Actually not kidding about being surrounded by like-minded people! At university, a majority of the actuarial science students had lost interest in becoming an actuary as we approached the end of the course but when I was at my internship surrounded by a bunch of people rushing to become a fellow - it motivated me to join the race to become an actuary!
I'm a dual major in Actuary Sciences and Computer Sciences. The program at my school is very new (I'm one of 6) so it's interesting to get a bit of your perspective. Thanks for your videos!
I want to study actuarial science in college in two years! Next year I will be a senior in high school so I’ll be applying to colleges hopefully this summer. Watching your videos has definitely helped me become even more aware of the career and I’ve realized that I do really want to study this. Thank you so much for not only being very informative, but also making the video intriguing to help people like me become more excited about my future in being an actuary
I'm doing my bachelors in Actuarial Science in India. I'm facing the same problem where we are just taught a lot of unnecessary proofs instead of actual problems. By the time we graduate college, we are fit to pass like maybe 1 exam. Some universities just have actuarial science in their name, but when you join them, you start realizing and then regretting. However I love actuarial science as a field, so I'm trying to clear their papers and am reallly excited to work as an actuary in a couple of years.
Sounds like it's really important to do your HW and choose a good and well thought out actuarial program (if that's possible.) Multiple proofs courses!? WTF?! I guess they figured that you should know how to find a delta if your boss gives you an epsilon? Important stuff here! :p
I like how ebullient you are! And outside of oases such as Khan Academy, education has become a mess: though it should be a way to empower people to do good, education is more of a business concerned with profits (college football anyone?).
That is an interesting question, and the answer is different for me than for you because my overall experience has been very different. As someone who graduated with an actuarial science degree, passed two SOA exams, and was unable to find a job, my perspective differs. I, personally, don't regret the degree itself in that it is better than nothing, but I regret pursuing it to some extent. Many people have no idea what actuarial science is, and that does limit the usefulness of the degree, I think. Anyway, congratulations on your own success.
Greg, may I ask if you just searched locally or were you unable to find a job basically anywhere (in the US, which is where you are located I presume?) It seems like in this profession (like a lot very useful but very specialized professions, for example a pathologist in the medical realm) there are jobs out there, but just not necessarily anywhere near where you might want (or realistically NEED) to be located... Perhaps I'm wrong, though.
I am at cross roads... Me finishing my actuarial degree or graduating in statistics. The proofs and mathematics you spoke about is my dilemma (not enjoying that). What would you recommend?
@@matetemashabela706 I did a degree in stats before becoming an actuary. There's not actually that many proofs especially if you study through the UK. You should look up the Core Technical exams.
I'm currently at a university that doesn't offer an actuarial science major and so am instead studying econ/math here with a minor in business finance and what we call a specialization (basically even smaller than a minor) in applied analytics. I am considering transferring to a university that not only has an actuarial science major, but is a center of actuarial excellence. I think this would make more sense if I want to be an actuary. I am not particularly happy at my current university, in part due to the lack of a specific actuarial program. What do you think?
I think that if you're unhappy, you should try to make yourself happy. If you're fine at your current university, I don't see a problem with using econ/math to become an actuary. It kind of sounds like you've already made up your mind to switch.
I'm in one of the recognised actuarial course in Singapore and the exams are really tough. I really do think that these courses should place an emphasis on more computing skills instead
EllelleActuary Yeah I do notice the trends in the move towards computing skills. IFoA (UK exam) are introducing more computer based exams like incorporating excel and R to their exams. I think the issue is that it's harder for universities to incorporate these computing courses to the curriculum as it's difficult to find professors to teach both the actuarial syllabus and R at the same time as not many knows R. Even in the industry, not all qualified actuaries are proficient in a programming language esp in the life side where most still use prophet,excel vba and nothing else. Really hope to see the changes in actuarial courses to teach more computing skills to apply what we learn in classroom on these computer software(annova etc) as these are the platforms where we apply our knowledge in the working world. Really think we need these computing skills esp if we are going to be in the P&C actuarial industry
Haha yeah that's just not true. Most of the work actuaries do is communicating complex problems w it n management and other parts of the business and using analytics to guide decisions based on actuarial judgement. All insurance companies need actuaries and many of the interesting things you will do in your job are hard to automate.
Is the actuarial science program itself sufficient for the actuarial exams as long as you study well and ace your courses or do you have to study more on your own?
Do you use everything you learned during the exams during your everyday work life or do you just see some parts come up? Also how good at calculus do you have to be. Currently i am in calculus 3 and I did pass calculus 1 and 2 with an A and B but i feel that my skills might not be as good as those in an Actuarial setting since more than likely i wouldn't be able to derive formulas by myself like some. Should I be worried or put in more work?
I very infrequently, if ever, use the stuff that I learned on the preliminary exams. They are currently changing the prelims so maybe they're becoming more relevant. I use the material from the fellowship exams all the time. At work, I never use calculus. On the exams, you should be able to derive/integrate polynomials. I wouldn't worry about calculus. An A and a B sounds pretty good to me 😁
To be honest you don't need a masters in actuarial science to become an actuary. It won't benefit you all thay much as many of the concepts you will learn in your masters, you will get with work experience (whilst getting paid). Secondly a good university will only help you get your foot in the door for an interview as a junior analyst, at the end of the day if you interview well and have good marks it doesn't really matter all that much.
Do you have a video discussing the difference between a math degree and an actuary math degree? Does a regular math degree limit your ability to become an actuary?
I don't have a video about that, because it's up to the individual university to set the curriculum. I do not think that a math degree limits ones ability to become an actuary at all!
If i'll study actuarial sciences in universty and want to make a master, what would you recommend me for a master? Economics/business administration/..?
lol but having it easy depends on interests, determination and also the nature of institution that teach in this career.. and sadly my country sucks! :( Great video tho!
Yes. For example in new Zealand, the new zealand society of actuaries requires a bachelor of science of finance to become a member and you need to be a member to start studying. I presume its similar for tbh d CAS and the SOA. Although you should just double check.
7. Ayou gave to know calculus and statistics at a basic level but you won't need tensors, or multivariable calculus, or or partial differential equations or to solve more than a first order differential equation. It's relatively easy compared to a pure maths degree.
In India, actuarial science degrees aren't common. So I'm pursuing statistics. And along with stats and maths, I have to choose between physics, chemistry and geology. I just wish we had some programming or maybe economics courses instead!!
Hi dear.... I just wanna to know that can it is possible to study actuarial science without taking maths in a levels I am a-levels student I have study math and I am pretty good at it but unfortunately due to some condition I am unable to give maths and I am management student so I have plan to study in Canada is it possible to study actuarial science without maths in a level ....
SABUNAM THAPA hi! Well I’m an A level student too and from what I’ve read and heard everywhere, there’s a lot of calculus in exam P (one of the starting exams for the SOA path). Some say you have to know at least calculus 2 to pass. I mean it’s entirely possible but you’d have to study maths on your own and keep in touch with it so as to continue developing and learning.
I would say yes but you will need to work harder or get a tutor to help you during your actuarial exams. Tbh I wouldn't have wanted to do these exams without a solid foundation of calculus but it can be done.
My university didn't offer internships, we had a coop program, which allowed students to take semesters off to do internships in their industry. Hope that clears things up!
@@Actuaryelle actually i really like math and hate theory things so a lot of people advise me that actuarial science is the right thing to me but I heard that some students reached their 3rd year in degree and stopped studying so I'm scared to start studying actuarial science and then regret it that's why I'm asking if i like math is it easy to handle with it or there's a lot of other things that it's really hard
Unfortunately theres no way to guarantee that anyone will love any path they pursue. What I can say is that I am a math lover and I enjoy being an actuary. It wasnt easy and requires discipline and energy, but if you put in the time it's very worthwhile
Michelle!! How can I prepare for my first actuarial internship interview? I have two next week. I’m only a first year student and I have no idea what to expect. How did your interviews go? HELP 😅
Ahhh! Good job getting two interviews as a first year! Not to plug my own videos.. but if you watched my "How I got my actuary job" video, you'll know that my first year interviews went TERRIBLY. Advice: 1. Someone in your university has the job of helping students find jobs. It might be a job resource center employee or your coop director. Find that person and do a practice interview 2. Remember that it's just a practice run. Maybe you'll get an actuarial job as a first year student, maybe you won't. But if you don't get one now, it doesn't mean that you won't ever get one. The experience of interviewing is in and of itself valuable. 3. Find a second year student who has interviewed with these companies and ask if they're the ones who typically ask weird questions. Search "Fermi Interview Questions" for some examples. Good luck!
Actuarial science will set you up certainly for a job as an actuarial analyst. Economics is more broad, provides a bit more choice but less certainty as those skills typically aren't usable out of the box.
First off, I just want to say I love your videos! Is the exam process the same in Canada as the US? If so, which exam did you take first? I'm a little confused because I'm getting conflicting answers on whether or not to take P or FM first. Any help is appreciated!
Yeah it's basically the same process. I did take one Canada-specific exam, but that was later on in the process. I started with FM, but I know plenty of people who started with P. From what I recall, there is no overlap in the material, so because they don't build on each other, you can do it in either order. Good luck!!!
@@Actuaryelle I don't know. I'm finishing a degree in applied Math and Statistics from a top 3 Uni in Canada. I have no idea what to do after graduation . Unfortunately I havnt interned to try out ether fields.
It's not a must, there are actuary jobs that don't involve programming, but it's definitely a useful skill and opens up your employment opportunities :)
Hi...I am a student of Actuarial Studies at UNSW, Australia. I am struggling to scrape through this course. Getting exemptions in the the CT courses is a distant dream. Will this render my degree useless??
@@Actuaryelle : I have three college degrees in areas other than math. Follow what makes me happy? I am a middle aged man. Math is a hobby for me at this stage in my life.
@@Actuaryelle : Why do you like actuarial science? Actuarial exams are not easy for sure. BTW, I did not major in mathematics but love it just the same. Are you on Facebook?
Actually not kidding about being surrounded by like-minded people!
At university, a majority of the actuarial science students had lost interest in becoming an actuary as we approached the end of the course but when I was at my internship surrounded by a bunch of people rushing to become a fellow - it motivated me to join the race to become an actuary!
I'm a dual major in Actuary Sciences and Computer Sciences. The program at my school is very new (I'm one of 6) so it's interesting to get a bit of your perspective. Thanks for your videos!
I want to study actuarial science in college in two years! Next year I will be a senior in high school so I’ll be applying to colleges hopefully this summer. Watching your videos has definitely helped me become even more aware of the career and I’ve realized that I do really want to study this. Thank you so much for not only being very informative, but also making the video intriguing to help people like me become more excited about my future in being an actuary
Good luck!
Update?
I just absolutely love your videos!! Not only for the sheer knowledge but the entertainment value and the good humour too. Make more videos! :)
I'm doing my bachelors in Actuarial Science in India. I'm facing the same problem where we are just taught a lot of unnecessary proofs instead of actual problems. By the time we graduate college, we are fit to pass like maybe 1 exam. Some universities just have actuarial science in their name, but when you join them, you start realizing and then regretting. However I love actuarial science as a field, so I'm trying to clear their papers and am reallly excited to work as an actuary in a couple of years.
Sounds like it's really important to do your HW and choose a good and well thought out actuarial program (if that's possible.) Multiple proofs courses!? WTF?! I guess they figured that you should know how to find a delta if your boss gives you an epsilon? Important stuff here! :p
**Hand gestures intensifies**
100% agree with what you're saying, partially because I think we went to the same school. Does the name Patrice ring a bell?
I like how ebullient you are! And outside of oases such as Khan Academy, education has become a mess: though it should be a way to empower people to do good, education is more of a business concerned with profits (college football anyone?).
Thank you! I hope that with so many online companies coming up with better ways to teach and learn.. that traditional universities follow suit!
and high schools too!
That is an interesting question, and the answer is different for me than for you because my overall experience has been very different. As someone who graduated with an actuarial science degree, passed two SOA exams, and was unable to find a job, my perspective differs. I, personally, don't regret the degree itself in that it is better than nothing, but I regret pursuing it to some extent. Many people have no idea what actuarial science is, and that does limit the usefulness of the degree, I think. Anyway, congratulations on your own success.
Great comment. I would like to know from you, What would you have rather persued as a career then?
Greg, may I ask if you just searched locally or were you unable to find a job basically anywhere (in the US, which is where you are located I presume?) It seems like in this profession (like a lot very useful but very specialized professions, for example a pathologist in the medical realm) there are jobs out there, but just not necessarily anywhere near where you might want (or realistically NEED) to be located... Perhaps I'm wrong, though.
Im really interested in this field!!! U've giving me a lot of informations about this course , thank u
You're very welcome 😁😁
I am at cross roads... Me finishing my actuarial degree or graduating in statistics. The proofs and mathematics you spoke about is my dilemma (not enjoying that). What would you recommend?
Do you want to be an actuary?
@@Actuaryelle Yes. But can I not do my board exams instead. Do I have to finish the degree?
Correct. You can take the exams and have a degree in statistics if you wish.
@@Actuaryelle thanks. Really appreciate it.
@@matetemashabela706 I did a degree in stats before becoming an actuary. There's not actually that many proofs especially if you study through the UK. You should look up the Core Technical exams.
I'm currently at a university that doesn't offer an actuarial science major and so am instead studying econ/math here with a minor in business finance and what we call a specialization (basically even smaller than a minor) in applied analytics. I am considering transferring to a university that not only has an actuarial science major, but is a center of actuarial excellence. I think this would make more sense if I want to be an actuary. I am not particularly happy at my current university, in part due to the lack of a specific actuarial program. What do you think?
I think that if you're unhappy, you should try to make yourself happy. If you're fine at your current university, I don't see a problem with using econ/math to become an actuary.
It kind of sounds like you've already made up your mind to switch.
I think you're right; thank you Michelle!
P.S. I love your content!
I'm in one of the recognised actuarial course in Singapore and the exams are really tough. I really do think that these courses should place an emphasis on more computing skills instead
Have you heard about the CAS's new technology based exams? Look up TBE on their website! It's moving in an excellent direction!
EllelleActuary Yeah I do notice the trends in the move towards computing skills. IFoA (UK exam) are introducing more computer based exams like incorporating excel and R to their exams. I think the issue is that it's harder for universities to incorporate these computing courses to the curriculum as it's difficult to find professors to teach both the actuarial syllabus and R at the same time as not many knows R. Even in the industry, not all qualified actuaries are proficient in a programming language esp in the life side where most still use prophet,excel vba and nothing else. Really hope to see the changes in actuarial courses to teach more computing skills to apply what we learn in classroom on these computer software(annova etc) as these are the platforms where we apply our knowledge in the working world. Really think we need these computing skills esp if we are going to be in the P&C actuarial industry
+George Goh 👍👍👍
Heyyy, I have come to a thing that actuaries will have no employment after 5 years, is it so ? Please make a video on this! Thank you.
Haha yeah that's just not true. Most of the work actuaries do is communicating complex problems w it n management and other parts of the business and using analytics to guide decisions based on actuarial judgement. All insurance companies need actuaries and many of the interesting things you will do in your job are hard to automate.
Is the actuarial science program itself sufficient for the actuarial exams as long as you study well and ace your courses or do you have to study more on your own?
More
Do you use everything you learned during the exams during your everyday work life or do you just see some parts come up? Also how good at calculus do you have to be. Currently i am in calculus 3 and I did pass calculus 1 and 2 with an A and B but i feel that my skills might not be as good as those in an Actuarial setting since more than likely i wouldn't be able to derive formulas by myself like some. Should I be worried or put in more work?
I very infrequently, if ever, use the stuff that I learned on the preliminary exams. They are currently changing the prelims so maybe they're becoming more relevant. I use the material from the fellowship exams all the time.
At work, I never use calculus. On the exams, you should be able to derive/integrate polynomials. I wouldn't worry about calculus. An A and a B sounds pretty good to me 😁
EllelleActuary thank you I appreciate the help
My pleasure :)
Hi!
Just one question: What are the best universities to study a master degree in Actuarial science in Canada? And thank you so much for your videos!
To be honest you don't need a masters in actuarial science to become an actuary. It won't benefit you all thay much as many of the concepts you will learn in your masters, you will get with work experience (whilst getting paid). Secondly a good university will only help you get your foot in the door for an interview as a junior analyst, at the end of the day if you interview well and have good marks it doesn't really matter all that much.
I literally didn't know what an actuary was. I'm dead! Not really. Seems like a smart choice since insurance companies are huge
No one has heard of an actuary. Dont worry about it
Do you have a video discussing the difference between a math degree and an actuary math degree? Does a regular math degree limit your ability to become an actuary?
I don't have a video about that, because it's up to the individual university to set the curriculum. I do not think that a math degree limits ones ability to become an actuary at all!
EllelleActuary thanks!
You're welcome! Are you in university now, or just considering what to go into?
EllelleActuary I am going to Indiana University double majoring in computer science and mathematics with the goal of being an actuary.
Amazing! Good luck! That sounds like a great combination for an aspiring actuary 😀
proofs are the reason why you can do computation
Yeah but
If i'll study actuarial sciences in universty and want to make a master, what would you recommend me for a master? Economics/business administration/..?
Love your videos btw ♡
I just wanted to know does china teach acturial science subject ?
Is india better or china for studying this subject
lol but having it easy depends on interests, determination and also the nature of institution that teach in this career.. and sadly my country sucks! :( Great video tho!
I’m getting my finance degree can I get a job as an actuary
Yes. For example in new Zealand, the new zealand society of actuaries requires a bachelor of science of finance to become a member and you need to be a member to start studying. I presume its similar for tbh d CAS and the SOA. Although you should just double check.
How much math would you say it requires if it’s rated out of 10
7. Ayou gave to know calculus and statistics at a basic level but you won't need tensors, or multivariable calculus, or or partial differential equations or to solve more than a first order differential equation. It's relatively easy compared to a pure maths degree.
Why didn’t u switch to a related uni degree but still write exams? I’m debating but not sure 🤔
And lmaoo yea prooooffffs 😵😵😵
I figured I'd started it, might as well finish it 🤷♀️ by the end I just wanted the degree and to get out
In India, actuarial science degrees aren't common. So I'm pursuing statistics. And along with stats and maths, I have to choose between physics, chemistry and geology. I just wish we had some programming or maybe economics courses instead!!
I took physics and chemistry courses too! Computer science would be great, but learning is always fun 😀😀
Do you have private health insurance or does Canadian health care cover everything you need?
I have private
What is the difference between private and public health care in Canada?
Why are you asking?
Im 19 now and i have decided to take actuary as a path. I hope this would do me good... Great vid btw. Thanks fro the infos
Yay! Good luck on your actuarial journey 😍
Hi dear.... I just wanna to know that can it is possible to study actuarial science without taking maths in a levels I am a-levels student I have study math and I am pretty good at it but unfortunately due to some condition I am unable to give maths and I am management student so I have plan to study in Canada is it possible to study actuarial science without maths in a level ....
SABUNAM THAPA hi! Well I’m an A level student too and from what I’ve read and heard everywhere, there’s a lot of calculus in exam P (one of the starting exams for the SOA path). Some say you have to know at least calculus 2 to pass. I mean it’s entirely possible but you’d have to study maths on your own and keep in touch with it so as to continue developing and learning.
I would say yes but you will need to work harder or get a tutor to help you during your actuarial exams. Tbh I wouldn't have wanted to do these exams without a solid foundation of calculus but it can be done.
hey,
which university did you go to that offered internships?
My university didn't offer internships, we had a coop program, which allowed students to take semesters off to do internships in their industry. Hope that clears things up!
Thank you, do you mind telling me the name of the university?
I'd rather not say, sorry
Loved your video
So if I'm ok with math is it will be easy for me?
How do you define easy?
@@Actuaryelle actually i really like math and hate theory things so a lot of people advise me that actuarial science is the right thing to me but I heard that some students reached their 3rd year in degree and stopped studying so I'm scared to start studying actuarial science and then regret it that's why I'm asking if i like math is it easy to handle with it or there's a lot of other things that it's really hard
@@Actuaryelle so what i mean by easy to study with some difficulty that for a math lover can handle
Unfortunately theres no way to guarantee that anyone will love any path they pursue. What I can say is that I am a math lover and I enjoy being an actuary. It wasnt easy and requires discipline and energy, but if you put in the time it's very worthwhile
Michelle!! How can I prepare for my first actuarial internship interview? I have two next week. I’m only a first year student and I have no idea what to expect. How did your interviews go? HELP 😅
Ahhh! Good job getting two interviews as a first year! Not to plug my own videos.. but if you watched my "How I got my actuary job" video, you'll know that my first year interviews went TERRIBLY.
Advice:
1. Someone in your university has the job of helping students find jobs. It might be a job resource center employee or your coop director. Find that person and do a practice interview
2. Remember that it's just a practice run. Maybe you'll get an actuarial job as a first year student, maybe you won't. But if you don't get one now, it doesn't mean that you won't ever get one. The experience of interviewing is in and of itself valuable.
3. Find a second year student who has interviewed with these companies and ask if they're the ones who typically ask weird questions. Search "Fermi Interview Questions" for some examples.
Good luck!
Thank you Michelle!!!
is it better to get an economics degree or actuarial science
Depends, what is your end goal? How do you define "better"?
EllelleActuary such as more job opportunities
Actuarial science will set you up certainly for a job as an actuarial analyst. Economics is more broad, provides a bit more choice but less certainty as those skills typically aren't usable out of the box.
First off, I just want to say I love your videos! Is the exam process the same in Canada as the US? If so, which exam did you take first? I'm a little confused because I'm getting conflicting answers on whether or not to take P or FM first. Any help is appreciated!
Yeah it's basically the same process. I did take one Canada-specific exam, but that was later on in the process.
I started with FM, but I know plenty of people who started with P. From what I recall, there is no overlap in the material, so because they don't build on each other, you can do it in either order.
Good luck!!!
Thank you so much! I appreciate it!
Should I become an actuary or data scientist
Which do you want to become?
@@Actuaryelle I don't know. I'm finishing a degree in applied Math and Statistics from a top 3 Uni in Canada. I have no idea what to do after graduation . Unfortunately I havnt interned to try out ether fields.
Data science
try both.
Is actuarial science that hard?
Depends
Is there less of jobs for actuary?
do you need to know programming for actuary
It's not a must, there are actuary jobs that don't involve programming, but it's definitely a useful skill and opens up your employment opportunities :)
VBA,R and SAS
I passed my 5 exams in my past year and still finding internship :/ and I am not in school, no network very difficult :/
Hi...I am a student of Actuarial Studies at UNSW, Australia. I am struggling to scrape through this course. Getting exemptions in the the CT courses is a distant dream. Will this render my degree useless??
If you dont get exemptions, do you still plan to becoming an actuary?
@@Actuaryelle good question...I should work harder then...thank you!!
I like pure math not actuarial science.
Amazing 😊 what makes pure math exciting to you?
@@Actuaryelle :
I like proofs, word problems, linear equations, graphing, etc. I am not a fan of statistics and probability math.
Amazing that you can identify what you enjoy and dont enjoy so clearly 😊 that will serve you well in life! Follow what makes you happy!
@@Actuaryelle :
I have three college degrees in areas other than math. Follow what makes me happy? I am a middle aged man. Math is a hobby for me at this stage in my life.
What are your degrees in?
The way you say bye 😂😂😂
I will be u in 6 years.just wait.😎😎😎😈
You're so funny
Cringey
My life in a nutshell
You talk too much.
Usually 😂 but people can just click off the video when they are bored of me
@@Actuaryelle :
Why do you like actuarial science? Actuarial exams are not easy for sure. BTW, I did not major in mathematics but love it just the same. Are you on Facebook?
It's a fun challenge!