Actuarial Studies (3 Viewers)

[zhiying]

If you went to info day you should've seen me at the actuarial studies stand. There are some credits in the course, which is kind of the minimum you need to progress.

 

[Praer]

Yeah, was there. in the commerce/business info.
Probs see you this year

 

[zhiying]

Sure, let me know if you have any questions

 

[mlw96]

Does anyone have any predictions as to what the cut-off for Actuarial studies @ UNSW will be this year? Do you think it will go up a lot from last year? :\

 

[zhiying]

I doubt it, it is a new degree so they wouldn't make any drastic changes after just a year. Plus 97 is already a very high cutoff, probably stay around the same

 

[4025808]

I wonder how many people will be taking actuarial studies for the money factor?

 

[williamdaft]

^A Lot

 

[4025808]

^A Lot

Basically I was one of those people. I also had the mentality that I could simply get Ds and HDs by working hard. Then you realize that lots of people in the Actuarial cohort come from selective schools and are pretty ready and competent in what they are doing.

I used to be doing actuarial studies, thought the job prospects were quite good, and that you could potentially earn lots of money. Unfortunately not. I heard that only around 30% of people who graduate work in jobs related to the actuarial field. The rest of the work in either finance, economics or even hold retail jobs. Although an actl grad job can pay you anywhere between 60K to 70K, realistically, it's very difficult to get. You also see that the avg starting salary for actl students are around 45K, which are in par with finance/marketing jobs. The real money (i.e. the 150K starting salary for a proper actuary) takes quite a while (around 3-5 years) to get and the passing rate for part III's (in order to get that 150K) is around 30%.

Not worth it if you're doing it for the money. If you want to do a job for the money, either change your mentality or go into chemical engo, software engo, petroleum engineering (what I am doing now) or mining engineering; you can earn 6 figures quite easily within 2-3 years.

 

[tashe]

If you want to do a job for the money, either change your mentality or go into chemical engo, software engo, petroleum engineering (what I am doing now) or mining engineering; you can earn 6 figures quite easily within 2-3 years.

Just wondering, why does chemical engineers receive a high salary? Is it because they need to be relocated?

 

[4025808]

Just wondering, why does chemical engineers receive a high salary? Is it because they need to be relocated?

You don't have to be relocated for the job, you would be working in the city environment. The reason why you would get such a high salary is because you are really accountable to the public; e.g. you can try to help devise solutions to problems like pollution in lakes, you help make and process materials and chemicals that will be consumed heavily by the public. If you are working for an oil company, chances are you will be working in oil refineries but you can earn shit tonnes of money. Also, supply and demand is another argument because I know that Chemical Engineers are heavily needed today in food production, recycling of plastics, cleaning up of rivers, etc. (Correct me if I am wrong for any of these)

Wages do vary depending on where you are at; if you're in a poorer city, you will earn less, but if you are in a larger and more wealthy city then you will be earning a lot more. (From what I read)

 

[tashe]

Okay. Thanks for the informative post.

 

[michaeljennings]

Hey guys,
I want to know more about this course.
What do you learn in this course?

For those studying or studied it, is it really hard? Is it true lots of people drop out?
What are your thoughts on it? Interesting? Boring?
What kind of careers can you do from this course?

Anything is appreciated.

Thanks guys

100 of the 250 people who started the course had dropped out by the first 3 semesters

 

[michaeljennings]

I have last year, I've spoken to older students and I've seen it for myself. I highly doubt half the students in actuarial drop out after first year.

I think there were ~180 students that enrolled in to 1st year actuarial studies in 2013. Looking at the enrolment for 2014 for a compulsory 2nd year subject for actuarial students, there are currently 142 students enrolled. There are probably still those who have yet to enrol in to the subject, and also a tiny number of students who were not 2013 UNSW 1st year actuarial students who joined too.

Half the students couldn't have possibly dropped out.

The drop out rate for your year is different because of the fact that you're the first set of students to do the bachelor of actuarial studies at unsw and the star requirement was higher. Previously people with atars as low as 91 would pick it just for the money and then drop it because it was too hard. Correct me if I'm wrong but the star cut off for you was 98 without bonus points?

 

[asianese]

It was 97.00.

 

[Praer]

The drop out rate for your year is different because of the fact that you're the first set of students to do the bachelor of actuarial studies at unsw and the star requirement was higher. Previously people with atars as low as 91 would pick it just for the money and then drop it because it was too hard. Correct me if I'm wrong but the star cut off for you was 98 without bonus points?

Yeah that was what i was thinking. Before B Act Studies came into UNSW, it was a major under commerce right? That means that they coulda gotten bonus points for the course hence even those with 91.3 atar could get in.

Correct me if I'm wrong. Thanks

 

[4025808]

Yeah that was what i was thinking. Before B Act Studies came into UNSW, it was a major under commerce right? That means that they coulda gotten bonus points for the course hence even those with 91.3 atar could get in.

Correct me if I'm wrong. Thanks

You're probably correct about that.

But then again I don't see why the drop out rate factor should be a problem; if they want to do a course to try and drop it, why can't they?

 

[Praer]

You're probably correct about that.

But then again I don't see why the drop out rate factor should be a problem; if they want to do a course to try and drop it, why can't they?

Just a casual discussion lol

 

[zhiying]

Cut off was 97. Even though a lot of people drop it isn't necessarily because people can't handle it. A lot of people have no idea what actuarial studies is about, and after trying it for 1-2 years they realise it isn't for them, so they move on. I think there's too much stigma attached to "dropping out", preferably let's use transfer out lol.

 

[Praer]

Cut off was 97. Even though a lot of people drop it isn't necessarily because people can't handle it. A lot of people have no idea what actuarial studies is about, and after trying it for 1-2 years they realise it isn't for them, so they move on. I think there's too much stigma attached to "dropping out", preferably let's use transfer out lol.

Still that high drop out rate scares the shit out of newcomers scary man...

 

[zhiying]

Still, I bet if I went and did an arts degree my WAM will probably halve.