Actuarial studies

[tram]

I THINK and don't quote me but i hear that it is usually around thirty. I have just heard that figure before. May not be totally accurate

Fair enough That was more than I thought How many people do they start off with in first year, normally?

I would say they start with at least 100 ppl.

Btw, many ppl don't choose to take acturial studies further than the bachelor degree. Few do honours and even less then procced to part 3.

Btw, I'm now conciderinng going to maquarie to do act stud. Not only do they have aa good reputation and are accredited, but you are able to complete a double degree within 4 years. Not only does it allow you to gain expemtion from parts 1 and 2, however, you can get an extra degree in.

However, still comes back to: going to an interstate uni=$$$$$ 

However, on the plus side, they have quite a few scolarships so..........

Yeah, I'm considering Macquarie too - visited their stand today and it turns out you can do Bachelor of Act Stud/BLaw or BEconomics. So double degree in 4 years sounds great. She also said they take care of their students very well - around 150 actuarial first-year students each year, and MOST of them finish third year because if you are struggling with one of the subjects, they get a third or fourth year student to tutor and help you. There's no doubt they have good commerce/business programs and even the residential colleges cost less than Melbourne Uni. Dunmore Lang costs around $350-500, which is around $100 cheaper than Melbourne. So now I'm just tossing up between UoM and Macq. I never really considered the other 2 which were accredited by the IAA (that is, ANU and UNSW).

lol, i kno. The lady who was at the stand is VERY good at selling Macquarie. She had me totally convinced that i wanted to go there. like......i was soo pumped. She like told me about scolorships and eveything and how good the sct stud course was. But then at about 8 last night. I was back on the UoM train.

Melbs is just easier. It's here, i don't have to move out, it has an awesome diploma of music that dosen't take an extra year, it taked me 25 mins to get there by train and it's still accredited. Lol, basically the diploma is the big deciding factor. I would REALLY like to do it. I will be soooo heartbroken if i choose melbourne but then get rejected from the diploma of music when i audition:(

I wouldn't go to UNSW. you only can do a bachelor and it only get you exempt from part 1. Anu not too bad i don't think. But like with the colleges. Even a scolorships don't help a heap. Like none of the scolorships are THAT big that they'd cover the entire cost. And its A LOT of money. However the short double degree with exmeption from parts one and two is VERY tempting indeed

[AzureBlue]

lol, i kno. The lady who was at the stand is VERY good at selling Macquarie. She had me totally convinced that i wanted to go there. like......i was soo pumped. She like told me about scolorships and eveything and how good the sct stud course was. But then at about 8 last night. I was back on the UoM train.

Melbs is just easier. It's here, i don't have to move out, it has an awesome diploma of music that dosen't take an extra year, it taked me 25 mins to get there by train and it's still accredited. Lol, basically the diploma is the big deciding factor. I would REALLY like to do it. I will be soooo heartbroken if i choose melbourne but then get rejected from the diploma of music when i audition:(

I wouldn't go to UNSW. you only can do a bachelor and it only get you exempt from part 1. Anu not too bad i don't think. But like with the colleges. Even a scolorships don't help a heap. Like none of the scolorships are THAT big that they'd cover the entire cost. And its A LOT of money. However the short double degree with exmeption from parts one and two is VERY tempting indeed

Yeah, it's basically Melbourne or boarding at Dunmore Lang for Macquarie for me, though Melb is definitely easier, I would really like to do an actuarial studies double degree with law or economics in 4 years with those exemptions too (as opposed to 4 years at Melbourne with an honours year and single degree). I haven't really considered UNSW as an option.

In terms of courses: I reckon Macq > Melbourne = ANU > UNSW (Don't know all that much about ANU/UNSW to be honest)
Convenience: Melbourne > Macq = ANU = UNSW.

Yeah the lady at the stand also talked to me for a few mins about actuarial studies - I was thinking "This uni is even better than I thought it would be... I'm gonna go there!" If convenience/expense wasn't a factor, I'd choose Macquarie.

What instrument are you planning to do DipMusic in? I'm probably going to scrap the DipMSc cos it doesn't seem like it'll fit in - otherwise, I'll do an extra year for it, but with 4 years, you could get a DOUBLE degree at Macquarie (I don't know how they can fit it in, but I'm guessing because Macq doesn't force you to do so much breadth).

[EvangelionZeta]

@ AzureBlue, http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/dip_math_sci.html.  If you overload, you can finish Commerce and DipMSc in three years, I believe.

Also, you have to consider the practical applications of a double degree.  Do you plan on becoming an Actuary?  If so, will a Law degree on the side really help?  Ditto to Economics.  Think about these things through too.  =)

@ Tram re:ANU Colleges, non-catered colleges aren't all THAT expensive ($6000 a year?).  For catered, just pretend that you're paying an extra $6000 for 40 weeks of food, plus "assisted socialising"...

[AzureBlue]

@ AzureBlue, http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/dip_math_sci.html.  If you overload, you can finish Commerce and DipMSc in three years, I believe.

Also, you have to consider the practical applications of a double degree.  Do you plan on becoming an Actuary?  If so, will a Law degree on the side really help?  Ditto to Economics.  Think about these things through too.  =)

@ Tram re:ANU Colleges, non-catered colleges aren't all THAT expensive ($6000 a year?).  For catered, just pretend that you're paying an extra $6000 for 40 weeks of food, plus "assisted socialising"...

I don't think that's the case - check the link: http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/plans/commerce/actl.html

It has to be at least 3.5 years - I don't know if doing UMEP maths shortens this or not though. I plan on being an actuarial analyst or something like that. But it's always helpful to know law and economics is well... interesting, I guess. I don't know really, I'm only in year 10, and I've got to do some more research.

Macquarie Colleges are around $450ish which is like $18,000 pa (if there are ~40 weeks in a school year). I never knew non-catered residential colleges existed. $12,000 pa isn't that bad though.

[tram]

@ AzureBlue, http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/dip_math_sci.html.  If you overload, you can finish Commerce and DipMSc in three years, I believe.

Also, you have to consider the practical applications of a double degree.  Do you plan on becoming an Actuary?  If so, will a Law degree on the side really help?  Ditto to Economics.  Think about these things through too.  =)

@ Tram re:ANU Colleges, non-catered colleges aren't all THAT expensive ($6000 a year?).  For catered, just pretend that you're paying an extra $6000 for 40 weeks of food, plus "assisted socialising"...

I don't think that's the case - check the link: http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/plans/commerce/actl.html

It has to be at least 3.5 years - I don't know if doing UMEP maths shortens this or not though. I plan on being an actuarial analyst or something like that. But it's always helpful to know law and economics is well... interesting, I guess. I don't know really, I'm only in year 10, and I've got to do some more research.

Macquarie Colleges are around $450ish which is like $18,000 pa (if there are ~40 weeks in a school year). I never knew non-catered residential colleges existed. $12,000 pa isn't that bad though.

1) Umep gets you exempt from Accelerated maths 1. If you are doing Act. stud, they recommend you do Vector caculus instead (it's a second year subject) or you could do a subject that count towards ur diploma. look  @ http://mercury.ecom.unimelb.edu.au/SITE/actwww/ActuarialStudentsGuide2010.pdf for more details.

2) Exactly, A law degree would help. Like you can probs get better jobs cos a understanding of the legal system esp like business law and such give you more of an undestanding adn perhas banks may be more incluned to hire you. Or vice versa, you could do a more lawy job where an ability to create the models to predict events and caculate risk could come in very useful.

@ Evangelion: Yea i kno, but still .....it's a lot

[EvangelionZeta]

@ AzureBlue, http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/dip_math_sci.html.  If you overload, you can finish Commerce and DipMSc in three years, I believe.

Also, you have to consider the practical applications of a double degree.  Do you plan on becoming an Actuary?  If so, will a Law degree on the side really help?  Ditto to Economics.  Think about these things through too.  =)

@ Tram re:ANU Colleges, non-catered colleges aren't all THAT expensive ($6000 a year?).  For catered, just pretend that you're paying an extra $6000 for 40 weeks of food, plus "assisted socialising"...

I don't think that's the case - check the link: http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/plans/commerce/actl.html

It has to be at least 3.5 years - I don't know if doing UMEP maths shortens this or not though. I plan on being an actuarial analyst or something like that. But it's always helpful to know law and economics is well... interesting, I guess. I don't know really, I'm only in year 10, and I've got to do some more research.

Macquarie Colleges are around $450ish which is like $18,000 pa (if there are ~40 weeks in a school year). I never knew non-catered residential colleges existed. $12,000 pa isn't that bad though.

1. UMEP would definitely help - it should substitute for at least one (if not two) maths units.
2. Notice how the course examples only have four subjects a semester.  If you overloaded one subject a semester (which is generally what they let you do), plus count your one year 12 UMEP credit, then you can finish the amount of subjects they list in three years.
3. @Law/Economics, you'd get to learn maths if you went to UoM, along with whatever random breadth you decide to put in (Chinese?  Music?  Another language?  etc.).  Which would YOU prefer to learn?  :p
4. Holy crap @ Macquarie Colleges.  That's 50% more than ANU.  o_O  http://accom.anu.edu.au/UAS/2340/version/1/part/4/data/ANU%20Hall%20and%20College%20Fee%20Summary%202010%20v5.pdf?branch=main&language=default

@ AzureBlue, http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/dip_math_sci.html.  If you overload, you can finish Commerce and DipMSc in three years, I believe.

Also, you have to consider the practical applications of a double degree.  Do you plan on becoming an Actuary?  If so, will a Law degree on the side really help?  Ditto to Economics.  Think about these things through too.  =)

@ Tram re:ANU Colleges, non-catered colleges aren't all THAT expensive ($6000 a year?).  For catered, just pretend that you're paying an extra $6000 for 40 weeks of food, plus "assisted socialising"...

I don't think that's the case - check the link: http://www.undergraduates.ms.unimelb.edu.au/new_generation/dip_math_sci/plans/commerce/actl.html

It has to be at least 3.5 years - I don't know if doing UMEP maths shortens this or not though. I plan on being an actuarial analyst or something like that. But it's always helpful to know law and economics is well... interesting, I guess. I don't know really, I'm only in year 10, and I've got to do some more research.

Macquarie Colleges are around $450ish which is like $18,000 pa (if there are ~40 weeks in a school year). I never knew non-catered residential colleges existed. $12,000 pa isn't that bad though.

1) Umep gets you exempt from Accelerated maths 1. If you are doing Act. stud, they recommend you do Vector caculus instead (it's a second year subject) or you could do a subject that count towards ur diploma. look  @ http://mercury.ecom.unimelb.edu.au/SITE/actwww/ActuarialStudentsGuide2010.pdf for more details.

2) Exactly, A law degree would help. Like you can probs get better jobs cos a understanding of the legal system esp like business law and such give you more of an undestanding adn perhas banks may be more incluned to hire you. Or vice versa, you could do a more lawy job where an ability to create the models to predict events and caculate risk could come in very useful.

@ Evangelion: Yea i kno, but still .....it's a lot

Is Law actually relevant to being an actuary?  I'm curious.  o-o

[tram]

Is Law actually relevant to being an actuary?  I'm curious.  o-o

Well not strictly, but it can definitely help. Law is always a useful degree ,expecially if you don't want to be JUST an actuary. Like if you wanted to work in a bank as an analyst, a law degree would offer a lot more oportunities to expand and grow. Just a question, What is the rep of Macq law like? Is it considered very highly?

And yea, Macq colleges are ridiculously expensive:(

Yeah, it's basically Melbourne or boarding at Dunmore Lang for Macquarie for me, though Melb is definitely easier, I would really like to do an actuarial studies double degree with law or economics in 4 years with those exemptions too (as opposed to 4 years at Melbourne with an honours year and single degree). I haven't really considered UNSW as an option.

1)With eco as a degree it takes 4 year but law makes it 5, how ever if you wanted to do act stud then law at melb, with exemption from parts one and two, it's seven years which is two less years of work experience

In terms of courses: I reckon Macq > Melbourne = ANU > UNSW (Don't know all that much about ANU/UNSW to be honest)
Convenience: Melbourne > Macq = ANU = UNSW.

totally agreed, but as i said beofre, what is the rep like for the non acturial courses at Macq? cos thats also what we've gotta weigh up

Yeah the lady at the stand also talked to me for a few mins about actuarial studies - I was thinking "This uni is even better than I thought it would be... I'm gonna go there!" If convenience/expense wasn't a factor, I'd choose Macquarie.

Yup she had me convinced too, like when i finshed talking to her, i turned to my mate and was like....."i am soooooo going to macquarie"

What instrument are you planning to do DipMusic in? I'm probably going to scrap the DipMSc cos it doesn't seem like it'll fit in - otherwise, I'll do an extra year for it, but with 4 years, you could get a DOUBLE degree at Macquarie (I don't know how they can fit it in, but I'm guessing because Macq doesn't force you to do so much breadth).

Double Bass. Yea but i reli wanna do the diploma of music, and the extra curricular music looks good on the cv, but then again, so does an extra degree. Dammit, it's so frekin hard to weigh up. I wish i had started thinking about this in yr 10 like u azure. now i need to think about this and i don't have the time!

[EvangelionZeta]

Is Law actually relevant to being an actuary?  I'm curious.  o-o

Well not strictly, but it can definitely help. Law is always a useful degree ,expecially if you don't want to be JUST an actuary. Like if you wanted to work in a bank as an analyst, a law degree would offer a lot more oportunities to expand and grow. Just a question, What is the rep of Macq law like? Is it considered very highly?

And yea, Macq colleges are ridiculously expensive:(

Yeah, it's basically Melbourne or boarding at Dunmore Lang for Macquarie for me, though Melb is definitely easier, I would really like to do an actuarial studies double degree with law or economics in 4 years with those exemptions too (as opposed to 4 years at Melbourne with an honours year and single degree). I haven't really considered UNSW as an option.

1)With eco as a degree it takes 4 year but law makes it 5, how ever if you wanted to do act stud then law at melb, with exemption from parts one and two, it's seven years which is two less years of work experience

In terms of courses: I reckon Macq > Melbourne = ANU > UNSW (Don't know all that much about ANU/UNSW to be honest)
Convenience: Melbourne > Macq = ANU = UNSW.

totally agreed, but as i said beofre, what is the rep like for the non acturial courses at Macq? cos thats also what we've gotta weigh up

Yeah the lady at the stand also talked to me for a few mins about actuarial studies - I was thinking "This uni is even better than I thought it would be... I'm gonna go there!" If convenience/expense wasn't a factor, I'd choose Macquarie.

Yup she had me convinced too, like when i finshed talking to her, i turned to my mate and was like....."i am soooooo going to macquarie"

What instrument are you planning to do DipMusic in? I'm probably going to scrap the DipMSc cos it doesn't seem like it'll fit in - otherwise, I'll do an extra year for it, but with 4 years, you could get a DOUBLE degree at Macquarie (I don't know how they can fit it in, but I'm guessing because Macq doesn't force you to do so much breadth).

Double Bass. Yea but i reli wanna do the diploma of music, and the extra curricular music looks good on the cv, but then again, so does an extra degree. Dammit, it's so frekin hard to weigh up. I wish i had started thinking about this in yr 10 like u azure. now i need to think about this and i don't have the time!

http://www.australian-universities.com/ratings/law-school-rankings/ 

Also, you can make the Melbourne JD only take two years if you overload.

[tram]

hmmm
dammit that intersting........it's not very high not for the law ranking not teh general ranking..............but does it act stud program weight out??

[AzureBlue]

I just asked my cousin who did actuarial studies (in Melbourne Uni) before switching to finance, and she said that approximately 50 out of the ~300 students (about >20%) that start actuarial studies pass third year. About 20 go on to do honours because you have to get 85+ on all your subjects or something, not really sure about that part.

I am doubting that "the vast majority" of Macquarie students, who, once starting actuarial studies carry through and pass the third year - that would be too good As well as the double degrees which give exemption to Part II without having to do an honours year. I'm leaning towards Macquarie... but does convenience/cost outweigh all these benefits?

[tram]

I just asked my cousin who did actuarial studies (in Melbourne Uni) before switching to finance, and she said that approximately 50 out of the ~300 students (about >20%) that start actuarial studies pass third year. About 20 go on to do honours because you have to get 85+ on all your subjects or something, not really sure about that part.

yea the numbers sound correct but wow, that's A LOT of ppl that drop out. I wonder what motivated them to do acturial studies in the first place (apart from money) and how much they actually liked maths and their reasons they dropped out of acturial studies apart from the maths being too hard

[tram]

Also, you can make the Melbourne JD only take two years if you overload.

yes but that's absolutely crazy, it is two years of non-stop work, no rest at all, you would probs be beta off doing it in three years and doing work experience during the hols if you were that hardcore about doing law

[AzureBlue]

I just asked my cousin who did actuarial studies (in Melbourne Uni) before switching to finance, and she said that approximately 50 out of the ~300 students (about >20%) that start actuarial studies pass third year. About 20 go on to do honours because you have to get 85+ on all your subjects or something, not really sure about that part.

yea the numbers sound correct but wow, that's A LOT of ppl that drop out. I wonder what motivated them to do acturial studies in the first place (apart from money) and how much they actually liked maths and their reasons they dropped out of acturial studies apart from the maths being too hard

I don't think most of them dropped out... they just failed a subject

[tram]

oh, ok, still wonder how much they liked maths tho...

[pi]

(sorry for the necromancy, but this thread seems like the right place to continue discussion)

So, for those doing acturial studies this year (tram, TT?, others?), how are you coping? Just went through the whole thread, and I got the following:
- It's bloody hard
- The maths is mainly probability
- Not many people pass
- There are three parts, but not many do part III
- High demand, ~1700 only
- Handy pay at the end

I am seriously considering this for next year. I love maths (mainly the calculus/trig/algebra side), but disliked yr11 probably and have never really done any stats work. I can't use C++ or any other programming very well (other than BASIC, to an extent). (I also like $$$ )

Main question is: what do actuaries do that is different from accountants and general financiers? (including, does anyone have any real-life examples of scenarios that an actuary would work in) What companies do they work for? I've heard things about working in 'risk management', but can't find much decent info on what they ACTUALLY do and WHERE they work.

Also, could someone please explain the 'exemption' of parts I and II that I read in this thread? Something about an Honours exempting these exams? Any links/clarifications/more-info/advice for these 'parts' would be very helpful and much appreciated.


(I was thinking the UoM BComm pathway btw, if that helps)

Thanks!


EDIT: TT, are u doing actuary now? In the thread you said u weren't, but in your sig u are...