Actuary with commerce international degree?

lhn26

Does anyone know how I can become an actuary after doing this degree?

I didn’t get the actuarial and finance course but I would still really like to become an actuary.

DataDude

https://www.boards.ie/discussion/2058262611/actuary-with-commerce-international-degree

There are no college requirements to be an actuary. You just have to pass the professional exams. Plenty of actuaries come from non-actuarial degrees. The degree is just helpful as it gives exemptions from some of the professional exams if you do well.

You have two options.

1. Try to go straight into a job that’ll sponsor your exams after college. You might find it slightly tricky to get a job so I’d recommend passing one or two professional exams during your degree. This will cost you a few quid but show prospective employers you’re serious.
2. Do the one year full time actuarial masters in UCD after graduation. This will all but guarantee you a job, and if you do well, you’ll get exemptions that you missed from not doing the undergrad.

Best of luck!

lhn26

Thank you so much!

I was looking into the actuarial masters but I don’t think a commerce degree will make me eligible as there is not enough maths and statistics content.

So I was wondering how would that work if I actually wanted to do the masters?

And how would I prepare for the actuarial exams if my degree is not maths based?

DataDude

https://www.boards.ie/discussion/comment/119593874#Comment_119593874

I’m not sure how strict they are on entrants to the Masters, perhaps you’re right but it would be worth exploring. If the Masters won’t accept you, Option 1 is your only route. I know lots of people who’ve gone on to be actuaries from all sorts of backgrounds, so it’s not that unusual.

In terms of preparing for the professional exams. There‘s a company which produces all of the source material (https://acted.co.uk/) , and they run some tutorials as well (but the tutorials will assume a high base level of knowledge). Given that you won’t get the basic maths knowledge directly from your degree, it’s going to have be self directed learning from the materials.

It’s a long and tough road. Most people don’t finish it out, but if you’re really that determined to do it, it’s definitely possible.

Staunton96

https://www.boards.ie/discussion/comment/119596131#Comment_119596131

Hmm. I commend the help you're giving here, but I'm not sure it is this doable - back when I applied, a maths/statistics background (ie a numerate degree) was essential in getting a graduate position/entry level job as a trainee actuary. In fact I have not seen any postings which do not require this.

@lhn26 Are you graduating? If so, you could still try applying as all of the graduate programs open over the next month. However, it may be tricky for you due to the lack of mathematics in the degree.

If not, would you consider a maths degree? (I'm presuming you aren't in college yet?). You would be much, much more likely to get a position then. Also, if you specialise in finance in your commerce degree it may be a possibility.

Feel free to ask more questions.

DataDude

https://www.boards.ie/discussion/comment/119600729#Comment_119600729

I hire actuaries all the time. Quite like hiring from the non actuarial backgrounds as they take longer to qualify/are cheaper initially.

If someone took the initiative to pass some of the earlier exams on their own initiative, with their own money and studying by themselves. They would go straight to the top of my list for interview. Some companies might be more snobbish but definitely not all.

Agreed if this person can do a maths degree it would be betters but taking from question that that ship has sailed.

lhn26

Would it be possible if I first do a finance masters then do a masters in actuarial science?

Or do they only want people who have done a bachelor in that area?

Also I want to ask how common is it to do a second masters degree in Ireland?

Staunton96

https://www.boards.ie/discussion/comment/119600797#Comment_119600797

Oh! I beg your pardon :P Good to know. Just anecdotally I hadn't seen any postings without that qualification being needed, but I agree clearing exams beforehand would be great... OP - where are you in your college studies?

DataDude

https://www.boards.ie/discussion/comment/119601534#Comment_119601534

Theoretically possible I guess. But not something I have ever seen done before and it would be very expensive (both time and money). It would not be common in Ireland to do two masters back to back.

Just one thing which I’ve kinda taken as a given how keen you are on this. The exams aren’t for the faint hearted. You really need to have a very strong aptitude for maths to get through.

Are you just starting Commerce now? Why didn’t you go for a pure maths degree, even at a lesser university for example? If you’re only starting college this year, I would sooner reapply for a bachelors next year than to pursue the two masters route.

lhn26

I seen that the actuarial masters require a economics and/or finance bachelors degree, would it be possible for me to move courses to economics and finance after one year of commerce since I meet the entry requirements?

@DataDude

https://www.boards.ie/discussion/comment/119605602#Comment_119605602

How many points did you get in your leaving?

Like @DataDude mentioned, these exams are very difficult. I had to give up on them myself as I just didn't have the brains or mathematical aptitude for them.

Also, can I ask why you want to become an Actuary? If the answer is "money" then it's the wrong answer. Actuaries love Statistics and Financial modelling.

You also have to love maths and doing maths problems.

ucdperson

There are Business Analytics courses in the Quinn School that you can do.

I would suggest doing these, any content in this direction will be helpful if you want to do quant stuff afterwards, not only Actuarial but also quant programmes like the MSc Quant Finance or the MSc Business Analytics. Or you may find that the quant content is not your thing after all.