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

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tanjinjack
post May 23 2009, 08:11 PM

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QUOTE(zidanedagger @ May 23 2009, 07:57 PM)
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(1)So, is it taking maths & econ degree will be safer to me if I still have doubt about become actuary? But, the problem is what can math & econ degree do beside doing actuary, the course states that with this degree can do risk analyst, finance industry and so on....But wouldn't the employer more appreciate those student with degree in finance & banking or account&finance and so on....?

(2)Huh!? very cool man! Looks like phd, doctor, prof....  cool2.gif

(3)May i know how actuaries work as a team? Wouldn't they crash on different opinions/views about pricing product or valuation?

May i ask that is it actuary only well-paid when working in insurance company? How about working in Central bank, financial company, commercial bank, consultant firm and so on? May i ask what actuarial tasks for you is the most excited & interested?

Thank for answering and clear my doubt!  thumbup.gif
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I believe as long as you are AIA or FIA, meaning qualified actuary, you have very good pay as long as you get into the field that utilises your knowledge.
Certainly the financial company would have to pay you high salary, or else you would just rather stay in the insurance company who pay you well, isn't it?
kaiying
post May 23 2009, 08:51 PM

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my smart friends are studying this. wish them luck.

hehe. good topic. at least i know im out of this.
Angel01
post May 23 2009, 09:33 PM

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So after reading through all the posts, the most important thing is computer programming and not High level of maths skills?
tanjinjack
post May 23 2009, 10:03 PM

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QUOTE(Angel01 @ May 23 2009, 09:33 PM)
So after reading through all the posts, the most important thing is computer programming and not High level of maths skills?
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Not necessary computer programming skill.
I believe you need a blend of everything, ie Maths, Econs, Finance, Programming, Communication etc.
You need to have interests in Maths, or else you can't go too far from growing a liking in Actuarial Science.
With the current trend, it is that everything is getting to become computational, and hence computer skill becomes very important.
I believe, AS do involve some tedious Maths which can be simplified by programming knowledge.
Angel01
post May 23 2009, 10:23 PM

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i see, so having computer knowledge does help. What type of computer programming skills are we talking about? C++?
tanjinjack
post May 23 2009, 10:34 PM

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QUOTE(Angel01 @ May 23 2009, 10:23 PM)
i see, so having computer knowledge does help. What type of computer programming skills are we talking about? C++?
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I am not sure about it.
But it seems you need to know Excel very well, and probably a software called PROPHET.
Angel01
post May 23 2009, 10:36 PM

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Oh my, my excel is bad because there is the lack of need to use it sad.gif, better backup my excel then smile.gif Thx for the heads up.
tanjinjack
post May 23 2009, 10:38 PM

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QUOTE(Angel01 @ May 23 2009, 10:36 PM)
Oh my, my excel is bad because there is the lack of need to use it sad.gif, better backup my excel then smile.gif Thx for the heads up.
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Excel is very impressive you know.
Well, to use it to do table, draw graph probably utilises less than 5 percents of Excel.
You check the 'function' they have.
I guess you need to know how to use those functions especially those under the Financial one..

I may be wrong. Correct me if that's the case.
Angel01
post May 23 2009, 10:39 PM

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Hey, any place to learn excel ? Cause the only way i learned abt com stuff was having a project or a need to use it smile.gif
TSmonkeyseemonkeydo
post May 24 2009, 05:34 AM

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This post is just to bump this thread up to the front page again
OMG!
post May 24 2009, 09:09 AM

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精算学是一门研究意外、风险事件对财务、经济及商业上所产生的影响之科系。此科系需要将各种影响化为数据,并深入探讨与研究这些数据,以保持工商金融界等在市场上的敏锐度、竞争力及内部的财务稳定。因此,学生不仅须学习各种概率、统计学等分析技术,以研究分析死亡率、制作生命表、应用利息等精算学传统课题,也须学习各种财务金融、经济、保险、会计、风险管理等方面的学问。


学习内容: 此科系的课程内容包括了基础经济学、运算法则、统计学、排列组合、会计与金融、精算数学、风险理论、保险学、利息理论、投资分析与组合管理等等。


未来出路: 毕业生一般可在商业界,如保险公司、金融机构等的精算部门担任精算师或精算顾问。除此之外,也可以自行开业,对企业提供财经投资、风险管理、员工退休福利计划及公司资产管理等提供咨询服务。



Angel01
post May 24 2009, 11:09 AM

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Omg! can you translate that to English please? This is an English Forum.
Thank you.
ecVk
post May 24 2009, 11:43 AM

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QUOTE(OMG! @ May 24 2009, 09:09 AM)
精算学是一门研究意外、风险事件对财务、经济及商业上所产生的影响之科系。此科系需要将各种影响化为数据,并深入探讨与研究这些数据,以保持工商金融界等在市场上的敏锐度、竞争力及内部的财务稳定。因此,学生不仅须学习各种概率、统计学等分析技术,以研究分析死亡率、制作生命表、应用利息等精算学传统课题,也须学习各种财务金融、经济、保险、会计、风险管理等方面的学问。

 
学习内容: 此科系的课程内容包括了基础经济学、运算法则、统计学、排列组合、会计与金融、精算数学、风险理论、保险学、利息理论、投资分析与组合管理等等。

 
未来出路: 毕业生一般可在商业界,如保险公司、金融机构等的精算部门担任精算师或精算顾问。除此之外,也可以自行开业,对企业提供财经投资、风险管理、员工退休福利计划及公司资产管理等提供咨询服务。
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Dude, i dont get what your saying -.-
qiqi91
post May 24 2009, 12:16 PM

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TS, i wanna ask, what professional body u joined for ur professional exams?(eg,SOA,IOA,....)
is it the exams r different for different bodies?
n i heard dat the exams for SOA already changed into something like 5 preliminary, 3 VEE, etc....(i forget d), can u clarify more??
tanjinjack
post May 25 2009, 01:16 AM

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QUOTE(qiqi91 @ May 24 2009, 12:16 PM)
TS, i wanna ask, what professional body u joined for ur professional exams?(eg,SOA,IOA,....)
is it the exams r different for different bodies?
n i heard dat the exams for SOA already changed into something like 5 preliminary, 3 VEE, etc....(i forget d), can u clarify more??
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Bumping this wonderful thread up.

I believe TS is under the IA or FA, Institute of Actuaries or Faculty of Actuaries, depending on which university in UK he goes to. Scottish universities, like Heriot-Watt is under FA, where those in England is under IA.

Exams are different from different bodies, but some of them are similar.
For instance, the IAA(Australia) has similar papers with the UK. (Did they just buy the papers?)


Added on May 25, 2009, 1:41 amA question to TS.

Is being an actuary a stressful job?

This post has been edited by tanjinjack: May 25 2009, 01:41 AM
TSmonkeyseemonkeydo
post May 25 2009, 05:53 AM

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QUOTE(qiqi91 @ May 24 2009, 12:16 PM)
TS, i wanna ask, what professional body u joined for ur professional exams?(eg,SOA,IOA,....)
is it the exams r different for different bodies?
n i heard dat the exams for SOA already changed into something like 5 preliminary, 3 VEE, etc....(i forget d), can u clarify more??
*
I'm doing the papers under the UK body, the Institute of Actuaries.
I would expect the exams to be not entirely different. Most Malaysian companies would encourage their student to do the American board though, as there are fewer papers to take.
I would not be able to tell you about the SOA as I do not have experience with the American body.


Added on May 25, 2009, 5:56 am
QUOTE(tanjinjack @ May 25 2009, 01:16 AM)
Bumping this wonderful thread up.

I believe TS is under the IA or FA, Institute of Actuaries or Faculty of Actuaries, depending on which university in UK he goes to. Scottish universities, like Heriot-Watt is under FA, where those in England is under IA.

Exams are different from different bodies, but some of them are similar.
For instance, the IAA(Australia) has similar papers with the UK. (Did they just buy the papers?)


Added on May 25, 2009, 1:41 amA question to TS.

Is being an actuary a stressful job?
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I'm not too sure how you would define stressful. I would say it can be stressful being an actuarial student as you would have to work and study at the same time. Being a qualified actuary would give you more responsibilities, so it could potentially be stressful as well.

Working in Malaysia is like working in all Asian countries, your employers really expect a lot from you and working 9 to 9 is the norm, not the exception.

This post has been edited by monkeyseemonkeydo: May 25 2009, 05:56 AM
Angel01
post May 25 2009, 03:13 PM

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the industry is not as developed(Malaysia) as other countries is it?
vanPersieXX
post May 25 2009, 04:45 PM

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can one registers for the exam (IOA board) even though he still in his first year in a unrelated degree?is tat possible?
zidanedagger
post May 25 2009, 07:12 PM

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yea, the Actuary profession bodies have no restriction. I heard my brother said one of his friends who were taking engineering but went to take the exam.
CFLow
post May 25 2009, 07:28 PM

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with a degree in Engineering or other maths based degree, student can actually pursue to a MSc in Actuarial, and some MSc equip the students with essential knowledge of Actuarial, and exemption from IA CT1-8 will be given. However, this might be too tough as Undergraduate 3 years squeeze into 1 year MSc...

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