Actuarial Studies or Economics and Finance

Call Me Lia

Hi ,
I'm trying to finalise my CAO list at the moment but I'm having difficulty choosing the no.1 degree between these two: Actuarial and Financial Studies, or Economics and Finance.

I like maths and I'm quite logical, so I think both would suit me. They seem to be quite similar, but I'm still trying to decide if it's an actuary I definitely want to become. Although it sounds like an amazing career, there are others equally attractive to me eg stockbroker, financial advisor, investment banker, trader etc etc.
At the moment I'm slightly leaning towards Economics and Finance, but it would be nice to have a bit of security coming out of college with (hopefully!) 9 out of 15 exams already passed.


Can anybody help
What are the advantages/disadvantages of either course?

freeze4real

I don't go to ucd but study Finance and economics in Maynooth.


The ability to have a logical reasoning and being able to solve maths and think outside the box is what's important in those 2 subjects.


Actuary science Involves loads of maths, and the pay is good as well.

In 1st yr you take maths and some other modules then 2nd yr you do rigid maths.
You'll get better response on the mathematics forum.
As to jobs actuaries tend to work is insurance firms calculating risks.

With economics it depends on what branch to focus on e.g public economics quantitative economics. But IMO there's no economics jobs in Ireland. Canada & London is were to go to.


With economics you need to have a sound reasoning. I have dyscacula so maths doesn't help. The thing is maths can be avoided in economicss but there are some maths like game theory and econometrics that's is just maths so tool love it.

misslt

I'm in 3rd year Actuary now.

I love it, best decision I've made is doing this course. Yes, you need to be good at maths, but its not just maths.

I know the breakdown of modules has changed since I was in first year, but its the only year I've done Maths modules. In second year you do Financial Maths, but everything else from then on is main Statistics. You do economics in first year too, going towards an exemption. Accounting & Finance are now split, with accounting in first year and Finance in second, both of these going for the same exemption also. Both financial maths modules in 2nd year are for an exemption, as are 3 of your statistics modules.

In third year, you only have one semester in college, the second is on work placement (I'm doing that now). First semester you have 3 statistics modules, a finance module, an information management module and your elective. The three stats modules are exemption modules, with two equally weighted for one exemption and the other weighted 1/3 with two modules done in 4th year.

I love the course, I definitely want to be an actuary. I'm on placement now and I love it too (even though I'm only there 2 weeks :P) - I've been told that with placement you will really know whether or not you want to continue. Lots of people do the actuary degree but don't finish the exams.

Money is good, but it depends on the exemptions you have/exams you've passed - you can add a grand onto your salary for each exemption you have in some places. The huge advantage of UCD is that it offers an exemption from CA1, which I've heard can be the hardest actuary exam to do.

Also, there are so many areas actuaries can go into, be it life insurance, general insurance, investment, etc etc - the specialist exams (done after college) decide what area you specialise in (might not have got that from the name :P) and there are 7 or maybe 9 to choose from.

Sorry for the long post - hope this helps, if you've any more questions let me know.

Call Me Lia

Call Me Lia wrote: »

Hi ,
I'm trying to finalise my CAO list at the moment but I'm having difficulty choosing the no.1 degree between these two: Actuarial and Financial Studies, or Economics and Finance.

I like maths and I'm quite logical, so I think both would suit me. They seem to be quite similar, but I'm still trying to decide if it's an actuary I definitely want to become. Although it sounds like an amazing career, there are others equally attractive to me eg stockbroker, financial advisor, investment banker, trader etc etc.
At the moment I'm slightly leaning towards Economics and Finance, but it would be nice to have a bit of security coming out of college with (hopefully!) 9 out of 15 exams already passed.


Can anybody help
What are the advantages/disadvantages of either course?

If you have the exams already passed, you will be more than able to branch out into the other areas you mentioned. There are investment exams you can qualify in, and there are places who will look at CFA quals and actuarial quals the same. Pass all the actuary exams and get some experience, and the world will be your oyster.
I'm doing it the long slow way, but loving it.

misslt

bluewolf wrote: »

If you have the exams already passed, you will be more than able to branch out into the other areas you mentioned. There are investment exams you can qualify in, and there are places who will look at CFA quals and actuarial quals the same. Pass all the actuary exams and get some experience, and the world will be your oyster.
I'm doing it the long slow way, but loving it.

bluewolf, do you mind me asking what exams you have and had you any exemptions?

misslt

misslt wrote: »

bluewolf, do you mind me asking what exams you have and had you any exemptions?

i did physics & maths in college so no exemptions, i have a few of the CTs
slow progress as I expected them to be like college exams when i started
get all the exemptions you can while you can...

misslt

bluewolf wrote: »

i did physics & maths in college so no exemptions, i have a few of the CTs
slow progress as I expected them to be like college exams when i started
get all the exemptions you can while you can...

Thats the plan!

I've taken a look at the institute papers for exemptions I haven't got and the papers themselves don't look too bad - but not knowing what the pass mark is or anything has to be horrible!!

My main focus for next year is getting the exemption from CA1 - it makes up 4 of the 12 modules for next year :P

Call Me Lia

misslt wrote: »

I'm in 3rd year Actuary now.

I love it, best decision I've made is doing this course. Yes, you need to be good at maths, but its not just maths.

I know the breakdown of modules has changed since I was in first year, but its the only year I've done Maths modules. In second year you do Financial Maths, but everything else from then on is main Statistics. You do economics in first year too, going towards an exemption. Accounting & Finance are now split, with accounting in first year and Finance in second, both of these going for the same exemption also. Both financial maths modules in 2nd year are for an exemption, as are 3 of your statistics modules.

In third year, you only have one semester in college, the second is on work placement (I'm doing that now). First semester you have 3 statistics modules, a finance module, an information management module and your elective. The three stats modules are exemption modules, with two equally weighted for one exemption and the other weighted 1/3 with two modules done in 4th year.

I love the course, I definitely want to be an actuary. I'm on placement now and I love it too (even though I'm only there 2 weeks :P) - I've been told that with placement you will really know whether or not you want to continue. Lots of people do the actuary degree but don't finish the exams.

Money is good, but it depends on the exemptions you have/exams you've passed - you can add a grand onto your salary for each exemption you have in some places. The huge advantage of UCD is that it offers an exemption from CA1, which I've heard can be the hardest actuary exam to do.

Also, there are so many areas actuaries can go into, be it life insurance, general insurance, investment, etc etc - the specialist exams (done after college) decide what area you specialise in (might not have got that from the name :P) and there are 7 or maybe 9 to choose from.

Sorry for the long post - hope this helps, if you've any more questions let me know.

Hi ,
Thanks so much for answering! It's great that you're happy with your course- it gives me hope. I'm a bit curious about you're work experience. I've researched it, but it's nice to get a first hand hand account if you don't mind .
First things first, is it in an insurance firm in Ireland or abroad? What do you and the other actuaries actually do there? Do you spend much time in front of a computer or is there people contact also?

Thanks in advance :cool:

Btw, does it not work to leave messages on boards from an ipod touch? Cause I tried to reply hours ago, but it wouldn't let me weird...

Call Me Lia

bluewolf wrote: »

If you have the exams already passed, you will be more than able to branch out into the other areas you mentioned. There are investment exams you can qualify in, and there are places who will look at CFA quals and actuarial quals the same. Pass all the actuary exams and get some experience, and the world will be your oyster.
I'm doing it the long slow way, but loving it.

Thanks,
That's just what I wanted to hear ! I'm glad my options don't close, that thought was scaring me.
I didn't even know there were such things as CFAs.
You studied maths, that (and economics) is third on my cao at the moment.

Good luck with the qualifications!

misslt

Call Me Lia wrote: »

Hi ,
Thanks so much for answering! It's great that you're happy with your course- it gives me hope. I'm a bit curious about you're work experience. I've researched it, but it's nice to get a first hand hand account if you don't mind .
First things first, is it in an insurance firm in Ireland or abroad? What do you and the other actuaries actually do there? Do you spend much time in front of a computer or is there people contact also?

Thanks in advance :cool:

Btw, does it not work to leave messages on boards from an ipod touch? Cause I tried to reply hours ago, but it wouldn't let me weird...

Work experience is great so far.

I'm in an insurance company in Dublin, because I wanted to stay in Dublin, 3 people are in London and one in Boston, so if you want to go abroad it is possible, if you don't, thats also possible

My team is called 'Actuarial Operation Services' - so any non-standard insurance policies that customer care can't deal with are sent up to us - we have to value the policy at different dates etc, revise premiums if the customer wants to reduce or extend the term of the policy and things like that.

It is mostly computer based, but there is a lot of interaction with the others on the team if you get me - placement is good as you can be given lots of different little jobs so you get a taste for everything - the other day I had to check out pension accounts and ensure the pension levy had been applied properly. You get an idea of what everyone else on the team is doing too.

I'm fascinated by it :P

It definitely won't close your options, I know only about half of our class (36 of us I think) actually want to continue the exams after college. As bluewolf said actuarial qualifications can get you a lot of places! Also, its only 4th year that the stuff gets 'Actuarial specific' if you get me - the first three years are mostly maths, stats, finance and economics

If you have any more questions please let me know

Call Me Lia

misslt wrote: »

Work experience is great so far.

I'm in an insurance company in Dublin, because I wanted to stay in Dublin, 3 people are in London and one in Boston, so if you want to go abroad it is possible, if you don't, thats also possible

My team is called 'Actuarial Operation Services' - so any non-standard insurance policies that customer care can't deal with are sent up to us - we have to value the policy at different dates etc, revise premiums if the customer wants to reduce or extend the term of the policy and things like that.

It is mostly computer based, but there is a lot of interaction with the others on the team if you get me - placement is good as you can be given lots of different little jobs so you get a taste for everything - the other day I had to check out pension accounts and ensure the pension levy had been applied properly. You get an idea of what everyone else on the team is doing too.

I'm fascinated by it :P

It definitely won't close your options, I know only about half of our class (36 of us I think) actually want to continue the exams after college. As bluewolf said actuarial qualifications can get you a lot of places! Also, its only 4th year that the stuff gets 'Actuarial specific' if you get me - the first three years are mostly maths, stats, finance and economics

If you have any more questions please let me know

Thanks so much!