Actuarial Studies Help

[justwannawish]

Hey, I'm currently tossing up between double degrees for actuarial studies. I've gotten a guaranteed entry for Macquarie's actuarial studies/science (planning to do a major in data science) but I'm also waiting for an offer for Law/actuarial studies at UNSW. And I'm deliberating on where to go if I do get in since I like both prospects equally

Here's the breakdown!
- both universities are nearly equally far apart from my house, so location isn't a concern, even if I do like the look of UNSW a bit more (literally a minor quibble). Both cover the same exclusions from the actuarial institute, though for the part II, UNSW requires a distinction average and MQ only a credit. But I don't know whether UNSW has easier exams or anything like that. Prestige isn't really a big thing for me, though I am interested in the graduate employability.

- MQ: I do have a scholarship for MQ for 5K a year which is very appealing. But I don't know whether majoring is data science is the same as getting a degree in it and becoming a data scientist, and how difficult it is. Does anyone know the scope for data science, I've seen it be a growing degree but don't know if it's something I can get a job in if actuarial goes badly. But I've heard there's more cross overs between those two degrees, so maybe that's something I can look into.
- UNSW: Law was once my passion but idk if I will get in (98+ atar, 81/100 lat). secondly, whether the workload of Law/act will be too draining. Thirdly, my career's adviser said there is an oversaturation of lawyers and I would have to do excessively well like top 2 of my graduating class to get a job. I also don't know if it's ridiculously hard to get a distinction average.

Would anyone like to share their thoughts on the matter?

[RuiAce]

This is pretty hard to decide to be honest. Especially since MQ and UNSW are both very strong at actuarial studies.

I will (unfortunately) have to confirm that the law/actl combination is seriously draining. I have a few friends who do it, but all I know is that at least they're meeting the part I exemptions. The WAM takes a bit of a hard hit when you're doing a degree that's by nature a WAM killer.

There is indeed an oversaturation of lawyers these days, but if it helps, from memory I don't think you have to work in a lawyer? I forgot what the lecturers discussed but I think you can also work in a legal centre or something like that?

But having said that, doing actuarial studies and majoring in data science equips you with a majority of the skills all data scientists have anyway. You'd still be eligible for the jobs regardless. The only difference is that you start off with a bit of an actuarial background, but that doesn't mean in the long run you can't switch over to being 100% a data scientist. Data science is booming these days anyhow so with that scholarship in mind, I'd have slightly tended towards MQ.

(With that scholarship - do you need to put MQ as your first preference to be eligible for it?)

[justwannawish]

Hm, thank you for that analysis. I kinda don't want to flunk my WAM by trying to manage two excessively demanding courses, especially when actuarial requires a good one for the exemptions. Having read your reviews of the actuarial course, it does seem challenging enough on its own without adding law to it.

Analysing the job prospects, I think data science might be a more opportunistic career, since it's more of a newer perspective than anything and I feel as knowing I could easily go into data science through the major might make it more of a rational choice. But then law does seem somewhat more stable based on the little I know about the two, I guess my bias plays into it.

I don't think I do have to place it first, based on their requirements online but I might do it just to be sure!

Who is eligible?
To be eligible to receive a scholarship offer, you must meet the following criteria:
*       Students with an ATAR of 98.00 or above, excluding adjustment factors
*       Australian or New Zealand citizens
*       Current school leavers or gap year students
*       Have received an offer and accepted through UAC for a Faculty of Business and Economics undergraduate degree program, including associated double degrees, studying full-time

[RuiAce]

If above all you want to give law a try anyway, put that in front. Money can't necessarily buy happiness

But yeah, it's going to be a bit of a hit to your WAM and you'd have to be prepared for it. If you decide that the risks are too much, just go with the alternate option. It won't really appear as a rational choice to me because at least you're thinking it all out, and of course asking for advice regarding it.