Actuarial Stuidies

[dejan91]

Does anybody know about this course? It's taken as a major in BCo at Melbourne and is only one of four uni's hat offer it in Aus. Is it hard work?

[kurrymuncher]

I heard it was extremely hard with alot of maths involved. I think you need 38 raw in spesh to do it.

[Gloamglozer]

I was looking at that the other day as well.  I'm interested in it, but unfortunately, I don't do spesh so I don't know if I can even do actuarial studies even if I'm keen on it.

I was thinking of going to UoM's open day and asking.

[dejan91]

Yeah it looks really interesting but extremely challenging! Apparently, the 37 raw in specialist is so you can get into Maths advanced in the first year. Other than that, it's 95.6 clearly-in ENTER for BCo next year.

Gloamglozer, UoM open day is July 11, right?

[AppleXY]

Actuarial Studies is basically realising risks of a business using probability, statistical methods (which includes a heavy amount of calculus as well). It's mainly used in insurance industries to calculate premiums, where to invest and others.

It is a challenging profession, as you require accreditation from the IAA (institute of actuaries of australia) which generally takes around 8 years to complete (Part I, II, III and Professionalism).

The minimum salary recorded is 100K for FIAAs and max of 300K (without bonuses) with 10 years experience.

And it's not in BEco, it's a centre within department of economics though.

And btw UoM only has a BCom not a BEco.

Check out these sites:

http://www.actuaries.asn.au/default.htm
http://www.actuarialoutpost.com/
http://beanactuary.org

[dejan91]

Actuarial Studies is basically realising risks of a business using probability, statistical methods (which includes a heavy amount of calculus as well). It's mainly used in insurance industries to calculate premiums, where to invest and others.

It is a challenging profession, as you require accreditation from the IAA (institute of actuaries of australia) which generally takes around 8 years to complete (Part I, II, III and Professionalism).

The minimum salary recorded is 100K for FIAAs and max of 300K (without bonuses) with 10 years experience.

And it's not in BEco, it's a centre within department of economics though.

Sounds pretty awesome from what I've read about! I'm up for a challenge like that, not to mention that kind of salary What I like about it is that you are constantly applying what you learn. Obviously other courses are like that, but you know...

AppleXY, what do you mean it's not BEco though? What course offers it then?

[Gloamglozer]

Yeah it looks really interesting but extremely challenging! Apparently, the 37 raw in specialist is so you can get into Maths advanced in the first year. Other than that, it's 95.6 clearly-in ENTER for BCo next year.

Gloamglozer, UoM open day is July 11, right?

It's on the 16 August from 10-4.

http://openday.unimelb.edu.au/

EDIT:  dejan91, so in order to major in Actuarial Studies, it is a pre-req to do Spesh, get a 37 raw before you do Maths Advanced?

[AppleXY]

BCom offers it. Just major in Actuarial Studies.

@Gloamglozer, the pre-req is 27 for spec in actuarial, but if you want to do Mathematics I and II which is a more advanced stream you need 40 min.

I can post a course structure if you guys want it

[dejan91]

Well, according to a UoM booklet I got from my careers advisop at school, for Bachelor of Commerce it says:

Note: students intending to major in actuarial studies are encouraged to have completed Units 3 and 4 Specialist Mathematics. For acceptance into 620-121 Mathematics A (Advanced) without sitting a test, a study score of 37 or better in VCE Specialist Mathematics is required.

Btw, I was meaning the Access all areas school holiday event on July 11.

AppleXY, that would be awesome

[Toothpaste]

Yeah it looks really interesting but extremely challenging! Apparently, the 37 raw in specialist is so you can get into Maths advanced in the first year. Other than that, it's 95.6 clearly-in ENTER for BCo next year.

Gloamglozer, UoM open day is July 11, right?

It's on the 16 August from 10-4.

http://openday.unimelb.edu.au/

EDIT:  dejan91, so in order to major in Actuarial Studies, it is a pre-req to do Spesh, get a 37 raw before you do Maths Advanced?

The 37 raw in spesh maths is what allows you to enrol in the accelerated maths subject (620-157), compulsory if you want to major in actuarial studies.

(UMEP maths satisfies too)

EDIT: oops too slow, you already got your answer :]

BCom offers it. Just major in Actuarial Studies.

@Gloamglozer, the pre-req is 27 for spec in actuarial, but if you want to do Mathematics I and II which is a more advanced stream you need 40 min.

I can post a course structure if you guys want it

He meant 37 lol. Typo Prav.

[Gloamglozer]

No, thanks for your confirmation.  I just needed some sort of confirmation. 

Because I don't do spesh, there goes my career as an actuary.

EDIT:  Sorry, didn't see dejan's post.  Now I've got 2 confirmations.  Thanks lol.

EDIT:  Actually, that's 3 confirmations.  I can't count.

[wombifat]

Apparently a lot of people drop it. You'd have to be a hard worker and VERY good at maths. Also, I believe you are expected to complete a masters after your bachelor of commerce.

[dcc]

Lots of commerce students in 620-157, its amazing (i.e. at least 75%).  Funny, when they gave out a survey on how the subject was going, 80% of people said that it was going too quickly.  I guess they misread the subject name hahaha

[AppleXY]

Yeah it looks really interesting but extremely challenging! Apparently, the 37 raw in specialist is so you can get into Maths advanced in the first year. Other than that, it's 95.6 clearly-in ENTER for BCo next year.

Gloamglozer, UoM open day is July 11, right?

It's on the 16 August from 10-4.

http://openday.unimelb.edu.au/

EDIT:  dejan91, so in order to major in Actuarial Studies, it is a pre-req to do Spesh, get a 37 raw before you do Maths Advanced?

The 37 raw in spesh maths is what allows you to enrol in the accelerated maths subject (620-157), compulsory if you want to major in actuarial studies.

(UMEP maths satisfies too)

EDIT: oops too slow, you already got your answer :]

BCom offers it. Just major in Actuarial Studies.

@Gloamglozer, the pre-req is 27 for spec in actuarial, but if you want to do Mathematics I and II which is a more advanced stream you need 40 min.

I can post a course structure if you guys want it

He meant 37 lol. Typo Prav.

No the pre-req is 27. You can either do Linear Alegbra and Calculus 2 ---> Financial Mathematics, or do Math I and Math II --> Intro to actuarial studies ---> Financial Mathematics.

[Toothpaste]

No the pre-req is 27. You can either do Linear Alegbra and Calculus 2 ---> Financial Mathematics, or do Math I and Math II --> Intro to actuarial studies ---> Financial Mathematics.

Oh alright, didn't know that. Still, 40+ seems better for a mathsy based course :\

http://www.bcom.unimelb.edu.au/bachelor/majors/actuarial_studies.html#act_courseplan

Free stuff anyone? (attached):