Daily Archives: September 30, 2012

BCom Majors V: Actuarial Studies

Today’s guest post comes from a past student that majored in Actuarial Studies.

Actuarial Studies


“We slam (Financial) Models and (Red Bull) Bottles”

An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms

That’s what Wikipedia says, but in reality, it’s one of the easiest majors offered by the The University of Melbourne. Rumours of its difficulty are propagated by retards who haven’t figured out what an integral is. If you enjoy doing boring, brain-dead number crunching, with a cohort that has the social awareness of a dung beetle then Actuarial is definitely something you should seriously consider.

So here are a few typical responses you get when you tell someone you’re studying to be an Actuary.

“Huhhhhh? What is an actually?”

“OMG, you must be like super smart and shit”

Both of these responses indicate the person you are talking to is probably brain-dead, and you should cease talking to them immediately.

Most of you would be wondering by now, what kind of person this shitty major would attract. First of all LOTS and LOTS of FOBs, who are also Career Kids. Deadly combination.

Things don’t get much better if you’re a guy looking to score either. Here’s the reason why: Think of the ugliest girl in your high school year level. Done? Ok, now keep that image in your spank bank, because in Actuarial she’ll start looking like a supermodel real soon.
As for the guys in the course, it doesn’t get much better. Fleece and runners are the uniform of choice and brands such as “Mike” and “Adidis” are well represented. You’ll also have to have a gimpy physique and have no personality in order to truly fit in. One golden tip: Try to make your studies the center of your life, the quicker you do this, the more likely you’ll be accepted amongst the cohort.
Your classmates will be talking in various Asian languages and if you aren’t fluent in any of them, I suggest you learn quickly because you won’t be making too many friends. Discussions in English are a rarity within this major. Also look into obtaining a (Fake) Asian passport, I hear in the future these are going to be checked when you try to rock up to Actuarial events.

Personality-wise the cohort are the biggest losers around, often studying for days non-stop and neglecting any form of activity that would hinder their academic progress. It is very common amongst students to attend the SAME tutorial more than once, students will often re-attend tutorials on different days to gain that “Edge” and beat their fellow students. Oddly enough, the students trying the hardest are the 2nd tier ones that are barely scraping H1’s in a major that just asks to get slayed. Oh and remember, Students enrolling in this major are often the rattiest and most unhelpful types, trying hard to deceive others by appearing naive and aloof in regards to subject related questions from peers.

As for the subjects, here’s a bit of a rundown, of the ones I remember anyway:
Financial Maths III – A slightly harder version of Investments, yet still a joke. Learn about various aspects of portfolio theory and stuff that only the really nerdy kids pretend to (or maybe actually do) care about
Actuarial Modelling I, Actuarial Modelling II – The only models you’ll be seeing in your course.
Contingencies – Same as FM I and II but with probabilities slapped on, besides that can’t remember, don’t care. Haven’t used it at all, since I work in M&A.
Models for Insurance and Finance: This is probably one of the more interesting subjects in the Actuarial major. Probably because it’s not really an Actuarial subject.
Another thing to note, the word “Exemption” will be uttered over and over and over again in conversations, unless you repeat it regularly you will never truly be an Actuarial student and we all want to be one of those!

So what does Actuarial Studies lead to? Well, only a few people end up going on to be a qualified Actuary, a few will get into Investment Banking, some will go to Big 4, some into retail banks. Oh as for FOBs, I’m really not too sure but I do hear the outgoing shipments back to Asia do get pretty full around that time after graduation.
So in summary, what is Actuarial Studies? A few years of involuntary celibacy, boring as fuck numbers and being surrounded by the highest caliber of losers and fuglies. Luckily, I moved on to an Investment Bank after finishing this garbage major few years ago. Even though I work long hours and don’t get much sleep, I still have nightmares about my time in Actuarial.

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