Actuarial Studies vs. Engineering (1 Viewer)

[Bobbo1]

I am really stuck on a decision between these two career paths. For the HSC I did Adv english, 4U maths, phys, chem and economics, if that helps. Anyway, I would like to know the pros and cons of each career. Thanks

 

[hungwell1337]

actuarial is harder, pays more and because you are actually a commerce student theres a good gender mix in your classes, you also get a better timetable

 

[hungwell1337]

you also get better hours as an actuary than an engineer

 

[Bobbo1]

right, which one would you suggest?

 

[twistedrebel]

^no bias, 8-9/10 people dont finish actuarial, so it can be challenge. Depends on what engineering your interested in.

Engineering you learn stuff and countless more opportunites then actuaries. who do the most boring jobs

 

[hungwell1337]

pros of actuarial:
- $$$
- hours
- you wear a suit working in a big office building

cons of actuarial:
- hard
- hard to get in initially

pros of engineering:
- more practical work
- easy to graduate
- easy to find a job

cons of engineering:
- hours might be shit
- might require relocation/travelling to shit places

Both careers are somewhat rewarding, comes down to personal preference.

 

[hungwell1337]

^no bias, 8-9/10 people dont finish actuarial

nah, around 260 start in 1st year
around 100 are there at the end of 3rd year

of which around 60-70 will not have missed any exemptions and are employable. So pretty much 25% of the initial intake graduate with Part 1 completed. Of that, around 50% will be internationals with crap english so you should be o.k finding work when you graduate.

 

[Bobbo1]

nah, around 260 start in 1st year
around 100 are there at the end of 3rd year

of which around 60-70 will not have missed any exemptions and are employable. So pretty much 25% of the initial intake graduate with Part 1 completed. Of that, around 50% will be internationals with crap english so you should be o.k finding work when you graduate.

wow, i'm fairly certain if i apply myself over the next few years, then i can be one of those 60-70 people but is the actual job hard?

 

[hungwell1337]

Yes you can.

Im not an actuary i dont know, but based on supply/demand it probably is difficult...

 

[Bobbo1]

Ok, anyone else have any other ideas, thoughts?

 

[Ritz1024]

Ok, anyone else have any other ideas, thoughts?

Choose the one you can see yourself enjoy working for the next 30 years.

 

[jaychouf4n]

Most people studying actuarial don't end up becoming actuaries, even if they way to. The number of actuarial analyst positions at insurance companies is very small compared to the number of candidates. You have Macquarie and UNSW pumping out 200 actuarial students each year, and each insurance company takes around 3-4 actuarial students. Even at the big 4 in actuarial consultig, the majority taken end up being co op students from Unsw.

The cadetship I am doing right now in general insurance only took in 2 students. So you can imagine how difficult it is to become an actuary at an instance company. That's not to say actuarial is a bad degree, it's just that you shouldn't go into actuarial expecting to end up as an actuary in an insurance company. Many actuarial students end up in finance, whether it be IB or S&T, which may be a "sexier" industry for most students.

Personally, I would have done engineering simply because it gives great problem solving skills. Also the requirement of. 3 month internship to graduate (at Unsw at least!) means you build your work experience while you study.

Engineering also seems to be more interesting, for me at least. Actuarial is a basically studying statistics, and at Unsw is taught rather poorly. That's not to say that there arent good lecturers, it's just that alot of them aren't very good at teaching.


Also, have you considered doing both? It gives you the option of getting a taste of each, to see where you fit in the most.

 

[Bobbo1]

Most people studying actuarial don't end up becoming actuaries, even if they way to. The number of actuarial analyst positions at insurance companies is very small compared to the number of candidates. You have Macquarie and UNSW pumping out 200 actuarial students each year, and each insurance company takes around 3-4 actuarial students. Even at the big 4 in actuarial consultig, the majority taken end up being co op students from Unsw.

The cadetship I am doing right now in general insurance only took in 2 students. So you can imagine how difficult it is to become an actuary at an instance company. That's not to say actuarial is a bad degree, it's just that you shouldn't go into actuarial expecting to end up as an actuary in an insurance company. Many actuarial students end up in finance, whether it be IB or S&T, which may be a "sexier" industry for most students.

Personally, I would have done engineering simply because it gives great problem solving skills. Also the requirement of. 3 month internship to graduate (at Unsw at least!) means you build your work experience while you study.

Engineering also seems to be more interesting, for me at least. Actuarial is a basically studying statistics, and at Unsw is taught rather poorly. That's not to say that there arent good lecturers, it's just that alot of them aren't very good at teaching.


Also, have you considered doing both? It gives you the option of getting a taste of each, to see where you fit in the most.

Hhmmm, why don't people just start off with a finance degree in the first place? Wouldn't that be an easier pathway, instead of doing actuarial. And yes, I am thinking of doing an engineering/commerce double degree but it might also be a waste of time if I don't use both degrees simultaneously.