Maths or Actuarial Science?

Some food for thought.

You may not get all the exemptions (many of the people who I have worked with have failed university exemption exams)

Becoming an actuary can take anything from 3-8+ years once you're working for a firm

Reply 2

T1m0thy

OP

SimonM

Some food for thought.

You may not get all the exemptions (many of the people who I have worked with have failed university exemption exams)

Becoming an actuary can take anything from 3-8+ years once you're working for a firm

I don't mind working for that amount of time to become one if thats what i decide to do.

If say i do pass all the exams and get all 9 examinations how much time would this save me would you say over taking them after doing maths.
If it doesn't take very long to do those 9 exams anyway i think i would prefer to do maths to keep my options open and do them exams after. But if its going to take quite a few years then i think il go with actuarial science to save me some time.

Reply 3

Well, my point was that if you do acturial science then you wont be working on anything else along side your exams. ie At the place where I worked they got 1 day to study a week so you pass slower than you would at university.

It is impossible for me to give you an exact number for how much time you will save.

My only other comment would be that you need to know for certain that you want to become an actuary, any deviance in your desire and your degree wont be as useful.

Reply 4

T1m0thy

With maths i will have more options won't i? I just don't really know what kind of jobs i could get?

Yes, that is true, but an Actuarial Science degree doesn't narrow your prospects are much as you think. Apart from Actuary, other common graduate destinations include Accounting (e.g. PWC, Deloitte) and Investment Banking.

T1m0thy

Also if for example if i did takes maths how much longer would it take me to become an Actuary than if i choose Actuarial Science?
According to the prospectus Actuarial Science will earn me exemptions from the first 9 actuarial examinations.

You'll probably get around two exemptions, but it could be more depending on how flexible your course structure is (e.g. how many option units you have).

Like the above poster said, it's hard to give a good number as to how many years quicker you will qualify as it really depends on the firm, if you can pass these exams first time, how many exemptions you have when going in, how many exemptions you would get if you did a Maths degree, etc.

Roughly, going in without any exemptions takes about 6 years to qualify. If you get full exemptions from the Actuarial Science degree, I would guess that it would knock off about a year and a half, not entirely sure though.

Reply 5

T1m0thy

OP

thanks for your help :smile:

I also found this information, which is quite useful.

Will I benefit from studying a degree in actuarial science?

Several universities offer undergraduate degrees in actuarial science. Some of these degrees offer exemptions from all the Core Technical subject examinations. Other actuarial degrees offer exemptions from a subset of these subjects. You can find a list of these courses in the University actuarial degrees page.

The advantages of studying for one of these actuarial degrees are:
An opportunity to find out more about actuarial work before starting employment.
If a sufficiently high standard is achieved in the appropriate university exams, then the student will be recommended for exemption from the corresponding professional exam.
A graduate from an actuarial degree should be able to qualify more quickly than a graduate from another course with fewer exemptions. This may lead to them being more focused on their work and promoted more quickly.
A higher number of exam passes may mean that the actuarial graduate may receive a higher salary (probably staggered and dependent on future exam success).
An actuarial degree gives an excellent grounding in subjects like economics, finance, mathematics, and statistics, as well as the more actuarial subjects. This makes actuarial graduates suitable for a range of careers, not just actuarial work.

But I won't be at a disadvantage if I'm not doing an actuarial degree, will I?

There are benefits to studying alternative degrees:
Non-actuarial degrees enable students to experience a greater range of courses and to pursue a variety of interests outside actuarial work.
Non-actuarial degrees may be lead to exemption from a few of the Core Technical subjects (eg CT3 Probability and Mathematical Statistics).
Some employers are less enthusiastic than others about employing actuarial science graduates, so you may wish to seek the views of your favoured employers.
Experience in the office is at least as important as exam passes. Actuarial graduates should not assume that they will necessarily be paid more than other graduates.

Mustard-man

Yes, that is true, but an Actuarial Science degree doesn't narrow your prospects are much as you think. Apart from Actuary, other common graduate destinations include Accounting (e.g. PWC, Deloitte) and Investment Banking.

Thank you, i was quite worried that i wouldn't have any options after doing actuarial science. I've decided i'm going to stick with Actuarial Science. If the worst comes to the worst and i hate my course i will just do the best i can and look to do something like accounting after. I think i'm being a bit negative though, after reading about the course and what the job involves it does interest me a lot.

Reply 6

T1m0thy

Thank you, i was quite worried that i wouldn't have any options after doing actuarial science. I've decided i'm going to stick with Actuarial Science. If the worst comes to the worst and i hate my course i will just do the best i can and look to do something like accounting after. I think i'm being a bit negative though, after reading about the course and what the job involves it does interest me a lot.

The course can only tell you so much, if you want proper exposure to the profession, then I recommend you try and get work experience at an Actuary firm. Most internships are in the penultimate year; you should definitely try and get that at least.

There's also the option of a masters :smile:

Reply 7

Finding a firm for work experience doesn't have to be during the penultimate year, I have been doing work experience with a firm of Actuaries every summer since Y11

Reply 8

ggonex26

10

SimonM

Finding a firm for work experience doesn't have to be during the penultimate year, I have been doing work experience with a firm of Actuaries every summer since Y11

Just out of interest, do you have family connections? I am just wondering whether you were able to find work experience due to some kind of social connection or if it is common practice for companies to offer it.

Reply 9

SimonM

Finding a firm for work experience doesn't have to be during the penultimate year, I have been doing work experience with a firm of Actuaries every summer since Y11

Yeah, but internship placements are mainly offered to penultimate year students, which the OP should do at least as that gives the best experience. Any work experience placements the OP can get beforehand is a plus.

Reply 10

You mentioned getting work experience a line previously, I was just clarifying.

I do have a (someone tenuous) link to the firm, although I know lots of people who have worked there without knowing people who work there. I met the HR manager at a careers convention and they invited people to apply for work experience.

Reply 11

SimonM

You mentioned getting work experience a line previously, I was just clarifying.

I do have a (someone tenuous) link to the firm, although I know lots of people who have worked there without knowing people who work there. I met the HR manager at a careers convention and they invited people to apply for work experience.

Cool. How are you finding it? :smile:

Reply 12