• C++ Programming for Financial Engineering
    Highly recommended by thousands of MFE students. Covers essential C++ topics with applications to financial engineering. Learn more Join!
    Python for Finance with Intro to Data Science
    Gain practical understanding of Python to read, understand, and write professional Python code for your first day on the job. Learn more Join!
    An Intuition-Based Options Primer for FE
    Ideal for entry level positions interviews and graduate studies, specializing in options trading arbitrage and options valuation models. Learn more Join!

Mechanical Engineering vs Actuarial Science

bdworld

Joined
5/3/10
Messages
8
Points
11
I have been admitted as an undergraduate for both degrees but my main goal is to become a financial engineer .Which of the two best prepares me for an MFE?I am supposed to register in two weeks,so I would greatly appreciate any form of advice.Thanks.
 
I have an actuarial background myself (and am seeking to transition over to FE) and I find a mech. eng. background has more skills that are transferable (e.g. computational fluid dynamics => finite difference methods and other numerical methods for PDEs). I find the mathematical background in a standard actuarial degree is lacking in some aspects (I've had to take further math and statistics courses to supplement). Sure actuaries may have had an advantage in the field initially but we failed to capitalize on it: http://www.the-actuary.org.uk/pdfs/02_12_08.pdf Also, our focus on archaic techniques (e.g. commutation functions) hinders our ability to transfer our skills.

However, do you have a sample curriculum of the actuarial degree? There are some there bear a heavy resemblance to mathematical finance just with less emphasis on the computational parts.
 
bdworld said:
I have been admitted as an undergraduate for both degrees but my main goal is to become a financial engineer .Which of the two best prepares me for an MFE?I am supposed to register in two weeks,so I would greatly appreciate any form of advice.Thanks.
Click to expand...

I come from a Mech eng undergrad and am doing MFE right now.
 
I was an actuarial science/finance major in college and am a fully-credentialed actuary. Now I am applying to master's programs for FE.

I think through an actuarial science degree you can take some of the courses that are very useful for future FE studies, like calculus-based probability, statistical inference, stochastic processes and math of investments. Of course you should also add classes from other departments to create the desired background. I was an undergrad in NYU so I was able to access classes in both Stern and Courant to tailor my curriculum up a bit to include some math and finance classes.

You can be an actuarial science major and take mechanical engineering classes and vice versa.
 
I guess that kinda settles the question. Either pathway doesn't restrict you too much.

PennyLess, I'm similar to you (act sci/finance major but in Australia) and I had to customize my degree as well. By the way, how long did you take to fully qualify and which specialization route did you choose (investments?)? I'm asking this because I'm considering switching to SOA exams. =)
 
@weiwern - I took my first exam when I was a senior in college. The total combined travel time for me was 4 years for completion of all exams and then another 7 months for completing the remaining requirements (those modules, capstone papers and seminars). Yes, I did the SOA Investment track, which requires two 6.5-hour exams on Advanced Portfolio Management and Advanced Financial Economic Theory. I guess my exam travel time is already relatively short compared with most others since I passed all on first try except APM - that one took two tries. That gives me 3.5 years of work experience before applying to MFE programs.

Where do you stand in terms of exam progress?
 
Back
Top