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ivanneo
01-19-2008, 11:06 AM
Hi,

I would like to ask those professionals out there whet do your think about studying actuarial studies? Do you think that this is an upcoming course in singapore?

dershing
01-21-2008, 10:40 AM
Not sure if the course will be offered soon Singapore though we always hear about. It depends on the strength of the insurance/risk management industry in singapore and region. But from what i know it is a growing field.

also, for the sick of other readers here.

An Actuary is someone who uses statistical and mathematical means to assess finance and other types of risk relating to some possible event. The idea is to help insurance companies value that risk.

Usually you will end up working for a bank, insurance firm, stock exchange, regulatory body etc

You need to be a problem solver, math inclined, good business sense, strong with statistics, practical and good lateral thinker.

ivanneo
01-22-2008, 01:42 PM
I know that NUS is tying up with ANU to offer a degree in actuarial studies. I was thinking even if i did the degree in acturial studies, i still do not fulfil all the professional certifications criteria to be an actuary. So I'm thinking of the time spent on studying compared to taking a finance course and comig out to work earlier.

Sparks
01-25-2008, 10:31 AM
IMO, I think the Actuarial field is still in its growth phase and has not yet matured in both research and academic. It is therefore not necessary to plunge into Actuarial Studies unless you are very sure that you will be sticking to this field for the long-term. To me, such studies do lead to a professional degree(aka narrowly-focused). If you are intending to consider this field as one of your potential career, it might be better to stick to traditional courses such as statistics or business.

ivanneo
01-26-2008, 01:20 PM
So you are saying to stick to the bachelor of commerce.

Sparks
01-28-2008, 09:45 AM
Ivan,

It will be advisable to take up a Commerce course, with Actuarial Studies as one of its specialist options, if available. One course that offers such an option is NTU Business. It offers Actuarial Science as one of its specialisations. Refer to http://www.nbs.ntu.edu.sg/student/Undergrad_portal/Curriculum_share/BBus.asp

ivanneo
01-29-2008, 01:02 AM
Ya. But I will be furthering my studies in Australia. their commerce programs doesnt have acturial studies. That's why I am thinking whether I should change to do Acturial studies or continue with Commerce major in finance and accounting. Cant make up my mind.

Sparks
01-29-2008, 09:32 AM
Ivan,

In that case, would advise you to re-consider a bit. If possible, take a few relevant actuarial-based subjects. However, it may not be necessary for one to obtain an Actuary degree just for the sake of entering the field. Commerce, in my opinion, is a wiser option as it allows you to enter many fields, including Actuary. Hence, follow your heart and choose the path u find most suitable.

ivanneo
01-30-2008, 12:17 AM
ya.. really thanks a million for the advice. I think i will go for commerce. Why becoz firstly its like what you've said and the other is that I want my cert to look good instead of taking those intensive modules and yet i dun do well which makes my cert looks bad. I pray i did make the right choice. Pray for me.

Sparks
01-30-2008, 09:49 AM
All the best Ivan ! :)

truewt
02-28-2008, 04:53 PM
IMO, I think the Actuarial field is still in its growth phase and has not yet matured in both research and academic. It is therefore not necessary to plunge into Actuarial Studies unless you are very sure that you will be sticking to this field for the long-term. To me, such studies do lead to a professional degree(aka narrowly-focused). If you are intending to consider this field as one of your potential career, it might be better to stick to traditional courses such as statistics or business.

It may be a very young field, but definitely a growing one. Hence, I would think that it would be great to enter this field early as the 'pioneers' :)

On a sidenote, a professional degree in Actuarial Sciences is actually TOO specialised IMHO, as you probably will want to go into actuary field upon graduation. What if you don't manage to find a job in this sector?

But NTU Business Administration programme with specialisation in Actuarial Science is not a professional degree? I'm actually considering to enter this field as my future career (I've yet begin my university education). But if we do get a more general degree, such as Mathematics (the one I'm intending to pursue), will I need to further my studies to get professional accreditation or whatsoever to be a Actuary?

What about Quantitative Finance degree in NUS? The career prospects for this degree states "risk management, financial analyst...", which are considered an Actuary's work, but not necessary belonging to only Actuaries?

xingxian
04-01-2008, 01:29 PM
Actually I am going into this field also. There is actually a Bachelor of Commerce degree, specialized in actuarial studies in Australia, Univeristy of Melbourne.
I think this is better la since u will have the knowledge in business also.

I am planning on taking the Mathematics with statistics for finance, after my degree then only I write the professional tests by the Society of Actuary, is that good?

questions
04-13-2008, 01:41 PM
Actually I am going into this field also. There is actually a Bachelor of Commerce degree, specialized in actuarial studies in Australia, Univeristy of Melbourne.
I think this is better la since u will have the knowledge in business also.

I am planning on taking the Mathematics with statistics for finance, after my degree then only I write the professional tests by the , is that good?


from what i read, that's usually the normal procedure. after getting a degree in actuarial science / maths / stats / other related field, they will take the professional exams.

for myself, i hope to get a degree in business with specialisation in actuarial science from NTU before taking the exams from the Institute of Actuary.

iamme
05-14-2008, 04:11 PM
Studying an actuarial science degree allows for a huge chunk of exemption! It usually saves you 2-3 years of having to work and study at the same time in trying to attain the professional qualifications, depending on the undergraduate course being pursued. Currently only 4 Australian universities are offering that course and the one offered at NTU is in line with those (ie CTs of the English system and Part 1 of the Australian system)

To keep career options open you could do a general commerce/business course, but then again you can always switch from the actuarial course to a commerce course if you find it unsuitable for you, as many modules are likely to be similar.

That being said, there is a legitimate reason to be worried since the drop-out rates of actuarial science courses are very high...in general it's easily a 66%. That's pretty much in line with the passing rate of the professional exams which is only around 30%. So if you can't tackle the actuarial degree reasonably, you should start putting off the thought of becoming an actuary.

Anyway actuarial science has been around for more than 300 years so it's nothing new...

I'm doing an actuarial internship and I've been reading/talking/eating anything actuarial for the past 3 months so if anyone else has questions on the profession I'd be glad to answer them! =)

ivanneo
05-15-2008, 08:48 AM
Hi,

so where r u doing your internship right now? I'm very interested in doing an actuarial degree but i do not have sufficient maths background and found it quite difficult to catch up without it. So i took commerce in the end.

iamme
05-15-2008, 02:14 PM
Hi,

so where r u doing your internship right now? I'm very interested in doing an actuarial degree but i do not have sufficient maths background and found it quite difficult to catch up without it. So i took commerce in the end.

I think that one of the key factors to determine success in an actuarial career would be a strong interest/aptitude for maths. As a reference, the UK board requires candidates to have achieved at least a B grade in A-level Maths before they're allowed to sit for the professional papers.

I'm doing reinsurance. At which university are you doing your degree? Are you going to specialise in anything? It's true that many people do not study actuarial science in university but pursue the career after they graduate. Many of them have maths-related degrees though.

lemonade
05-15-2008, 08:21 PM
Hi,

I'm seriously considering a career as an actuary. I'd be heading to NUS, and am pondering whether to take math or stats as my major. Which major would be the most relevant for my actuarial exams preparation?

Also, are actuarial qualifications obtained in say, the US, recognized in Australia and the UK?

I assume that most actuaries in Singapore sit for the UK/Aussie exams rather than the US ones.. am I right?

Any advice would be much appreciated. Thanks! :)

iamme
05-15-2008, 11:31 PM
Actuarial science is a lot of stats. A maths degree would be highly relevant as well, especially if you do more stats modules! I'd still suggest choosing based on your interests though. I'm not sure about market demand for either degree in other careers but if you want a safety net then maybe you might want to take that into consideration as well.

It's 3 different systems but the international association's been proposing to streamline the different exams so we might see that coming up in a few years' time... At the moment, yes the qualifications are recognised elsewhere but depending on individual countries, you might have to do a few conversion exams.

Hmmm I'm not so sure about your assumption...what makes you say that?

lemonade
05-17-2008, 02:24 AM
Actuarial science is a lot of stats. A maths degree would be highly relevant as well, especially if you do more stats modules! I'd still suggest choosing based on your interests though. I'm not sure about market demand for either degree in other careers but if you want a safety net then maybe you might want to take that into consideration as well.

I'm definitely leaning towards stats, just that I was wondering whether math courses such as mathematical/numerical/complex analysis and ODEs would be of help for the exams. From what I understand, these courses aren't exactly relevant, are they?

It's 3 different systems but the international association's been proposing to streamline the different exams so we might see that coming up in a few years' time... At the moment, yes the qualifications are recognised elsewhere but depending on individual countries, you might have to do a few conversion exams.

Thanks for your info! :)

Hmmm I'm not so sure about your assumption...what makes you say that?

Well, I gather that NTU actuarial students would most likely sit for the UK/Aussie exams since they are already exempted from the 8 core papers, lol.

iamme
05-17-2008, 10:39 AM
The mathematical/numerical/complex analysis and ODEs or other stats modules would not be what they're only looking for. It's more of an application of those onto specific issues. That's why actuarial science is a discipline on its own and not called maths/stats. An understanding/good grasp of those concepts would be beneficial to your exams and career though. Anyway from what I know, integration and differentiation seem to be used a lot in actuarial science, if you need any of the past exam papers for reference you could pm me! :)

I guess most NTU students would follow the UK system since they're on that to begin with. And ummm... do take note that they aren't automatically exempted from the 8 core papers by completing their degree. Aside from the 2/3 who drop out, only the brightest amongst the remaining 1/3 would be able to get full exemptions while at school. The rest might get half exemptions from the 8 or maybe only 1 or 2.

Hmmm but ya you may be right that most students follow UK/aussie over here, the US CAS is known to set the most difficult papers to be found in the discipline.

On a side note, why're you choosing NUS and not NTU? Seems like you haven't chosen your major, does the maths department allow that?

lemonade
05-18-2008, 01:34 AM
Well, I ruled out NTU because I wasn't too keen on studying business.

I opted for statistics at NUS, but thought I would switch to math if the latter is more useful for the professional exams. Seems like I wouldn't need to do so, eh?

Anyway, you've been of so much help. Thanks and all the best for your internship!

kxmbrian
06-05-2008, 10:05 PM
hi iamme,

how is the job market for actuaries in Singapore like? Are Insurance companies or banks short of them at all?
Did you get your intership via a university? or find one on your own? cos it would be nice to have a taste of the work before i start on that track (i'm still serving ns btw)
Will someone with say an NUS stats degree, with two completed actuarial exams be at a severe disadvantage to one with an NTU business actuarial degree when it comes to an entry level job?

Thanks in advance for your advice (:

Brian

iamme
06-06-2008, 10:35 AM
Hey Brian,

The job market for experienced and qualified actuaries in Singapore is pretty tight as compared to other professions, as is the case worldwide. So by demand and supply, you know what happens.

However, take note that an entry level actuarial student job in Singapore is not lucrative. Be prepared to earn well-nigh the same as your counterparts in other professions, which is probably less than what engineers get. Since it's not an easy path to take with having to pass all the exams, I've heard of NTU actuarial grads taking up jobs in banking, teaching, or even becoming insurance agents instead.

My internship dropped from the sky. No, I was just kidding. :p I found it by myself and I'm very proud of that because it wasn't at all easy. :) I've not yet been to uni either.

I don't think you'll be at a severe disadvantage, as long as you show that you have good university results (2nd upper honours and above preferably), and demonstrate the potential to keep passing your exams after you join the company.

Relevant work experience would definitely augment your chances of getting in, because it illustrates your interest and commitment to this field which in turn also translates to better exam passing rates.

kxmbrian
06-06-2008, 11:28 PM
Does a 'tight' market mean a competitive one? You mean that demand is high right?

You seem to have done quite a fair bit of research.. especially since you have not been to uni. haha. your last paragraph is rather convincing after the first four.

Do you know why those NTU grads moved into those other fields? the exams or the pay or something else? I don't think i mind the pay as long as I can live without scrimping too much and i get to do more technical calculating and actuarial work, which I hope I'll enjoy.. How have you found your internship so far?

iamme
06-08-2008, 10:33 PM
Ummm yea competitive for employers, so demand is pretty high.

You're right about the reasons why they would move to other fields. Not getting full exemptions in uni would cause the person to think twice before continuing with their actuarial pursuits. If you're good in marketing and sales you'll definitely earn more with less effort.

Internship's great, but the wide range of companies that an actuary can be part of kinda makes my experience a little narrow.

ermokay
08-09-2008, 08:23 PM
Hi iamme, I will be studying actuarial science in LSE in london. If I get my professional qualification as an actuary there, would I be able to come back Singapore and practise as actuary here as well? Or is there another set of examinations?

And is it okay to elaborate on how you obtained your internship? I am really curious.

Thanks..
________
HAMANN MOTORSPORT (http://www.bmw-tech.org/wiki/Hamann_Motorsport)

iamme
08-10-2008, 09:35 AM
That's a really good place to do actuarial science! But you do know that the accounting module is not recognised for exemption and that you'll have to take CT2 by yourself right?

& yes you'll definitely be able to come back to Singapore to practise as an actuary because your qualification would be internationally recognised. In fact, the UK qualification is one of the most established ones.

Just that there might be differences between the regulatory and legal systems of Singapore and the UK so you'll probably have to pick them up when you return to Singapore.

As for the internship, I'll talk to you about it somewhere else? :)

goodidae
11-21-2008, 11:10 PM
Hi iamme,

I'm interested in actuarial studies. I intend to take one of the exams before I get into UNiversity. But I do not know where to register. Furthermore, may I know how did u manage to get an internship? Thanks a lot!

spencer
02-13-2009, 07:21 AM
Hi,

I would like to ask those professionals out there whet do your think about studying actuarial studies? Do you think that this is an upcoming course in singapore?

You should instead study a maths with stats course. It is more highly regarded. Specialist degrees are seen as technical degrees, not academic, and hence not respected.

Winner90
01-31-2010, 06:23 PM
Is there any scholarships for actuarial studies? for overseas i mean? thx

Run
01-31-2010, 07:01 PM
You should instead study a maths with stats course. It is more highly regarded. Specialist degrees are seen as technical degrees, not academic, and hence not respected.

Hmm, correct me if I'm wrong, but aren't accountancy, law and med degrees also "specialist" or "professional" degrees? Are they not respected too? :p

Anyway, with an degree in actuarial studies, you can go into risk management, and since the what you learn is rather quantitative, I've heard that there are many other areas you can work in.

Just my two cents' worth.

:)

Ashearo
01-31-2010, 11:41 PM
And what makes you say an 'academic' degree is the most highly respected? For whom do you speak?

williamparkar
04-03-2010, 02:27 PM
So you are saying to stick to the bachelor of commerce. ....

Mod Haecceity Edit: Link Removed. Please note that no advertising is allowed.

Haecceity
04-05-2010, 11:39 AM
So you are saying to stick to the bachelor of commerce. ....

Mod Haecceity Edit: Link Removed. Please note that no advertising is allowed.
That depends on what you want to do in the future.

dollinkc
06-02-2010, 06:57 PM
Hey! May I know what's the job scope of an actuary? I'm interested in the JDP between NUS and ANU in econs and actuarial science and I want to know what's in stall for me in advance. :) TIA :D

sonic
06-21-2010, 01:58 AM
Hi all, i was wondering whether a good degree (1st class honours) is more important than a quantitative degree (Acturial Science). Because from what I have gathered, acturial science seems pretty hard to study/score well. Thanks all in advance for your help.

Trastus
11-16-2010, 06:48 PM
Bumping this thread up! Just wonderin how much does an acturial job pay? Also, heard that this is a job that is in growin demand, how true is this?

EduSeeker
12-27-2010, 07:21 PM
interested to know how well an actuary is paid. am thinking of going UK to study and actuarial science is one of the options that I've shortlisted.

sonrocker
01-06-2011, 11:55 PM
Hi all, i was wondering whether a good degree (1st class honours) is more important than a quantitative degree (Acturial Science). Because from what I have gathered, acturial science seems pretty hard to study/score well. Thanks all in advance for your help.

Actuarial Science is considered a tough degree.
But GPA is very important. If i were undecided, i would choose a degree that I have a higher chance of getting 1st class ( and somewhat interested in ) than one where I might be drowned.
If you do AS and get 2nd lower, that looks pretty bad when it comes to a finance job. You will not get alot of sympathy simply because u do a tough course.
Hope this helps.

sonrocker
01-06-2011, 11:58 PM
interested to know how well an actuary is paid. am thinking of going UK to study and actuarial science is one of the options that I've shortlisted.

Some resources on actuary I would like to share with you:
http://www.soa.org/
http://beanactuary.com/about/

Pay is off-the-chart (relatively) when you are in senior position.

ylehhuh
04-03-2011, 06:19 PM
Studying an actuarial science degree allows for a huge chunk of exemption! It usually saves you 2-3 years of having to work and study at the same time in trying to attain the professional qualifications, depending on the undergraduate course being pursued. Currently only 4 Australian universities are offering that course and the one offered at NTU is in line with those (ie CTs of the English system and Part 1 of the Australian system)

To keep career options open you could do a general commerce/business course, but then again you can always switch from the actuarial course to a commerce course if you find it unsuitable for you, as many modules are likely to be similar.

That being said, there is a legitimate reason to be worried since the drop-out rates of actuarial science courses are very high...in general it's easily a 66%. That's pretty much in line with the passing rate of the professional exams which is only around 30%. So if you can't tackle the actuarial degree reasonably, you should start putting off the thought of becoming an actuary.

Anyway actuarial science has been around for more than 300 years so it's nothing new...

I'm doing an actuarial internship and I've been reading/talking/eating anything actuarial for the past 3 months so if anyone else has questions on the profession I'd be glad to answer them! =)

hi iamme. I've got a few questions about actuarial science.

1) I was told that being inclined to math is important. In what aspect of Math do you refer to? I studied Pure Math and Stats in JC? Which aspect does actuarial science utilises more?

2)U mentioned that the drop-out rate is pretty high. In what way can I be certain that I will not be a future drop-out?

3) are u actually from NTU? Why do some people say that taking on actuary would leave them lesser opportunities for xchange programmes?

Thanks

rintintin
04-07-2011, 09:23 PM
3) are u actually from NTU? Why do some people say that taking on actuary would leave them lesser opportunities for xchange programmes?

because it is difficult to match your modules to those in foreign universities

DaerthE
05-13-2011, 11:23 PM
because it is difficult to match your modules to those in foreign universities

Don't be disheartened.. there are several types of student exchange... You could always choose to do the Global Summer Studies and clear your GERPEs.. it's all about how u plan and make the most out of what you got... for those doing double degree programme, they would have an extra year making it easier to plan an exchange solely to clear electives!

Darkzion
06-03-2012, 05:19 PM
Hi guys, sorry for reviving this old thread, but this thread is by far the most active thread that i have come across and is based on the context of Singapore.

Im currently a year1 (goin to year2) stats major student applying for second maj in economics in NUS and is very keen to pursue a career in the actuarial field. However, im concern that am I at a great disadvantage compared to NTU grad with an Actuarial degree and up to 8 exemptions from some actuarial exams? My current CAP is 4.65 and I do believe that I should be able to obtain a decent honors at the end of my 4 years in NUS... would a good honor in related field give me any advantage or atleast on the same footing to those who has an actuarial degree, in gaining entry into the industry? or should I attempt to pass some actuarial exams during my undergrad years? If so, how many exams is considered enough?

Also, how do I apply for an exam and normally when are the exams held..? I heard that there are some study manual which helps ppl to prepare for the exams.. what exactly are they and where can they be purchased?

And lastly, how is the market demand for Actuaries in Singapore now, and what kind of salary should I be expecting as I progress through the exams? (eg. salary@ entry lvl, ASA lvl, FSA lvl)

Thanks alot for viewing my enquiry, any form of help/replies will be greatly appreciated.

ylehhuh
05-21-2013, 01:54 PM
Ivan,

In that case, would advise you to re-consider a bit. If possible, take a few relevant actuarial-based subjects. However, it may not be necessary for one to obtain an Actuary degree just for the sake of entering the field. Commerce, in my opinion, is a wiser option as it allows you to enter many fields, including Actuary. Hence, follow your heart and choose the path u find most suitable.

Pardon me. May I know what is commerce? I'm thinking of doing actuarial science as my biz specialisation. What are some considerations before doing this sub? Are there easier paths to becoming an actuary?

ylehhuh
05-21-2013, 02:14 PM
Also, how fantastic must my maths be in order to do well in AS? I personally like challenges but I dun think that I am very fantastic at maths either.

Could any seniors out there advise? And it seems that the stakes are high for one to do a AS degree given that it is not easy. Worried lol...

Darkzion
05-24-2013, 12:22 PM
Pardon me. May I know what is commerce? I'm thinking of doing actuarial science as my biz specialisation. What are some considerations before doing this sub? Are there easier paths to becoming an actuary?

take their actuary exams. i know a chem major who got into the field of actuary. He passed most of the exams during his undergrad years... but he may be an exception... as u can see from the previous posts. entry into the field is tough due to the limited demand.

ylehhuh
05-30-2013, 01:30 PM
take their actuary exams. i know a chem major who got into the field of actuary. He passed most of the exams during his undergrad years... but he may be an exception... as u can see from the previous posts. entry into the field is tough due to the limited demand.

Just to clarify. When you say limited demand, you are referring to the fact that there are limited spaces to be filled? Hmm I wonder why ppl say we are short of actuaries. Could you advise?

Darkzion
05-31-2013, 10:32 PM
Just to clarify. When you say limited demand, you are referring to the fact that there are limited spaces to be filled? Hmm I wonder why ppl say we are short of actuaries. Could you advise?

thats wat was being told to me during one of the sharing session by seniors who manage to get into the field.

wat they said is that it is very hard for a newbie to get in.. but once u got in, it is very hard for u to be replaced also (due to ur experience).

ylehhuh
06-01-2013, 07:05 AM
thats wat was being told to me during one of the sharing session by seniors who manage to get into the field.

wat they said is that it is very hard for a newbie to get in.. but once u got in, it is very hard for u to be replaced also (due to ur experience).

I see. Where do those who do not get the job end up usually at?

YaakaKhiladi
09-04-2013, 11:56 PM
I am not a professional accountant but have a good grip over there...
I went through the whole forum and find it some good points which are very useful...
Nice to view this thread and I like such stuff..