I registered for Mathematics,Accounting,Economics,Sociology,and Thinking Skills in A-levels.So can i take actuarial science after that? I heard that you need to take Further Mathematics to study Actuarial Science.I have an interest in accounting,so is it better for me to take actuarial science or ACCA?
Any opinion and help would be appreciated,Thanks

hi you take 6 subjects? better think twice.

you do not need to take further math in A level to study acturial science later on. however, i would recommend you to take it or else you will suffer in university.

ACCA is not a degree but a professional qualification. read more in ACCA's website.

accounting and actuarial science are two different thing. if you figured out what you wanna do in the future, it could save you alot of time and money. think thoroughly.

The basic requirement of taking Actuarial Science is actually Mathematics only. But Further Maths will certainly be a big plus if you really pursue that pathway.

You said you have interest in accounting, then why are you aiming AS?
It's like you say you love to own a Honda, but you went to Toyota showroom instead.

If you like accounting (if you really like it), then go all the way. If you really find out what Actuarial Science really is and feels it's something suit you, then you can go for it as well.

Go and study something you like so that you won't live miserably in future.

Thanks But is actuarial science MUCH MUCH harder than getting ACCA? Im kinda interested in it too,just worried that i cant study well...

So you said you are interested in AS?
Then may I expect an answer from the following question: What is Actuarial Science?

If you know the actual number of Actuarists in the country, you will know how difficult is it to get there. You need to pay for each and every paper. It gets harder and more expensive too. Non of the papers is being offered as part of university or college program as far as I know. You have to register and sit for the papers on your own.

However, with partial qualification, you can still work in banks or insurance companies.

Its about calculating and analyzing risk in finance or insurance industries,using maths and statistics....is it right?

There are few parts in the whole system. I'll take the UK system as I am more familiar with it. The US system comes close to it but has small difference.
Following the UK system, there are 4 parts. You need at least 2 parts to be called as the layman-term "professional actuary". It's an AIA/AFA actually.
The very first part, can be exempted fully (except one seminar to attend) through university education. The 2nd part, people usually complete it while working as an actuarial trainee. What makes things tough, as far as I am concerned, is the "work and study" mode.

And one thing, the small number of actuaries is because a lot of them stay overseas to earn more golds!


Ya, consider correct. And you sure you are interested in it? Or you are just interested in something who people say only restricted to those with outstanding Mathematics skill (which is actually a myth at all). I should say, Actuarial Science, is a course over-promoted.

I see... well...i too heard that many are studying this subject now...I will consider again b4 making any decisions,thanks for all the reply

No, a computer program can do that for you. It's about using everything you've learned to determine how much you will gain or lose from making any investment, whether material or immaterial. Math and statistics is a big part of it, but it's far from everything you'll need. Just because you have an actuarial degree doesn't mean you need to become an actuary. Actually an actuary isn't any particular job, different companies have different names and different portfolios. Being an actuary just means you're accredited by some actuarial organization.

ya ...


u may find many ACCA holders in the market , but to pass actuarial science is very tough , much more tougher than ACCA , dats y they are very rare

Both are equally tough,

depending on necessary skills, prior knowledge, ability to analyse,
It requires more proving of figures, and explanation than theories.
That itself kill people that purely memorises facts.

Passing AS is not tough, but passing all, is tough.

---

Added on January 13, 2010, 4:21 pm"you have an actuarial degree doesn't mean you need to become an actuary"
should be said:
You have an actuarial degree doesnt mean you are an actuary.

the degree is just like any other economic/commerce/ math degree study load.
But the one that filters, is the professional examinations.

An actuary is a job, but the demand is so rare, limitting it to actuary consultation firms. Big commercial firm dont require actuaries
all the time. thats why some of them pick 2 or 3 careers. 1 with full commitment to the firm( under certain portfolio like u said)
and others with just the job to do consultation.

The actuarial degree holders learn economics and financial methods into greater depth than other financial careers, which highlight their
advantage and ability to do the job well in various firms.

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Added on January 13, 2010, 4:28 pmOver-promoted for its drop out rate that so many suspect its most probably the math load.
without knowing,
a good command of language is important, a persistent nature,
investigative and logical reasoning, patience on research matters.


by a senior lecturer ( F.I.A Aus) on Actuarial Studies.

This post has been edited by RyukA: Jan 13 2010, 04:28 PM

There are people actually called actuaries, but there isn't any specific job they do, unlike accountants, doctors or lawyers. The only common thing between actuaries are they they deal with someform of risk management. Some companies, esp insurance companies employ alot of people they term actuaries who deal with alot of small cases, like Great Eastern. Of course depending of the persons capabilities, qualification and experience, they work at different levels of management, from the lowest to the highest. The higher they go, the less important what they are called. They could be CEOs(infact alot of those who passed all actuarial papers end up as CEOs), financial managers, market analyst, whatnot planners and a myriad of other names. Big companies need actuaries all the time because risk management is essential to any company. Actuarial degrees and the actuarial professional exam actually has alot less depth on finance compared to other finance degrees and qualifications. Actuarial is primarily about risk management, and finance comes under it.

Actuaries: you gotta be DAMN good or get out.

yet still, my senior in MelbUni told me risk management is just part of it. Its more than just insurance. lol.
But exposures can perhaps be different cause the usage of Actuaries here is less demand and utilised compare to Australia.
Getting alternative is a career, sticking back tight into actuarial consultancy firm is a choice, these are personal decisions, nothing definite.
but the saying that, "actuaries" isnt any specific job, then you should consider researching further rather than asking Malaysians what an Actuary do.
lol.

there's a line between professional actuaries and Insurance careers

My coursemates aren't studying bloody 4 years to come out just to do risk Management. LOL

I believe there is a difference of concentration and also practise culture in different parts of world. Perhaps it's not that risk-related in the Southern Hemisphere. But it's quite true to actually term actuarial science to be risk management study in UK and US. But their skills are so good that they often find themselves another jobs. And sometimes, as an actuary of a company, one becomes a decision maker for the company. Shall the actuary says no, then the project will not run. That's why we can always see actuary end up in managing posts because of their job nature.

After graduate, get a job and talk to the people in the business, I'm sure your you'll see what's I'm saying. If your coursemates aren't studying 4 years to do risk management, your college has got their actuarial program wrong.

then ACCA ? damn noob also can in ?

I meant. not ONLY risk management.

if u have an interest in accounting,so it is better for you to take accounting.... however, actuarial science paid is higher

lol. Tan Sri Jeffrey Cheah is an accountant.

yes, actuarial science is paid higher provided that he got qualified..
to get qualified, it is damn difficult.. there is less than 100 qualified actuaries (around 70-80) in Malaysia.. And Singapore has at least 79 qualified actuaries working for their country...

guys im a spm leaver and im currently planning to switch from actuarial science,which i have applied earlier, to accounting. reason, im too worried that i might not be able to pass all the professional papers. i have also heard that the demand for actuarial science is scarce is msia and if im not able to pass all the professional papers, merely bring a degree holder wont mean a thing. can someone tell me whether im doing the right thing. plss