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Business The Truth about Actuarial Science, It is not only about the Math

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justastudent
post Mar 29 2012, 08:24 PM

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hey, um... i'm currently taking up my A-levels now and the subjects are maths, further maths and physics.

i really like maths a lot and also statistics. that's why i had always wanted to pursue a degree in actuarial science.

however, after looking at this post, i started to wonder. i'm not sure whether should i go for actuarial science or statistics or just mathematics.

some help please?
justastudent
post Mar 29 2012, 09:18 PM

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um... im not really exposed to the finance so i couldnt say i like it or not.

like you said, Act. Sci. may lead to exemptions, does that means that i can have a few exams down by the time i graduated from uni?
justastudent
post Mar 29 2012, 10:15 PM

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QUOTE(LightningFist @ Mar 29 2012, 09:43 PM)
Yeah. Irish schools give out the most, because they may exceed the CTs (or Part I) to CAs - probably means their degrees are most Actuarial.

Australian schools (all 5 except Monash) have the full 8 CTs.

British schools sometimes have the full 8, or very very few. Big schools like LSE and Warwick only have 7.

British system -> you can even get ST exemptions after CAs

Australian system -> Part I = CTs, Part II can be done by studying at a couple unis, Part III is self-done, like British SAs
Just look at Maths degrees, and Stats and Actuarial degrees. Then look at the individual subjects or classes they do. Maybe Maths will have Differential Geometry and Topology, Mechanics etc, Actuarial will have Finance, Applied Statistics. Statistics is common to both but again, the difference will be the application.
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so u mean if i study in ANU or Melbourne University, i can have exemptions for the full 8 CTs? how bout the VEEs? is it covered as well?

btw, i like pure maths more than mechanics or stuffs like that. do u think it's suitable for me to take actuarial science? or should i go for maths instead?

thanks for answering me (= smile.gif


Added on March 29, 2012, 10:49 pm
QUOTE(LightningFist @ Nov 11 2010, 05:55 PM)
An actuarial degree is irrelevant. You are an actuary if you work or worked as an actuary, and to work as one you have to be qualified, either as an Associate or Fellow (in the UK), or elsewhere.

To be a new Associate of the Institute and Faculty of Actuaries (The Actuarial Profession) you need to:

- Have passed or be exempted for all 9 CT papers
- Have passed or be exempted for all 3 CA papers
- Complete one year's worth of work-based skills in the four key dimensions of practical application of actuarial skills, professional and ethical, communication and commercial.
- Attend a one-day professionalism course for Associates

To be a new Fellow you need to:

- Have passed or be exempted from any 2 (in one case 3) ST papers
- Have passed 1 SA paper
- Fulfill the work-based skills requirement (includes 3 years supervised actuarial work)
- Attend a two-day professionalism course within 12 months of being admitted as a Fellow
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[QUOTE]


btw, like what u said above, is the format the same for SOA, FIA and IAA?
is part III the part to be done for me to be a new fellow or just a new associate?
and which is part II?

sorry and thanks for spending ur time to answer my questions haha

This post has been edited by justastudent: Mar 29 2012, 10:49 PM
justastudent
post Mar 30 2012, 05:24 PM

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ok guys.... i'm still lost lol
so basically, i study 3/4 years for my degree (if i'm taking up actuarial science) and while i am studying, i pass my professional papers as long as i do good in my exams to get exemptions.
then after, i start working and finish up my professional papers.
is this true?

can someone tell me a little bout finance for actuarial science 'cause i have no idea what is it like at all... =.=
justastudent
post Mar 30 2012, 05:42 PM

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right... um... so if i'm not that into finance, will you suggest me go for statistics instead or finance is not a really big part in actuarial science so it's still ok?
thanks a lot ^.^
justastudent
post Mar 30 2012, 06:13 PM

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so it's still ok for me to take actuarial science then? =P

eh.... i haven't learn bout exponential yet lol
cant help much sorry >.<

justastudent
post Apr 1 2012, 12:32 AM

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maybe i did? haha cant rmb anything at the moment though XP


Added on April 1, 2012, 12:33 am
QUOTE(RyukA @ Mar 30 2012, 11:41 PM)
basically you study 3 or 4 years for your degree, to learn the building blocks of actuarial science,
that is if you do well, you get exempted for papers case by case. hence, you will get your PART I of actuarial
qualification done (if you do well),
PART II and III are taken externally (although, there's some school that exempt for Part II as well, with a higher cut-off exemption grade).
If you are lifeless and/or highly intellectual and/or an expert in AS and/or just being lucky,
you might be able to finish all 3 PARTS within 7 years (std. dev 1.4 years).

Or, you can give up, and take CFA or CPA or some other qualification instead. Which is rumoured to be, what
people usually do.
PArt II passing rate is around 40%, Part III is 33%. for reference.
Actuarial science is a study of methods to manage financial risk. From interest rates, up to premium pricing.
Everything in finance, is incorporated as a finance applicable in actuarial science if thats what you are asking.
Oh, except we dont do much of single cash flow stuff, or financial calculators, perhaps these are too mainstream.

all you get most of the time is bunch of horrible algebra, and some tables to work with. maybe.
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right, thanks a lot =D

This post has been edited by justastudent: Apr 1 2012, 12:33 AM
justastudent
post Apr 1 2012, 10:01 PM

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just curious, let's say i'm taking the professional paper from IAA, that means i got to do part I, part II and part III to become a fellow right?
however, i can get my part I and part II done in university, so does that mean that when i graduated, i'll be an associate?
justastudent
post Apr 1 2012, 11:27 PM

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QUOTE(RyukA @ Apr 1 2012, 10:17 PM)
no.
you satisfy the Educational requirement for Part I and II, but you need to attend some required courses, working experience, a seminar module and stuff.
Provided you can pass through everything in single seating (thats if you are an awesome genius), you can finish everything in bout 6 years.

You need to clear even more specialised modules to be a fellow, while you need solid working experience for becoming an associate. Oh, and also dont forget all the assessments and papers.
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owh... ic ic ... thanks for clearing it up for me =D

 

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