Actuarial Studies (1 Viewer)

[kfnmpah]

Hi everyone,

I was wondering if anyone could help me out with a question about getting in to actuarial studies.
In 3.5 years I'll have a bachelor in mathematics and a bachelor in teaching, and I know that I don't want to go straight in to teaching because a) I'll only be 23 and b)I want to put my maths degree to good use for 10 years or so before I become a poor teacher.

In my maths degree I will have done first year maths (engineers have to do this), linear algebra, mathematical modelling, heaps of statistics courses and a financial maths course.

Would I have to do another undergraduate degree and transfer credit, or is there a post-grad actuarial degree I can attain?

Cheers, guys

 

[Tim035]

Almost all uni's offer a masters of commerce, which is a 1.5 year degree where you are certainly able to major in actuary studies. However they will cost you ~$35'000 in FEE-HELP as typically only full-fee-paying is an option. But if you want to fulfill the requirements for membership with the Australian Actuary association (I think that's what it's called lol...), then this would be a neccessity.

If you've got a major in mathematics, that should be enough to get you in to an data/financial analyst, risk management etc. style role at a number of banks and firms. I have a friend who did purely a math major (2 specializations, stats and some sort of modeling I can't remember), and is now working for westpac on a very respectable salary straight out of uni. I would consider having a good look at the post-graduate positions offered by the banks and big 4 and putting together a serious application for them prior to jumping in to another uni course.

Alternatively, it may be enough to just grab a graduate-diploma in commerce/actuary studies so that you can demonstrate you have the analytical/mathematical skills they are after, but also have gained a good foundation in the way financial models operate. I know it seems daunting when you're just a undergraduate, but I would urge you to call the HR at as many places as possible and just have a good chat about the type of students they recruit for grad positions and what you would be best doing.

Hope this helps.

 

[kfnmpah]

thanks, man! I'll definitely have a look around at graduate positions etc. This was really helpful!

 

[deterministic]

Alternatively, if you really want to do actuarial studies, do it now by transferring to com/science degree and then get a one year diploma in education afterwards for qualification to teach maths.

 

[kfnmpah]

Alternatively, if you really want to do actuarial studies, do it now by transferring to com/science degree and then get a one year diploma in education afterwards for qualification to teach maths.

I've already wasted a year by doing chemistry, deciding I hated it and transferring to maths teaching. I like the subjects, I just want to set myself up financially before I go into teaching. I'll choose all financial maths and statistics subjects and hopefully get a job in a bank or something with just my maths degree for 10 years or so.
I don't want to keep changing degrees and accumulating a huge HELP debt with nothing to show for it :-(

 

[seremify007]

How confident are you in mathematics though because going into actuarial, assuming you want to land yourself a grad role, will not be easy and they look for the brightest. That being said the pay would be decent and your career options outside of maths would work well.

On another note did you ever consider applying for trading roles at banks? I've heard they look very highly upon those who are very strong at maths.