For example, when a person purchases a car insurance policy, that person expects the insurance company to pay for the damage to their vehicle if and when they get into an accident in the future. An actuary will be able to predict the likelihood of the car accident occurring each month into the future.
All using statistics! So with this information, an actuary will be able to calculate an appropriate premium to charge the car insurance purchaser aka the policy holder. Majoring in actuarial science is challenging. It requires that you have fairly good math skills and that you really enjoy it. I graduated in with a degree in actuarial science from the University of Waterloo. UW is known to have one of the best actuarial science programs in the world.
I talk about my experience in the ActSci program in the video below. In the video, I mention that majoring in actuarial science was especially difficult due to the limited amount of time I had. I was taking a full-time course load, which is 5 courses at a time.
With weekly assignments in all 5 courses plus 2 midterms and a final exam in each of them, it was overwhelming! There was so much to do that I barely had time to complete assignments and study to the best of my ability. Fortunately, during your first years in any math related program at UW they have teaching assistants that you can go to for help if you need it. Professors often held office hours too.
Technically the answer is yes. Anyone with sufficient math skills can become an actuary. But there are some requirements that you need to fulfill beforehand. It can be in just about anything really. Employers are highly unlike to consider you for actuarial job positions without one though. Here are some different majors that you could consider. Second, you need to pass a series of 10 actuarial exams that will make you a certified or fully qualified actuary.
These exams take most people between 5 and 10 years to pass. My struggle as an actuarial student started when I began preparing for my first actuarial exam. I used to think that the actuarial exams were simply just maths exams that you could easily pass if you studied hard for them.
The professional exams are challenging because you need to have an in-depth understanding of the various concepts and materials at hand to pass them. You need to be quick and accurate with your calculations and concepts as you will usually be required to complete the exam within a specific time frame. In addition to that, you need to be prepared for the pressure on the actual exam day. Blindly memorising formulas in the hopes of regurgitating them again on the actual exam day is also not going to work because those formulas are not going to be useful without a thorough understanding of the concepts at hand.
Remember, the professional exams play a very important role in your journey to becoming an actuary. This will include courses in probability, calculus, statistics and finance. You can get my best studying tips and advice sent right to your inbox.
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Is actuarial science hard? When I first found out about the career, I knew almost instantly that I wanted to do that! There was just sooooo much stuff to do.
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