hrm, whats this about ACST101? (1 Viewer)

[Grey Council]

hrm, just started to research actuarial studies at Macquarie, and supposedly:

HSC Headstart
Outstanding High School students can attempt ACST101 "Techniques and Elements of Finance" externally on the Web while still at school. This can then form a pathway into Actuarial Studies and give them a head start on their degree.

Worth doing? I'm not really interested in this cause of the pathway into ACST bit, i'll get into Actuarial studies easily (or so i'm thinking, hrm, maybe i'm overconfident ), but I thought i'd try to find out what actuarial studies is actually about. And I figure it can't hurt to have done one subject already.

In your opinions, is it better for me to concentrate on my HSC, or is it worth trying this out?

hrm, seems interesting.

 

[flyin']

Hmmmm, ACST101 is said to be the easiest three-credit points for an Actuarial Student.

Now having said that, is it worth it?

- You will have more time during the semester when everyone does ACST101 - I presume Semester 2.
- You won't really find out what Actuarial work is like through this one unit. You'll be "introduced" to Actuarial Studies in ACST151 - aptly titled "Introduction to Actuarial Studies"
- ACST101, the course itself, is as such:
1. A more technical approach to time payments - called Techniques. Mostly, number-crunching. You would've seen Loan repayments, Superannuation in 2U. They'll also work on other aspects.
2. There is a component called Elements. Mindless memorisation about facts about finance and institutions.
- If you're confident about getting in, then you'll probably get in for sure. Doing this unit may take some time, depending on how you approach.
- The unit would be beneficial in understanding certain concepts in ACST151.

I wouldn't really know whether I would do it or not, if I was given the chance, with what I know now.

If you have heaps of spare time, go ahead.

 

[Grey Council]

think about it like this:
my religion pretty much isolates me from friends. Like, I have friends (obviously, lol, i'm very heavily extroverted) but I don't go to the cinemas, don't party, pretty much stay at home all day every day.

so I suppose time isn't all that much of a problem.

having said that, what is your advice now?
hrm, the ONLY thing stopping me now is convincing my parents. Like i said before, I won't be able to work with interest related jobs, so if there is no jobs that don't require interest involvement, i can' really go ahead, now, can i?

damn it

 

[flyin']

Oh, there are jobs without relating to interest rates. Many. Will you be well off, I don't know =p

In the light of that new information, go for it! As in do ACST101!

 

[Grey Council]

i've asked my parents. They really don't want me to do actuarial studies at all. hurmph

i think I'll just search for actual jobs, and then ask my parents again.

and whats the point of doing actuarial if I won't even be well off. I know I like maths, but i might as well do accounting/chartered accounting. mm

 

[flamin']

Originally posted by Grey Council
i've asked my parents. They really don't want me to do actuarial studies at all. hurmph

i think I'll just search for actual jobs, and then ask my parents again.

and whats the point of doing actuarial if I won't even be well off. I know I like maths, but i might as well do accounting/chartered accounting. mm

Tell your parents to suck on it.

My parents tried to make me become a doctor. I tried and failed miserably. Then went into vet. Got a scholarship and everything for that. Then they told me not to do it and so did like a zillion other people. So I didn't. Actuarial was late round for me. I missed out on everything. Do what you want to do.

Though I never really wanted to do Actuarial.. I just picked it coz it was there, I still don't know what I want to do.

 

[-=«MÄLÅÇhïtÊ»=-]

my parents wanted me to be a pornstar, but who cares what they want, look at me now. its all worth it man

 

[Toby]

Originally posted by Grey Council
i've asked my parents. They really don't want me to do actuarial studies at all. hurmph

i think I'll just search for actual jobs, and then ask my parents again.

and whats the point of doing actuarial if I won't even be well off. I know I like maths, but i might as well do accounting/chartered accounting. mm

I think anyone thinking of doing actuarial studies should do A LOT of research about what the course is about, so there'll be no regrets on choosing another course (e.g. law, medicine, dentistry, accounting)

Personally, I didn't like it much, and ended up changing degrees in the first week of uni to accounting/law and then changing into accounting

Nevertheless, if you can do it, you'll be earning much more than most other jobs (after 3 exemptions for FIAA and getting a job)

btw, how many units are you studying? If you're a dedicated student, go for it!

 

[Grizzly]

Originally posted by Toby
Nevertheless, if you can do it, you'll be earning much more than most other jobs (after 3 exemptions for FIAA and getting a job)
[/B]

I would be interested if you could back this up, in conjunction and comparision with, 1. career oppurtunites, 2. owning your own business. Btw: not denying the fact that acst's rake in the $

Not picking on Aussie (Acst's working in Australia - e.g, i relate this to my friend doing acst and going back to native land to work) - but from my personal understanding - please correct me - but wouldnt companies only take the cream of acst's in a uni ?

 

[Toby]

Originally posted by Grizzly

Not picking on Aussie (Acst's working in Australia - e.g, i relate this to my friend doing acst and going back to native land to work) - but from my personal understanding - please correct me - but wouldnt companies only take the cream of acst's in a uni ?

Actuaries can work in a number of firms (e.g. life insurance, superannuation, etc) and have good career prospects. The reason i chose it in the first place was on advising day, they had a survey with stats of past actuarial students, and whether they were employed, and it was

2001:13% Unemployed/looking for work
2002:4% UE
2003:4% UE OR (2000,2001, 2002 respectively, can't remember)

something along those lines (i threw away all actuary info forms and deleted favourites-links a while ago)

I think they go overseas to earn even more $$$? Who cares where they are working, as long as they have a lucrative job

 

[Grizzly]

Cool, thanks for the info Toby

Do you think its lucrative because it just the in thing at the moment - just like medicine was, or IT was - or because it just attracts hard workers seeking money

In fact, i was looking the the top 100 salaries in USA, and acturies far from topped the list - they earnt , on average , nationwide (USA), $66,xxxUS - compared to the $13x,xxx earned on average by surgeons.

So im guessing its just Aust, and maybe asian markets that demand ACST's and pay well for their services.

That's kinda why i asked, can they own their business - e.g contract out other "junior" ACST'S services to other firms ? never heard of this done before. NM, i just business minded


EDIT : if you would like to see the salary list , ill search for it again.

 

[Toby]

"Career Opportunities for Actuaries
The actuarial profession is a fast-growing one with opportunities opening up throughout Australia and the world. In Australia, the number of qualified actuaries as at September 2003 was 1,275. Typically, a newly qualified actuary would earn around $95,000-$110,000 per annum, with at least an $11,000 increase per year for several years. More senior, experienced professionals would earn in the vicinity of $200,000 per annum.

From Europe to Asia to the Americas, actuaries are in demand in a growing number of industries and the work is no longer restricted entirely to the finance and insurance industries. For instance, opportunities for actuaries are opening up in such diverse areas as health and education, the environment and climate change, public infrastructure, and genetics"

http://www.actuaries.asn.au/PublicSite/about_us/about_us_frameset.htm

that's for australia
hmm... maybe they're exaggerating just a little...
anyway, the process to become a qualified actuary is just.... sooo long.... well, not really (compared to medicine)

edit: yea 66,000 US is still a lot (~95000 AUD???)
and think about the work of a surgeon, too much ethics and stress i think (depends on their field, e.g. i think they might be referring to specialists like brain surgeons or something)

 

[Grizzly]

no, average salary is $66,000 - thats only $88,000AUS
(90,000 / 46 working weeks ) / 5 days in a week / 8hrs in a day = <$50 an hour.
Even calculating at 120k only is ~$65 an hour.
I dont feel thats a highly paid position. (Comparison to my dad's hourly rate, who works in the finance sector but runs their computer system/databases.)
True, thats judging it from the USA market, but ... i think that ACSTs are only in high demand, and pay, in Aust+Asia.

also, Assuming there is 1200 odd ACST's from that article - logically, half, if not more, earn less than 90k per year.

I'll find my source

 

[Grizzly]

here you go
http://www.studentsreview.com/salary.shtml

 

[Grizzly]

1. Surgeons
$65.89/hr
$137,050/yr

2. Obstetricians and gynecologists
$64.15/hr
$133,430/yr

3. Anesthesiologists
$63.31/hr
$131,680/yr

4. Internists, general
$61.03/hr
$126,940/yr

5. Pediatricians, general
$56.03/hr
$116,550/yr

6. Psychiatrists
$54.60/hr
$113,570/yr

7. Family and general practitioners
$52.89/hr
$110,020/yr

8. Dentists
$53.28/hr
$110,820/yr

9. Chief Executives
$51.77/hr
$107,670/yr

10. Airline pilots, copilots and flight engineers
(N/A)
$99,400/yr

11. Podiatrists
$45.43/hr
$94,500/yr

12. Lawyers
$44.19/hr
$91,920/yr

13. Optometrists
$42.35/hr
$88,100/yr

14. Computer and information systems managers
$40.33/hr
$83,890/yr


15. Physicists
$40.26/hr
$83,750/yr

16. Air traffic controllers
$40.07/hr
$83,350/yr

17. Petroleum Engineers
$39.33/hr
$81,800/yr

18. Nuclear Engineers
$38.56/hr
$80,200/yr

19. Judges, magistrate judges, and magistrates
$38.24/hr
$79,540/yr

20. Marketing Managers
$37.70/hr
$78,410/yr

 

[abdooooo!!!]

Originally posted by Grizzly
1. Surgeons
$65.89/hr
$137,050/yr

2. Obstetricians and gynecologists
$64.15/hr
$133,430/yr

3. Anesthesiologists
$63.31/hr
$131,680/yr

4. Internists, general
$61.03/hr
$126,940/yr

5. Pediatricians, general
$56.03/hr
$116,550/yr

6. Psychiatrists
$54.60/hr
$113,570/yr

7. Family and general practitioners
$52.89/hr
$110,020/yr

8. Dentists
$53.28/hr
$110,820/yr

9. Chief Executives
$51.77/hr
$107,670/yr

10. Airline pilots, copilots and flight engineers
(N/A)
$99,400/yr

11. Podiatrists
$45.43/hr
$94,500/yr

12. Lawyers
$44.19/hr
$91,920/yr

13. Optometrists
$42.35/hr
$88,100/yr

14. Computer and information systems managers
$40.33/hr
$83,890/yr


15. Physicists
$40.26/hr
$83,750/yr

16. Air traffic controllers
$40.07/hr
$83,350/yr

17. Petroleum Engineers
$39.33/hr
$81,800/yr

18. Nuclear Engineers
$38.56/hr
$80,200/yr

19. Judges, magistrate judges, and magistrates
$38.24/hr
$79,540/yr

20. Marketing Managers
$37.70/hr
$78,410/yr

what is that list about??? surgeons only get $137,050/yr??? starting salary?

Originally posted by -=MLhtʻ=-
my parents wanted me to be a pornstar, but who cares what they want, look at me now. its all worth it man

isn't that the best job?

all my life i wanted to be a pornstar... even if i get paid nothing i would do it.

 

[Grizzly]

No abdoo,
thats the list of the AVERAGE salary in the U.S.

 

[abdooooo!!!]

it is?

so Physicists in america gets paid 80k U.S. dollars a year? then why does freaking postgrad and PhD science researchers in australia get paid less than stupid bus drivers???

doesn't specialist doctors in Australia get paid an average of 250k/yr which is more than the U.S. surgeon... err... odd.

 

[Calculon]

Originally posted by abdooooo!!!
it is?

so Physicists in america gets paid 80k U.S. dollars a year? then why does freaking postgrad and PhD science researchers in australia get paid less than stupid bus drivers???

doesn't specialist doctors in Australia get paid an average of 250k/yr which is more than the U.S. surgeon... err... odd.

America is fucked, we all knoe that

 

[Grizzly]

Not quite - california has an income tax of 8%.
And another state has virtually zero...forget which one...