So for those thinking of doing B Actuarial Studies next year... (1 Viewer)

[4025808]

B Actuarial Studies @ UNSW - What you need to know.

Before I start off, some of you people browsing this thread may be wondering, what IS actuarial science. Well, here is a definition.

From Wikipedia:

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.

Here is the new course outline for Actuarial Studies, for those commencing from 2013 onwards.

http://www.handbook.unsw.edu.au/undergraduate/programs/2013/3586.html


The possible degree options now are:

B Actuarial Studies
B Actuarial Studies (Co-Op)
B Actuarial Studies/B Economics
B Actuarial Studies/B Science (Advanced Mathematics)

ATAR cutoffs are expected to be around 97-98 without any HSC plus bonus points. Those applying for Educational Access Scheme (EAS) and Elite Athletes and Performers (EAP) should be fine.

Approved Secondary Majors for the degree:

Accounting
Business Economics
Business Law
Business Strategy and Economic Management
Finance
Financial Economics
Human Resource Management
Information Systems and Information Technology
International Business
Management
Marketing
Mathematics
Oceanography
Statistics

There are additional majors you can do if you choose the B Actuarial Studies/B Economics degree.


Sample Program Plans:


I have devised some sample 1st year plans over here for those who are curious and have no idea what subjects to pick, especially when they are enrolling. These are just suggestions.

3 year degree, Actuarial/Finance double major:

Year 1 Semester 1:

ACTL1101 - The Financial Lifecycle
FINS1613 - Business Finance
MATH1151 - Mathematics for Actuarial Studies and Finance 1A
<<FINS1612 or ECON1101>>

Year 1 Semester 2:

ACTL1122 - Corporate Governance for Actuaries
ECON1102 - Macroeconomics
MATH1251 - Mathematics for Actuarial Studies and Finance 1B
<<Core Finance Course>>

3 year degree, Actuarial/Accounting double major:

ACCT1501 - Accounting and Financial Management 1A
ACTL1101 - The Financial Lifecycle
ECON1101 - Microeconomics 1
MATH1151 - Mathematics for Actuarial Studies and Finance 1A

Year 1 Semester 2:

ACCT1511 - Accounting and Financial Management 1B
ACTL1122 - Corporate Governance for Actuaries
FINS1613 - Business Finance
MATH1251 - Mathematics for Actuarial Studies and Finance 1B

3 year degree and not doing Finance, Accounting and Financial Economics Majors:

Year 1 Semester 1:

ACTL1101 - The Financial Lifecycle
FINS1613 - Business Finance
MATH1151 - Mathematics for Actuarial Studies and Finance 1A
<<Core 2nd Major 1st year course>>

Year 1 Semester 2:

ACTL1122 - Corporate Governance for Actuaries
ECON1101 - Microeconomics
MATH1251 - Mathematics for Actuarial Studies and Finance 1B
<<Core 2nd Major 1st year/2nd year course >>

I will go to a list of frequently asked questions that people have been asking me, or that other people have asked others:




Frequently Asked Questions

Question 1: If I am good at Mathematics, should I do Actuarial Studies?

Depends. Note that if you really love mathematics, just telling you, you MAY NOT like Actuarial science. There are no guarantees that good mathematics ability will equate to being good at Actuarial Studies. Actuarial Studies is a business discipline utilizing a lot of mathematics. You don't really study mathematics, its more like applying them into business situations. So take that into consideration. Sometimes I say to people, if you like maths, do maths or statistics, not actuarial science.


Question 2: Should I do this course for the money?

While I may admit that a Actuarial Science major can earn you heaps of dollars, tbh, it is only towards the end of your education (passing PART III exams and getting your licence to sign as an actuary) where you start earning $150K. What is more is that the starting salary of the average actuarial job is only around 65K, whilst actuarial graduates as a whole only tend to average 45K when you first start. If you are only doing this course for the money, be prepared to deal with the consequences (what I am undergoing atm) of lots of boring work, stress and dissatisfaction for very little gain.

Question 3: How hard is Actuarial Science?

It is hard and competitive. You need to obtain at least 65 for all your courses so you can get exemptions from taking extra exams through the Institute of Actuaries. The callibre of students will be of the 95-99 ATAR range, including a lot of those who didn't make it to medicine or law. So take that into consideration.

I mean, have a look at this:

This is what many actuarial science students will undergo. True Story.

Question 4: Is it easy to find a job doing an Actuarial Science Major?

Back in the day, Actuarial graduates had a 100% employment. However, since the introduction of ANU's and UNSW's Actuarial Science program, the job market has become saturated more than ever and it is becoming difficult to find an actuarial job. So chances are, no. Only if you are in part III's, you will hit instant job security with big bucks. On the other hand, Actuarial graduates have it better on the finance sectors.


Some tips to help you find employment are:

1. Go and do lots of extracurriculars; get involved in ASOC, MATHSOC and other related societies.
2. Go and get a job. Job experience >>> Volunteering in most people's eyes.
3. Try to maintain a credit average in your studies, along with lots of extras and work experience.
4. Once 1-3 are done, try to get an internship; this will really REALLY help you find an actuarial related job.




I will add more FAQs as time passes by.

Feel free to ask me some more questions here.

 

[YoYoWayne]

Bump
Had two questions O.O
1. Do EAS, EAP and AAA all apply to this degree, and could be add together?
2. Is it realistic to do a BActSt/BSc(AdvMath), while doing Advanced Statistics as a major in BSc and Statistics as a second major in BActSt (will there be any course overlap)?
Thanks very much!

 

[Shadowdude]

Stats as a second major in Actuarial Studies? You can't do that, I believe.

If you take a second degree, you take one major from each - iirc.

 

[YoYoWayne]

Stats as a second major in Actuarial Studies? You can't do that, I believe.

If you take a second degree, you take one major from each - iirc.

I think they do this time, they said I could pick Mathematics or Statistics as a second major (and there are like 10 more something)
http://www.handbook.unsw.edu.au/undergraduate/programs/2013/3586.html

 

[Shadowdude]

Yes, if you take Actuarial by itself.

If you take Actuarial/Adv Maths, different story. Read that handbook entry, and I think you'll find you can't take a second major.

 

[4025808]

Bump
Had two questions O.O
1. Do EAS, EAP and AAA all apply to this degree, and could be add together?
2. Is it realistic to do a BActSt/BSc(AdvMath), while doing Advanced Statistics as a major in BSc and Statistics as a second major in BActSt (will there be any course overlap)?
Thanks very much!

Well you can only take statistics under the B Science (Adv. Math) component.

__________________________________

As for B Science (Adv. Maths), I wonder what would happen if ppl getting wams below 70 are going to under go.... will they have a B Actuarial Studies/B Science option... :O

 

[Shadowdude]

Maybe they'll make you pick one.

 

[lyounamu]

1. i dont know what EAP is but EAS and AAA should apply as they did apply to every program apart from med + other specific entry course before.

2. not sure about this one..sorry

 

[4025808]

you guys may wanna reconsider doing actuarial

 

[4025808]

Bumping, particularly for those who've just received their HSC results

 

[Staaahp]

I was considering taking the B Actuarial Studies/B Science (Advanced Mathematics) course over the B Commerce (Finance)/B Science (Advanced Mathematics) but was wondering, if I happened to not enjoy the actuarial maths could I take up Commerce instead?

Considering Actuarial Studies was a Commerce major pre-2013.

Or am i screwed? If so, what should I do..

 

[ZeeZee3]

So glad Elite Athletes Performers program applies for actuarial. Not sure if im capable of a 97 atar

 

[Staaahp]

So glad Elite Athletes Performers program applies for actuarial. Not sure if im capable of a 97 atar

I'm one point under, praying EAS gets me in. LOL

 

[4025808]

I was considering taking the B Actuarial Studies/B Science (Advanced Mathematics) course over the B Commerce (Finance)/B Science (Advanced Mathematics) but was wondering, if I happened to not enjoy the actuarial maths could I take up Commerce instead?

Considering Actuarial Studies was a Commerce major pre-2013.

Or am i screwed? If so, what should I do..

Yeah, but you need a high enough WAM to transfer, i.e. you'll need 75 wam to transfer to commerce. They made actuarial a separate degree so that they could decrease the dropout rate for the major. The actuarial department was getting sick of ppl trying it out and then dropping it.

 

[mash121]

I'm one point under, praying EAS gets me in. LOL

i dont think actuarial will have a 97 atar entry, seems over inflated i reckon it will be 95 so you should be fine, as for transferring as long as you get the wam requirement you should be able to do b com/science(adv).

 

[mash121]

Yeah, but you need a high enough WAM to transfer, i.e. you'll need 75 wam to transfer to commerce. They made actuarial a separate degree so that they could decrease the dropout rate for the major. The actuarial department was getting sick of ppl trying it out and then dropping it.

really where did u hear that they are getting pissed at ppl dropping i would of thought it would be the opposite, that they would want people to give it a try and drop it if they cant get the exemptions, cause lets be honest if you can get the exemptions your pretty much screwed in transferring to another course cause actl just destroyed your wam. i always assumed that actl was incorrectly grouped with commerce (actl has alot of stats and maths compared to other commerce majors) and they wanted to seperate the 2 as catergoring them together made no sense

 

[4025808]

really where did u hear that they are getting pissed at ppl dropping i would of thought it would be the opposite, that they would want people to give it a try and drop it if they cant get the exemptions, cause lets be honest if you can get the exemptions your pretty much screwed in transferring to another course cause actl just destroyed your wam. i always assumed that actl was incorrectly grouped with commerce (actl has alot of stats and maths compared to other commerce majors) and they wanted to seperate the 2 as catergoring them together made no sense

Actuarial Society president told me this.

Also, actuarial is a business field. Stats and mathematics are only just tools you use to achieve the outcome you want.

And yeah, it would be like engineering. If your wam is shit then you're fucked I guess. Bad move UNSW.

 

[htp368]

I can give you this: pick courses you will enjoy so you can reach your highest abilities. Do not do courses/degrees just to earn money. Otherwise, you are screwed later on when you might want to transfer