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Actuarial Science chat

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Reply 80
Original post by tomleigh
i did maths chemistry biology ict at as and then dropped biology and ict and picked up further maths and self studied it in the a2 year alongside my taught maths and chemistry. I think this helped me in my interview as it showed the independence of my learning.

Then i went to university of nottingham and did bsc mathematics. They do a couple of modules which have some massive crossover with ct (stochastic modelling is a big help!)

honestly i would do a maths degree because wherever you go they will allow you to shape the degree towards a certain career direction, meaning you can take some advanced probability and statistics modules which would offer you 1-2 exemptions and a good foundation for any career in finance!


thank you very much! :d
Reply 81
Hey guys,

I'm new to this thread (and posting in general) but I thought it was about time I joined and helped others since I've benefitted hugely from trawling this site for the past 5 years!

A bit about me:
I actually graduated from the University of Kent where I studied actuarial science and have been working at a consultancy for the past year. I'll gladly help (to the best of my ability) anyone who thinks I might be of use to them!

Thanks!

SR18
Reply 82
Original post by SR18
Hey guys,

I'm new to this thread (and posting in general) but I thought it was about time I joined and helped others since I've benefitted hugely from trawling this site for the past 5 years!

A bit about me:
I actually graduated from the University of Kent where I studied actuarial science and have been working at a consultancy for the past year. I'll gladly help (to the best of my ability) anyone who thinks I might be of use to them!

Thanks!

SR18


Hey thanks. Can I ask what are your working hours ? And a general overview if your role and tasks of your job

Thank you
Reply 83
Original post by krisshP
Hey thanks. Can I ask what are your working hours ? And a general overview if your role and tasks of your job

Thank you


Hey!

First of all working hours can vary between consultancies as well as between teams within the same consultancy. For example, the investment team will have tighter deadlines which reflect the nature of the asset side. If you work in the pensions team which is more long-term focused you would have deadlines further away. In general the hours are pretty standard (9-5) but you learn to be flexible given you take a day off pretty much every week to study for your actuarial exams!
Reply 84
Original post by SR18
Hey!

First of all working hours can vary between consultancies as well as between teams within the same consultancy. For example, the investment team will have tighter deadlines which reflect the nature of the asset side. If you work in the pensions team which is more long-term focused you would have deadlines further away. In general the hours are pretty standard (9-5) but you learn to be flexible given you take a day off pretty much every week to study for your actuarial exams!


Thanks
Reply 85
Hi SR18,
I just got into the actuarial science program. I am not bad in maths and stats but verbal communication is a weakness. Do you think that I need to worry or do you have any suggestion?

Thanks.
Reply 86
Original post by burumasi
Hi SR18,
I just got into the actuarial science program. I am not bad in maths and stats but verbal communication is a weakness. Do you think that I need to worry or do you have any suggestion?

Thanks.

@burumasi
By verbal communication I presume you mean the written part of exams?
The BSc programme is largely mathematics based. There are 2 modules that require you to produce written answers for more than the usual 3/4 marks - these are CT2 and CT7.
Having said that, those two exams are relatively straight forward and only cover the basics of financial theory. i would recommend working on your exam technique through plenty of past papers (you'll see questions are quite repetitive for these 2 modules)

I would also recommend looking into courses to improve your communication (and moreso your confidence of answering wordy questions) as early as possible as the later exams (particularly CA1 are very much intensive wordy questions with very little 'number crunching'

SR18
Reply 87
Subbing to help answer questions. I think you guys have missed a trick by not putting this conversation in the other actuarial thread (http://www.thestudentroom.co.uk/showthread.php?t=1114685).

My advice for people applying for actuarial degrees is to think carefully about whether you're really sure you want to become an actuary. I'm not trying to put you off - in fact, I am one and rather like it - but it is a narrower degree than most others. Assuming you have decided you do want to become an actuary, then go to whichever university gives you the most exemptions. I would prefer Cass to LSE, because although Cass is 'less prestigious' (prestige is a stupid reason to choose a university), it gives you a CT2 exemption which the LSE course doesn't.

A few other things about university courses. Maths is a fantastic degree (although I would say that, I did one), and if you're at all unsure whether you want to become an actuary or not, maths might be a 'safer' option. (Having said that, getting into a decent university for maths is now pretty insane so you have to love the subject.) From a very unscientific poll, I would say mathmos tend to qualify faster than actuarial science students, because they are so used to having to answer completely random and unseen problems in their exams. Other quantitative subjects such as as Physics, Engineering and Economics are perfectly fine if you want to be an actuary.

As for the maths involved - you need to learn some stats (and learn it properly). You don't need to learn all of FP1-3 before you get to university, and in fact some of the stuff in FP1-3 isn't relevant for actuarial science. If universities aren't giving specific advice, from memory the things you don't need from Further maths are co-ordinate geometry / polar co-ordinates / conics (very occasionally you're asked to sketch a graph but its very rare), vectors, hyperbolic functions, complex numbers (beyond FP1).

Finally, and this is even more important than the above - make sure you understand what being an actuary actually means. Whoever was talking about 100% employment for actuaries is talking absolute nonsense - there are many companies who have made actuaries redundant in the last year. Whilst long term prospects continue to be good, the current economic environment will affect start to actuaries more and more, particularly with delays to Solvency II. Everyone knows everyone in the profession so you want to start making a good impression from your first internship.

Actually, one last thing - I won't be around for about a month (so pretty stupid time to sub actually), but will answer (sensible) questions if and when I get a chance.
Reply 88
Thanks Sr18.

By verbal communications, I meant that I lack confidence when I am discussing non-maths ideas (such as a macroeconomic issue) with peers. My understanding is that an actuary should be able to explain the results obtained from number crunching in an intuitive way to clients and this is the part I need to work on.
Reply 89
Original post by shamika
Subbing to help answer questions. I think you guys have missed a trick by not putting this conversation in the other actuarial thread (http://www.thestudentroom.co.uk/showthread.php?t=1114685).

My advice for people applying for actuarial degrees is to think carefully about whether you're really sure you want to become an actuary. I'm not trying to put you off - in fact, I am one and rather like it - but it is a narrower degree than most others. Assuming you have decided you do want to become an actuary, then go to whichever university gives you the most exemptions. I would prefer Cass to LSE, because although Cass is 'less prestigious' (prestige is a stupid reason to choose a university), it gives you a CT2 exemption which the LSE course doesn't.

A few other things about university courses. Maths is a fantastic degree (although I would say that, I did one), and if you're at all unsure whether you want to become an actuary or not, maths might be a 'safer' option. (Having said that, getting into a decent university for maths is now pretty insane so you have to love the subject.) From a very unscientific poll, I would say mathmos tend to qualify faster than actuarial science students, because they are so used to having to answer completely random and unseen problems in their exams. Other quantitative subjects such as as Physics, Engineering and Economics are perfectly fine if you want to be an actuary.

As for the maths involved - you need to learn some stats (and learn it properly). You don't need to learn all of FP1-3 before you get to university, and in fact some of the stuff in FP1-3 isn't relevant for actuarial science. If universities aren't giving specific advice, from memory the things you don't need from Further maths are co-ordinate geometry / polar co-ordinates / conics (very occasionally you're asked to sketch a graph but its very rare), vectors, hyperbolic functions, complex numbers (beyond FP1).

Finally, and this is even more important than the above - make sure you understand what being an actuary actually means. Whoever was talking about 100% employment for actuaries is talking absolute nonsense - there are many companies who have made actuaries redundant in the last year. Whilst long term prospects continue to be good, the current economic environment will affect start to actuaries more and more, particularly with delays to Solvency II. Everyone knows everyone in the profession so you want to start making a good impression from your first internship.

Actually, one last thing - I won't be around for about a month (so pretty stupid time to sub actually), but will answer (sensible) questions if and when I get a chance.

Not only Cass provides CT1-CT8 exemptions, I think unis like Kent, Soton, Manchester..... etc. also give them. Probably MORSE/MMORSE is a good choice for those who are unsure themselves to be an actuary......?

I am quite surprised the Actuarial Science students qualify slower than Maths students even if actuarial students are "=< 8 exemptions ahead":eek:
Reply 90
Original post by a5a09
Not only Cass provides CT1-CT8 exemptions, I think unis like Kent, Soton, Manchester..... etc. also give them. Probably MORSE/MMORSE is a good choice for those who are unsure themselves to be an actuary......?

I am quite surprised the Actuarial Science students qualify slower than Maths students even if actuarial students are "=< 8 exemptions ahead":eek:


I meant they tend to pass the later exams faster, although I had two exemptions and qualified in five sittings (which is not unusually slow for someone with CT1-8 exemptions). You'd hope that the actuarial science lot finish early! Someone from Cass in my place did qualify in three sittings, which is unbelievably fast, especially given the nightmare SA3 paper (he probably would've done it in two if we didn't stop him doing ST7/ST8/SA3 together!)
(edited 10 years ago)
Reply 91
I think it depends on what you believe to be more important: trying to pass exams as quick as you can at the potential expense of less experience or focusing on work and staggering the exams over 6 sittings

Bearing in mind you need at least 3 years (6 sittings) to qualify as an actuary you may as well concentrate on maximising your learning and work and getting as much exposure as possible (if you have 8 exemptions). I know plenty of people who focused more on studies (leaving at 5 everyday etc) and not giving 100% to work. Given you are paid to work and not study these students were less likely to secure the more interesting projects! Just need to strike the perfect balance really!
Reply 92
P.s 5 sittings with only 2 exemptions is exceptional! you mustve had a 100% pass rate!
Quick question to anyone who has done a degree in maths here and might know..

Do emplyers specifically in areas like actuary and investment banking, risk assessment etc. Firms like KPMG, PwC... think of Warwick MMorse as better than Oxford Maths?
Reply 94
Original post by SR18
I think it depends on what you believe to be more important: trying to pass exams as quick as you can at the potential expense of less experience or focusing on work and staggering the exams over 6 sittings

Bearing in mind you need at least 3 years (6 sittings) to qualify as an actuary you may as well concentrate on maximising your learning and work and getting as much exposure as possible (if you have 8 exemptions). I know plenty of people who focused more on studies (leaving at 5 everyday etc) and not giving 100% to work. Given you are paid to work and not study these students were less likely to secure the more interesting projects! Just need to strike the perfect balance really!


Where I work, no one takes exams expecting to fail (I know some firms do let people "just have a go").

For what it's worth, the vast majority of people who are early promoted are also those who did well in the exams
Reply 95
Original post by shamika
Where I work, no one takes exams expecting to fail (I know some firms do let people "just have a go").

For what it's worth, the vast majority of people who are early promoted are also those who did well in the exams


Oh yes of course that's the same where I work too. I think it's more the case that if you concentrate more on your exams you won't be able to show managers your potential. I notice that senior colleagues find it frustrating everyday when students take their study day and still leave at 5pm the days they are in. Hence why I made the decision to focus on work and not take as many exams! Of course that decision is down to what you perceive is best for your career!
Reply 96
Original post by SR18
Oh yes of course that's the same where I work too. I think it's more the case that if you concentrate more on your exams you won't be able to show managers your potential. I notice that senior colleagues find it frustrating everyday when students take their study day and still leave at 5pm the days they are in. Hence why I made the decision to focus on work and not take as many exams! Of course that decision is down to what you perceive is best for your career!


As a manager, I kick people out of the office if they're here late. (Not least because in a consultancy, it's hurting my budget.) I expect people to work (very) hard, but to work smart.
Just relax, do your best and ask questions if you get stuck. That's a lot better than not knowing what you're doing and just sitting there.

Also if you're in a consultancy, upwards feedback from the grads / associates / consultants / assistant managers is crucial so it's in their interests to make sure you're happy. Make them work for it :wink:
(edited 10 years ago)
Original post by shamika
As a manager, I kick people out of the office if they're here late. (Not least because in a consultancy, it's hurting my budget.) I expect people to work (very) hard, but to work smart.
Just relax, do your best and ask questions if you get stuck. That's a lot better than not knowing what you're doing and just sitting there.

Also if you're in a consultancy, upwards feedback from the grads / associates / consultants / assistant managers is crucial so it's in their interests to make sure you're happy. Make them work for it :wink:


I'm aware this may sound ignorant but what exactly do you mean by upwards feedback and why would this be valuable to the grads?

I am going to pursue a BSc. Actuarial Science and I need to familiarise myself with the profession. Thanks in advance.

Posted from TSR Mobile
Original post by shamika
I meant they tend to pass the later exams faster, although I had two exemptions and qualified in five sittings (which is not unusually slow for someone with CT1-8 exemptions). You'd hope that the actuarial science lot finish early! Someone from Cass in my place did qualify in three sittings, which is unbelievably fast, especially given the nightmare SA3 paper (he probably would've done it in two if we didn't stop him doing ST7/ST8/SA3 together!)


Another ignorant question. What do you mean 5 sittings with 2 exemptions. Does this mean that to get all 14 papers done, (considering I'll be studying Actuarial Science at a uni that offers all 8 exemptions), I may need to sit for the remaining exams more than 6 times?

Thanks in advance. I really don't know much about the profession.

Posted from TSR Mobile
Reply 99
Original post by sneha.vag
Another ignorant question. What do you mean 5 sittings with 2 exemptions. Does this mean that to get all 14 papers done, (considering I'll be studying Actuarial Science at a uni that offers all 8 exemptions), I may need to sit for the remaining exams more than 6 times?

Thanks in advance. I really don't know much about the profession.

Posted from TSR Mobile


I had CT2 and ST0. So I did CT1-8 (except CT2 obviously), CA1-3, ST8 and SA3 in 2.5 years.

If you fail papers (statistically most people fail at least once), then it's entirely possible you sit more than 6 sittings, although if you've got CT1-8 hopefully you do it in a shorter time period. CA1, one ST + CA2-3, second ST+SA means realistically the shortest you'll qualify in is 3 sittings after you get 8 exemptions.

Upwards feedback = managers ask the people they manage how they did. The grads should be honest because otherwise how will we know what you liked/didn't like? This is a general work thing, not exclusive to actuarial work.

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