The Student Room Group

Future life change?

I need you guys' opinions on something. I'm currently aiming for accounting as a career so I've applied to 5 unis for accounting and finance and I've gotten into Deloitte, EY, KPMG, RSM and BDO for ACA apprenticeships. I want to go to an apprenticeship so they were my first choice but I recently stumbled across actuarial science. I was doing accounting cuz it was the only thing that slightly interested me but now, upon seeing actuarial science, I'm more interested in it. I study further maths, maths, physics and chemistry at A-level (if this is relevant). What should I do? I wouldn't mind a career in accounting but I think I'd prefer one in actuarial science but I know nothing about actuarial science (in detail) and I'd want to go for an apprenticeship in it, but I feel it's too late especially as I should be focusing on mocks and a levels now. What do I do? A gap year isn't an option either as my parents don't want me to take one and I might not get the opportunities I have now. Help please?
Original post by Incrediblezed
I need you guys' opinions on something. I'm currently aiming for accounting as a career so I've applied to 5 unis for accounting and finance and I've gotten into Deloitte, EY, KPMG, RSM and BDO for ACA apprenticeships. I want to go to an apprenticeship so they were my first choice but I recently stumbled across actuarial science. I was doing accounting cuz it was the only thing that slightly interested me but now, upon seeing actuarial science, I'm more interested in it. I study further maths, maths, physics and chemistry at A-level (if this is relevant). What should I do? I wouldn't mind a career in accounting but I think I'd prefer one in actuarial science but I know nothing about actuarial science (in detail) and I'd want to go for an apprenticeship in it, but I feel it's too late especially as I should be focusing on mocks and a levels now. What do I do? A gap year isn't an option either as my parents don't want me to take one and I might not get the opportunities I have now. Help please?

Actuarial science is significantly more mathematical than accounting (take it from someone who studied accounting).

Actuaries tend to work in areas that involve calculating risk e.g. pensions, insurance, credit ratings, etc. They are often there to calculate the likelihood of payouts and look at various stats models. Having said that, the official actuary qualification for the UK covers various areas of financial mathematics, so technically they can do a lot more but they don't.
See: https://en.wikipedia.org/wiki/Actuary

The IFoA doesn't strictly require you to have a maths degree, but something like A Level Maths is a great way to get in. Since you're doing both Math A Levels, you should be more than OK for their apprenticeships.
https://actuaries.org.uk/membership/types-of-membership/student-membership
https://actuaries.org.uk/qualify/become-an-actuary/route-to-becoming-an-actuary/
https://actuaries.org.uk/qualify/become-an-actuary/actuarial-apprenticeships/

The thing I don't particularly like about actuary is that you're restricted by what sort of employers you can be hired by, whereas you can be an accountant pretty much anywhere. e.g. if you decide to move abroad, you need to do actuary qualfications for that specific country; with accounting you can work in a company, in a different sector, in a different role, for yourself, and sometimes even in a different country if your qualification allows you to.

You still need to pass something like 15 papers to qualify + relevant recognised experience as an actuary, similar to how you qualify as an accountant, To me, accounting is more of an art form whereas actuary involves more science. Also, the maths in accounting is relatively straightforward i.e. simple arithmetic most of the time, whereas actuary uses some actual maths e.g. calculus, probability, statistics, linear algebra, series/sequences, logarithms.
See: https://www.quora.com/What-type-of-mathematics-do-actuarial-science-students-have-to-learn
https://www.quora.com/What-kind-of-math-is-involved-in-actuarial-science
https://www.quora.com/What-are-the-mathematical-topics-that-are-relevant-to-actuarial-science
https://actuaries.org.uk/curriculum/
https://www.actuaries.org.uk/system/files/field/document/Curriculum2019_201803.pdf

Interestingly, should you wish to do an accounting qualification and then qualify for the IFoA, you get exemptions from 2 out of the 15 papers. See: https://actuaries.org.uk/qualify/exam-exemptions/other-professional-bodies-route-c/
It's not much to talk about, but it's something.
On the other hand, if you do the IFoA before you do your accounting exams, you get no exemptions from ACA, CIMA, ICAEW. I am not sure about ICAS, CAI, AIA, etc. since they don't have exemption calculator on their websites.
Original post by Anonymous #1
Actuarial science is significantly more mathematical than accounting (take it from someone who studied accounting).

Actuaries tend to work in areas that involve calculating risk e.g. pensions, insurance, credit ratings, etc. They are often there to calculate the likelihood of payouts and look at various stats models. Having said that, the official actuary qualification for the UK covers various areas of financial mathematics, so technically they can do a lot more but they don't.
See: https://en.wikipedia.org/wiki/Actuary

The IFoA doesn't strictly require you to have a maths degree, but something like A Level Maths is a great way to get in. Since you're doing both Math A Levels, you should be more than OK for their apprenticeships.
https://actuaries.org.uk/membership/types-of-membership/student-membership
https://actuaries.org.uk/qualify/become-an-actuary/route-to-becoming-an-actuary/
https://actuaries.org.uk/qualify/become-an-actuary/actuarial-apprenticeships/

The thing I don't particularly like about actuary is that you're restricted by what sort of employers you can be hired by, whereas you can be an accountant pretty much anywhere. e.g. if you decide to move abroad, you need to do actuary qualfications for that specific country; with accounting you can work in a company, in a different sector, in a different role, for yourself, and sometimes even in a different country if your qualification allows you to.

You still need to pass something like 15 papers to qualify + relevant recognised experience as an actuary, similar to how you qualify as an accountant, To me, accounting is more of an art form whereas actuary involves more science. Also, the maths in accounting is relatively straightforward i.e. simple arithmetic most of the time, whereas actuary uses some actual maths e.g. calculus, probability, statistics, linear algebra, series/sequences, logarithms.
See: https://www.quora.com/What-type-of-mathematics-do-actuarial-science-students-have-to-learn
https://www.quora.com/What-kind-of-math-is-involved-in-actuarial-science
https://www.quora.com/What-are-the-mathematical-topics-that-are-relevant-to-actuarial-science
https://actuaries.org.uk/curriculum/
https://www.actuaries.org.uk/system/files/field/document/Curriculum2019_201803.pdf

Interestingly, should you wish to do an accounting qualification and then qualify for the IFoA, you get exemptions from 2 out of the 15 papers. See: https://actuaries.org.uk/qualify/exam-exemptions/other-professional-bodies-route-c/
It's not much to talk about, but it's something.
On the other hand, if you do the IFoA before you do your accounting exams, you get no exemptions from ACA, CIMA, ICAEW. I am not sure about ICAS, CAI, AIA, etc. since they don't have exemption calculator on their websites.

Ah thanks, I like my maths anyway but obviously I've put the work in and don't want my grades to slack. The idea of actuaries having to restudy to work in other countries does make me rethink this though! Thanks for letting me know.
Reply 3
Original post by Incrediblezed
I need you guys' opinions on something. I'm currently aiming for accounting as a career so I've applied to 5 unis for accounting and finance and I've gotten into Deloitte, EY, KPMG, RSM and BDO for ACA apprenticeships. I want to go to an apprenticeship so they were my first choice but I recently stumbled across actuarial science. I was doing accounting cuz it was the only thing that slightly interested me but now, upon seeing actuarial science, I'm more interested in it. I study further maths, maths, physics and chemistry at A-level (if this is relevant). What should I do? I wouldn't mind a career in accounting but I think I'd prefer one in actuarial science but I know nothing about actuarial science (in detail) and I'd want to go for an apprenticeship in it, but I feel it's too late especially as I should be focusing on mocks and a levels now. What do I do? A gap year isn't an option either as my parents don't want me to take one and I might not get the opportunities I have now. Help please?

You mean you have actual offers from these degree apprenticeships?
Original post by مبحث
You mean you have actual offers from these degree apprenticeships?

Yeah I have these offers for the ACA qualification.
Reply 5
What grade are you targeting for further maths? Is a maths degree something you would consider?
Original post by ajj2000
What grade are you targeting for further maths? Is a maths degree something you would consider?

I'm predicted 4A* but idk whether to drop an a level and my college only lets you drop FM to AS so

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