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    how good is queen mary for actuarial science
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    If you're studying actuarial science for undergrad you're doing it wrong.
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    (Original post by Ganjaweed Rebel)
    If you're studying actuarial science for undergrad you're doing it wrong.
    why
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    Thread from a few years back: https://www.thestudentroom.co.uk/sho...d.php?t=961313
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    (Original post by s.shafiq)
    why
    The first and obvious reason is that you're limiting what you can do with your undergraduate degree. Secondly passing actuarial exams whilst you work to fulfill the professional requirements required to become an actuary is a better way of becoming a good actuary than getting a whole bunch of exemptions only to find you're not viewed by the industry as being any better than an engineering graduate who is freshly applying to a grad program. Thirdly frankly the way things are going you'll be a superior actuary just by graduating with a degree in comp sci, knowing a bunch of coding and then passing exams than trying to get exempt from the CT's and then sit the rest through the Institute.
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    (Original post by Ganjaweed Rebel)
    The first and obvious reason is that you're limiting what you can do with your undergraduate degree. Secondly passing actuarial exams whilst you work to fulfill the professional requirements required to become an actuary is a better way of becoming a good actuary than getting a whole bunch of exemptions only to find you're not viewed by the industry as being any better than an engineering graduate who is freshly applying to a grad program. Thirdly frankly the way things are going you'll be a superior actuary just by graduating with a degree in comp sci, knowing a bunch of coding and then passing exams than trying to get exempt from the CT's and then sit the rest through the Institute.
    1) Doing an actuarial science degree doesn't limit what you can do with an undergrad degree - An actuarial science degree requires a very high technical ability but in a more applied way than theoretical way and are sought after in the financial job market.

    2) I agree passing exams whilst working will make you a better qualified actuary - but it's not the passing exams that make you a better actuary its the experience you gain from working in industry that makes you better. The industry doesn't view people with exemptions the same as any other graduate. By having a bunch of exemptions you've shown an interest in the field and are more knowledgable about actuarial topics than the average engineering student would be.

    3) Only a certain field of actuarial requires an in depth knowledge of coding you'd gain from a computer science degree and you definitely wouldn't be placed in a team where you'd be able to code all day long. Actuaries are more than just coding and the more qualified you are the less time you spend actually doing the work and the more time you spend analysing results.
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    (Original post by Mr_Muffin_Man)
    1) Doing an actuarial science degree doesn't limit what you can do with an undergrad degree - An actuarial science degree requires a very high technical ability but in a more applied way than theoretical way and are sought after in the financial job market.
    Actuarial science, even within finance is viewed as being extremely niche so this is simply not true.


    (Original post by Mr_Muffin_Man)
    2) I agree passing exams whilst working will make you a better qualified actuary - but it's not the passing exams that make you a better actuary its the experience you gain from working in industry that makes you better. The industry doesn't view people with exemptions the same as any other graduate. By having a bunch of exemptions you've shown an interest in the field and are more knowledgable about actuarial topics than the average engineering student would be.
    The industry tends to view those with exemptions less well than people with good A levels and a 2:1 in a quantitative degree from RG. Don't even try to pull this on me, this isn't Canada/USA/Australia where people are expected to go into EL positions with some passes.

    (Original post by Mr_Muffin_Man)
    3) Only a certain field of actuarial requires an in depth knowledge of coding you'd gain from a computer science degree and you definitely wouldn't be placed in a team where you'd be able to code all day long. Actuaries are more than just coding and the more qualified you are the less time you spend actually doing the work and the more time you spend analysing results.
    You're going to be spending more time in front of Excel writing formulae/VBA than you are using calculus or Bayes' theorem. The study program isn't a perfect match, even with pricing actuarial work; it gives you a deeper understanding of the methods used and what the results mean but you're not going to be sitting around doing pure mathematics all day. It also slices off the lower half of anyone who would ever be signing off Solvency II reports so it acts as a barrier to entry for the legal powers fully qualified actuaries have.
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    (Original post by Ganjaweed Rebel)
    Actuarial science, even within finance is viewed as being extremely niche so this is simply not true.




    The industry tends to view those with exemptions less well than people with good A levels and a 2:1 in a quantitative degree from RG. Don't even try to pull this on me, this isn't Canada/USA/Australia where people are expected to go into EL positions with some passes.



    You're going to be spending more time in front of Excel writing formulae/VBA than you are using calculus or Bayes' theorem. The study program isn't a perfect match, even with pricing actuarial work; it gives you a deeper understanding of the methods used and what the results mean but you're not going to be sitting around doing pure mathematics all day. It also slices off the lower half of anyone who would ever be signing off Solvency II reports so it acts as a barrier to entry for the legal powers fully qualified actuaries have.
    Actuarial Science itself is considered very niche but the skills and techniques you pick up along the way are transferable and are sought after. An actuary is very analytical and are easily able to move around within the finance industry.

    No - Again the industry doesn't. Actuaries can come from all sorts of backgrounds whether you have a music or maths degree regardless of university type. It depends on the person not the degree. Someone pursuing an actuarial degree is someone who has shown interest in the actuarial field early on and has taken steps to advancing their career. They would not be seen the same as someone who's graduated with another degree looking for their first graduate job in whatever field sounds interesting to them. The university type is completely irrelevant, it's a line on your CV end of. In the working world nobody cares what university you went to.

    You'll be spending time developing models - mostly different types of cash flow models. Of course you won't be applying Baye's theorem day in day out but that's a foundation topic. In general insurance depending on the team you're in you'll be expected to be familiar with loss models and delay triangles, working within a solvency II team you'd be expected to be familiar with VaR calculations, stationary time series and these are ideas you pick up in an actuarial degree or a heavily based stats maths degree. With an actuarial science degree you're taught more to interpret your results whereas with a pure maths degree you're shown more how to get to the desired results. By saying you're better off doing something like a computer science degree just because you'd be good at coding in an actuarial job is not good advice at all. Not everyone is suited for an actuarial job and not everyone knows what an actuary actually does but having an actuarial degree provides a lot of insight in to this. At the end of your degree if you decide it's not for you there is absolutely nothing stopping you from applying to other analytical roles. The same way, if anyone in the actuarial field feels like they want a change they would easily be able to do so.
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    (Original post by Mr_Muffin_Man)
    Actuarial Science itself is considered very niche but the skills and techniques you pick up along the way are transferable and are sought after. An actuary is very analytical and are easily able to move around within the finance industry.

    No - Again the industry doesn't. Actuaries can come from all sorts of backgrounds whether you have a music or maths degree regardless of university type. It depends on the person not the degree. Someone pursuing an actuarial degree is someone who has shown interest in the actuarial field early on and has taken steps to advancing their career. They would not be seen the same as someone who's graduated with another degree looking for their first graduate job in whatever field sounds interesting to them. The university type is completely irrelevant, it's a line on your CV end of. In the working world nobody cares what university you went to.

    You'll be spending time developing models - mostly different types of cash flow models. Of course you won't be applying Baye's theorem day in day out but that's a foundation topic. In general insurance depending on the team you're in you'll be expected to be familiar with loss models and delay triangles, working within a solvency II team you'd be expected to be familiar with VaR calculations, stationary time series and these are ideas you pick up in an actuarial degree or a heavily based stats maths degree. With an actuarial science degree you're taught more to interpret your results whereas with a pure maths degree you're shown more how to get to the desired results. By saying you're better off doing something like a computer science degree just because you'd be good at coding in an actuarial job is not good advice at all. Not everyone is suited for an actuarial job and not everyone knows what an actuary actually does but having an actuarial degree provides a lot of insight in to this. At the end of your degree if you decide it's not for you there is absolutely nothing stopping you from applying to other analytical roles. The same way, if anyone in the actuarial field feels like they want a change they would easily be able to do so.
    It's Bayes' Theorem, his name had the letter s at the end.

    https://en.wikipedia.org/wiki/Bayes%27_theorem
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    LSE and Cass have the best actuarial courses in the UK but a degree in actuarial science is quite niche, for example Oxbridge don't do one. A maths or physics degree at Oxbridge or Imperial can get you into all the actuarial jobs that LSE and Cass can.
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    (Original post by Ganjaweed Rebel)
    It's Bayes' Theorem, his name had the letter s at the end.

    https://en.wikipedia.org/wiki/Bayes%27_theorem
    TIL
 
 
 
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