep Power
    6

    Re: actuarial exemptions

    Just thought I'd post some updated information about actuarial exemptions at UNSW for all actuarial degrees which began in 2014 or after -

    Part I

    So, Part I is made up of 8 Core Technical (CT) areas. And, to get exemptions for Part I at UNSW, you have obtain an overall average of 65 or above (i.e. Credit Average minimum) in the course(s) that correspond to each CT. Note, that an overall average of 65 for each CT area is required to obtain your part I.


    CT1 - Financial Mathematics - ACTL2111
    CT2 - Finance and Financial Reporting - FINS1613, ACCT1501, ACCT1511 (one-third weighting for each subject)
    CT3 - Probability and Mathematics Statistics - ACTL2131
    CT4 - Models - ACTL2102 (one-third weighting), ACTL3162 (two-thirds weighting)
    CT5 - Contingencies - ACTL3151
    CT6 - Statistical Methods - ACTL2102 (one-third weighting), ACTL3141 (two-thirds weighting)
    CT7 - Economics - ECON1101, ECON1102 (one-half weighting for each subject)
    CT8 - Financial Economics - ACTL3182


    For example, for CT7, if I obtain 70 in ECON1101 but 52 in ECON1102, my overall average for CT7 is 61, which is below the required overall average of 65 - hence, I would not obtain exemptions for the CT7 component of Part I. In such an instance, since I have still passed the two CT7 courses, I do not need to recomplete these courses at university to obtain exemptions for CT7, but instead all I have to do is sit the Institute's examination for that CT area. This saves your time and money!

    Another hypothetical example would be if I get 60 for ACTL2102 and 69 for ACTL3141 - thus, my overall average (take note of the weightings) for CT6 would be 66 and hence I would still get exemptions for CT6, regardless of not obtaining a credit in ACTL2102. So, from this, you can see that if a CT area has more than one subject that counts towards it, not all hope is lost if you do not obtain a credit in one of them.

    All actuarial degrees offered at UNSW will have more than enough time to finish all these subjects! Also, take into consideration how some subjects will not actually count towards exemptions, such as ACTL1101, however ACTL1101 (and hence passing it) is a prerequisite for ACTL2111 and ACTL2131, which are two subjects that DO count towards exemptions.

    Finally, note how FOUR third-year actuarial courses are required to be completed for exemptions - ACTL2141, ACTL3151, ACTL3162 and ACTL3182. However, UNSW only requires students to do at least three third year ACTL courses. Hence, this becomes a case of having to do more subjects than course requirements in order to obtain the Institute's exemptions.

    More information (especially about Part II and III) to come soon.
    Last edited by mreditor16; 30 May 2015 at 10:21 PM.
    4025808, VBN2470 and Cleavage like this.
    Quote Originally Posted by Carrotsticks View Post
    cos I'm thirsty af always
    Quote Originally Posted by teridax View Post
    +1 BoS went to a whole new level of stupid.

  21. #96
    Magniloquent Member mreditor16's Avatar
    Join Date
    Apr 2014
    HSC
    2014
    Gender
    Male
    Posts
    3,185
    Rep Power
    6

    Re: actuarial exemptions

    Also, feel free to point out any mistakes made above or give any further suggestions. I'm looking to constantly add to the post, especially since this thread has become quite outdated!
    Quote Originally Posted by Carrotsticks View Post
    cos I'm thirsty af always
    Quote Originally Posted by teridax View Post
    +1 BoS went to a whole new level of stupid.

  22. #97
    Ancient Orator 4025808's Avatar
    Join Date
    Apr 2009
    HSC
    2011
    Uni Grad
    2017
    Gender
    Male
    Location
    中國農村稻農
    Posts
    4,380
    Rep Power
    10

    Re: actuarial exemptions

    Don't forget that you have to pay $500 (or there abouts) to sit the CT exams if you want to pass those.
    B Engineering (Petroleum) / B Science (Mathematics, Statistics) @ UNSW

    For Maths Tutoring inquiries, please visit here: http://community.boredofstudies.org/...d.php?t=281590

  23. #98
    Magniloquent Member mreditor16's Avatar
    Join Date
    Apr 2014
    HSC
    2014
    Gender
    Male
    Posts
    3,185
    Rep Power
    6

    Re: actuarial exemptions

    Quote Originally Posted by 4025808 View Post
    Don't forget that you have to pay $500 (or there abouts) to sit the CT exams if you want to pass those.
    That is very true. But its >$1000 plus one semester for redoing a course vs $500 or so for resitting a CT exam
    Last edited by mreditor16; 1 Jun 2015 at 11:03 AM.
    Quote Originally Posted by Carrotsticks View Post
    cos I'm thirsty af always
    Quote Originally Posted by teridax View Post
    +1 BoS went to a whole new level of stupid.

Page 4 of 4 FirstFirst ... 234

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •