Yesss I’m gonna get my math degree and this was a pressing question for me. I’ve never coded until like, literally yesterday lol. But I still have 6 years (bachelors + masters) to learn that. I love it so far though, we’ll see how it goes. Data science seems nice
I started out in data science and am now in actuarial and thinking of moving back to DS. Actuarial is more broad and less technical. Insurance companies are not keeping up with the ML/AI movements going on in tech right now. Actuarial gives you a paved path to an upper middle class life though, DS career progress is a lot less clear. Lots of pros and cons of each career to consider
I was really confused b/w these two but now after reading a lot about it, I'm more inclined towards data science. I hope it's gonna be the right choice ✨
Interesting video. I've been working as an Actuary for a year and a half and never heard of the Data Science career field. Cool to hear this perspective since the Actuarial field keeps adding data science type exams in the past few years
@@datalyfe5386 it's straight. There's definitely no getting around the exams as you mentioned, but the projects and work I do from day-to-day is enjoyable. And I feel like I'm not in a stagnant career field, which was the case in past jobs I had.
Watching this video right after getting fired from an insurance company. Being an actuary you need to have genuine interest insurance in addition to a passion for math. Being a data scientist does sound better, I wouldn't do that either though since I hear a lot of "you will be given the vaguest of business problems and expected to use data to come up solutions" which in my experience is code for "we will give you almost no training and the bare minimum of instructions before casting you into the fire and we will hold you accountable for the results you give us in spite of that fact".
How did you get your first job as a data scientist? I'm currently majoring in actuarial science, but I don't feel like companies would hire me as a data scientist even if I wanted to do it because of my background in actuarial science.
It's good that you chose data science But Actuarial science is pretty much superset of data science with other mains, I'm actually studying for actuarial science papers too with data science(as a learner), Even actuarial exams has R language now which is very much focused upon making the sense out of datasets. Though for sure it's gonna take some good amount of time to clear all those. Goodluck Ps: I've cleared two.
They're not just limited to insurance companies. But they do use some Data Science skillset for their work. Check out Etched Actuary on youtube for more information on being an actuary.
There are huge differences between Actuarial and Data Science. The second one is AI/ML& technology. The first is not, it is business domain expertise with good-advanced knowledge of maths and stats. I have worked in both departments. However, actuaries as anyone learn data science and as statisticians/mathematicianz by default with few practice become superable data scientists especially in finance that already are experts in business domain.
Am currently qt this point in my life. Bsc Mathematics with Computer Science. Starting of with Data Science, planning on expanind to Actuarial Science later.
Cool video. Would you say that the amount of time you might be doing leetcode or personal projects for data science or tech is comparable to the amount of time you study for actuary positions? Also, at what point do companies give you paid time to take the exams?
I don’t think SOA exams are extremely hard. They are doable. It’s not that u need to be a genius in order to pass probability / financial math paper. 😅😅 U just got to attempt all the sample questions and understand the concepts.
hi , I am Studying Data Science And Passed 2 papers of actuary … And studying for 3rd paper … is it helpful if i pursue data science and clear 4-5 paper of actuary at same time?
Hey if you can do that more power too you! That’s incredible! But I’d imagine it’s easier to just focus on data science if that’s what you are pursuing
@@datalyfe5386 i cleared 2 papers n studying for 3rd in actuary ! And In data science my CGPA is around 9 in college .. should continue both till graduation!?
If something is very difficult it's mainly because the information is explaining the ideas to you. It's the wrong information, it's not giving a clear picture of what is going on, in other words the people doing the explaining have no clue what's going on
Hi, I am not familiar with that right now, but I plan to make a video on that in the future! There is a lot to look into and consider including location and budget, so I would get that figured out before starting the search
These things like insurance , super , you just pay it you don't give a shit how it's calculated . Just like using your laptop to access TH-cam Facebook, you don't give a shit about the millions of lines of computer code that makes it run in the background.
@@maojunning5423 the degree they teach you is highly theoretical and quantitative, real life is high level and qualitative. I don't think you should learn the low level quantitative theoretical aspects until you understand high level concepts, it is just a waste of time.
All it is is a bunch of input variables that affect the likelihood of an accident or death and the output is the most likely scenario magnified by the amount you're insured for. They way they don't explain such a simple concept with any clarity shows maybe they don't really understand what they do.
What I think is bad about this actuary education is they fail to teach you what an insurance product is at a basic level and just go onto deriving formulas. In a finance degree you learn about financial markets, economics, why people need to borrow money, business, why people want to invest money, what a listed company does to make money, what are their operational expenses and revenues, what is a small business and how they operate. You spend a few semesters learning these things so by the time you get financial modelling and DCF models you have some background to why the modelling is done. Modelling is sticking some numbers into formulas to get an output. If they fail to teach you the meaning of these inputs, outputs then these formulas they derive will mean nothing because you don't even understand what the inputs and outputs mean. What is a life insurance product, how does it work? Why do people want to buy life insurance ? Who buys it? What are the different products on the market and how are they different to each other? They fail to teach you anything about the actual products and just jump straight into deriving formulas. That is very poor. These formulas they derive are based on assumptions about these insurance products that they you know nothing about other than the buzzwords they use to describe it. It's like in finance how you look at DCF models to value companies. One input is interest rates. If you don't even understand basic economics, what a bank does, who are the typical borrowers and lenders of money, then interest rate is just a meaningless input number you put into a formula.
Two things that make this actuary education a fail: 0 education on core products and just straight into deriving valuation formulas. No hands on excel modelling done any part of the degree, ok maybe 1 percent. 99 percent deriving theoretical formulas. You don't learn excel, you don't learn SAS r python to implement the theoretical models they derive for you using pen and paper. This education designed by math geeks is a fail.
This whole examination system is just a set of hoops designed by these math geeks, they make you jump through them so that somehow you are as good as them and can join their club only if you jump through their hoops that they created for you. They can award you with a fellowship and make you feel special if you jump through their hoops. What if the education is very poorly designed? In the real world everything is done using computers. You stick a bunch of input variables, cleaned data into a model and it gives you output numbers. The most important thing is understanding what these inputs and outputs mean. You need to understand where the input numbers come from and what the output numbers are used for. After that the last bit is understanding the formulas and derivations that get to the output. In this actuary education they teach you the wrong way around.
The issue is this actuary course is designed by geeks in the UK, and geeks focus on magnifying formulas. They love formulas and technical aspects of anything. It makes them feel special and important because they can throw out some technical formulas that nobody understands or care about. It's where geeks get their status from through these formulas. That's what this education is based on. Is it the best education to teach you about the insurance world I have my doubts.
![ALLY - OH MY! [ REACTION ] 'Amarin Nitibhon' #ALLY_OHMY #ALLY #allynitibhon #แอลลี่](http://i.ytimg.com/vi/nX9qpHjVfbQ/mqdefault.jpg)
Yesss I’m gonna get my math degree and this was a pressing question for me. I’ve never coded until like, literally yesterday lol. But I still have 6 years (bachelors + masters) to learn that. I love it so far though, we’ll see how it goes. Data science seems nice
I started out in data science and am now in actuarial and thinking of moving back to DS.
Actuarial is more broad and less technical.
Insurance companies are not keeping up with the ML/AI movements going on in tech right now.
Actuarial gives you a paved path to an upper middle class life though, DS career progress is a lot less clear.
Lots of pros and cons of each career to consider
"I didn't really have a passion for insurance"... The facial expression speaks volumes! 😂
😂
I was really confused b/w these two but now after reading a lot about it, I'm more inclined towards data science.
I hope it's gonna be the right choice ✨
Everyone is different but that’s what I love and recommend. Glad to help 👌🏾
Dude I've been struggling with this for a while now 😭 great to stumble onto this vid
Ey glad to help 👍🏾
Interesting video. I've been working as an Actuary for a year and a half and never heard of the Data Science career field. Cool to hear this perspective since the Actuarial field keeps adding data science type exams in the past few years
There definitely is some overlap. How do you like being an actuary?
@@datalyfe5386 it's straight. There's definitely no getting around the exams as you mentioned, but the projects and work I do from day-to-day is enjoyable. And I feel like I'm not in a stagnant career field, which was the case in past jobs I had.
@@SmokingwithBush that sounds great bro, glad you’re enjoying it!
Watching this video right after getting fired from an insurance company.
Being an actuary you need to have genuine interest insurance in addition to a passion for math.
Being a data scientist does sound better, I wouldn't do that either though since I hear a lot of "you will be given the vaguest of business problems and expected to use data to come up solutions" which in my experience is code for "we will give you almost no training and the bare minimum of instructions before casting you into the fire and we will hold you accountable for the results you give us in spite of that fact".
How did you get your first job as a data scientist? I'm currently majoring in actuarial science, but I don't feel like companies would hire me as a data scientist even if I wanted to do it because of my background in actuarial science.
If you find yourself asking this question. You should definitely pick Data Science
It was the right choice for me!
It's good that you chose data science
But Actuarial science is pretty much superset of data science with other mains, I'm actually studying for actuarial science papers too with data science(as a learner), Even actuarial exams has R language now which is very much focused upon making the sense out of datasets. Though for sure it's gonna take some good amount of time to clear all those.
Goodluck
Ps: I've cleared two.
Congrats! Ive definitely heard that actuaries can are just data scientists at insurance companies haha
They're not just limited to insurance companies. But they do use some Data Science skillset for their work. Check out Etched Actuary on youtube for more information on being an actuary.
@@kitty1977 good to know!
There are huge differences between Actuarial and Data Science. The second one is AI/ML& technology. The first is not, it is business domain expertise with good-advanced knowledge of maths and stats. I have worked in both departments. However, actuaries as anyone learn data science and as statisticians/mathematicianz by default with few practice become superable data scientists especially in finance that already are experts in business domain.
Am currently qt this point in my life. Bsc Mathematics with Computer Science.
Starting of with Data Science, planning on expanind to Actuarial Science later.
I love the part you said DS is more in demand than Actuary.
Cool video. Would you say that the amount of time you might be doing leetcode or personal projects for data science or tech is comparable to the amount of time you study for actuary positions? Also, at what point do companies give you paid time to take the exams?
Hi Sunny, I honestly believe studying for actuarial exams is more intense since you actually need to pass an exam and there are ~7-11 of them
I am doing actuarial science
It’s an amazing field, good luck!
@@datalyfe5386 thank you
Me too, what exams you on?
I don’t think SOA exams are extremely hard. They are doable. It’s not that u need to be a genius in order to pass probability / financial math paper. 😅😅
U just got to attempt all the sample questions and understand the concepts.
Really good video, simple & clear explanations, thanks a lot
I’m this dilemma now. I have a background in Actuarial science but turn Btw going for msc in Actuarial sci and data sci
Thank you. Appreciate your candidness
No problem, thank you!
Great video!
Debating between the two myself
Glad you enjoyed!
Thnx bro I was caught btn the lines on WIC 2 choose
"Which I quickly ruled out"
You will be surprised to learn in your 30s and 40s that learning process has not stopped and there is lots of people studying for these exams
Yes I’ve heard! Though companies will give you paid time to study, I dont want to be taking tests at that point in life 😂
Can I choose data science in my major and then do actuary?
hi , I am Studying Data Science And Passed 2 papers of actuary … And studying for 3rd paper … is it helpful if i pursue data science and clear 4-5 paper of actuary at same time?
Hey if you can do that more power too you! That’s incredible! But I’d imagine it’s easier to just focus on data science if that’s what you are pursuing
@@datalyfe5386 i cleared 2 papers n studying for 3rd in actuary ! And In data science my CGPA is around 9 in college .. should continue both till graduation!?
I- wow. I have to decide wether to do actuary or data science as my bachelors and this is so cool. Could you please guide me if possible?
If something is very difficult it's mainly because the information is explaining the ideas to you. It's the wrong information, it's not giving a clear picture of what is going on, in other words the people doing the explaining have no clue what's going on
"I didn't want to study in my 30s" lol. Interesting reason.
Hi, could you please suggest me some Actuary or DS master degree programs in the US? Thanks a lot
Hi, I am not familiar with that right now, but I plan to make a video on that in the future! There is a lot to look into and consider including location and budget, so I would get that figured out before starting the search
Thanks for the comparison, needed this
Glad to help!
These things like insurance , super , you just pay it you don't give a shit how it's calculated . Just like using your laptop to access TH-cam Facebook, you don't give a shit about the millions of lines of computer code that makes it run in the background.
that is why insurance industry is profitable, because most people think the way you do and see it the way you do.
@@maojunning5423 the degree they teach you is highly theoretical and quantitative, real life is high level and qualitative. I don't think you should learn the low level quantitative theoretical aspects until you understand high level concepts, it is just a waste of time.
Im from mexico in order to major in data science u need to take four semesters of actuary science first lol
En que uni estas?
Hello I want to be a actuary how should I study and which society should I pick ifoa or iai?
Hi Raghav, I chose to pursue data science so I am not a good resource for that
@@datalyfe5386 oohk thanks
..but I am not a science student so can I also choose data science
@@raghavbhatia5898 definitely!
Hey so what are you doing now data science or actuary
Comment your preference below!
All it is is a bunch of input variables that affect the likelihood of an accident or death and the output is the most likely scenario magnified by the amount you're insured for. They way they don't explain such a simple concept with any clarity shows maybe they don't really understand what they do.
That’s a great breakdown!
What I think is bad about this actuary education is they fail to teach you what an insurance product is at a basic level and just go onto deriving formulas.
In a finance degree you learn about financial markets, economics, why people need to borrow money, business, why people want to invest money, what a listed company does to make money, what are their operational expenses and revenues, what is a small business and how they operate.
You spend a few semesters learning these things so by the time you get financial modelling and DCF models you have some background to why the modelling is done.
Modelling is sticking some numbers into formulas to get an output. If they fail to teach you the meaning of these inputs, outputs then these formulas they derive will mean nothing because you don't even understand what the inputs and outputs mean.
What is a life insurance product, how does it work? Why do people want to buy life insurance ? Who buys it? What are the different products on the market and how are they different to each other?
They fail to teach you anything about the actual products and just jump straight into deriving formulas. That is very poor. These formulas they derive are based on assumptions about these insurance products that they you know nothing about other than the buzzwords they use to describe it.
It's like in finance how you look at DCF models to value companies. One input is interest rates. If you don't even understand basic economics, what a bank does, who are the typical borrowers and lenders of money, then interest rate is just a meaningless input number you put into a formula.
Two things that make this actuary education a fail:
0 education on core products and just straight into deriving valuation formulas.
No hands on excel modelling done any part of the degree, ok maybe 1 percent. 99 percent deriving theoretical formulas. You don't learn excel, you don't learn SAS r python to implement the theoretical models they derive for you using pen and paper.
This education designed by math geeks is a fail.
This whole examination system is just a set of hoops designed by these math geeks, they make you jump through them so that somehow you are as good as them and can join their club only if you jump through their hoops that they created for you.
They can award you with a fellowship and make you feel special if you jump through their hoops. What if the education is very poorly designed?
In the real world everything is done using computers. You stick a bunch of input variables, cleaned data into a model and it gives you output numbers. The most important thing is understanding what these inputs and outputs mean. You need to understand where the input numbers come from and what the output numbers are used for. After that the last bit is understanding the formulas and derivations that get to the output. In this actuary education they teach you the wrong way around.
The issue is this actuary course is designed by geeks in the UK, and geeks focus on magnifying formulas. They love formulas and technical aspects of anything. It makes them feel special and important because they can throw out some technical formulas that nobody understands or care about.
It's where geeks get their status from through these formulas. That's what this education is based on. Is it the best education to teach you about the insurance world I have my doubts.
Actuary need to pass rigorous exams
The first 5 seconds of this is why I watch your videos
😂😂
Data Science everyday, Actuarial is sooooo boring
😂 I can imagine
Well, that's just wrong.