How much maths in actuarial studies? (1 Viewer)

[cheschirecat]

I'm really interested in doing a combined degree of actuarial studies and maths (at unsw), since I have found a passion in mathematics, but I've recently been having second thoughts about whether or not being an actuary would be for me. How much maths is involved? I know it's a very mathematically centric course but does it also involve things such as learning about business, writing reports etc.. (Which in all honesty is not for me.) Basically I want to know more about what will be taught in the degree, I've checked out the handbook but the course names don't really give me that much info as to the content. Would this be suited to someone that mostly wants to study maths, or should I choose a degree of advanced maths on its own (maybe with a double major in physics?). Oh and where would a major in finances lead to?

Thank you so much for your time, and really sorry about the slew of questions.

 

[michaeljennings]

I am also interested in actuarial studies!

 

[Aindan]

+1

 

[apollo1]

+1

 

[michaeljennings]

awwwww yeaaa we all gonna be actuaries!

 

[powlmao]

I'm really interested in doing a combined degree of actuarial studies and maths (at unsw), since I have found a passion in mathematics, but I've recently been having second thoughts about whether or not being an actuary would be for me. How much maths is involved? I know it's a very mathematically centric course but does it also involve things such as learning about business, writing reports etc.. (Which in all honesty is not for me.) Basically I want to know more about what will be taught in the degree, I've checked out the handbook but the course names don't really give me that much info as to the content. Would this be suited to someone that mostly wants to study maths, or should I choose a degree of advanced maths on its own (maybe with a double major in physics?). Oh and where would a major in finances lead to?

Thank you so much for your time, and really sorry about the slew of questions.

Alot of it is maths, not much isn't.

My family friend is a actuary and gosh I have seen his work and soo much maffs

 

[alstah]

Lol doing math all day...How fun!

According to this it's essentially all maths (for Macq. Combined Finance/Actuarial) I would assume if you replaced the Finance subjects with Mathematics subjects and then it's even more maths lol.


http://www.courses.mq.edu.au/2012/U...achelor of Actuarial Studies#WhatYouWillStudy


So happy after that wretched 3u exam...Math's (besides basic arithmetic), never again in my life!

 

[apollo1]

well most of it is applied maths which is more interesting than pure maths.

 

[powlmao]

well most of it is applied maths which is more interesting than pure maths.

How so applied?

 

[cheschirecat]

Lol doing math all day...How fun!

Hahaha I can certainly imagine it wouldn't be everyone's cup of tea

Alot of it is maths, not much isn't.

My family friend is a actuary and gosh I have seen his work and soo much maffs

Ah that's good to hear do you know what he usually does outside of the whole "doing maths" part?

 

[seremify007]

At least with actuarial studies/applied maths, you're using your maths skills/knowledge to try and calculate something relevant to the real world (e.g. risk of someone dying).

 

[lyounamu]

It's alot of "maths". TBH, I loved high school maths but I hate uni maths. I dont know about you guys but most of people who start off with comm/science and do maths + actuarial drop out and do comm/eco. And yes, even the guy who topped 4 unit maths once told me he doesnt really like maths anymore. if you like maths, do yourself a favour and finance instead. it's more maths then actuarial maths which is stats (applied maths).

 

[hungwell1337]

actuarial involves mathematical concepts and how they relate to things.

so yes, there is plenty of maths, early years maybe 1/2 use equation to plug stuff in, 1/2 manipulation, and the plugging stuff into equations gradually decreases, so it becomes more manipulation.

ie playing poker, you get pocket aces. what are the odds of you winning this hand?

not like - heres some function, integrate it

 

[apollo1]

actuarial involves mathematical concepts and how they relate to things.

so yes, there is plenty of maths, early years maybe 1/2 use equation to plug stuff in, 1/2 manipulation, and the plugging stuff into equations gradually decreases, so it becomes more manipulation.

ie playing poker, you get pocket aces. what are the odds of you winning this hand?

not like - heres some function, integrate it

so its a lot of theoretical stuff like probability. thats very different to hsc maths.

 

[Nick_K]

http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=42841

 

[Shadowdude]

If you like maths in itself, you're better off doing a Mathematics major.

 

[Mature Lamb]

If you really enjoy maths then you're better off just doing Adv Maths. You're not going to be interested or motivated when you have to do compulsory Commerce courses such as Accounting, Microeconomics, Management, etc. with Actuarial Studies.

 

[deterministic]

As said before you are better off doing a maths major if you like maths.

Alternatively, if you enjoy physics as well and don't mind some hard work, do engineering. To be honest, you don't really do much maths in any commerce major.

 

[cheschirecat]

Pretty late reply, so apologies in advance for bumping a relatively old thread but after researching it a bit more I've got a few more question:
-Would just having a major in maths (and maybe even a double major in physics) be viable at all to get a job?
-How about if I had a phd?
-What kind of job would I be looking at (I hear all these things about maths majors being employes in all fields and getting good pay but is this true or merely hype)?
-And one more thing, if I change my mind once I graduate or late in my degree and want to work in finance/as an actuary. How easy is it to switch? Would my mathematical knowledge allow me to land a job/pass the actuarial exams or would I have to re-do a whole degree or take extra steps (what would these steps be)?

Thanks a bunch for all your replies you've already helped me so much in making an important decision

 

[Mature Lamb]

Pretty late reply, so apologies in advance but after researching it a bit more I've got a few more question:
-Would just having a major in maths (and maybe even a double major in physics) be viable at all to get a job?
-How about if I had a phd?
-What kind of job would I be looking at (I hear all these things about maths majors being employes in all fields and getting good pay but is this true or merely hype)?
-And one more thing, if I change my mind once I graduate or late in my degree and want to work in finance/as an actuary. How easy is it to switch? Would my mathematical knowledge allow me to land a job/pass the actuarial exams or would I have to re-do a whole degree?

Thanks a bunch for all your replies you've already helped me so much in making an important decision

You gain all these skills that you won't be able to obtain in a Commerce, Business, etc. degree. It's easy for a mathematician to gain financial knowledge in a few weeks to a few months by reading a few books or whatever, whereas it takes years for someone with a Commerce degree to be able to think like a mathematician.