Majors+GPA+Internships Question
I am currently in penultimate year doing Actuarial Science & Finance double majors with CGPA of 3.6. My problem is I am trying to push my GPA over 3.8 but my actuarial courses (which are pretty tough) are pressuring my GPA. Should I drop Actuarial Science & focus on Finance (single major) while graduating with over 3.8 and one semester ahead? In addition, I have secured an IB internship which I can shift it from summer to winter if I want, while currently securing another one (most likely in S&T) in summer, provided I convert to Finance single major and graduate one semester earlier.
One reason for still holding onto Actuarial Science is to indicate my quantitative ability which will be handy when applying to S&T internships/jobs. Everyone is doing Finance, so I thought maybe an Actuarial Science major will stand out from my rest even though I know bankers don't give undue respect to actuarial grads/actuaries.
Look forward to seeking your frank opinions. Thanks.
I thought actuarial science was for people who wanted to become actuaries... If you know you can make it into IBD drop actuarial science but it could be a useful hedge later if you can't land an offer
hey RL hows stern?
chubbybunny, i am not from stern, somewhere opposite of the globe from where you are.
I think you should drop it, especially after you've taken the basic courses.
I have taken statistical modelling and financial mathematics. Left with models, actuarial statistics and asset valuation. But I am having a hard time even with these two basic courses.
So you're having trouble with actuarial courses, don't want to be an actuary, have internship offers for IB/S&T, and don't seem interested in the material. The only reason it seems you're taking it is to "prove quantitative ability", but you would only need to "prove" this for jobs that require it; jobs which you may not be the most suited for or enjoy. Doesn't seem like it makes sense for you to be taking it.
If you do enjoy it then you probably wouldn't question your double major and you would do well even if it's tough. Otherwise you're wasting your time doing something you don't like and probably won't need. Find a job that fits you, don't change yourself to fit a job. You already have offers so it shows that you're suited to the job. Having an actuarial major would give them more doubt as to your commitment to the job.
If you can, change your actuarial major to statistics or a math minor or something more general. That'll be more effective in showing quant ability.
Hi DedicatedApathist, your long and frank opinions are great. If I drop my actuarial major, I could graduate earlier by one semester, so I won't be adding anymore courses since many advanced courses need prerequisites. And if I want to take them, I will need to delay graduation by more than one semester, therefore I will only be left with a finance single major with no minors, just some stats and financial math courses.
One of my motivations is to push my CGPA to first class honors by dropping actuarial major. Yet it's uncertain whether I could really push it over that point. That's one of my major concerns. If I continue with my actuarial major, although I will graduate with 2nd upper class honors, I could say it's due to a "hard" major, and it demonstrates my quant ability. These reasons are basically my major concerns.
Oh yes, I have something to add here. I am not sure whether a Finance major with some stats and financial math courses are sufficient to meet QUANT prerequisites of MFin & MFE. That's another major reason I am unsure of. Hope to read your insights. Thanks.
to be honest I don't think much people in wall street are going to even know what an actuarial science major is, or view that major any differently from a statistics major. If you REALLY want to prove your quantitative abilities, you should have majored in a hard science such as math/engineering/physics.
Since you already have your internships, I'd say drop your major and graduate early. Save tuition, and have a couple months off to slay some chicks.
^^^^ That is retarded... you're saying that people on Wall Street don't know what an actuary major is? Right that makes sense... people who work in a world governed by risk and return don't know about a major involving the study of risk... hmmm
To the OP this is a ridiculous thread. If you want the major then keep it, but keep it because you enjoy the coursework not because you think there is a small chance that maybe a banker might think you have quant ability. You already have an internship lined up and can get another one so it clearly isn't going to hold you back from getting a job. Why are you worried about the MFin if you want to be a banker and already have an internship offer. Your thought process about this whole issue is quite scattered and misguided. You know that people from non tech backgrounds do MFins right. The only reason for you to even do an MFin at this point in your career would be if you didn't have a strong performance in a business major (you currently have 2), and still want to break into analyst positions. An MFin is not going to get you a job as an Associate and if you have the type of resume that you have now it isn't going to give you any stronger of a shot at a buyside gig straight from undergrad because most buyside shops just don't recruit undergrads and if they do it isn't going to be the MFin that sways them.
I say that you should drop the actuary major, get the 3.8, and party your ass off. Enjoy the last part of college... it is utterly stupid to pound your head against a wall doing something you hate for the sliver of a chance that it might impress someone else.
^^^ oh sorry for the misunderstanding. What I meant was that bankers will not comprehend the difficulty/rigor of an actuarial major simply because it IS NOT offered at many places (ex. ivy leagues). Hence they will view it pretty much the same as a statistics major, which is usually a lot less rigorous and has less requirements than an actuarial major, while also achieving the same end - to prove quantitative ability.
Hence my point is, if you're really trying to impress your recruiter (which is what I think the OP is trying to do), then taking a universally regarded "hard" major such as math/physics/engineering would be much more beneficial to the OP's goal. And to you respond to your question as to whether wall street bankers know actuaries: yes they do know what actuaries are but 90% of them DO NOT know the difficulty of the subject and the 8 exams they have to take to achieve the FCAS designation. WSO veterans, correct me if I'm wrong. Thanks.
That doesn't make any sense... There are discussions on this forum about Actuarial Degrees with varying frequency and I can speak from personal experience when I say that there are people on this forum who work in IB who know all about the rigorous nature of the Actuary certification... what conclusion would someone logically draw about a major that is called ACTUARIAL SCIENCE... do you think that they are going to assume that they just color with crayons and do no math? I have friends at home that go to the shittiest schools imaginable and even they know that Actuarial Science is harder than majoring in Math because they started in AS and switched to Math because they had all the necessary coursework but couldn't pass the exams...
Either way it's retarded because you don't need to have a background in rocket surgery (or AS) to do banking or trading... People trying to do coursework to prove they are quantitatively savvy is fucking stupid... Take the motherfucking GMAT and get a 700+ ... BOOM, quantitative box checked... you kids have the dumbest notions about what you think will help you get jobs... it's better to talk to 100 people on the street and put in the time you would be spending on the extra degree networking, than to waste it on something that is going to hold no value...
Long story short, you are wrong...
Case closed.
This has actually been discussed before and I think the consensus was that Actuarial Science wasn't beneficial enough to justify taking it and shouldering the difficult courses when you could get a Statistics degree and have the same quant credibility with less demanding coursework
Well looks like I should drop my actuarial major then. Thanks for all the feedbacks.
^^ exactly my point. I know upperclassmen who said the exact same thing - both actuarial science majors and stats majors so no bias involved.
PS. they both also confirmed that finance+math majors seem to get a slight upper hand. Of course their definition of "slight" can be biased.
Well I don't have sufficient time left to do a minor in math or something like that, unless I delay my graduation which I think it's pretty foolish. Therefore in the end I will only graduate with Finance major plus some stats n finmath courses.
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