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OzOz · 01-01-2004, 06:59 PM

frozenstellar, I started Actuarial Studies at Macquarie Uni in Sydney in the mid-80's. I left at the end of first semester in second year, mostly because I never really wanted to do the course in the first place. (Loved and was great at the maths, but had no interest whatsoever in the financial world.) I can only pass on what I heard from friends and colleaugues at the time who were doing the 'B' exams.

At that time, the 'B' exams had pass rates varying between about 15 and 40%. I gather it has changed a little since then, as I understand there are now two levels of passes in those exams, and you need to pass two of them at the higher level to qualify as an actuary. (You still need to pass all four subjects, of course.) It does take quite a bit of commitment when you're studying them.

Also, when I went through, there was an option to do some accounting subjects as part of the undergraduate degree, but the emphasis is mostly on economic problem-solving, dealing heavily with calculating death and accident rates and the premiums necessary to cover the expected payouts over time. As such, a lot of the early maths in the course deals heavily with statistics, probability and some financial mathematics (present values of future cash flows and things like that). To me, the statistics and especially the probability subjects were fantastic. It's a pretty safe bet that your mathematical side will also love it. I left when that part of it pretty much dried up.

I guess the long and the short of it is, it wasn't for me (I loved the maths, but had no interest in the business side of it), but from how you describe yourself, it may well be what you're looking for. Think carefully about it, and I'd recommend going to talk to the academic staff at whichever university you're thinking of studying at. Also it will probably be worthwhile contacting some insurance companies to see if you can talk to some of their actuaries about what their jobs involve on a day-to-day basis.

Anyway, hopefully this rambling is of some use to you. Good luck in your studies, and I hope you end up in a career you love!

01-01-2004, 06:59 PM	#6 (permalink)
OzOz Psycho Location: Right here, right now.	frozenstellar, I started Actuarial Studies at Macquarie Uni in Sydney in the mid-80's. I left at the end of first semester in second year, mostly because I never really wanted to do the course in the first place. (Loved and was great at the maths, but had no interest whatsoever in the financial world.) I can only pass on what I heard from friends and colleaugues at the time who were doing the 'B' exams. At that time, the 'B' exams had pass rates varying between about 15 and 40%. I gather it has changed a little since then, as I understand there are now two levels of passes in those exams, and you need to pass two of them at the higher level to qualify as an actuary. (You still need to pass all four subjects, of course.) It does take quite a bit of commitment when you're studying them. Also, when I went through, there was an option to do some accounting subjects as part of the undergraduate degree, but the emphasis is mostly on economic problem-solving, dealing heavily with calculating death and accident rates and the premiums necessary to cover the expected payouts over time. As such, a lot of the early maths in the course deals heavily with statistics, probability and some financial mathematics (present values of future cash flows and things like that). To me, the statistics and especially the probability subjects were fantastic. It's a pretty safe bet that your mathematical side will also love it. I left when that part of it pretty much dried up. I guess the long and the short of it is, it wasn't for me (I loved the maths, but had no interest in the business side of it), but from how you describe yourself, it may well be what you're looking for. Think carefully about it, and I'd recommend going to talk to the academic staff at whichever university you're thinking of studying at. Also it will probably be worthwhile contacting some insurance companies to see if you can talk to some of their actuaries about what their jobs involve on a day-to-day basis. Anyway, hopefully this rambling is of some use to you. Good luck in your studies, and I hope you end up in a career you love! __________________ Maybe you should put some shorts on or something, if you wanna keep fighting evil today. Last edited by OzOz; 01-01-2004 at 07:07 PM..