Introduction

The ANU/NUS joint degree program in actuarial studies and economics is a special program in collaboration with NUS and the Australian National University. The program offers a bachelor degree in two subjects, from two leading universities, opportunity to study in two countries and also has honours. If you want to study more than just an economics degree, then you might find this program very attractive (especially if you actually wanted to get into a business degree just missed out).

But first, what is Actuarial studies?
Wikipedia says that: "Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries." This might not sound that motivating. So I should add that Actuary is a very prestigious profession in short supply which offers the potential to earn very attractive salaries.

But, of course the entry into the Actuary profession is not easy. To become an proper Actuary you need to be recognised by a professional body (just like accountants need to be recognised by CPA or Chartered Accountants). In Australia, the professional body is the IAA. The IAA has three qualifying parts. Part 1 is a list of exams based on core Actuarial subjects. Part 2 is exams based on the Actuarial Control Cycle and other courses. Part 3 are more exams on more advance Actuarial subjects. In order to become an associate of the IAA, you need to complete part 1 and part 2, plus have 3 years of practical experience. In order to gain fellowship of the IAA, you need to have complete all three parts. In theory, it is possible to become an Actuary by doing self study and taking exams directly from the IAA.

But... the exams from the IAA are extremely difficult and have a very high failure rate. The Actuarial/Economics joint degree program offers exemptions to Part 1 and 2 exams from the IAA (provided your results in certain subjects reach a minimum level). Most bachelor Actuarial degrees offer Part 1 exemptions. Part 2 exemptions are only available to students studying honours or masters. Going through university is a much easier path in obtaining the Part 1 and Part 2 exemptions as you have people teaching and guiding you and the exam contents are more suited to what you have been taught.

However, if you finish this program and change your mind about being an actuary... you can still look at other options in economics or the financial industry. The program also has quite a few exciting compulsory finance course such as: Finance, Financial Accounting, Corporate Finance, Continuous Time Finance, Investments. There are also Economics modules.

There are two ways to enter into this program:
Through ANU or through NUS.
From my understanding, if you are applying through NUS, you need to apply into the program at the start of your studies (there should be an email or something). From there, you will have to take the prescribed courses and choose a few electives. Don't worry about not having enough bidding points for the prescribed courses as you will be able to appeal to get them. But, NUS students will only be selected if they have a CAP of at least 4.0 from their first two semesters. From past data, a lot less than 8 students manage to achieve this so you don't have to worry so much about only the top 8 NUS students getting chosen.

If you apply through ANU (you need to be an ANU student), there is no apparent minimal CAP. But you still should try to get good results for exemptions. Both ANU and NUS students will have the start the program in NUS and follow the same program structure.

Modules to watch out for in NUS are Linear Algebra, Calculus and Econometrics II. The maths in university is a lot harder (partly because they ask you to proof a lot of things). Econometrics II is also quite hard as it leads into the more advance areas of statistics. The other modules can also be difficult depending on the lecturer.

If you survive the three semesters in NUS, the modules in ANU get a bit more challenging as you start learning more actuarial courses. The modules to watch out for are: Introduction to Mathematical Statistics (its not just an introduction), Life Contingencies, Survival Models, Stochastic Modelling, Actuarial Techniques, Risk Theory, Continuous Time Finance, Actuarial Control Cycle 1, Actuarial Control Cycle 2... basically almost all the modules in ANU are challenging. But the plus side is that you only need to study 4 modules a semester and there are some electives you can choose (for you to slack). Unfortunately... there is no S/U option in ANU.

After two years in ANU, you will need to go back to NUS for your last semester to do advance economic courses and an honours thesis (which sounds very time consuming and stressful).

The program is difficult, but everyone is capable of completing it... it just depends how hard you study.

Good Luck!

For more information on the JDP program see:
http://www.fas.nus.edu.sg/ecs/undergraduate/anu_nus.html or
http://studyat.anu.edu.au/programs/4444HBSOCS;overview.html

Hey! May I know the "min level" that one will have to achieve before being exempted from the lvl 2 exams?


Also, is it possible for me to not do the thesis and choose to take up lvl 3/4 modules instead? This course is really restrictive and I'd much rather do modules like behavioral economics and game theory than write a thesis for my final year..


Thank you ;D

Chmel wrote:Hey! May I know the "min level" that one will have to achieve before being exempted from the lvl 2 exams?


Also, is it possible for me to not do the thesis and choose to take up lvl 3/4 modules instead? This course is really restrictive and I'd much rather do modules like behavioral economics and game theory than write a thesis for my final year..


Thank you ;D

You have to do the thesis. Alternatively, you can transfer to ANU if you hate the thesis so much, however, you will be transferring to a double degree at ANU from an honours degree by the two uni's. NUS level 4 econ courses are equivalent to ANU level 3 econ courses. If you really love econ, you can take ANU level 3 honours path econ courses as your electives.