Actuarial Sciences masters in UCD or UCC

Mathsgal123

Hi guys. I know there are a few posts here already along similar lines but they are a few years old and I’m looking for an up to date answer. I studied mathematical sciences as an undergrad and I only have 2 exemptions so I am planning on doing a masters in either UCC or UCD in actuarial sciences in order to obtain more exemptions. I am wondering if anybody has experience in either one or heard anything from people who have done them as I don’t know which one to choose. I’m aware UCD is more expensive but it has work experience which would be great in my opinion. I would love to know how difficult this masters would be. I have a strong background in maths as I hope to achieve a 1.1 or 1.2 upon my graduation this year. Any help would be greatly appreciated, thanks

Bluesockbed

Hi, sorry I can’t answer your question as I’m a current LC student and this seems to be the most recent thread about actuarial studies. I was just wondering if it’s a worthwhile course whether it be UCC or UCD and if it is possible to work abroad upon graduation?

domrush

Hi,

I completed the masters in UCC 3 years ago, getting a 1.1 and all exemptions. UCC requires you to complete a thesis over the summer, whereas UCD offers a work experience program over the Summer. UCC offers 7 exemptions (from a possible 8), I believe UCD offers the same within the masters. You will be required to be in UCC over Summer, they actively discourage taking up jobs at this time. I would say if you are on track for a good GPA in the Ucc program you will not struggle to find a job. Most students doing well will have job contracts signed by February.

The course itself are heavy going, especially if you are coming from a non-maths background.

If you do the undergraduate course in UCD it is possible to attain 8 exemptions as well as CA1 ( a major exam). The CA1 component may have changed with the exam restructure.

Mathsgal - If you are coming from a maths background already and have two exemptions as is I would not say that the masters would be a very productive use of time. Assuming your undergrad GPA is good, it should be possible to find a job now. Demand is very high at all levels. Assuming you have exemptions from the CS exams, achieving passes in the CB and CM exams is very possible in a single year whilst still working. This would give you the same exam progress as the masters, as well as a years work experience and salary. Private message me if you would like some info on where to start looking at jobs.

Blue socks - it is a very financially rewarding career, although it may not always be this way. There are basically two international actuary bodies . The IFoA covers Europe, Asia and Australia/NZ. You can complete your exams in any of the countries within these areas and they will count in all of the others. So it is very easy to work abroad. To work in America is more difficult, you would likely need to qualify with the IFoA first and then move abroad. It would be difficult for a European actuarial student to find an actuarial job in America without being qualified.

The course itself is highly valued, many graduates will work in different areas of finance such as banks, investment companies etc.

Mathsgal123

Thanks very much for this, I really appreciate it! Since I only have 2 exemptions I would still have around 10 exams which I think would be very difficult to do whilst working, which is why I was thinking about the masters. I also hope to move to America as soon as I can so I would like to be a qualified actuary ASAP. Is the masters difficult?

Thanks again!

domrush wrote: »

Hi,

I completed the masters in UCC 3 years ago, getting a 1.1 and all exemptions. UCC requires you to complete a thesis over the summer, whereas UCD offers a work experience program over the Summer. UCC offers 7 exemptions (from a possible 8), I believe UCD offers the same within the masters. You will be required to be in UCC over Summer, they actively discourage taking up jobs at this time. I would say if you are on track for a good GPA in the Ucc program you will not struggle to find a job. Most students doing well will have job contracts signed by February.

The course itself are heavy going, especially if you are coming from a non-maths background.

If you do the undergraduate course in UCD it is possible to attain 8 exemptions as well as CA1 ( a major exam). The CA1 component may have changed with the exam restructure.

Mathsgal - If you are coming from a maths background already and have two exemptions as is I would not say that the masters would be a very productive use of time. Assuming your undergrad GPA is good, it should be possible to find a job now. Demand is very high at all levels. Assuming you have exemptions from the CS exams, achieving passes in the CB and CM exams is very possible in a single year whilst still working. This would give you the same exam progress as the masters, as well as a years work experience and salary. Private message me if you would like some info on where to start looking at jobs.

Blue socks - it is a very financially rewarding career, although it may not always be this way. There are basically two international actuary bodies . The IFoA covers Europe, Asia and Australia/NZ. You can complete your exams in any of the countries within these areas and they will count in all of the others. So it is very easy to work abroad. To work in America is more difficult, you would likely need to qualify with the IFoA first and then move abroad. It would be difficult for a European actuarial student to find an actuarial job in America without being qualified.

The course itself is highly valued, many graduates will work in different areas of finance such as banks, investment companies etc.

domrush

Mathsgal123 wrote: »

Thanks very much for this, I really appreciate it! Since I only have 2 exemptions I would still have around 10 exams which I think would be very difficult to do whilst working, which is why I was thinking about the masters. I also hope to move to America as soon as I can so I would like to be a qualified actuary ASAP. Is the masters difficult?

Thanks again!

Assuming you have exemptions from Cs1 and Cs2, the masters will only give you three/four further exemptions. These exemptions will be for CM1, CB1, CB2 and possibly CM2. It is not possible to gain any further exemptions from the masters.

Every actuary will be doing exams for at least 2/3 years after college, qualification is a very long process. You need to have minimum 3 years work experience to qualify as an actuary as well. I really don’t think the masters is the best use of your time or money, try get a job first. Actuaries are expected to study whilst working, you will be given some time off during the week to study but be prepared to put in extremely long hours coming up to the exam sitting periods. There are two exam sittings per year, you will be studying every weekend for at least a month before each.

If you are coming from a mathematics background the masters is not extremely difficult, but it is very time consuming. There are a lot of assignments/projects throughout the year.

I would do some research on European student actuaries working in America first if I was you. I believe it is quite difficult, and the job market is extremely competitive.

Iscreamkone

Do many people from the undergrad actuary degrees decide to pursue an MSc Actuarial Mgt to get even more exemptions before starting work?

domrush

I would say virtually no one would do an undergraduate degree and then a masters, there would be no point.

Iscreamkone

domrush wrote: »

I would say virtually no one would do an undergraduate degree and then a masters, there would be no point.

The MSc Actuarial Management degrees give extra exemptions above the BSc/ MSc Actuarial Science degrees. I was wondering if anybody from Ireland did this to gain the maximum amount of exemptions pre employment?

domrush

Iscreamkone wrote: »

The MSc Actuarial Management degrees give extra exemptions above the BSc/ MSc Actuarial Science degrees. I was wondering if anybody from Ireland did this to gain the maximum amount of exemptions pre employment?

I've never heard of the MSc Actuarial Management. Is it offered in Ireland? Have you a link?

I would highly doubt any 1 year masters is offering more exemptions than the undergraduate courses. The MSc in Actuarial Science gives you exemptions from the CTs (now CM/CS/CBs), which the undergraduate courses also do. The UCD undergraduate course also offered an exemption from CA1 in the past, I think this is no longer offered for CP1.

domrush

Sorry I have found this course :
https://www.postgraduatesearch.com/heriot-watt-university/53704028/postgraduate-course.htm

I presume this is what you're referring to? Interesting course, for what it's worth it's only offering you exemptions from 4 exams (CP1, CP3, 2 SPs). You would still need to complete all of the exams the undergraduate or MSc Actuarial science gives exemptions to. There's no overlap in exemptions between that course and the MSc Actuarial science. In fact I would say that the exemptions from the MSc Actuarial Science would be much more valued than the exemptions from the MSc Actuarial Management you've mentioned.


Also, you need to have minimum 3 years work experience to qualify as an actuary. You can't just complete the exams through college course exemptions and expect to be qualified.

Iscreamkone

domrush wrote: »

Sorry I have found this course :
https://www.postgraduatesearch.com/heriot-watt-university/53704028/postgraduate-course.htm

I presume this is what you're referring to? Interesting course, for what it's worth it's only offering you exemptions from 4 exams (CP1, CP3, 2 SPs). You would still need to complete all of the exams the undergraduate or MSc Actuarial science gives exemptions to. There's no overlap in exemptions between that course and the MSc Actuarial science. In fact I would say that the exemptions from the MSc Actuarial Science would be much more valued than the exemptions from the MSc Actuarial Management you've mentioned.


Also, you need to have minimum 3 years work experience to qualify as an actuary. You can't just complete the exams through college course exemptions and expect to be qualified.

Yes - the MSc in Actuarial Mgt is offered in only a few UK universities and would take someone with exemptions from the Irish BSc Actuarial Science or the conversion course MSc Actuarial Science close to completing the academic side of qualifying.
I was wondering if many go down this route?

domrush

Iscreamkone wrote: »

Yes - the MSc in Actuarial Mgt is offered in only a few UK universities and would take someone with exemptions from the Irish BSc Actuarial Science or the conversion course MSc Actuarial Science close to completing the academic side of qualifying.
I was wondering if many go down this route?

I would say virtually no one because the professional skills requirement would mean even after two masters degrees (or MSc+ BSc) you are still 3 years from qualifying.

Another thing to consider is companies have set raises based on exam progress. Completing exemptions from both courses would mean you only had one exam left. This would mean that a company would be required (by own their own rules admittingly) to offer a starting salary around 55k. This would be seen as a high wage for a graduate with no experience and so you may struggle to find a job, or would have to accept a lower wage (negating the value of your exemptions somewhat).

It would not be practical to complete both masters. You would be financially worse off and have less experience (making you less desirable).