Pros and Cons of an Actuarial career
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- เผยแพร่เมื่อ 3 ก.ค. 2024
- In this video, I will be going over (in my opinion) the top 3 pros and cons of an actuarial career!
If you enjoy my videos, please give me a like and subscribe :) Let me know down below what else you would want me to talk about!
Timestamp:
0:00 - Intro
0:18 - Pro #1: (Relatively) less competitive for entry level roles
2:32 - Pro #2: (Relatively) less stressful
3:25 - Pro #3: High hourly rate
4:20 - Con #1: Exams
5:26 - Con #2: Can be boring unless you like insurance
6:34 - Con #3: Huge time and effort sacrifices
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Who am I?
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Welcome to my channel! My name is Arnold. I am an Actuarial Student currently working and studying in the UK.
As I am working full time, I'm always having to juggle with working and studying and make time for my other hobbies. So I've started my journey on finding out how to be more productive and how do I get more time for myself.
Get in touch
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If you have any questions or just want to chat in general, feel free to give me an Email at hi@arnoldho.com
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Pikachu!!
You noticed!!
To become an actuary you need to be genuinely smart and also bloody hard working because it's a VERY bumpy road. It's easier to become a data scientist even though it pays less and it's much harder to get a job. It just depends on how much pain you're willing to tolerate.
This was super informative!
Major cons
Exams are not easy. Take a long time to pass.
Sacrifice your social life and 20s to pass.
The work can be interesting if you look at ST2 etc and you see how work related to what you learned. However, in general it is tedious and dull looking at Excel and Prophet all day. Many people will say this but too scared to leave actuarial.
You will have colleagues who are typical actuaries who have the personality of a dishwasher.
Unfulfilling work
It is hard to change career if you want to leave.
No one knows what an a actuary is and you have to spend time explaining it on social occasions
You hate being confused as an accountant
Can earn as much money without having to do as many exams in alternative career paths
Pros
Pay rises are nice and when colleagues congratulate you on passing exams you feel good
You do feel like you are someone but it is an illusion if deep down you don’t enjoy the work and are only there for money and wish you were doing something else.
It won’t be as boring as being an accountant. However it will be much harder than being an accountant.
You are not an accountant
🤣🤣🤣🤣🤣
Great video, thanks!
Thanks Daniel!
Great insights!
Glad you enjoyed it!
Wish I would have known about careers like these when I was a university student 😪
The work life balance may be true in UK but definitely not in Asia -- it may depend on which company u go to but generally work life balance is not really a reality.
How many hours per week between college and homework?
I am Bachelor of business administration Graduate, I Studied Algebra, Geometry & Mensuration , Probability P&C, Arithmetic , Numbers , Logarithm In maths But I never learn Calculas in my life i dont know how to solve Integration or derivative limitz etc , So should i avoid Masters in acturial science course Or I can manage that much ?
Hi, do you have any advice for someone choosing between data science and actuarial jobs? I am currently an Economics student in the UK, and can't decide between these two careers. It is driving me mad!
Omg sameeee!!
Actuarial is more lucrative in the long run
Good job
Thanks!
music tad loud but thanks for all the info!
I'm currently uni student major in accounting can I go into actuarial field if ever?
Do you think studying Actuarial Science in university puts you in a 'niche' and would it be difficult trying to find another type of job?
Well not at all, because of how it entales Math amd Statistics its versatile. One of my mentors is now a senior management for software engineering at Amazon. She is a qualified actuary 😉
Your video was very interesting. I wanted to know what other degrees earn around the same salary as an actuary?
I think only medicine earns more
Us is very competetive so i hear
Bro , is the online exams a setback ? And is there any possibility that it be shifted to the regular pen paper exams in centre again ?
I think in the December IFOA townhall they have mentioned that they'd like to keep the online format going forward. Personally from the exams that I have taken so far I don't think it is a set back. But it is quite annoying to have to type your answers up. Personally I didn't find that the exams itself has changed too much. (I sat CS2 and CM1 online)
@@ArnoldHoTC yes exactly , typing the answers in Word is in itself so annoying , how much of the time did it take for you to type all your amswers in Word ?
@@akashbhowmik7993 What I do is I do the question on paper first and then type everything out on word as soon as I get to an answer. I find that I have sufficient time to finish the paper but no time left to check my answers.
Hi, thanks for the video! How is the international mobility of this profession? Would someone in the field be able to find jobs in other countries with relative ease ? Also, how is the long term job security compared to doctors? Thanks!
I believe international mobility is great for actuaries who are open to moving to another country. A lot of Insurance or Reinsurance companies have global operation and depending on your employer, they might even want you to move around to gain experience and exposure in different parts of the world.
Most countries either follow the UK IFoA syllabus or the US SOA/CAS syllabus in terms of training their own actuaries. And most countries in the world have some sort of mutual recognition for actuarial qualifications. So I'd say having the qualification is a passport for you to different parts of the world. In most countries, qualified actuaries are in high demand as well because the supply of actuaries are low (partly due to having to sit so many exams).
In terms of long-term job security, I believe the profession is not going away anytime soon because of the stringent regulations that Insurance companies face when pricing and reporting their financial products. I don't know much about the career of a medical doctor but I would guess that doctors have slightly better job security here in the UK because of the National Health Service. That being said, I would say that actuaries are among the more secure professions in face of the challenges of our generation, such as automation and outsourcing.
@@ArnoldHoTC Thanks for the insight!
@@Richard-bw2nb you're very welcome, bud!
The actuarial profession has a 0% unemployment rate in most countries. That's provided that you are a *qualified* actuary, which means you've finished actuarial exams and passed them all. So the job security is amazing. You can work anywhere in the world you want with ease.
kya koi 45 age mai es course ko ker sakta hai
So a finance degree holder can apply jobs in actuarial field right ?
yes
One day the inevitable will happen as you are sitting on your butt staring at the screen. “ If only I had spent the same time practicing football , then I’d be on £400,000 per month , kicking a ball about , with half a GSCE in woodwork and working 20 hours per week, doing what I love “ .
how smart do i have to be for the math
Khona into e off 😁!
lol yini manje leyo