Question 1: If I am good at Mathematics, should I do Actuarial Studies?
Depends. Note that if you really love mathematics, just telling you, you MAY NOT like Actuarial science. There are no guarantees that good mathematics ability will equate to being good at Actuarial Studies. Actuarial Studies is a business discipline utilizing a lot of mathematics. You don't really study mathematics, its more like applying them into business situations. So take that into consideration. Sometimes I say to people, if you like maths, do maths or statistics, not actuarial science.
Question 2: Should I do this course for the money?
While I may admit that a Actuarial Science major can earn you heaps of dollars, tbh, it is only towards the end of your education (passing PART III exams and getting your licence to sign as an actuary) where you start earning $150K. What is more is that the starting salary of the average actuarial job is only around 65K, whilst actuarial graduates as a whole only tend to average 45K when you first start. If you are only doing this course for the money, be prepared to deal with the consequences (what I am undergoing atm) of lots of boring work, stress and dissatisfaction for very little gain.
Question 3: How hard is Actuarial Science?
It is hard and competitive. You need to obtain at least 65 for all your courses so you can get exemptions from taking extra exams through the Institute of Actuaries. The callibre of students will be of the 95-99 ATAR range, including a lot of those who didn't make it to medicine or law. So take that into consideration.
I mean, have a look at this:
This is what many actuarial science students will undergo. True Story.
Question 4: Is it easy to find a job doing an Actuarial Science Major?
Back in the day, Actuarial graduates had a 100% employment. However, since the introduction of ANU's and UNSW's Actuarial Science program, the job market has become saturated more than ever and it is becoming difficult to find an actuarial job. So chances are, no. Only if you are in part III's, you will hit instant job security with big bucks. On the other hand, Actuarial graduates have it better on the finance sectors.
Some tips to help you find employment are:
1. Go and do lots of extracurriculars; get involved in ASOC, MATHSOC and other related societies.
2. Go and get a job. Job experience >>> Volunteering in most people's eyes.
3. Try to maintain a credit average in your studies, along with lots of extras and work experience.
4. Once 1-3 are done, try to get an internship; this will really REALLY help you find an actuarial related job.
I will add more FAQs as time passes by.