Another actuarial query =/ (1 Viewer)

[gurmies]

Hey guys, i'm sure you're getting sick of the influx of actuary wannabe threads so i'll stick to the point. I want to do actuarial studies, and whilst I hear it's taught infinitely better at Macquarie and ANU, I have been travelling long distances for the many years of high school and would like to go to UNSW (which isn't too far from where I live). However, what i'm not a fan of is the fact that I have to do B/Com and major in actuarial studies. I'm not exactly sure what this means? It has this somewhat negative stigma attatched to it which suggests to me that there will be very little maths and not too much actuary theory. I am not sure if this predispoisition of mine is justifiable, but at Macq and ANU they have specific actuarial studies courses. Could someone shed a little light on how it's done at UNSW? Is it possible also to combine the advanced mathematics course (which I see has quantitative risk) with actuarial studies (or commerce/actuary major)? Thank you very much for your time =]

 

[tallkid34]

However, what i'm not a fan of is the fact that I have to do B/Com and major in actuarial studies. I'm not exactly sure what this means? It has this somewhat negative stigma attatched to it which suggests to me that there will be very little maths and not too much actuary theory. I am not sure if this predispoisition of mine is justifiable, but at Macq and ANU they have specific actuarial studies courses.

Even though you do actuarial studies under commerce, actuarial kids have their own specific courses (MATH courses) to do. The name doesn't mean anything. You'll still be doing a shitload of difficult maths anyway. There is no negative stigma attached as well as no one cares.

Could someone shed a little light on how it's done at UNSW? Is it possible also to combine the advanced mathematics course (which I see has quantitative risk) with actuarial studies (or commerce/actuary major)? Thank you very much for your time =]

Basically, first year actuarial students will do MATH courses instead of the required economic maths for everyone else. You'll also pick another major/minor and from what most actuarial kids do, its usually finance because its an easier version of actuarial. You'll also do the required economics and accounting courses in 1st year BUT the degree structure for commerce at UNSW is changing next year so look it up and have a read if you haven't already.

You could even do a combined Com/Eco or Com/Sci degree combining actuarial in your commerce degree and something like pure maths in the other. It's up to you.

 

[gurmies]

Even though you do actuarial studies under commerce, actuarial kids have their own specific courses (MATH courses) to do. The name doesn't mean anything. You'll still be doing a shitload of difficult maths anyway. There is no negative stigma attached as well as no one cares.



Basically, first year actuarial students will do MATH courses instead of the required economic maths for everyone else. You'll also pick another major/minor and from what most actuarial kids do, its usually finance because its an easier version of actuarial. You'll also do the required economics and accounting courses in 1st year BUT the degree structure for commerce at UNSW is changing next year so look it up and have a read if you haven't already.

You could even do a combined Com/Eco or Com/Sci degree combining actuarial in your commerce degree and something like pure maths in the other. It's up to you.

Thank you very, very much. At last some clarity.

 

[dvse]

Could someone shed a little light on how it's done at UNSW? Is it possible also to combine the advanced mathematics course (which I see has quantitative risk) with actuarial studies (or commerce/actuary major)? Thank you very much for your time =]

In my (admittedly extreme) view, there is no such thing as good teaching of actuarial studies because the syllabus is crap regardless and is more or less standardised across different unis. The courses you do at UNSW are virtually the same as what you do at ANU or MQ, so no need to worry.

If you are interested in advanced maths you must do a double degree with maths or stats, at UNSW or elsewhere. Oh and "quantitative risk" @UNSW is just a transparent marketing gimmick, stick to finance/maths for all the same material and more.

 

[gurmies]

In my (admittedly extreme) view, there is no such thing as good teaching of actuarial studies because the syllabus is crap regardless and is more or less standardised. The courses you do at UNSW are virtually the same as what you do at ANU or MQ, so no need to worry.

If you are interested in advanced maths you must do a double degree with maths or stats, at UNSW or elsewhere. Oh and "quantitative risk" is just a transparent marketing gimmick, stick to finance/maths for all the same material and more.

Thank you So, it's redundant (or impossible) combining advanced mathematics with commerce THROUGH WHICH I then do actuarial studies?

 

[lyounamu]

Thank you So, it's redundant (or impossible) combining advanced mathematics with commerce THROUGH WHICH I then do actuarial studies?

Do combined degree of Commerce + Science so that you can do Actuarial + maths lol.

 

[dvse]

Do combined degree of Commerce + Science so that you can do Actuarial + maths lol.

Yep that's exactly what I meant... Do a BCom/BSc and then pick actuarial as commerce major and maths or stats as BSc major... there will be virtually zero overlap. If you are not interested in working in insurance, finance would be a decent choice of commerce major as well.

 

[Studentleader]

Yep that's exactly what I meant... Do a BCom/BSc and then pick actuarial as commerce major and maths or stats as BSc major... there will be virtually zero overlap. If you are not interested in working in insurance, finance would be a decent choice of commerce major as well.

If he wants to work in finance it is more important to have an Advanced Mathematics degree (Quant Finance) than an actuarial degree.

Chances are you are going to be forced to do atleast Masters or a PhD to get a job as a quant - these programs will be orientated towards people who have mathematics backgrounds as opposed to finance ones. With that in mind a strong undergraduate background in mathematics is 'better.'

I dropped my commerce degree because I don't want to spend another 1.5 years as an undergraduate when I'll be doing a post-grad degree anyway.

Double degrees are all the fashion at this stage however would you recruit someone with a M.Sc (Financial Mathematics) or B.Sc (Maths) & B.Comm (Finance)?

In my (admittedly extreme) view, there is no such thing as good teaching of actuarial studies because the syllabus is crap regardless and is more or less standardised. The courses you do at UNSW are virtually the same as what you do at ANU or MQ, so no need to worry.

If you are interested in advanced maths you must do a double degree with maths or stats, at UNSW or elsewhere. Oh and "quantitative risk" is just a transparent marketing gimmick, stick to finance/maths for all the same material and more.

The actuarial syllabus is extremely outdated and with the low supply of actuaries in Australia I recall ANZ tryign to recruit an actuary who has a degree in Commerce/Economics/Engineering/Mathematics - the name of the degree means bugger all.

I personally am doing computer science as opposed to a major in Quant Finance/Economics because of how crap the units are at UWA - I'd put a fair bit of money saying there is more quants with a life sciences PhD than a Finance/Economics PhD.

 

[dvse]

If he wants to work in finance it is more important to have an Advanced Mathematics degree (Quant Finance) than an actuarial degree.

Chances are you are going to be forced to do atleast Masters or a PhD to get a job as a quant - these programs will be orientated towards people who have mathematics backgrounds as opposed to finance ones. With that in mind a strong undergraduate background in mathematics is 'better.'

I dropped my commerce degree because I don't want to spend another 1.5 years as an undergraduate when I'll be doing a post-grad degree anyway.

Double degrees are all the fashion at this stage however would you recruit someone with a M.Sc (Financial Mathematics) or B.Sc (Maths) & B.Comm (Finance)?

The actuarial syllabus is extremely outdated and with the low supply of actuaries in Australia I recall ANZ tryign to recruit an actuary who has a degree in Commerce/Economics/Engineering/Mathematics - the name of the degree means bugger all.

I personally am doing computer science as opposed to a major in Quant Finance/Economics because of how crap the units are at UWA - I'd put a fair bit of money saying there is more quants with a life sciences PhD than a Finance/Economics PhD.

What you say is true if one is interested in doing quant finance. On the other hand if you are just looking to get into a grad program at a bank, a finance undergrad degree would give some advantage over just a BSc. A combined degree maximises the options available at the end and also a lot cheaper than a masters.

The advantage of the actuarial qualification is that it is legally required for certain work to be carried out, so arguably provides some measure of protection against economic cycles.

 

[cyl123]

the maths you do in actuarial courses is not really maths in the purest sense like number theory and algebra, it is more tied to modelling, probability and statistics linked to insurance. However it is still (imho) quite demanding and a good mathematical background is necessary.

Finance, from what I have heard, kinda sucks... and unsw have notoriously bad lecturers in finance. Maths department on the other hand at unsw have pretty good lecturers overall. My advice is do maths/actuarial (unless you get co-op)... and just do the necessary commerce courses to get exemptions (first year core courses + ACTL courses in later years) and then just pick maths courses for everything else.

In terms of universities, the main objective is to get your exemptions for the first 2 parts. I think it is done the same in UNSW as in Macquarie and ANU. To get part 1 and part 2 in uni, you are required to study for 4 years, so that is why so many students opt to do double degrees such as Com/eco, com/sci or com/law

 

[gurmies]

B/Com and B/Sc (maths) sounds great! Thanks everyone for the input.

 

[lyounamu]

B/Com and B/Sc (maths) sounds great! Thanks everyone for the input.

high5!!! =)

 

[gurmies]

high5!!! =)

xD

 

[proringz]

I'm currently enrolled in B.Comm/B Sci (Actuarial and Maths), however starting from next year, they've restructured the commerce program and (in regards to your question) now offer a B.Comm/ B Sci (Advanced Maths), so I would go with that if I was you.

 

[dvse]

I'm currently enrolled in B.Comm/B Sci (Actuarial and Maths), however starting from next year, they've restructured the commerce program and (in regards to your question) now offer a B.Comm/ B Sci (Advanced Maths), so I would go with that if I was you.

But keep in mind that there is actually no difference between BSc Hons and BSc Advanced as long as you pick the right subjects.

 

[lyounamu]

What's a good major/minor to combine with Actuarial Studies?

Finance? Accounting? Information System and Management? What do you guys reckon?

 

[tallkid34]

What's a good major/minor to combine with Actuarial Studies?

Finance? Accounting? Information System and Management? What do you guys reckon?

Probably finance. Since its apparently an easier version of actuarial.

Accounting is great and all in terms of employability but chances are, if you've got the brains to do actuarial, you're probably going to become an actuary or work in some sort of quantitative role as opposed to doing accounting.

 

[lyounamu]

Probably finance. Since its apparently an easier version of actuarial.

Accounting is great and all in terms of employability but chances are, if you've got the brains to do actuarial, you're probably going to become an actuary or work in some sort of quantitative role as opposed to doing accounting.

But can't you do accounting AND actuarial majors and become actuary?

 

[tallkid34]

But can't you do accounting AND actuarial majors and become actuary?

I only gave you my opinion. Of course you can go do accounting and actuarial if you wanted to.

 

[lyounamu]

I only gave you my opinion. Of course you can go do accounting and actuarial if you wanted to.

Oh sorry. I was just curious >.<

BTW, do you know anything about ISM (Information + System mangement)???