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 Actuarial Science vs ACCA

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tanjinjack
post Jan 12 2010, 09:42 PM

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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.
tanjinjack
post Jan 12 2010, 10:12 PM

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QUOTE(zeroXrulez @ Jan 12 2010, 10:10 PM)
Thanks smile.gif  smile.gif  smile.gif  But is actuarial science MUCH MUCH harder than getting ACCA? Im kinda interested in it too,just worried that i cant study well...
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So you said you are interested in AS?
Then may I expect an answer from the following question: What is Actuarial Science?
tanjinjack
post Jan 12 2010, 10:31 PM

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QUOTE(barista @ Jan 12 2010, 10:15 PM)
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.
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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!


QUOTE(zeroXrulez @ Jan 12 2010, 10:17 PM)
Its about calculating and analyzing risk in finance or insurance industries,using maths and statistics....is it right?
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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.
tanjinjack
post Jan 15 2010, 09:40 PM

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QUOTE(RyukA @ Jan 15 2010, 08:54 PM)
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
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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.

 

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