Great video, very insightful! I am definitely keeping my options open, being flexible between actuarial and data science because of the current climate, and pursuing wherever opportunity leads
It's the individual that will dictate success and monetary reward. Career path is less important, although some are better suited for structure. my two cents
very detailed video on the comparison! with more exams taken and passed, I felt like it's harder for me to get out of actuarial career, but the data scientist career do look a little bit more lucrative. I think there will be more actuarial data analyst positions in the future.
Yes, there is likely going to be more opportunity to integrate technology into actuarial work. It's always a good idea to build a more varied skill set if you have the capacity for it!
I am a Fellow and I've not quite found what you say about being treated like royalty, looked up to. I've found many in the business don't even know what an actuary is, but those that do are usually senior and those people really listen to you. I'm quite young to be a fellow at 25 and I've found in meetings many people will just ignore me and not really listen to me and then when they find out I'm an actuary they completely change the way they treat you. So it does carry some weight.
Yes, it also depends on the industry. As mentioned in the video, most people working in insurance companies will know what an actuary is compared to other businesses that may not be as familiar. Being a fully qualified actuary means that you have passed the exams and have expertise in the field, so an actuary's opinion is definitely valued!
Hi Brea, I really enjoyed watching your video. Unfortunately, it comes 40 years too late for me. If I understand your actuary approach correctly, then I believe that the true competitor is the Data Scientist, not the data analyst. In a nutshell: The actuary is forecasting using known and well established mathematical models, where the model selection is driven by a priori understanding of the causes. The Data Science approach selects the calculations based on the data alone, and then can derive the causes post mortem.
If you are very technical, like math stats and coding go for data science. Being an actuary is not that fun. Most of the insurance companies are old fashion and boring. Tech companies are a much better environment and more remote-friendly. Moreover if you are a good data scientist you can earn much more than an actuary
Thanks for sharing, LuisaBrg! It definitely depends on your perspective and what you enjoy. Being an actuary can be a dream career, but it isn't for everyone!
thnk u so much for giving me the right path and to give the enormous number of the benefits of becoming actuary and to get an job with full security and continuous increment in the pay scale
I gave up 4 years ago to be an actuary. After trying for few different jobs, I set my goal to be an actuary again, of course, struggling for the SOA exam... Hahahaha
If you'd like more guidance and support preparing for your first actuarial exam, you may be interested in joining the Study Strategy Program. More information can be found here: etchedactuarial.com/join-my-exam-coaching/
Actuarial science complements Data analytics because both of them deal with unstructured data, so having both the skills will help getting more better insights. I think even some Universities offer Actuarial Science along with Data Analytics.
@@EtchedActuarial anything in acturial science Because now I am pursuing data science bachelor's and not able to decided whether do masters in data science machine learning or acturial science
Hello ma’am, I saw on one of your videos that you graduated from the University of Waterloo. I also wanted to go there but I missed the application deadline. So I applied to Carleton University and I got accepted but I wanted to ask you your opinion about studying actuarial science at Carleton (if you know about that uni). Also I wanted to ask you whether you had any exemptions by studying at Waterloo?
Nice video! May I ask if I involve data analysis skills in the actuary field, will it be more advantageous? Or does actuary really have no great motivation for studying the skill of data analysis and put their whole effort into their field instead?
That really depends on the person! Technical skills are definitely used in the actuarial career - learn more about that here th-cam.com/video/X246IhFiJWE/w-d-xo.html
It is! Actuaries are stuck with horrible excel spreadsheets. If you are a tech person you'll definetly enjoy more data science. More and more technical actuaries are moving into this field (myself included)
Please do i need to write all ten exams before I can become a fully qualified actuary?.And also Is the salary the same everywhere based on qualifications or it is the US own that is used as standard as I am a Ghanaian now about to go to the university to study the actuarial science
Yes you will need to complete the exams to become a fully qualified actuary, but you can usually start working after 2-3 exams passed. Salaries will vary based on many factors like location and company.
Please make a video comparing actuaries and quants🙏. And are actuarial exams as mathematically intense in postgraduate studies after the first 8 exemptions?
Thanks for the suggestion! This is an interesting article from the SOA that compares the two www.soa.org/globalassets/assets/library/proceedings/record-of-the-society-of-actuaries/2000-09/2001/january/RSA01V27N255PD.PDF Could you explain more about which exams you're referring to?
@@EtchedActuarial so in honors when you do subjects like life insurance applications, finance and investment applications, general insurance, professional communication, actuarial risk management and ERM
Hi Jesse! When I say "fully qualified" I'm referring to a fellow actuary. Employers generally expect you to continue taking exams until you're fully qualified, but that isn't ALWAYS the case. Some actuaries do end up staying in actuarial positions as an ASA, but it's a bit less common.
There are some overlaps in job functions and required skill set. They both apply math/statistical knowledge and technical skills to analyze data and draw conclusions. Programming and IT is a broad category and can range from software development and building applications to technical support.
Your video is highly bias because yu are an actuary yourself therefore yu speak highly of your career more than the other and that's unfair for people who are doing data science. The best thing to do for your subscriber is to get someone who is a data scientist to aleast validate what you are saying. Evidence based results will do the justice to all the claims you've made about data science
Hello ma’am, I saw on one of your videos that you graduated from the University of Waterloo. I also wanted to go there but I missed the application deadline. So I applied to Carleton University and I got accepted but I wanted to ask you your opinion about studying actuarial science at Carleton (if you know about that uni). Also I wanted to ask you whether you had any exemptions by studying at Waterloo?
Thank you please don’t delete this video because I need to watch it later
Don't worry, just know that you're in a fabulous field with options so at any given moment you can switch jobs and try things out if you choose.
Great video, very insightful! I am definitely keeping my options open, being flexible between actuarial and data science because of the current climate, and pursuing wherever opportunity leads
Toronto and Champaign; the Mecca and Jerusalem of actuarial sciences.
It's the individual that will dictate success and monetary reward. Career path is less important, although some are better suited for structure. my two cents
also....your comparison should be Actuary vs. Data Scientist.
very detailed video on the comparison! with more exams taken and passed, I felt like it's harder for me to get out of actuarial career, but the data scientist career do look a little bit more lucrative. I think there will be more actuarial data analyst positions in the future.
Yes, there is likely going to be more opportunity to integrate technology into actuarial work. It's always a good idea to build a more varied skill set if you have the capacity for it!
@@EtchedActuarial Thanks for the answer. Just out of curiosity, why did you give up working in a corporate and switch to self-employed?
@@hz1251 Hey Mark! Take a look at this video th-cam.com/video/Nn2i0IJ0saA/w-d-xo.html
I am a Fellow and I've not quite found what you say about being treated like royalty, looked up to. I've found many in the business don't even know what an actuary is, but those that do are usually senior and those people really listen to you. I'm quite young to be a fellow at 25 and I've found in meetings many people will just ignore me and not really listen to me and then when they find out I'm an actuary they completely change the way they treat you. So it does carry some weight.
Yes, it also depends on the industry. As mentioned in the video, most people working in insurance companies will know what an actuary is compared to other businesses that may not be as familiar. Being a fully qualified actuary means that you have passed the exams and have expertise in the field, so an actuary's opinion is definitely valued!
Hi Brea, I really enjoyed watching your video. Unfortunately, it comes 40 years too late for me. If I understand your actuary approach correctly, then I believe that the true competitor is the Data Scientist, not the data analyst. In a nutshell: The actuary is forecasting using known and well established mathematical models, where the model selection is driven by a priori understanding of the causes. The Data Science approach selects the calculations based on the data alone, and then can derive the causes post mortem.
If you are very technical, like math stats and coding go for data science. Being an actuary is not that fun. Most of the insurance companies are old fashion and boring. Tech companies are a much better environment and more remote-friendly. Moreover if you are a good data scientist you can earn much more than an actuary
Thanks for sharing, LuisaBrg! It definitely depends on your perspective and what you enjoy. Being an actuary can be a dream career, but it isn't for everyone!
I was dreading watching this because of you being an actuary.
Watching this pretty much substantiated my dread
How come?
thnk u so much for giving me the right path and to give the enormous number of the benefits of becoming actuary and to get an job with full security and continuous increment in the pay scale
You're so welcome!! Wishing you all the best on your journey!! :D
I gave up 4 years ago to be an actuary. After trying for few different jobs, I set my goal to be an actuary again, of course, struggling for the SOA exam... Hahahaha
If you'd like more guidance and support preparing for your first actuarial exam, you may be interested in joining the Study Strategy Program. More information can be found here: etchedactuarial.com/join-my-exam-coaching/
Did you become one?
Actuarial science complements Data analytics because both of them deal with unstructured data, so having both the skills will help getting more better insights. I think even some Universities offer Actuarial Science along with Data Analytics.
Really you made a good distinction.Thanks for your valuable info.
Happy to help :D
🙂
Actuary is more prestige than Data Analyst. But Data Scientist is more comparable to actuary in terms of prestige/ salary/ etc.
On every point, you emphasized how the actuarial career is superior, and then at the end, you emphasized that not 1 is better than the other.
Thank you for the info!
You're welcome!
This was so insightful, thanks Brea!!
Happy to help! 😊
Thank you
Hello, Brea! I was wondering whether or not you could comment on actuaries vs quants: the main differences and pros and cons of each field. Thanks!
Hey there! I'll keep this in mind for a future video topic :) Thank you for the suggestion!
very much thnk u again I know found my specialisation for pursuing masters
I'm so glad I could help! What specialization are you going for? Wishing you luck!! :D
@@EtchedActuarial anything in acturial science
Because now I am pursuing data science bachelor's and not able to decided whether do masters in data science machine learning or acturial science
Hello ma’am, I saw on one of your videos that you graduated from the University of Waterloo. I also wanted to go there but I missed the application deadline. So I applied to Carleton University and I got accepted but I wanted to ask you your opinion about studying actuarial science at Carleton (if you know about that uni). Also I wanted to ask you whether you had any exemptions by studying at Waterloo?
Great video, super insightful.
Thanks Brock!
Thanks for your video!! is so helpful
♥
Nice video! May I ask if I involve data analysis skills in the actuary field, will it be more advantageous? Or does actuary really have no great motivation for studying the skill of data analysis and put their whole effort into their field instead?
so actuary is a boring career?
i didn't hear you mention any tech in an actuarial career,
and it sounds like another finance career
That really depends on the person! Technical skills are definitely used in the actuarial career - learn more about that here th-cam.com/video/X246IhFiJWE/w-d-xo.html
It is! Actuaries are stuck with horrible excel spreadsheets. If you are a tech person you'll definetly enjoy more data science. More and more technical actuaries are moving into this field (myself included)
Please do i need to write all ten exams before I can become a fully qualified actuary?.And also
Is the salary the same everywhere based on qualifications or it is the US own that is used as standard as I am a Ghanaian now about to go to the university to study the actuarial science
Yes you will need to complete the exams to become a fully qualified actuary, but you can usually start working after 2-3 exams passed. Salaries will vary based on many factors like location and company.
Please make a video comparing actuaries and quants🙏. And are actuarial exams as mathematically intense in postgraduate studies after the first 8 exemptions?
Thanks for the suggestion! This is an interesting article from the SOA that compares the two www.soa.org/globalassets/assets/library/proceedings/record-of-the-society-of-actuaries/2000-09/2001/january/RSA01V27N255PD.PDF
Could you explain more about which exams you're referring to?
@@EtchedActuarial so in honors when you do subjects like life insurance applications, finance and investment applications, general insurance, professional communication, actuarial risk management and ERM
Does "fully qualified actuary" mean a fellow actuary or would associate suffice?
Hi Jesse! When I say "fully qualified" I'm referring to a fellow actuary. Employers generally expect you to continue taking exams until you're fully qualified, but that isn't ALWAYS the case. Some actuaries do end up staying in actuarial positions as an ASA, but it's a bit less common.
I thought Data Analyst is about programming or It jobs 🤔 How could they replaced or be compared to Actury?
There are some overlaps in job functions and required skill set. They both apply math/statistical knowledge and technical skills to analyze data and draw conclusions. Programming and IT is a broad category and can range from software development and building applications to technical support.
@@EtchedActuarial This is interested. I thought the same as the OP above. Do actuaries use Python and build databases?
Which is more tough ca or actuarial science
Hey Sonia! I think you might be referring to CPA, so check out this comparison th-cam.com/video/qwPBkDpkaHg/w-d-xo.html
Your video is highly bias because yu are an actuary yourself therefore yu speak highly of your career more than the other and that's unfair for people who are doing data science.
The best thing to do for your subscriber is to get someone who is a data scientist to aleast validate what you are saying.
Evidence based results will do the justice to all the claims you've made about data science
Hello ma’am, I saw on one of your videos that you graduated from the University of Waterloo. I also wanted to go there but I missed the application deadline. So I applied to Carleton University and I got accepted but I wanted to ask you your opinion about studying actuarial science at Carleton (if you know about that uni). Also I wanted to ask you whether you had any exemptions by studying at Waterloo?