Actuarial Studies (2 Viewers)

[wgy182]

Hey guys,
I want to know more about this course.
What do you learn in this course?

For those studying or studied it, is it really hard? Is it true lots of people drop out?
What are your thoughts on it? Interesting? Boring?
What kind of careers can you do from this course?

Anything is appreciated.

Thanks guys

 

[williamdaft]

You study mathematics, statistics, accounting, economics, and finance, and their application to long-term financial management.

Careers: Insurance companies, and other financial services - funds management, superannuation, banking, etc.

It includes the study of models used in insurance and superannuation to quantify and manage risks such as survival, sickness, retirement, accident, fire, flood, and fluctuations in asset values. Actuarial Studies focuses on the actuarial principles involved in the pricing, risk assessment, investment, financial management and the financial soundness of the obligations of insurance companies, benefits plans and other financial security systems.

Is it really hard? Yes, extremely stressful. A lot of people do drop out in their first year, it's tedious to your brain.
However, if you truly LOVE, I mean really LOVE maths (finding ease at solving MX2 problems) then you should be fine doing actuarial, it involves deeper logical thinking like complex MX2 problems. MX2 is nothing compared to actuarial...

My personal thought: It's extremely boring and it will torture my brain with so much maths. I probably won't even pass my first year. Even if I graduated in actuarial, I would not enjoy my career for 20+ years of my life solving such stressful probability/statistics problems. To me, $150,000 to $250,000 per year is not worth it.. my mind will explode.

Increased workloads inevitably comes up in the job of an actuary.
The more money we make, the less time we seem to have to spend it..
Ask yourself if it is worth it? Consider the balance of stress and free time. Do something you're interested in. If you or anyone reading this are doing actuarial just for the money, you will not be able to handle such a stressful career.

 

[Praer]

I'm planning to study this course, apparently it's one of the hardest course. in the first year half of the people drop out.

 

[bleakarcher]

I'm planning to study this course, apparently it's one of the hardest course. in the first year half of the people drop out.

I did the same subs as you. Considering actuarial but I don't have much prior knowledge of economics (although it seems interesting from what I've read). It would be completely new territory.

 

[Squar3root]

this video is a quick summary: Actuarial Studies at University - Andrew Lee - YouTube

 

[nightweaver066]

I'm planning to study this course, apparently it's one of the hardest course. in the first year half of the people drop out.

lol that's exaggerated, I'm going to guess like 30 (at most) out of the 180 to begin with? I'm not sure myself.

I did the same subs as you. Considering actuarial but I don't have much prior knowledge of economics (although it seems interesting from what I've read). It would be completely new territory.

Economics in 1st year is not extremely difficult and is taught from scratch (so don't worry about having prior knowledge). It's interesting.

 

[wgy182]

Thanks for the info guys!
Nightweaver066, how are you finding actuarial studies? What year are you in now?

I was actually thinking of doing B. Actuarial Studies / Science (Advanced Maths), but can it get really tiring and stressful?
Can you socialise and hang out with friends but still get good results?

 

[Praer]

I did the same subs as you. Considering actuarial but I don't have much prior knowledge of economics (although it seems interesting from what I've read). It would be completely new territory.

Yup, come actuarial studies join me! i actually did economics in year 11 and at the beginning of year12, but dropped it.

this video is a quick summary: Actuarial Studies at University - Andrew Lee - YouTube

Yeah, but then remember that the salary he speaks of is quite outdated and unrealistic as there's very limited positions.

lol that's exaggerated, I'm going to guess like 30 (at most) out of the 180 to begin with? I'm not sure myself.

Economics in 1st year is not extremely difficult and is taught from scratch (so don't worry about having prior knowledge). It's interesting.

I wasn't exaggerating. It's actually 2/3 of the people doing the course dropping out by the end of 3rd year. But i only heard this from the statistics. So go check it out yourself

 

[bleakarcher]

Yup, come actuarial studies join me! i actually did economics in year 11 and at the beginning of year12, but dropped it.

Just wish I had applied for co-op just to see what would have happened at least.

Edit: If we apply in first year, they take into account our WAM right?

 

[nightweaver066]

Yeah, but then remember that the salary he speaks of is quite outdated and unrealistic as there's very limited positions.

That salary is not outdated (as far as I know for the traditional actuarial role) and you WILL be receiving that kind of salary if you are a qualified actuary (fellow). Initial pay once you've graduated university with your part Is and maybe your part IIs will be average to above-average pay. Only when you've attained your part IIIs (become a fellow) will you receive a large salary bump.

I wasn't exaggerating. It's actually 2/3 of the people doing the course dropping out by the end of 3rd year. But i only heard this from the statistics. So go check it out yourself

Where are your statistics from and what are they of?

Thanks for the info guys!
Nightweaver066, how are you finding actuarial studies? What year are you in now?

I was actually thinking of doing B. Actuarial Studies / Science (Advanced Maths), but can it get really tiring and stressful?
Can you socialise and hang out with friends but still get good results?

So far, actuarial studies is quite difficult requiring an integration of finance, economics & statistics all in one subject. I just finished 1st year so I can't provide an accurate perspective on what the whole course is like.

Yes it can get tiring and stressful, but this isn't too bad if you enjoy what you're doing.
Yes I still spent time socialising/hanging out with friends and still got good results (near HD wam), you just need to study smart (reducing study hours) and make time.

 

[Praer]

That salary is not outdated (as far as I know for the traditional actuarial role) and you WILL be receiving that kind of salary if you are a qualified actuary (fellow). Initial pay once you've graduated university with your part Is and maybe your part IIs will be average to above-average pay. Only when you've attained your part IIIs (become a fellow) will you receive a large salary bump.

Where are your statistics from and what are they of?

Yeah that's what i meant. after getting a fellow you get huge amount of money rolling in, but after part 1 or part 2, there's hardly any traditional actuarial jobs available cuz they're taken by those who get high d average.

i actually don't know, but i think it was from asking one of the professors at unsw. there's info day on the 3rd of jan. go check it out yourself

 

[Praer]

Just wish I had applied for co-op just to see what would have happened at least.

Edit: If we apply in first year, they take into account our WAM right?

I'm not sure... but co-op isn't easy to get. I have a friend who got 99.8 but he still managed to fail it even though he's done a sufficient (in my eyes) amount of extra curricular activities. but i doubt the wam matters that much since as long as you get above 96 atar, you can apply for it. i mean most of the people doing actuarial studies should be on that caliber right?

 

[nightweaver066]

i actually don't know, but i think it was from asking one of the professors at unsw. there's info day on the 3rd of jan. go check it out yourself

I have last year, I've spoken to older students and I've seen it for myself. I highly doubt half the students in actuarial drop out after first year.

I think there were ~180 students that enrolled in to 1st year actuarial studies in 2013. Looking at the enrolment for 2014 for a compulsory 2nd year subject for actuarial students, there are currently 142 students enrolled. There are probably still those who have yet to enrol in to the subject, and also a tiny number of students who were not 2013 UNSW 1st year actuarial students who joined too.

Half the students couldn't have possibly dropped out.

 

[Praer]

I have last year, I've spoken to older students and I've seen it for myself. I highly doubt half the students in actuarial drop out after first year.

I think there were ~180 students that enrolled in to 1st year actuarial studies in 2013. Looking at the enrolment for 2014 for a compulsory 2nd year subject for actuarial students, there are currently 142 students enrolled. There are probably still those who have yet to enrol in to the subject, and also a tiny number of students who were not 2013 UNSW 1st year actuarial students who joined too.

Half the students couldn't have possibly dropped out.

tl;dr
They drop after they see that STAT exam. they realize that they aren't gonna get credit or + and fail to get part 1 exemption.
I'm going to unsw again this Friday. i'll ask.
But I'm only getting these stats from other. and seriously calm down we don't need an essay

Edit: Yes I went to the UNSW info day and asked about this. mostly only those who obtain Ds and HD averages stay in the course and rest drop. So by the end of the 4th year around 2/3 have dropped.

 

[zhiying]

Okay newbies I'll clear some stuff up.

I'm in my 3rd year in actuarial studies and I do enjoy it. I highly recommend against taking advice from anyone who hasn't given actuarial studies a go yet, there is a lot of misconceptions going around. Yes its hard, perhaps one of the most challenging courses in university so yes you do have to put in a lot of effort and also maintain a level of consistency. First year isn't so bad, you learn all the basic finance/economics/accounting stuff plus you touch a bit on actuarial studies.

On average the cohort starts 180-200 people, by the third year there's about 80-100 left. Fourth year is NOT compulsory (unless you do a double degree), there are certain courses that you may wish to do to grant you further actuarial qualifications. These courses have about ~50 people enrolled, but this does not mean 3/4 of the cohort has dropped out by then. A lot of them chooses to work for a while first (very useful for these courses), a lot of them find non-traditional actuarial jobs or even other finance related jobs (not necessarily because they can't find an actuarial job) and realises that they do not need the further qualifications. I'd say the true drop out rate, i.e. people found it too hard or failed and then quit, is 50% at best. Still high, but there is so little info on this career before university that most people choose it without thinking it through.

In all honesty it is hard, but not at the level that you'll die doing it. Most people get destroyed because they fall behind, and actuarial courses are not ones you can magically catch up 2-3 weeks before the exam. Consistency is the key if you want to do well, and by well I mean like 80+. It's all relative as well, average for a final in a course in second year was 40%, but that doesn't mean everyone fails. Think of 4U and the ridiculous scaling. I ended up with a 97 in that course, but I'll admit I studied a lot for that subject and I liked the content.

For me its not boring, but it definitely isn't for everyone. With good time management and hard work I kept my WAM hovering just under 90 and I'm not a genius or anything so it's doable.

If you have any other questions just PM me.

 

[zhiying]

Increased workloads inevitably comes up in the job of an actuary.
The more money we make, the less time we seem to have to spend it..
Ask yourself if it is worth it? Consider the balance of stress and free time. Do something you're interested in. If you or anyone reading this are doing actuarial just for the money, you will not be able to handle such a stressful career.

That's actually not entirely true. For the money actuaries make, the workload is very good relatively. Your hours won't be significantly different to any other finance/accounting professionals, i.e. 9-5 with overtime here or there. You get paid that much because of how hard it was for you to get there, and because there's only few that can do what you do. Whereas there's probably millions of accountants out there. Your argument is more applicable to say medicine or law.

 

[williamdaft]

That's actually not entirely true. For the money actuaries make, the workload is very good relatively. Your hours won't be significantly different to any other finance/accounting professionals, i.e. 9-5 with overtime here or there. You get paid that much because of how hard it was for you to get there, and because there's only few that can do what you do. Whereas there's probably millions of accountants out there. Your argument is more applicable to say medicine or law.

Yeah I was exaggerating a little.. but I'm very glad you honestly enjoy it. I just find it depressing how some really force themselves and have a really hard time during uni.

 

[zhiying]

That's a fine line to draw lol. I feel like I'm having a hard time once in a while, it's hard to know whether you really like it or you just want to give up because it is too hard

 

[Praer]

Okay newbies I'll clear some stuff up.

I'm in my 3rd year in actuarial studies and I do enjoy it. I highly recommend against taking advice from anyone who hasn't given actuarial studies a go yet, there is a lot of misconceptions going around. Yes its hard, perhaps one of the most challenging courses in university so yes you do have to put in a lot of effort and also maintain a level of consistency. First year isn't so bad, you learn all the basic finance/economics/accounting stuff plus you touch a bit on actuarial studies.

On average the cohort starts 180-200 people, by the third year there's about 80-100 left. Fourth year is NOT compulsory (unless you do a double degree), there are certain courses that you may wish to do to grant you further actuarial qualifications. These courses have about ~50 people enrolled, but this does not mean 3/4 of the cohort has dropped out by then. A lot of them chooses to work for a while first (very useful for these courses), a lot of them find non-traditional actuarial jobs or even other finance related jobs (not necessarily because they can't find an actuarial job) and realises that they do not need the further qualifications. I'd say the true drop out rate, i.e. people found it too hard or failed and then quit, is 50% at best. Still high, but there is so little info on this career before university that most people choose it without thinking it through.

In all honesty it is hard, but not at the level that you'll die doing it. Most people get destroyed because they fall behind, and actuarial courses are not ones you can magically catch up 2-3 weeks before the exam. Consistency is the key if you want to do well, and by well I mean like 80+. It's all relative as well, average for a final in a course in second year was 40%, but that doesn't mean everyone fails. Think of 4U and the ridiculous scaling. I ended up with a 97 in that course, but I'll admit I studied a lot for that subject and I liked the content.

For me its not boring, but it definitely isn't for everyone. With good time management and hard work I kept my WAM hovering just under 90 and I'm not a genius or anything so it's doable.

If you have any other questions just PM me.

Woah Thanks! You study @ macq or unsw?

 

[zhiying]

UNSW