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Actuarial Studies (1 Viewer)
- Thread starter wgy182
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williamdaft
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^A Lot
4025808
Well-Known Member
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
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Just wondering, why does chemical engineers receive a high salary? Is it because they need to be relocated?
4025808
Well-Known Member
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)
michaeljennings
Active Member
100 of the 250 people who started the course had dropped out by the first 3 semestersHey 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
michaeljennings
Active Member
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
Well-Known Member
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
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...