Hey guys,
I'm in year 12 and I've been looking at my options etc.
I've narrowed my top preference to two options (at UNSW):
(1) Actuarial studies/Commerce (thinking of a major in finance) - it sounds interesting. However I have read and heard of many different things about actuarial studies as a whole. I've heard that anyone who gets over 90 in 3u and 4u maths (which I am confident about) is in good stead to be able to put in the effort to gain actuarial exemptions, yet I've also heard many numbers tossed around regarding dropout rates (e.g. 1/8 gaining exemptions, 70% dropout rates etc.) so I would appreciate anyone clarifying this for me. Also what jobs can someone with part II exemptions apply for that a part I exemptions-only graduate cannot apply for? The stats touted at open day were suspiciously only based in the US - what is the job market like here?
(2) Commerce (finance and accounting) - I'm thinking of managment consulting or auditing but this obviously may change (maybe into something more quantitative).
What would you put (or think I should put) as my first preference, with any reasons? Obviously if I put commerce first then there is no real point in putting actuarial studies in my list.
First, I'll address some of your worries/concerns -
1)
"heard many numbers tossed around regarding dropout rates (e.g. 1/8 gaining exemptions, 70% dropout rates etc.) so I would appreciate anyone clarifying this for me" - Take a look at this
On average, from what I've heard, from a cohort of say 100 people starting actuarial studies in first year, 30 will make it through the first three years - the other 70 is composed of those who drop out either because they realise that actuarial studies isn't for them (most because it doesn't interest them) or because they fail a subject and drop out (NB - Some people who do fail an actuarial subject actually do have a go at it again in the next semester the subject is offered, so they technically don't drop out, they just get moved to another actuarial cohort if that makes sense). Then, out of the 30 remaining, 5 or so will usually decide to go straight into the workforce and the remaining 25 others will launch into a fourth year and have a go at Part II exemption subjects. From those 25, usually just over 10 will be able to get the required marks in the fourth year subjects.
2)
"what jobs can someone with part II exemptions apply for that a part I exemptions-only graduate cannot apply for" - Actuarial graduates with only Part I under their belt but not part II will usually go into non-actuarial roles. And then while working in their job, they will pursue getting Part II done. So that when they apply for their first actuarial role, they will have experience in the business field, part I and part II under their belt.
also, this is relevant:
If one does a double degree and gets the required marks in the required subjects at uni, they pass Part I and Part II, making them an associate of the Institute, which pretty much means you're looking at jobs that pay at least $60 000. Then, while you're on the job, you essentially do four exams for Part III, but this process (studying for it, going to relevant workshops etc) usually takes people around three years. Once you complete Part III, you're qualified as a Fellow of the institute, and then you're looking at jobs that pay $100 000 plus.
3)
"what is the job market like here?" - I reckon the job market is quite decent. If one actually does finish their actuarial degree and obtain part I and II exemptions and has decent ECs / work experience (doesn't necessarily have to be actuarial roles), you're most probably gonna get an actuarial role after graduating, from what I've heard. Demand for actuaries is growing, and also the job markets for actuaries in US, Europe (especially UK) and other Western countries are really growing, so there is a lot of potential imo
Okay, as for your current dilemma, if you're seriously interested in actuarial studies, I would give it a go, because transferring from actuarial studies to commerce is much better than the opposite, when you consider transferrable units and how much you would have extend your degree by (to complete units that you have to get done).
For example, in first year of actuarial studies, you could do ACCT1501, ECON1101, FINS1613 and MATH1151 in your first semester. And in second semester, ACCT1511, MGMT1001, MATH1251 and ACTL1101. From completing ACTL1101 (and a bit of MATH1151 and MATH1251), you would get a very good idea of whether actuarial studies is for you. Say you realise at the end of the year that actuarial studies isn't for you, you can transfer across to commerce, where ACCT1501, ECON1101, FINS1613, ACCT1511 and MGMT1001 would all count to your commerce degree (especially good because you think you want to double major in accounting and finance). And if you can convince the university, you can get away with MATH1151 and MATH1251 being your two general education subjects. See what I'm saying? Tell me if you need further clarification. But yeh I would put actuarial studies first, give it a go. If its not for you, transfer to commerce, where a lot of first year units done in actuarial studies are definitely transferrable across to your commerce degree.
