Actuarial Studies vs Engineering (3 Viewers)

[emilios]

Hi all, I'm currently in the process of deciding which path I should pursue. After having been to some seminars, talked to various people, done a lot of research in my spare time and thought about what I actually enjoy, I've narrowed my options down to Actuarial Studies and Engineering.

Most people are telling me "Why such different, unrelated degrees?". Well, throughout the past year, I've realized what I enjoy most is when people come to me with a problem and I help them solve it, be it in maths or science. I'm having no problems with 4U and I actually do enjoy mathematics. I want to apply these skills in my future job. BOS'ers, I need your help in this very challenging and confusing time of my life.

Actuarial pros:
- Heavy emphasis on mathematics, statistics and real world problem solving skills
- Generally good salary (after completing third set of exams lol)
- Stable career with good hours, apparently don't exceed 40/week very often.
- Some people tell me the work can be rewarding or satisfying?

Actuarial cons:
- Very hard and demanding course
- Exams after uni are gruelling and can take up to 10 years to fully complete
- I don't want to be a desk jockey
- Work gets dry and boring at times (apparently)
- Job prospects could be better

Engineering pros:
- Good job market
- Utilize problem solving skills
- More interaction with people (in non-technical roles such as project management)
- Not necessarily a boring office, desk job

Engineering cons:
- More variable salaries as opposed to actuaries (who generally earn 100K+ after completing all exams)
- Once again, hard course
- Jobs risk outsourcing? But then again so do actuarial roles.
- (this one will sound bad) I guess an actuary is more unique and (i hate this word) prestigous?

 

[zhiying]

I can only speak for actuarial studies since I do that and not engineering, so I can only address some of the things you said. Firstly, I don't think actuarial work will get outsourced in the near future and the job prospects is fairly decent, as long as you have above average marks and can do more than just study. If you make it to the end (lots don't because they just don't think actuarial is right for them, or they can't get the marks), I think most people find a job in the actuarial industry. Can't comment on engineering job prospects, but I always thought the only good ones are if you do petroleum or mining engineering, and that's dying down.

I don't know about you but for me 100k+ in your late 20s is more than "generally good" salary, I don't think you can get that much as an engineer of the same age. The exams are definitely not an extra 10 years LOL, average is 3-4 and I've never heard of anything more than 5-6 years. The course itself is not too hard as long as you put in consistent effort, fail rate for any subject at UNSW actuarial is around 10-15%. I actually think I'd be doing a lot worse if I did engineering, because it sounds so boring.

Of course compared to engineering you definitely will spend more time at a desk on a computer, but I've never really got bored during the times when I worked. Some people like it some don't. And you're not stuck in a cubicle by yourself all day, there's more people interaction and teamwork than you think. I worked at a bank and it was fine, regularly work together with others and just chat with them etc. If you work at a consulting firm then it is even more people interaction. I'd say it is at least on par or even more than engineering. Hours wise it is pretty much 9-6 usually, of course with any office jobs when its busy season you'd need to stay back.

Lastly, if you do actuarial studies then you will eventually work with other actuaries, so it isn't really prestigious relatively. Only if you visit your relatives or something and they go "oooo you're an actuary" etc. etc. Seriously nobody else cares lol.

 

[kalstar]

Engo m8

 

[D94]

Any idea which engineering stream/field interests you? "Engineering" is far too broad to compare to Actuarial Studies.

 

[Squar3root]

I was at this cross road same time last year.

I ended up choosing engineering simply because it seemed more appealing to me. I've always liked mathematics and solving real world problems and engineering AND actuary both do this.

my decision came down what do i want to "combine" it with. what i mean by this is that actuary is maths "combined" with finance/economics/all that stuff while engineering is more associated with maths and physics/computing/all that good stuff.

so really; they both have maths so what do you prefer? the "business-y" type or "field-y" type?


Also; I've been told as you get more experience your computer skills get better because you will be using a lot of software and stuff. This sounded to me like i will just be hunched over a computer all day and i didn't want to be doing that. (but i am not sure about the validity of this)

this video may explain some stuff: https://www.youtube.com/watch?v=sOxAbK0ZxcI

 

[zhiying]

Yeah you're on the computer about 3/4 of the time. Not too many softwares too learn, Excel is the standard, plus maybe 1-2 depending on what area you work in

 

[Drongoski]

I have pointed the way to Engineering to a family friend's son. I'm not claiming to know the job market well. But as a person heavily invested in energy (oil and gas) stocks, I've be keeping tabs of the oil market news. Often read about shortage of skilled personnel in the petroleum industry. Check out, e.g. UpstreamOnline, Rigzone web sites.

I recall reading about 2 lasses at UNSW doing Petroleum Engineering, who were grabbed even before they graduated with starting pay of about $100k, once they finished uni.

 

[zhiying]

Are those jobs interstate? Personally would not go Perth even if I was paid 100k

 

[Squar3root]

Are those jobs interstate? Personally would not go Perth even if I was paid 100k

well mining and those related fields are heavily desired in perth and even overseas

 

[emilios]

First of all, thank you zhiying for taking the time to type out such lengthy responses and provide your insight You mentioned it was a 4 year course, which I understand, but my reference to studying for 10 years was about the exams you have to sit with the Actuaries Institute or something like that (where you do Pt I, II's, and III's). But yes, earning $100k while still being in your 20s sounds very appealing.

I also have a cousin who had to move to Perth (from Sydney) to find a job as an electrical engineer, but the salary was something in the range of $119k (ridiculous I know). However, I think big money like that is pretty exclusive to mining areas like Perth. I'm still undecided as to whether I'm comfortable with the idea of moving. And while money isn't my no 1 concern, I think most jobs will be pretty similar in the sense that they're rewarding at the best of times, boring at worst of times, so I may as well pursue the career that'll pay better in the long term.

@D94, in reference to your question, I probably should've specified that I was considering Mechanical Engineering. What sort of work would a mechanical engineer expect to get into?

 

[Squar3root]

First of all, thank you zhiying for taking the time to type out such lengthy responses and provide your insight You mentioned it was a 4 year course, which I understand, but my reference to studying for 10 years was about the exams you have to sit with the Actuaries Institute or something like that (where you do Pt I, II's, and III's). But yes, earning $100k while still being in your 20s sounds very appealing.

I also have a cousin who had to move to Perth (from Sydney) to find a job as an electrical engineer, but the salary was something in the range of $119k (ridiculous I know). However, I think big money like that is pretty exclusive to mining areas like Perth. I'm still undecided as to whether I'm comfortable with the idea of moving. And while money isn't my no 1 concern, I think most jobs will be pretty similar in the sense that they're rewarding at the best of times, boring at worst of times, so I may as well pursue the career that'll pay better in the long term.

@D94, in reference to your question, I probably should've specified that I was considering Mechanical Engineering. What sort of work would a mechanical engineer expect to get into?

mechanical engineering is so broad and you could go into anything

 

[zhiying]

Sorry, when I said 3-4 years I mean the Part III's only, the ones you do externally after you finish your degree. So assuming you start uni at like 19 or something, 3/4 year degree (if you want to do combined) gives you Part I and II (only if you do 4 year degree), plus 3/4 year doing Part III's, most people would be fully qualified around 8 years. For me if I can earn 100k in Sydney with a satisfying and challenging career, with normal working hours, that's good enough.

 

[emilios]

Ooh ok that does actually sound quite appealing. I wouldn't mind working insurance but I think there's more room for promotion in consulting (I could be wrong though). I was thinking of doing B Act Studies/ B Science but I wasn't sure if I should do it at Macquarie or UNSW. Macquarie sounds more practical as you get exemption from Pt II's if you maintain a Credit average while you need a Distinction average at UNSW... but apparently the social life at UNSW is much better.

 

[Squar3root]

Ooh ok that does actually sound quite appealing. I wouldn't mind working insurance but I think there's more room for promotion in consulting (I could be wrong though). I was thinking of doing B Act Studies/ B Science but I wasn't sure if I should do it at Macquarie or UNSW. Macquarie sounds more practical as you get exemption from Pt II's if you maintain a Credit average while you need a Distinction average at UNSW... but apparently the social life at UNSW is much better.

they are the exact same course. watch the video

 

[emilios]

they are the exact same course. watch the video

Yes, in the video he said you need a D average in UNSW to be exempt from the Pt II exams, while you only need a C average in UMaq to be exempt from the Pt II exams. I'm fairly sure these exams are set by an external body.

 

[obliviousninja]

Acturial cags v Sausage fest. You decide.

 

[zhiying]

It's the same course career-wise, I have plenty of friends at Umacq there's no difference, you get the same amount of qualifications when you graduate in either uni. If you think its easier to get Part II's in Macq, its a myth. What they do is they scale it so a certain percentage of the cohort gets exemptions, this level is determined in accordance with the Actuaries Institute, and this is the same for both uni's. So the Credit/distinction itself means nothing, if you cant get exemption in UNSW you probably won't get it in Macq either. E.g. UNSW may make 80% get Distinction+, while Macq may make 80% get credit+, the difficulty is similar.

Choose the uni based on travel time, and maybe where your friends are going if you wanna stick with them. I chose UNSW for those 2 reasons, also yeah I think the social life is much better, both have a society dedicated to actuarial students, but there's just more things to do at UNSW campus. Plus it's in the city.

 

[emilios]

Acturial cags v Sausage fest. You decide.

Lol I'm sure both degrees are sausage fests. Flirting probably won't go down well in the lecture halls regardless of what degree you do.

 

[Squar3root]

Yes, in the video he said you need a D average in UNSW to be exempt from the Pt II exams, while you only need a C average in UMaq to be exempt from the Pt II exams. I'm fairly sure these exams are set by an external body.

well then it comes down to this; what do you like better? UNSW or MACQ?

- unsw is bad for travel but macq has a train station
- unsw has no good food on campus but dont know about macquarie
- unsw is full of asians
- etc
- etc

engineering is yeah sausage fest pretty much anywhere. but that doesn't mean you can't go meet ladiz else where

 

[zhiying]

Believe it or not, actuarial cohorts are almost 50-50 girl/guy LOL