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Exactly how great is actuary science? watch

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    Exactly how great is actuary science?

    Wages?
    Enjoyability?
    Prospects?
    Employability?
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    (Original post by josh_a_y)
    Exactly how great is actuary science?

    Wages?
    Enjoyability?
    Prospects?
    Employability?
    Erm// I just noticed you want to study medicine? wtf?
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    (Original post by onthecoast)
    Erm// I just noticed you want to study medicine? wtf?
    Also notice he doesn't hold an offer and it's February, could be considering a plan B route.
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    (Original post by loggins)
    Also notice he doesn't hold an offer and it's February, could be considering a plan B route.
    no no no my worries is that I might not enjoy medicine. Not because Im not getting in.. most offers dont come out til march :o:
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    (Original post by flugestuge)
    The wages are reasonable and the prospects are ok.
    However, it is incredibly boring.

    BTW, this is the wrong forum.
    Being an actuary has little to do with investment banking or consultancy.
    You should be posting in the accounting forum where the other boring people hang out.
    You're generalising. A lot of actuarial work IS consulting (mercer/towers watson are consultancies).

    The pensions stuff has very little to do with investment banking, but if you become an insurance actuary you can take modules in derivatives during your exams.

    I worked for an actuarial consultancy over the summer, spent my entire time structuring derivatives for investment banks. Both Goldmans and JPM were clients of my team.

    However to the OP, if you're thinking of doing actuarial, do Maths (or MORSE at Warwick) instead. Exactly the same upside for an actuarial job (arguably more) and also very desirable for investment banks.
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    "spent my entire time structuring derivatives for investment banks"

    Can you elaborate? Seems odd!
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    (Original post by Auty)
    "spent my entire time structuring derivatives for investment banks"

    Can you elaborate? Seems odd!
    In an insurance division of the consultancy, structuring derivatives on mortality statistics. Not that odd, a life insurer and pension provider obviously have diammetrically opposed interests in length of a life. Investment banks sell these derivatives.

    Also spent a lot of time on a replicating portfolio model that mirrored a certain liability with a basket of derivatives.

    The things I did that summer really helped me get a job trading at a BB, though it is unlikely you could do any of the above studying actuarial science. All the people in my team were Maths/Physics and predominantly Oxbridge.
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    (Original post by greenyblue_eyes)
    In an insurance division of the consultancy, structuring derivatives on mortality statistics. Not that odd, a life insurer and pension provider obviously have diammetrically opposed interests in length of a life. Investment banks sell these derivatives.

    Also spent a lot of time on a replicating portfolio model that mirrored a certain liability with a basket of derivatives.

    The things I did that summer really helped me get a job trading at a BB, though it is unlikely you could do any of the above studying actuarial science. All the people in my team were Maths/Physics and predominantly Oxbridge.
    which consultancy did you work for?
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    Well respected in all circles - including IB, its quite funny actually, in an interview recently, I got asked: "Can you give me a time where you have had to work with large amounts of data or lots and lots of figures?"

    I came up with an answer in my head, "I study Actuarial Science..." I was about to continue when the interviewer cuts me off and goes, "Oh, that just about covers it then." And he moves on to the next question! (Got the offer too!)

    Wages? Worse than IB short term, better long term (Unless you pull off being the super trader,) better job security some would say.
    Enjoyability? Contingent on how much you like maths - alot of hard work, but very diverse and varied, quite a lot of autonomy when you are a senior actuary.
    Prospects? Excellent.
    Employability? Excellent. If you get a 2.1/good exemptions.

    I study Actuarial Science at City - nowhere near top10, in fact, its around top40, and I've not failed to get through to a final round before. I would say its a very highly respected course.

    Alot of people say maths is better - but I would disagree slightly, depending on where you want to go in future, I do ALOT of risk analysis/modelling work, which is more useful in something like IB-Middle office roles. Also, those people who say actuarial firms prefer students with maths rather than Actuarial Science are just plain wrong. If you get all 8 exemptions availiable to you, you will be very attractive to actuarial employers - at the end of the day, almost every firm just wants you to get fully qualified, and they put ALOT of money into getting you there. So if you've already taken the first massive leap, you are very employable.

    However, I've got to be honest when I say, in every AC, the story is always the same when you go round a room - Oxbridge/LSE/IC/Warwick all have a huuuuge prescence - I've only ever had one other City student with me at an AC, and she was on Actuarial Science.
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    (Original post by greenyblue_eyes)
    In an insurance division of the consultancy, structuring derivatives on mortality statistics. Not that odd, a life insurer and pension provider obviously have diammetrically opposed interests in length of a life. Investment banks sell these derivatives.

    Also spent a lot of time on a replicating portfolio model that mirrored a certain liability with a basket of derivatives.

    The things I did that summer really helped me get a job trading at a BB, though it is unlikely you could do any of the above studying actuarial science. All the people in my team were Maths/Physics and predominantly Oxbridge.
    Why do you think you couldn't do the above studying actuarial science? It's true that this type of thing is not what most actuaries spend their days doing, but they clearly have the basic skills necessary. Setting up RPs is a common technique employed by life insurers.
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    (Original post by Auty)
    Why do you think you couldn't do the above studying actuarial science? It's true that this type of thing is not what most actuaries spend their days doing, but they clearly have the basic skills necessary. Setting up RPs is a common technique employed by life insurers.
    I wasn't setting up a basic RP. It involved creating new models for exotic interest rate derivatives to model specific scenarios, requiring a pretty indepth knowledge of stochastic calculus. The three people I worked on it with all had Maths degrees.
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    (Original post by greenyblue_eyes)
    I wasn't setting up a basic RP. It involved creating new models for exotic interest rate derivatives to model specific scenarios, requiring a pretty indepth knowledge of stochastic calculus. The three people I worked on it with all had Maths degrees.
    Fair enough. Stochastic calculus is treated as "just learn Ito's Lemma" in the actuarial exams. The hard-core maths knowledge of actuaries is not great. They are generally mathematically able, but their minds have been dulled by the crappy exams. That said, I'm not sure what value actuaries would get from an in depth knowledge of stochastic calculus. I don't know as I haven't got one!
 
 
 
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