Job Prospects for Actuarial Studies? (1 Viewer)

Bw2004

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From year 10 onwards I've been pretty set on wanting to do actuarial studies, thinking that it looked pretty interesting (as it combined business and math which are stuff I'm interested in). But now I am so confused if it is even wise to do it, after hearing from others how the job prospects aren't really good (as there are way too many people doing the course, but not enough supply of jobs) and how people end up not becoming actuaries but go into completely different fields like data science or computer science.

I've thought of doing a double economics degree (as economics is something I am interested in also) but again the job prospects aren't good either... so yeah, I'm kinda lost what to do :confused:
 
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Grinder

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I have also looked at being an actuary, though this may not answer your question, I have heard that it is very statistical and quite difficult. I have been looking into Investment banking or Management consulting. You can do a commerce/actuary degree and have a wide range of job prospects.
 

Bw2004

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I have heard that it is very statistical and quite difficult.
Yeah I've heard that the exams are really hard (like the average is roughly 30-40%), and only those that pass get into proper actuarial jobs :/
 

Bw2004

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From year 10 onwards I've been pretty set on wanting to do actuarial studies, thinking that it looked pretty interesting (as it combined business and math which are stuff I'm interested in). But now I am so confused if it is even wise to do it, after hearing from others how the job prospects aren't really good (as there are way too many people doing the course, but not enough supply of jobs) and how people end up not becoming actuaries but go into completely different fields like data science or computer science.

I've thought of doing an double economics degree (as economics is something I am interested in also) but again the job prospects aren't good either... so yeah, I'm kinda lost what to do :confused:
Any thoughts @pikachu975 @quickoats
 
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uniqueusername1

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But now I am so confused if it is even wise to do it, after hearing from others how the job prospects aren't really good (as there are way too many people doing the course, but not enough supply of jobs) and how people end up not becoming actuaries but go into completely different fields like data science or computer science.
yea i have heard the same. the good thing is you'll have a lot of transferable skills. but many people i asked said you need really good marks + extra circulars to even get a chance to land an actuarial position. not too sure cause i haven't done it myself lol.
 

quickoats

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yea i have heard the same. the good thing is you'll have a lot of transferable skills. but many people i asked said you need really good marks + extra circulars to even get a chance to land an actuarial position. not too sure cause i haven't done it myself lol.
yeah it can be tough to get an actuarial position but there's definitely transferrable skills that can be used in other fields

can't comment on much else because I only did one year, but the "drop-out rate" tends to be people that transfer into a different degree out of lack of interest/not deciding to pursue an actuarial career, rather than flunking out of the course altogether.
 

idkkdi

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I have also looked at being an actuary, though this may not answer your question, I have heard that it is very statistical and quite difficult. I have been looking into Investment banking or Management consulting. You can do a commerce/actuary degree and have a wide range of job prospects.
investment banking and management consulting is probably even harder to get into than actuary lol
 

Grinder

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My parents wanted me to do Actuary/Commerce or Law/Commerce, I don't want to do actuary for the reasons mentioned in my previous post. I want to become an Investment banker or a Management consultant, I could just stick with a commerce degree, but to add the extra bit of flair or differentiate me from other candidates I want to do a double degree, which increases my flexibility in terms of job options. In response to the original post, if you like math and business, I don't think you have to be an actuary, I think even investment bankers, accountants, economists, and more use maths as well.
 

Grinder

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investment banking and management consulting is probably even harder to get into than actuary lol
Yeah, if you are passionate about it and of course work your ass off, then I might be able to get in, with potential upsides including earning very high incomes as you progress but you have to work 70-100 hours ( take these work hours with a grain of salt, this is what I have heard). Also, I have heard that if you work for McKinsey apparently financially aids your entire tuition/fees to get an MBA, I think?
 

Bw2004

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yeah it can be tough to get an actuarial position but there's definitely transferrable skills that can be used in other fields

can't comment on much else because I only did one year, but the "drop-out rate" tends to be people that transfer into a different degree out of lack of interest/not deciding to pursue an actuarial career, rather than flunking out of the course altogether.
Why did you drop out if I don't mind asking?
 

uniqueusername1

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My parents wanted me to do Actuary/Commerce or Law/Commerce, I don't want to do actuary for the reasons mentioned in my previous post. I want to become an Investment banker or a Management consultant, I could just stick with a commerce degree, but to add the extra bit of flair or differentiate me from other candidates I want to do a double degree, which increases my flexibility in terms of job options. In response to the original post, if you like math and business, I don't think you have to be an actuary, I think even investment bankers, accountants, economists, and more use maths as well.
Also bro not tryna scare you. but heres some forums created by people who graduated from actuarial. idk how accurate they are:
maybe do a double degree?
 

idkkdi

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Yeah, if you are passionate about it and of course work your ass off, then I might be able to get in, with potential upsides including earning very high incomes as you progress but you have to work 70-100 hours ( take these work hours with a grain of salt, this is what I have heard). Also, I have heard that if you work for McKinsey apparently financially aids your entire tuition/fees to get an MBA, I think?
not trying to scare u or anything, but MBB in total probably takes in less than 10 fingers worth of people a yr from undergrad lol.

as far as I'm aware most of the people they take in out of undergrad have university medals lol.
 

Grinder

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not trying to scare u or anything, but MBB in total probably takes in less than 10 fingers worth of people a yr from undergrad lol.

as far as I'm aware most of the people they take in out of undergrad have university medals lol.
What are uni medals? I do like brutal honesty when it comes to receiving advice.
 

Bw2004

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Does anyone know what degree you would need in order to do something in the investment banking/finance field, would it be a commerce degree or applied finance degree?
 
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Grinder

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This is a bit irrelevant, I saw the dayllel scholars stream in USYD, which gives u mentoring and other benefits if you get an atar 98 or above, does that offer a complete scholarship for your course. I tried researching it but couldn't find anything, anyone help me?
 

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