I want to be either an i-banker (or another finance related business job) or an actuary. My question is, should I double major in Finance/Actuarial Science or Finance/Mathematics at NYU Stern?
IMO it’s always better to major in the general (math) if it gets you to the same place which would be the case for becoming an actuary.
So you think a major in math would prepare me to choose either finance or actuary?
@Erin’s Dad
Yes it would. The actuary tests are a known quantity on what they test. A good math program will prep you for them as long as you take the right courses.
Between NYU, Columbia, and Rice, do you think any of those would give me a better chance in getting a good job?
Double major in Finance and Actuary Science before finance and math. Finance mixes accounting, business and real life math together, while math is mostly theoretical after Calculus. Also it will most likely take 5 years for a double major in finance and math, while it might only take 4 for finance and actuary science. Also actuary science relates more to finance than math does. Math majors is for theoretical math and if you want to teach or research math, not business.
Agree with @jritch
Plus true actuarial courses at a college can go a long way to preparing you for the actuarial exams, should you decide to take them. A single exam can require up to 300 hours of studying - even after a course - and the pass rates are typically around 40%.
Even if you do not intend to be an actuary or take any exams, the actuary course of study is more real life, practical, useful stuff.
What if a school does not offer anything in actuarial science?
Stats. And not all college math is theoretical.
I know many actuaries, including my wife. None of them majored in actuarial science. Any math-intensive major will do (math, applied math, engineering, econ), and almost every school will have the appropriate actuarial-related courses available should you want to take the first exams. For entry level actuary jobs, your school is of little importance compared to your preparation. You will need to have passed at least 1-2 exams just to show you have the goods. Even while still in college, be prepared for a lot of self study for those tests. For most of the year. you will be spending the bulk of your free time studying for exams, which take the average actuary at least 5-10 years to complete. Some take way longer. You will study for hundreds of hours and still fail exams. More than half of each seating fails that exam, and these are some of the smartest people in the world. Fail and you will have to wait 6 months or a year (depending on which exam) for the next sitting, and start the endless study cycle again.
Getting back to the original question, if you have any thought of becoming an actuary, don’t bother with finance. The major does not have enough advanced math. Adding a math double is more strain than it’s worth. A single math major, while taking appropriate business electives (or even minors), will make you versatile enough to pursue finance or actuarial careers.
I think the OP wants to stay flexible and is not sure of this time regarding a career as an actuary vs finance. Agree with all above that the major is not necessarily called “actuary science” (although I think at some schools, it can be). The more typical major is math, applied math, statistics, etc., and the degree awarded is likely to be a B.S. or B.A. in math or statistics. Mix this major with courses in finance and you will have a sufficient background to begin exam prep. If the college offers courses in exam prep, that is a very nice bonus and is also an indication that the school has a healthy actuary club (which is important for recruiting).
It looks like NYU Stern has a program in place:
@prospect1 I got accepted into Stern two days ago and am still freaking out. I think I will double major in Stats/Finance and join their actuary club which offers a lot of exam prep classes.
Congratulations, @CocoMojo13 !! That sounds like a good plan. Finance/stats is a flexible major, and the actuary club will offer much guidance about whether a career as an actuary is of interest to you. Stern is a impressive acceptance. Good work!! And best of luck to you!
@prospect1 Thank you so much! My mom thinks that I should go to Johns Hopkins (I was also accepted there) and she thinks that I’ll be better off at JHU than NYU because it’s more “prestigious”. But I thinks NYU still!
Which school will cost the least?
@prospect1 NYU is a cringe-worthy 71,000$ a year while JHU is 66,000$ a year. I received zero financial aid and my parents are fine paying that much for college so long as it is the right place for me.
Your parents are fine paying $300K for your undergrad degree? God bless.
@chardo I know… I’m beyond thankful.