Law vs Acturial Science - The Career Dual

[matt_za]

agreed, if you want to just make money, become a CA, no CA loves accounting, but they all love money.

So true haha

Take a look at the BBusSci actuarial program at UCT. I know quiet a few people who started this and then were able to transfer to other streams without losing much time by changing. Reasons for change were mainly people not meeting the minimum mark for MAM1000 and 2000.

 

[bionic_twiglet]

Just so the OP knows, you have to apply for exemption, you don't automatically get it. If your entire class gets 90%, you don't get exempted. And even if you finish at the top of your class, the matter of your exemption still rests with the actuarial institute.

Correct me if I got anything wrong.

Depends on the varsity. Most require you to pass a comparable uni exam with a high enough mark (e.g. 60%+) in order to qualify for exemption from that subject. That level can change but is usually 57-63%, depending on the difficulty of the course and the quality of that year's pool of student's.

 

[HavocXphere]

agreed, if you want to just make money, become a CA, no CA loves accounting, but they all love money.

Some of them do. There are however decidedly in the minority.

Personally I reckon AS is a better bet than CA if you're after a surefire way to make heaps of money. It does however depend on inclination. e.g. If you're an introvert / shy then you're going to have a really rough time on the CA route.

 

[SineM]

Hard work is the key to success. Taking the easier option sometimes means you wont be as happy as you could be...but that's just my 2 cents. We could all just study Sociology and live happily ever after, but that's not how life works.

 

[Bar0n]

Hard work is the key to success.

Very motivational.

 

[Paperweight]

I have a friend who is great with maths. Smoked matric exams and got into the Actuarial programme at Wits. A year later changed to BCom Accounting. Even done with the Bcom degree now and still tells horror stories of life within that programme. Something about no sleep, lecturers who insult you after the whole class fails something etc lol good luck.

 

[Bar0n]

I have a friend who is great with maths. Smoked matric exams and got into the Actuarial programme at Wits. A year later changed to BCom Accounting. Even done with the Bcom degree now and still tells horror stories of life within that programme. Something about no sleep, lecturers who insult you after the whole class fails something etc lol good luck.

Had a german lecturer for one of my 3rd year maths courses (ring theory). He used to give us a scolding every few minutes about how little we knew and how much we were supposed to know and how german students do this stuff in their first year, etc etc.

His favourite phrase, after writing a problem on the board no-one understood or could answer was: "Nein! Das ist ein mickey mouse problem!"

 

[Bar0n]

I have a friend who is great with maths. Smoked matric exams and got into the Actuarial programme at Wits.

Whatever you got in matric for maths, it doesn't matter. It's no indication of how you'll cope at varsity level maths.

To give you an example of the speed of the mainstream math classes at university... You revise all the math you've ever done (yes, even basic fractions) in your life in one period. They literally go through everything you've ever known in 50 minutes. You know how you spent a semester on logarithms in matric? 5 minutes. That kind of pace continues regardless of volume or difficulty.

 

[themba990]

agreed, if you want to just make money, become a CA, no CA loves accounting, but they all love money.

+1
Don't do AS because you want to get heaps of money. You will get it, but it is by far the most difficult way to make money.

 

[Ancalagon]

Law and AS are two very different subjects - can I assume you do not know what you really want to do?

Join the club. It takes people years to figure out. What I can tell you, is dont go after a career purely for the money. Go after a career that is closest to the way you think, and closest to the things you are interested in.

I would probably go as far as to recommend that you take a generic BCom first year in which you do Ecos 1, Maths 1, Law 1 and Stats 1. Maybe even add Management 1 or Philosophy 1 to that, if you can cope with 5 subjects. That will let you experience the subjects first hand, and you can then decide which route you want to go.

Sadly, you dont cover much stats at all in Matric, so I would think it would be difficult to decide whether it is something you are interested in. And you probably have little exposure to finance, too.

What I've realized over the years is that, personality and interests are actually more important in your career choices than your intelligence - much more important than you might think. Think about it - you are smart enough that you would be accepted into everything from Art to Statistics and everything in between. But what interests you? Do people interest you? Does debating interest you? Does business interest you? Does engineering and logical problems interest you?

If your career choice is aligned with the way you think and your personality, you will do well. If you choose something that is not aligned with the way you think and your personality, no matter your intelligence, it will always be an uphill struggle for you.

If you have no personality, Accounting is for you!

 

[shogun]

Law and AS are two very different subjects - can I assume you do not know what you really want to do?

Join the club. It takes people years to figure out.

+900?

I started reading this thread now, and the only thing I could think of is... these are two completely different life directions! Don't choose a degree based solely on the perceived money at the other side irrespective of career path!

Find a career path that really interests you, then choose the best education that fits that path. Follow your passion and the money will follow.

Saying that... if you don't have a burning desire to do AS, and haven't spoken to one to find out what is involved don't do it (seriously, at least take Riot2's offer to ask him stuff to see if it's what you want to study). I had more than enough credits to take AS and steered clear. Best decision of my life. I would have been woefully under prepared and hated it. There are others at your age that know what's involved, want to do it, and will own it. If you are looking at its dollar signs and are ignoring the profession itself, all you are going to do is set yourself up for failure and a degree change halfway through, instead of owning that other degree from the start.

Best of luck, it's difficult to make these big decisions, but if you follow your interests, you will be in a better place.

 

[Redeemed]

Find a career path that really interests you, then choose the best education that fits that path. Follow your passion and the money will follow.

There are plenty of people who followed their passions in social sciences and the money hasn't followed. There should be room for economic realism.

 

[Bar0n]

There are plenty of people who followed their passions in social sciences and the money hasn't followed. There should be room for economic realism.

That's true. However, there should also be room for "happiness" realism. Of all the people who study actuarial science, only about 10% make it in the end. Not just because it's very difficult, but also because they don't like the field. You don't usually realise this until you're about a year into it, so that screws you over a bit.

 

[GrootBaas]

I have to agree with what was previously said regarding the law students struggling to get work - I have a few friends who have struggled with this. Even if a small law firm somewhere takes you on to do your articles they pay (here in Cape Town) very little and tend to not keep you on after your 2 years of articles are completed. Only the top law students get to earn salaries for R20k+ who gets to article at ENS, WW etc.

Becoming an actuary is not easy, but even after your studies before writing any of the international exams you already start with a salary of R25k - R35k a month, depending on if you want to work in Cape Town or Joburg.

Spoke with a friend of mine 2 nights ago, he is 28 and a CA yet his younger brother who is studying to become an actuary will earn almost more next year in his first year of work than what my friend is currently earning as a CA.

But yeah, money isn't the only thing to consider...

 

[Ntobekoo]

Law and AS are two very different subjects - can I assume you do not know what you really want to do?

Join the club. It takes people years to figure out. What I can tell you, is dont go after a career purely for the money. Go after a career that is closest to the way you think, and closest to the things you are interested in.

I would probably go as far as to recommend that you take a generic BCom first year in which you do Ecos 1, Maths 1, Law 1 and Stats 1. Maybe even add Management 1 or Philosophy 1 to that, if you can cope with 5 subjects. That will let you experience the subjects first hand, and you can then decide which route you want to go.

Sadly, you dont cover much stats at all in Matric, so I would think it would be difficult to decide whether it is something you are interested in. And you probably have little exposure to finance, too.

What I've realized over the years is that, personality and interests are actually more important in your career choices than your intelligence - much more important than you might think. Think about it - you are smart enough that you would be accepted into everything from Art to Statistics and everything in between. But what interests you? Do people interest you? Does debating interest you? Does business interest you? Does engineering and logical problems interest you?

If your career choice is aligned with the way you think and your personality, you will do well. If you choose something that is not aligned with the way you think and your personality, no matter your intelligence, it will always be an uphill struggle for you.

If you have no personality, Accounting is for you!

Good advise