actuarial vs. finance

[Minai]

Mmm..in my personal experience (talking with Managers/Senior Managers in Audit @ EY), it takes a tad longer than 5 years to make Senior Manager (except for the exceptional ones obviously)

 

[turtleface]

lol true 5 years is very hard, I think I said 6 though, I think ND thought I meant 5 when I referred to the IAA program taking that long. 5+1 for honours in Actuarial Studies = the 6 years.

RE: how long to qualify as a FIAA, I've heard its unlikely to pass every exam first try, so 5 yrs is reasonable. Still, the IAA exams don't have the lowest first time pass all modules rate. That'd be the CPA in the U.S. lol. 5% pass all modules first time last time I heard.

I said 6 years for Senior Manager, but I admit even then its not guaranteed. 6.5 is more likely at the firm I'm at. 6 if you get advance promotion (e.g. at Janurary, instead of normally at June) Even though the salary guides I chucked here:
http://community.boredofstudies.org/462/commerce-business/110627/accounintg-firms-cadetships/5.html?posted=1#post2403451
even though they say 6 years, I agree with Minai, it'd be very unlikely to be in 5 years. its often 3.5 before AssMan, 4.5 before Man1, 5.5 before Man2, 6.5 before Senior Manager.

signing off now, i've wasted too much of my exam prep on pro-accounting propaganda on this site lol

 

[§eraphim]

There was a survey which said that it took on average 5 yrs for all QUALIFIED actuaries to complete their exams by the IAA. This doesn't include people who dropped out mid-way.

 

[ND]

To complete all of their exams or just Part III's?

 

[§eraphim]

Part III exams (doesn't include the Business Practice module...or whatever it's called now)

 

[magiops2]

Hey guys, new to the board here
was looking around for info trying to compare an actuary and someone with a finance degree, imagine my surprise when i find this board with this exact topic.

Very helpful info so far, thnx for everyone who has contributed.

Someone previously said in this thread that pretty much an actuary can do mostly anything a finance guy can do. Does this apply to actuarial graduates (those who have not passed partII or III yet) ?

Also in regards to the recent discussion involving Investment Bankers, do you think an average actuarial graduate could get a job as an Investment Banker?

 

[RIZAL]

Also in regards to the recent discussion involving Investment Bankers, do you think an average actuarial graduate could get a job as an Investment Banker?


Depends on definition of average actuarial graduate. Plenty of my friends have interned at IB's though. Funnily, a lot don't choose to accept graduate roles with the IB's, instead opting for traditional actuarial roles or management consulting.

 

[Weeping Brook]

So a Finance degree (ie. a BComm major) is inferior to an Actuarial one?

I thought that Actuarial studies were involved mainly with insurance, risk mgmt & that. I'm more interested in investment/venture capital/mgmt/entrepreneurship. So it depends how similar an Actuary degree is to a Finance one.

 

[AppleXY]

I thought that Actuarial studies were involved mainly with insurance, risk mgmt & that. I'm more interested in investment/venture capital/mgmt/entrepreneurship. So it depends how similar an Actuary degree is to a Finance one.

Agreed. I'm also more interested in investment/venture captial/entrepeneuralship

 

[magiops2]

I see...fair enough then.
Investment banking sounds awesome but it means I'll have to give up my current actuarial study... I wonder if I'll be good enough to get any IB roles.

Thnx all for the responses

 

[skepticality]

Not really sure about UNSW, but at Mac as long as you're good at maths you wouldn't have to put in too much work for credits (in most subjects).

What is good at maths?

Getting 180-190 in 3U+4U HSC marks or
getting 190-200 in 3U+4U HSC marks?

Also to be getting a D avg in actl studies is pretty damn hard right? Do you pretty much hav to be performing at more than 190 in 3U+4U marks to have a chance?

 

[ND]

What is good at maths?

Getting 180-190 in 3U+4U HSC marks or
getting 190-200 in 3U+4U HSC marks?

Also to be getting a D avg in actl studies is pretty damn hard right? Do you pretty much hav to be performing at more than 190 in 3U+4U marks to have a chance?

I'd say >185 combined. A D average is not too hard if you are willing to study (or alternatively if you are relatively smart and know how to cram).

 

[JustWin]

which is better... actuaries at maq uni or co-op majoring actuaries in unsw?

 

[kunny funt]

which is better... actuaries at maq uni or co-op majoring actuaries in unsw?

the co-op coz they are placed into work and get $$$.

however the normal degree is better at macq (in terms of teaching).

 

[blackfriday]

haha the guy doing the unsw actuary co-op interviews said they like club mac grads better...

anyway the unsw handbook recommends 180/200 combined 3/4u maths for actuary.

 

[ks21]

Is the macquarie factor really that good?

 

[JustWin]

how hard is it to get a unsw co-op interview?

 

[blackfriday]

in the end as long as you did a decent job at uni, actuary grads wont find it so hard to get a job - just probably not as an actuary.

unsw actuary co-op is easier to get than finance co-op, i can tell you that

 

[AppleXY]

Actuarial looks very interesting, and intriguing... hmm... I'm gonna check out more about this great profession.