SOA/CAS Vs Bsc ( Hons )

[thomas2crown]

Greetings to all,...Wondering if anyone would be kind enough as to enlighten my dilemma...looking to hear mainly from the recruitement people, exercing actuaries and lecturers....

I was thinking of taking a degree in Actuarial Science next summer at a Uni. The respective institution has a well-structured 3-4 years degree program and i will be a Bsc(Hons) Actuarial Science....

somehow i've only just started using this discussion forum, and seen some of these very clever individuals in this community taking on some different path ( like taking the exams from different societies )to reach their career goal....

My question is , 1 - What are the differences in the job market as to someone taking a Degree in Actuarial Science from someone taking all the respective exams from a society.

2 - In terms of personal benefits, which program would mould a "better" actuary for the future.

3 - In terms of Finance, which program costs the most and in terms of value.

4 - Are students doing a degree automatically promotes to the societies designations at the end of their program?

5 - Students sitting the societies exams are they equivalent to a degree ( is 5 = 4 ) ??

Thank you for reading and thanking you in advance for your replies.

F

[tommie frazier]

most jobs require a degree, so exams alone are typically not enough (at least in US). (mind you, I have long said that excel skills, exams, and a high school diploma would get you a job, but that's a bit extreme)

both programs (soa and cas) have good things going for them in terms of future prospects and ability to be useful on a wide array of topics. many people pick without much thought and don;t mind their choice (basically picking whatever the internship was in)

both cost about the same. not enough difference there to say one is more worth it just on that. for US and north american salary scales, check the dwsimpson salary chart (link at top of page perhaps) if that's what you mean (do you mean which will pay better eventually?).

and most won;t finish all the exams while still in school. some do, but the market doesn't expect everyone to do it. go out and have fun and pass 2-4 exams and you'll be fine (in north america at least).

[Beach Bum]

Research up on the field and come back to your post in one month, you will actually be humored by what you wrote.

And I don't mean to sound offensive in anyway, I would have asked the same thing as late as senior year in college. It's just your questions don't make much sense.

A college degree is one thing, passing exams is another. They do not replace each other, and both are ultimately needed if you are to move up the famous ladder.

[Jack]

Most employers will be puzzled by a Bsc(Hons), they’ll wonder what the hell it means? Spend the extra year in school and get a BS. It's not necessarily important to go to a university; a college can be just as good.


Employers expect a BS degree, and exam passed (two is better), and solid computer and communication skills. I've known of a few actuaries with out degrees but I wouldn't advise trying it.

[zeus1233]

Originally Posted by Jack

Most employers will be puzzled by a Bsc(Hons), they’ll wonder what the hell it means? Spend the extra year in school and get a BS. It's not necessarily important to go to a university; a college can be just as good.


Employers expect a BS degree, and exam passed (two is better), and solid computer and communication skills. I've known of a few actuaries with out degrees but I wouldn't advise trying it.

I'm guessing the Bsc is not an American degree and is equivalent to the American BS. When someone says university and not college they probably aren't American. Generally, Americans don't say they go to a university.

[Mary Hardy]

BSc(Hons) is a UK style degree. Also, in the UK the actuarial science degree confers exemption from some of the professional exams.

If you are confident that you want to work as an actuary or in financial services, then an Act Sci degree is a good route (depends a bit on where you get it from, though). It will cut considerable the time to qualification, and will offer a stronger education in relevant topics than simply cramming for the exams. My personal view is that actuarial practice is getting more and more complicated. The university route will better train you for the challenges of the next 30 years (if it is a respectable university).

[thomas2crown]

Thank you Mary for your reply,i really appreciate what you mentioned and would take the advice onboard, i am indeed from the UK, ...just one more thing....any recommendation from your behalf of some good Uni.'s dealing in the realm...i don't really mind travelling and staying in another country, meaning my options are wide open...

[Daveed]

I'm currently in 3rd year at the University of Waterloo in Ontario, Canada. We have a very large (and growing) ActSci department within the math faculty. It's difficult, and very competitive (some see these as positives, others negatives). Regardless, I can't say enough about the co-op program here. I've gained real work experience that most students don't get until after graduation.

( Oh, and Ms. Hardy is a great prof here, so we're both biased )