How hard is Actuarial Studies (1 Viewer)

[jonathan__]

Okay I've heard stories about the big money you make being one and the 24-7 number crunching involved. But for those currently in the course, how many hours do you study and how many hours are you meant to study (i.e. at home, not including going to tutorials or wateva)? Also, does it get harder after first year or easier? Cheers.

 

[santaslayer]

Actuarial is hard.
Graduating from it is very hard.
Obtaining ALL the necessary qualifications is harder.
Trying to get a job in Australia is hardest.

I think it's hard. I looked at one of the 3rd year texts and I was like, WTF???

I think in the subject outlines they have recommended hours per CP.

 

[Supra]

lol i dont study much man...we're meant to study heaps...it gets MUCH MUCH harder after 1st year...
if your a good thinker (maths X2 is a reasonable indication of your ability to think)..its not 24/7 number crunching (they're not accountants )...actuaries dont sit in a room and integrate all day, they solve real life problems with stochastic (probability), economic, mathematical models...its challenging yet rewarding...and the people you meet are all very intelligent and will help you along the way...

you will make good money when you become FIAA (Fellow of the Institute of Actuaries of Australia)...which will take several years...

trust me its difficult, u cant really bludge (unless your pretty smart), laziness will screw you up and make ur life unnecessarily difficult...but yeah you get out what you put in...its a doable course, if you do your work...dont be scared off

the big question is DO YOU REALLY WANT TO DO ACTUARIAL STUDIES?!
if, in your heart, dont really want to do it but just want the money, you'll find this course extremely difficult...

btw what area do you ultimately want to get into...what seems to interest you most? what other courses are you considering?

 

[Supra]

hmm i doubt many actuaries are unemployed after htey graduate...if they dont find genuine (or traditional) actuarial positions, they can move into other positions (like analyst positions etc)...quantitative skills are in demand...
the thing is, the money is much better overseas...but quality of life (which is a subjective thing) is imo better here ]

flyin, isaaq etc. would know a lot more about the employment prospects than me though

 

[jonathan__]

yeh i plan to stay here in aust cos i guess there's not much to complain bout living here..well i plan to go for a double finance with actuarial or just do actuarial by itself...well yeh i don't plan to study too much, just to get a pass would be fine (although i hear passes aren't as easy as they sound)...btw, Supra, how many hours do you study a week and how did u go for MX2?

 

[jonathan__]

well yeh money is a huge incentive but i plan on working in this area anyway cos yeh i like economics, finance, etc. One more q: is it more interesting that being an accountant? My dad told me how it's heaps better being an actuary cos u can work in groups to solve problems. is it tru?

 

[ace]

What exactly IS Actuarial Studies anyway? I know it's related to accounting and finance, but that's about the limit of my knowledge. I'm currently having second thoughts on my choices for Uni and I'm looking at either engineering or something commerce/accounting-orientated (mostly becuase I could crunch financial numbers very quickly at school and read business statements pretty quick as well. M unt reckons I should join the fraud squad because I found money had been embezzled in a statement she drew up to see if I could do it), but I know actualial studies is related to the subject in some way ...

acturial = math for commerce people = bean counters

e.g., using data predict things, translate information, manipulation of numbers

in a very rough overview

acturial looks hard only since its very mathimatical based, if you hate maths, don't think acturial, not even the quest for money will be able to purge your soul for the dislike for math

 

[§eraphim]

actuarial - a difficult degree due to its compactness and relative difficulty of the examinations (compared to amount taught). coming out as a fully qualified actuary pretty much means you must be very smart. however, in terms of course content it superficially covers financial modelling and statistical concepts (according to sum1 i know doing Honours in Stats after doing Actuarial/Math in Comm/BSc)

 

[Supra]

yeah what seraphim said...actuarial is much more difficult than accounting...and we only do a little bit of accounting, theyre two different areas...accounting is retrospective, looking the past...actuarial is prospective, looking at hte future...so they analyse and manage the risk of future circumstances for insurance companies and banks (IB context...i.e mergers and acquisitions) etc etc...

It not only looks hard, it is hard

 

[BillyMak]

It not only looks hard, it is hard

Here here!

We just got our first Actuarial Studies quiz marks back. Out of the 165 people that sat the test the median was 39%, and these are all people that did well in 4 unit maths in yr 12, got UAIs of 95+ etc. etc.

 

[Supra]

lol what subject was that for? or do u guys actually do a subject called actuarial studies?

btw for anyone wanting to do actuarial, dont be too intimidated by teh above

 

[BillyMak]

lol what subject was that for? or do u guys actually do a subject called actuarial studies?

btw for anyone wanting to do actuarial, dont be too intimidated by teh above

Yeah, it was for ACTL1001- Actuarial Studies and Commerce.

The lecturer who set the quiz has a reputation for making the quizzes extremely hard, so a median mark of about 39 is normal.

 

[redslert]

no you had a pretty damn easy quiz, it only shows that the standards are dropping

 

[BillyMak]

I looked at the papers from the last few years, and personally I think they were all similar difficulty, if not ours harder.

 

[santaslayer]

Here here!

We just got our first Actuarial Studies quiz marks back. Out of the 165 people that sat the test the median was 39%, and these are all people that did well in 4 unit maths in yr 12, got UAIs of 95+ etc. etc.

95.00 is a VERY low UAI.

Actuarial-y speaking anyway.

 

[CrashOveride]

BillyMak

can i see any of these past quizzes or wahtever for this ACTL course you are doing?

i want to compare the difficulty with ACST151 at MQ

cheers =]

 

[I Robot]

Here is Quiz 1 from ACTL1001 (Average 40.24, minimum mark 2, maximum mark 84)

and as an added bonus, here's Assignment 1, which I haven't started on

 

[redslert]

interesting

assignment wise, the difficulty is on par if not just below last year's
lol you have easy first question

and the last question lol he tells you it's Jensen’s inequality, last year he didn't say anything and just prove the stupid inequality which was a giant wtf

 

[CrashOveride]

actl1001 >> acst151 =p


Actually, i think it's because they give it to u guys in sem2. You do a fair bit of math in sem1 , whereas we went straight into the intro to acst stuff in sem1. So hence, when you do your 1001 in sem2 they expect a bit more

 

[t-i-m-m-y]

jonathan__: I think you shouldn't be drawn to actuarial studies because of the $$$. Sure, actuaries may earn lots, but hey, not every graduate gets the job that earns all the $$$. Besides, you gotta enjoy it too.

And dude, if you don't plan on studying much, or just aiming for passes, I suggest you look elsewhere- it's not for you. You need at least credits in most subjects to obtain your professional exemptions. Unless you want to be an unqualified actuary

Actuarial studies requires sheer determination & perserverance, some mathematical ability and a little bit of luck.

And to whoever asked what Actuarial studies is, I quote the UNSW handbook- go figure

"Actuarial Studies involves the application of quantitative, economics and financial models and analysis to long-term financial management particularly in life insurance, general insurance, health insurance and superannuation, as well as in other financial services.

Actuarial courses at UNSW involve the study of models used to quantify and manage risks and the principles involved in pricing, risk assessment, investment, financial management and financial soundness of insurance companies, benefit plans, financial service companies and financial projects.

The courses are quantitative and intellectually demanding. Students require a strong ability and interest in mathematics, statistics and their applications to business. Actuaries are employed by insurance companies, superannuation funds, banks, and governments and also practise as consulting actuaries."