MSc in Actuarial Science UCD v UCC

badinfluence · 10-03-2014 10:57pm #1

Long time lurker, first time poster and would be very grateful for any advice.

I plan to pursue an Masters in Actuarial Science this year but can't decide whether to study the course at UCD or UCC.

The fees in UCD are approx €12,000, Cork is approx €6,000, I could possibly commute to UCD but would have to move to Cork to attend UCC so would have rent costs etc. As far as I know the fee is lower in UCC as it is a relatively new course whereas the one in UCD is more established.

I would love to hear from anyone who has done/doing the course in either college and was there a reason why you chose one over the other. I can't seem to choose between the two courses and would really appreciate your opinion.

http://www.ucd.ie/t4cms/Grad%20Dip%20Actuarial%20Science.pdf

http://www.ucc.ie/en/ckr46/

Thanks a million!

POSSY · 18-03-2014 1:51am

confused.co.uk wrote: »

Long time lurker, first time poster and would be very grateful for any advice.

I plan to pursue an Masters in Actuarial Science this year but can't decide whether to study the course at UCD or UCC.

The fees in UCD are approx €12,000, Cork is approx €6,000, I could possibly commute to UCD but would have to move to Cork to attend UCC so would have rent costs etc. As far as I know the fee is lower in UCC as it is a relatively new course whereas the one in UCD is more established.

I would love to hear from anyone who has done/doing the course in either college and was there a reason why you chose one over the other. I can't seem to choose between the two courses and would really appreciate your opinion.

http://www.ucd.ie/t4cms/Grad%20Dip%20Actuarial%20Science.pdf

http://www.ucc.ie/en/ckr46/

Thanks a million!

It's an easy choice UCD! With the UCD course you gain exemptions (results dependent) from the 8 ct exams (I'm ignoring ct9) and ca1 (said to be a nightmare by some). UCCs course is yet to be accredited for exemptions (and only cover ct1-8), while it may get the to ahead for exemptions it is not a sure thing and DCU got caught in this respect back in 2009. So the extra 6k pays for the exemptions, which for someone doing these courses is the whole point. Hope that helps.

actuar90 · 19-03-2014 8:42pm

Actually you gain the exact same exemptions from both those masters courses.

You get exemptions from ct1-8 in UCC
http://www.actuaries.org.uk/becoming-actuary/universities/university-college-cork

And exemptions from ct1-8 in UCD also
http://www.actuaries.org.uk/becoming-actuary/universities/university-college-dublin

They are both very though going. I did the undergrad course in UCC and I know that the lecturers are exceptionally good for giving all the help in the world both inside and outside of college hours.

Hope that helps!

gleesonger · 23-03-2014 12:21am

POSSY wrote: »

UCCs course is yet to be accredited for exemptions

If this is the case I would be very very wary about doing the course, its a hugh gamble. The profession can get fairly tough in not awarding exemptions. I'd send the profession an email and see if it is accredited.

badinfluence · 26-03-2014 10:53pm

Thanks for the replies, when I posted the UCC page said:

UCC has applied to have key elements of the course recognised formally by the Institute and Faculty of Actuaries, with whom any decision on accreditation solely rests. If this application is successful, graduates who perform sufficiently well within the course examinations may gain exemptions from taking some or all of the Institute’s CT1 8 examinations.

I was concerned about this too, I was just in the process of emailing them when I noticed the wording now reads:

The Institute and Faculty of Actuaries has approved subject-level exemption status for the MSc programme in Actuarial Science at UCC in respect of their first 8 Core Technical subjects. Students may be recommended for exemption from the Institute’s own professional examinations in up to 7 of these Core Technical subjects by performing sufficiently well in the corresponding examinations of the MSc programme. UCC is one of the very few universities in Ireland which can offer students the potential to receive this level of exemptions from the professional actuarial examinations.

If anyone has any other advice about the two courses, I'd love t hear from you.

actuar90 · 27-03-2014 10:24pm

If you have any questions about exemptions you are probably better off contacting the Institute of actuaries directly or looking up their website:
http://www.actuaries.org.uk/students/pages/university-courses-and-exemptions

You can get exemptions from CT1-8 from both courses but these exemptions are far from a sure thing. You typically need to get at least 60% in each exemption subject to get the exemption.

Because you'll have to do 8 CTs in the space of a year the timetable will completely full. The Institute of Actuaries sets the syllabus for the CT subjects so the content of the UCD and UCC courses has to be almost the exact same.

I have heard complaints from people who did the course in UCD that because they squeeze 8 CTs into a year the timetable does not permit them to attend the additional tutorials that the undergrad students they are up against do get to attend. I haven't heard this about UCC but I assume it will be similar.

The only difference that I can see between the courses is the location and the price.

You should also consider skipping the post-grad course and going straight into working as an actuary. Some employers prefer to hire people with fewer exemptions, as they will need to pay people with more exemptions more even though they have zero experience.

I don't really know what you are looking for OP so if you've any specific questions I'd be more then happy to try and answer.

Pythia · 01-04-2014 8:19pm

I would agree that it is highly unlikely that you will gain all the exemptions, whichever one you do. 4 is reasonable I think, from anecdotal evidence. I personally don't think the masters have a lot to offer as you are paying to gain exemptions from exams when an employer will pay for you to sit those same exams and pay you a salary too.

I just did my exams basically from scratch, not even straight after college and it was ok.

What is the reason for wanting to do the Masters OP?

It may well be beneficial if you are switching from a very different area.

badinfluence · 02-04-2014 12:02pm

Thanks again for the advice, I am pursuing a Master's as I am coming from a very different area and believe the course will be a help to me, I think it would also show a future employer that I have the commitment and ability for the work.

I don't expect to gain all the exemptions from the course but any I could obtain would be a benefit to me.

Thanks again

Pythia · 02-04-2014 5:48pm

badinfluence wrote: »

Thanks again for the advice, I am pursuing a Master's as I am coming from a very different area and believe the course will be a help to me, I think it would also show a future employer that I have the commitment and ability for the work.

I don't expect to gain all the exemptions from the course but any I could obtain would be a benefit to me.

Thanks again

Would you consider the HDip in Actuarial Science in UCD? Would give you the exemptions but less expensive. Not sure what the masters would bring if the sole purpose is to secure an actuarial career.

badinfluence · 02-04-2014 9:56pm

I may qualify for help with fees from SUSI for the Master's as I have a level 8 and the Master's is level 9.

I could be wrong but for the purposes of SUSI I don't think the HDip would qualify as progression.

If I am reading the fees correctly and qualify for the SUSI assistance, I reckon both courses with cost about the same so I may as well have a Master's.

Thanks again for the advice, it is all very much appreciated.

Dipen Patel · 09-05-2015 6:43pm

Hey Guys,

I have just graduated from UCC with Postgraduate Diploma in Actuarial Science, May 2015.

UCC is amazing, the lectures are very helpful, very professional and highly knowledgeable in their contents. You can visit them anytime, they have open door policy and are always willing to help.

UCC offers CT1 - CT7 but the exam of CT5 depends on passing of all CT1,2,3,4,6,7 - an average of 50 is required from class tests, homework and exam - fairly easy to get.

Cork is an amazing place to live, people are friendly and helpful - there is no negative thing so say, it is truly amazing experience!

The course is rated very high from employers point of view and it will kick start your career if you want to be an Actuary. It also opens many other doors if anyone wants to change path and consider something else. Job prospects are very high from what I have experienced with this course and with UCC recognition itself helps a lot also.

Overall UCC is AMAZING with GREAT teachers and you will definitely get 3/4 exemptions out of the course and work harder you get more.

allthelights94 · 09-11-2015 11:51pm

Hi just wondering Dipen Patel,

What sort of undergrads were there in the post grad in UCC, were they all from the finance/maths background or was there anyone without a strong a maths background? I'm trying to find out the exact undergrad courses they will accept but no replies to emails as of yet!

MSc in Actuarial Science UCD v UCC

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