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Business The Truth about Actuarial Science, It is not only about the Math

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LightningFist
post Aug 25 2010, 05:52 PM

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Haha RyukA you make it sound like it's all quite simple.

I know a lot of posts go up saying actuarial science doesn't have the serious hard kind of straight maths - I like the sound of that, because I am not a hard fan of vectors or trigonometric graphs.

However, looking at all the pure math topics they have, especially matrices and vectors, I kinda go like "Whaaah" cos who the hell likes that stuff anyway.

And mumeichan is telling me one god book will help me. I will definitely check it out after my exams.

Mumeichan are you in a UK school now?

And RyukA how is ANU? Do they have a July intake for Actuarial Science, and is it the same as the Feb intake? I can get in without Further Maths you reckon?
mumeichan
post Aug 25 2010, 07:49 PM

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QUOTE(LightningFist @ Aug 25 2010, 05:52 PM)
Haha RyukA you make it sound like it's all quite simple.

I know a lot of posts go up saying actuarial science doesn't have the serious hard kind of straight maths - I like the sound of that, because I am not a hard fan of vectors or trigonometric graphs.

However, looking at all the pure math topics they have, especially matrices and vectors, I kinda go like "Whaaah" cos who the hell likes that stuff anyway.

And mumeichan is telling me one god book will help me. I will definitely check it out after my exams.

Mumeichan are you in a UK school now?

And RyukA how is ANU? Do they have a July intake for Actuarial Science, and is it the same as the Feb intake? I can get in without Further Maths you reckon?
*
No, I'm studying in the US.



This post has been edited by mumeichan: Aug 25 2010, 07:50 PM
Searingmage
post Aug 25 2010, 10:09 PM

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QUOTE(LightningFist @ Aug 24 2010, 11:07 AM)
Thanks for that.

I realise a lot of the skills needed for work in whichever field (finance, quantitative finance, actuary, banking) can and will be learned only then. But before that I have to do well first. I know that I cannot enter uni and simply because I don't have a further maths background I allow myself to fall behind.

Ok well I didn't take further maths that's why I'm planning to take classes or something at least to help me. I'd like to know what there was in Further Maths that I might have missed out on - CIE A level further maths is only A2 and only 2 papers (not sure if this is how it is for everyone)... while other A level boards have further math modules for AS and A2, some of which are interchangeable...

In A level maths I have covered algebra, pemutations and combinations, binomial expansion, polynomials, series/progression, differentiation, integration, differential equations, vectors, complex numbers (and others, but these are specifically mentioned in the CT list).

Now here are things I have never done/heard of (I am reading out of a non-comprehensive CT1-CT8 math content list): interpolation and local approximation, higher order derivatives, Lagrange multipliers/maximisation under constraints, Taylor's theorem (power series expansion of e^x), double integrals and changing their order, partial derivatives of two variables, (what are: exact, separarble, logistic, linear?) differential equations, matrices.

Now here are things in the CIE Further Maths syllabus I don't know: polar curves (how does this relate to polar coordinates?), area of a sector (some integration formula), sum of finite series, mathematical induction (something I am worried about), conjecture, reduction formula to evaluate definite integrals, mean values and centroids of 2D and 3D figures using strips, discs, or shells (including use of a parameter), arc lengths, complementary functions, particular integrals, the general solution, de Moivre's theorem for a positive integral exponent (to express trigonometrical ratios of multiple angles in terms of powers of trigonometrical ratios of the fundamental angle; for a positive or negative rational exponent; in expressing powers of sin θ and cos θ in terms of multiple angles; in the summation of series; in finding and using the nth roots of unity),
some vector product rules with |a||b|sinθ n where n is the unit vector (a2 b3 – a3 b2) i + (a3 b1 – a1 b3) j + (a1 b2 – a2 b1) k, the axioms of a linear (vector) space, linear independence, determine whether a given set of vectors is dependent or independent, the subspace spanned by a given set of vectors, a space is a linearly
independent set of vectors that spans the space, the dimension of a space is the number of vectors in a basis, represent linear transformations, ‘column space', ‘row space', ‘range space' and ‘null space', the rank of a square matrix, and use (without proof) the relation between the rank, the
dimension of the null space and the order of the matrix, use methods associated with matrices and linearspaces in the context of the solution of a set of linear
equations, evaluate the determinant of a square matrix and find the inverse of a non-singular matrix, ‘eigenvalue' and ‘eigenvector', as applied to square matrices, express a matrix in the form QDQ^-1.

What do I need to do? How much of the further pure maths is relevant? Is actuarial maths all about the vectors and matrices, because I don't like vectors and I haven't learned a lot of matrices, as exemplified by the above.

(School said prior statistics knowledge is not required)

Thank you. I hope this is understandable.

-About not taking further maths, it was because it was only A2 - of course now I regret it, but it did not seem like the right choice then, and I wanted to maximise my grades - I was wrong, of course, because A2 further maths would have helped immensely. It's not too late (to catch up before heading to uni?)
*
Frankly, those who took further maths, hv no significant advantage when taking actuarial science. Further maths and actuarial maths are essentially two different field of maths. While further maths may assist you in your degree, without it, you still would be able to cope.
RyukA
post Aug 26 2010, 12:38 PM

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QUOTE(LightningFist @ Aug 25 2010, 05:52 PM)
Haha RyukA you make it sound like it's all quite simple.

I know a lot of posts go up saying actuarial science doesn't have the serious hard kind of straight maths - I like the sound of that, because I am not a hard fan of vectors or trigonometric graphs.

However, looking at all the pure math topics they have, especially matrices and vectors, I kinda go like "Whaaah" cos who the hell likes that stuff anyway.

And mumeichan is telling me one god book will help me. I will definitely check it out after my exams.

Mumeichan are you in a UK school now?

And RyukA how is ANU? Do they have a July intake for Actuarial Science, and is it the same as the Feb intake? I can get in without Further Maths you reckon?
*
EVerything is equally simple yet equally hard.
My experience in this uni is that, every field no matter what u do, there will be challenges ahead.
Law students have to get hold with cases, debate on probational small courts. Engineering students work long time on derivatives, doing projects.
Finance students have to read up corporation issues, market info to prepare for assignment.

The actuarial degree in ANU will be abit of everything in the commercial scope while giving strong emphasis on statistics ( modelings).
The reason why some say Further math is important, is not because of the syllabus covered. But the fact that most of the time,
students that took further math somehow shown that they are keen on Mathematics, have strong analytical skills and good in
solving problems ( as a general assumption).
And to be able to survive this actuarial degree, you need to have all of these.
Like what the post above said, both math is quite different. Of course, if you took further math, you have a slight benefit ahead of others that didnt. But there's no guarantee u will do better. hehe
I didnt take further math, it was quite "hard" in the beginning to catch up, even failed my midsem on the calculus component LMAO last semester. but just work consistently. Got away with a distinction. lol.

Its not high level math that kills in the end, its the statistics. (According to fellow seniors.)


Added on August 26, 2010, 12:44 pmOh, and. Yea, u can get in without further math.Provided you score bloody well for math, and get a high average.
Prerequisites is essential but grade is the priority they seek. As long as the Math you do covers Statistics and calculus.

In ANU, I think its the same like other universities as well. You can take a degree no matter which semester u enrol in.
You get to plan and enrol your courses for each semester. For example certain MATH unit is unavailable for semester 2. So just do some other "required subject", and
do that particular unit at Sem1 next year. Its totally flexible to schedule. The school will also provide recommended plan for students to follow, but feel free to do modifications.

This post has been edited by RyukA: Aug 26 2010, 12:44 PM
LightningFist
post Aug 26 2010, 06:24 PM

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Thanks for all the info guys.

RyukA: I see, TY, so you just switch up the classes and end up the same. Great smile.gif

Well I eyed Actuarial Science a little while back, too bad didn't take Further while I could have. My school Does offer it, and the schools won't be pleased that I didn't take it while I could have.

I like maths and calculus enough. The school says "prior knowledge of statistics is not required". I did S1 and I'm doing M1, didn't do S2. Suppose that doesn't matter then. (M = mechanics). Hope to get A*. But you know how it is, the results come out after application, and ultimately A* is not the requirement, but necessary if they hold. if they "hold" I am lucky, if they don't then ... sad.gif

I feel like I should tell the schools (compulsory personal statement) in my application that I have time from November 2010 till September 2010, and that I want to maybe get a work attachment and take math classes - actuarial stuff. Is that part about classes appropriate at all? They could think I am industrious, but they could think I am not prepared. And I want to make it clear that I am definitely ready, but I want to prep myself for the work ahead. How do I say this? Please help.
RyukA
post Aug 26 2010, 09:38 PM

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QUOTE(LightningFist @ Aug 26 2010, 06:24 PM)
Thanks for all the info guys.

RyukA: I see, TY, so you just switch up the classes and end up the same. Great smile.gif

Well I eyed Actuarial Science a little while back, too bad didn't take Further while I could have. My school Does offer it, and the schools won't be pleased that I didn't take it while I could have.

I like maths and calculus enough. The school says "prior knowledge of statistics is not required". I did S1 and I'm doing M1, didn't do S2. Suppose that doesn't matter then. (M = mechanics). Hope to get A*. But you know how it is, the results come out after application, and ultimately A* is not the requirement, but necessary if they hold. if they "hold" I am lucky, if they don't then ... sad.gif

I feel like I should tell the schools (compulsory personal statement) in my application that I have time from November 2010 till September 2010, and that I want to maybe get a work attachment and take math classes - actuarial stuff. Is that part about classes appropriate at all? They could think I am industrious, but they could think I am not prepared. And I want to make it clear that I am definitely ready, but I want to prep myself for the work ahead. How do I say this? Please help.
*
Do enlighten us,
what courses you are currently taking?
What subject are u currently taking?
What you gonna do next?
What Uni would you be interested to apply to?
LightningFist
post Aug 26 2010, 10:23 PM

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QUOTE(RyukA @ Aug 26 2010, 09:38 PM)
Do enlighten us,
what courses you are currently taking?
What subject are u currently taking?
What you gonna do next?
What Uni would you be interested to apply to?
*
CIE A levels: Maths and the 3 natural sciences.

Applying to Warwick, LSE soon, but because Aussies start 1st in Feb, I'll wait and apply for July. I was told a couple don't give provisional offers based on forecasts while some do.

What am I gonna do next? I hope to first get in for Actuarial Science. People tell me "don't worry you'll get in for sure" but I also keep hearing "you sure you don't need Further".
I know it's not in the entry prereqs and I'm hoping traditional science subjects will complement maths and that'll get me in. I've seen people get in with worse. However the odds do not appeal to applicants, lol, there are few places only.

Will have about 9 months of time. Take a break (which I have not had, cos I joined A levels right after secondary). Get work experience? Only serious thing I have done is an attachment in a law firm, but more on that later.

Was never really sure what to do. Eng? Law? Actuarial? Sure, if I look at any uni material, be it actuarial, engineering, or law, it seems so far-fetched and impossible.

However, I decided since Actuarial Science is equally demanding as Engineering, and though I like "mechanics" in terms of maths, I don't really like the engineering stuff. Statistics and maths are nice enough, and like a lot of people said, Actuarial isn't maths, maths lovers should do maths instead. But I know math-loving-people who go into actuarial science too. Did not like law as much. Thought I would want to do it - because you don't need to have done it before, and you could still do it.

For actuarial, is it that way too? I know an actuarial science class is gonna be competitive. I mean, they will be serious, they will be brilliant, and I have to be ready. I am ready.
All I need is some exposure, that's why I'm keen on finding out what I can do to prepare for it. Not sure if simply looking at past papers helps. Maths classes? I don't even know where to begin.


Added on September 11, 2010, 10:59 pmBy the way guys, I'd like to ask - Which is a better degree to study:

BSc Statistics / MSci Statistical Science

or

BSc Statistics, Economics, and Finance

whether one intends to be an actuary or work in risk management or finance or investment? (both are offered at the same university)

The BSc Statistics has a lot of statistics and maths subjects common to other Actuarial Science courses. I ask this because I have 5 choices and only 1 or 2 of them are called BSc Actuarial Science. I'm not interested in non-applied maths and didn't take further so I won't be applying to any Mathematics courses.

Another university has BSc Actuarial Science and BSc Business Mathematics and Statistics. They said the BSc AS is directed towards actuarial study, although the other BSc many more options in statistics and risk subjects. But I suppose they should be very close.

This post has been edited by LightningFist: Sep 11 2010, 10:59 PM
kwh1989
post Sep 16 2010, 11:46 AM

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QUOTE(LightningFist @ Aug 26 2010, 10:23 PM)

Added on September 11, 2010, 10:59 pmBy the way guys, I'd like to ask - Which is a better degree to study:

BSc Statistics / MSci Statistical Science

or

BSc Statistics, Economics, and Finance

whether one intends to be an actuary or work in risk management or finance or investment? (both are offered at the same university)

The BSc Statistics has a lot of statistics and maths subjects common to other Actuarial Science courses. I ask this because I have 5 choices and only 1 or 2 of them are called BSc Actuarial Science. I'm not interested in non-applied maths and didn't take further so I won't be applying to any Mathematics courses.

Another university has BSc Actuarial Science and BSc Business Mathematics and Statistics. They said the BSc AS is directed towards actuarial study, although the other BSc many more options in statistics and risk subjects. But I suppose they should be very close.
*
imo, it depends on ur interest? i met alot of classmates who are very keen in doing maths and stats, but utterly no interest in finance/economics/commerce subjects, they were having a hard time studying for it. if you are really interested in actuarial studies, i would recommend exposing urself to other commerce subjects, instead of just stats. if you like actuary's works, finance will be easy and complement ur set of skills. if you are really good, u might even consider doing CFA together wif ur actuarial core technical papers
C-Note
post Sep 16 2010, 01:04 PM

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Apparently I gather there are only about a handful of fully qualified actuarists in Malaysia. How are we going to find jobs in the future? There aren't many insurance companies here and most require only a few for job positions.

Please enlighten me if i'm wrong

thanks
kwh1989
post Sep 20 2010, 02:08 PM

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QUOTE(C-Note @ Sep 16 2010, 01:04 PM)
Apparently I gather there are only about a handful of fully qualified actuarists in Malaysia. How are we going to find jobs in the future? There aren't many insurance companies here and most require only a few for job positions.

Please enlighten me if i'm wrong

thanks
*
http://www.bnm.gov.my/index.php?ch=13&cat=insurance

check the link above for list of insurance firms in malaysia. opportunities are there, life insurance, general insurance, reassurance, asset reassurance, and the list goes on. + superannuation as well

in addition, actuary degree no longer is restricted to the traditional field anymore, more firms are employing actuarists for npv analysis, underwriting and risk management, those fields are energy, environment, finance, investment, gambling, wealth management etc

its about what u do with ur degree, not what the degree can do for u
LightningFist
post Sep 20 2010, 03:46 PM

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Statistics, Economics and Finance or Statistics is like a back up for me. Yes, LOL, my "back-up" is UCL. Because I really hope to get into the accredited, exemptions-carrying course.

I don't really like economics thaat much, and I understand actuarial science has a part of it but not the entire thing. Similarly in economics they'll have maths, etc.

I sure hope there are jobs. It's not too bad for fresh graduates but it's just like any other field I suppose? Except physicians which are "in demand"...
zstan
post Sep 20 2010, 03:51 PM

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you must understand first....

being an actuary, and and an actuarial science degree graduate are 2 totally different things.
Imperfecion
post Nov 4 2010, 03:27 PM

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rclxub.gif I'm currently a Form 5 student from Malaysia opting to take up Ac .Sc. next year.
1)Which pre-uni courses should I take up considering STPM , A-levels , VCE , ADP.
2)What subject best to take.
3)Which uni.
Hikari0307
post Nov 4 2010, 03:45 PM

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QUOTE(Imperfecion @ Nov 4 2010, 03:27 PM)
rclxub.gif I'm currently a Form 5 student from Malaysia opting to take up Ac .Sc. next year.
1)Which pre-uni courses should I take up considering STPM , A-levels , VCE , ADP.
2)What subject best to take.
3)Which uni.
*
where are you thinking of heading for your Degree?
RyukA
post Nov 4 2010, 05:26 PM

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QUOTE(Imperfecion @ Nov 4 2010, 03:27 PM)
rclxub.gif I'm currently a Form 5 student from Malaysia opting to take up Ac .Sc. next year.
1)Which pre-uni courses should I take up considering STPM , A-levels , VCE , ADP.
2)What subject best to take.
3)Which uni.
*
Let's start by:
Why do you want to be an actuary? or why do you choose an actuarial degree? * to clear some misconception*

Searingmage
post Nov 4 2010, 08:45 PM

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QUOTE(RyukA @ Nov 4 2010, 05:26 PM)
Let's start by:
Why do you want to be an actuary? or why do you choose an actuarial degree? * to clear some misconception*
*
Yes, indeed that's the most important thing to ask.
You want to be an actuary because you want it? Or because you would like to jump into the bandwagon?
mumeichan
post Nov 4 2010, 08:47 PM

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QUOTE(RyukA @ Nov 4 2010, 05:26 PM)
Let's start by:
Why do you want to be an actuary? or why do you choose an actuarial degree? * to clear some misconception*
*
I think it's better that he starts by reading all the actuary related threads here first.
Searingmage
post Nov 4 2010, 08:58 PM

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QUOTE(mumeichan @ Nov 4 2010, 08:47 PM)
I think it's better that he starts by reading all the actuary related threads here first.
*
His post is too general, so we shouldn't conclude that he hasn't read anything yet. So, a simpler question to know whether he research or not yet is to ask him why he wants to be an actuary..
mumeichan
post Nov 4 2010, 09:09 PM

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QUOTE(Searingmage @ Nov 4 2010, 08:58 PM)
His post is too general, so we shouldn't conclude that he hasn't read anything yet. So, a simpler question to know whether he research or not yet is to ask him why he wants to be an actuary..
*
Well, asking him why he wants to be an actuary is a good question. But I think the answer for his original question has been posted a few time here already and he'll probably find alot of useful info from reading past topic.
Searingmage
post Nov 4 2010, 09:34 PM

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QUOTE(mumeichan @ Nov 4 2010, 09:09 PM)
Well, asking him why he wants to be an actuary is a good question. But I think the answer for his original question has been posted a few time here already and he'll probably find alot of useful info from reading past topic.
*
Have to agree with you on that. Most doubts should end after reading the whole thread. So, I do wonder sometimes, how many who ask questions here have actually read all previous post before asking questions..

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