Actuarial Science: 10 Things I Wish I Knew BEFORE Studying It

10 Things I Wish Someone Had Told Me About Actuarial Science BEFORE I Started Studying It

Hi guys!!! In this video, I tell you some of the most important things I’ve learned about actuarial science since I started studying it 3 years ago. I’ve passed SOA Exams P and FM and had an actuarial internship the past two summers. I definitely would have liked to have known this information while I was in the process of becoming an actuary!

Did this video help you? Let me know in the comments!

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01:05 - #1
01:51 - #2
02:13 - #3
02:53 - #4
03:25 - #5
04:28 - #6
04:55 - #7
06:08 - #8
06:53 - #9
07:46 - #10
08:48 - #11

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[rachelkim]

1:06 1. Most actuaries work in the insurance field
2. 3 main fields actuaries work in: life, health, property/casualties
3. Actuaries on a quarterly basis & life insurance is repetitive while health insurance is heavily regulated while consultant actuaries often work long hours
4. Should learn coding to manipulate data & Excel
5. Finance, business law, accounting, advanced mathematics (calculus) all are a part of actuaries’ jobs
6. Actuaries work more with insurance rather than the technical/mathematical aspects of the field
7. Must take 10 actuarial exams
8. 2 organizations (SOA for life/health insurance and CAS for property/casualty) actuaries must choose from after taking 2 exams
9. Actuarial exams have very low pass rates :(
10. Actuarial science is a very narrow, niche field.
11. Actuarial science is a creative field in the way that new insurance product/calculation innovations can be discovered

[thinhpham]

I'm a freshman of Actuary major. Thank for your video, i'm known more knowledge. Would love to see more videos

[JohnDoe-bgcj]

Hey there, good video + was really impressed with the level of research done, especially for someone just starting out in uni. Just some small things to note:
- Actuaries would not use calculus on the job, it's largely Excel/R/SAS/Python with models such as reserving triangles which aren't super theoretical
- Actuaries don't necessarily work in insurance if that's something people are wary of: areas such as banking (credit loss modelling), risk management (as you mentioned), superannuation, are all great opportunities to work in
- For background info (accounting, economics): these are done in introductory courses and never really touched again. You'll need to know the basics (inflation, certain terms), but otherwise it's actuarial based concepts here on out

None of this detracts from the quality of the video, and I certainly learnt a few new things from watching it. Excited to see what comes next!

[Delulu.is.the.Solulu]

Its going to be my first yr in actuarial sciences and im kinda scared 😭 but it sounds like an adventure so I cannot wait to start my 1st yr😂

[johnvandyke-mensah]

Would love to see more vids. I was a tech major now switching to actuarial science.

[LynnNight-xg]

Hey Bella, I’m a sophomore studying act sci but haven’t taken any actuarial science courses yet. The highest math class I’m taking right now is calculus 3 which I believe is a prerequisite for exam p. Are there any other prerequisite courses (math and act sci related) that you recommend taking before sitting for exam FM or P? Also, what resources do you use to study? I notice that coachingactuaries caters more to the SOA actuaries rather than CAS

[SuperHeromindNsoul]

Im 33 and felt lost until i found this field❤❤❤❤ thank u for your insight

[joannastryker]

I'm a freshman in high school who is considering going to Madison for actuarial science. Thanks so much for this!

[franshaitama]

Thankyouuu so much for this information 💫

[elizabethb.]

Hi Bella! I'm a new viewer and while I consider the career track are you concerned about your job security from AI? Do you think that it'll easily be automated or would it be safe to enter?

[davidwan]

I absolutely hated it when studied it… I was fooled by my high school teachers that actsc is for ppl good in math but it turns out to be boring math like annuities. Those exams are also extremely boring and repetitive which requires candidates to practice on the dull manual questions. It’s the opposition of creativity….

The math not really interesting either as it doesn’t touch much linear algebra, ODE/PDE, measure theory. So from either the pure math or applied math curriculum, actsc is pretty shallow.

I finished my degree (waisted me years of time) and only took 1 actsc internship and ended up running like hell lol… and end up working as a Quant for many years. (Ofc needed a diff master degree to pull that off)

[dhruvishah]

Do actuaries have to deal regularly with the board of directors directly and does that require good communication skills?

[tien]

Hi, I am considering majoring in Actuarial Science. Since actuary is a very specific field as you have said, I am worried about the limited job opportunities as it is quite restricted to insurance or some banking positions. I am an international student, and this might further limit my already low chances of getting an internship and job in the US. I would really appreciate it if you can give me some insights and advice ^^. Thank you so much!

[rahuldeendyal]

Beauty with Brains 😊. I also wish to pursue Actuarial Sciences with Specialization in General Insurance 👍🏻

[chasewang]

Hi Bella, so which makes more? SOA or CAS? I think the basic entry level salary are about the same for both, what about in the long run?

[jonathanguzman]

This definitely helped, how's the journey been so far?

[orlando__gamino]

Quick question, so do I need to finish all 10 exams before I get a job or are there still lower level jobs available for those who’ve only completed some exams?

[stevenmeek]

Do you have to study the Bills of Exchange Act 1882. Cestui Que (Vie) act 1666 when doing Financial Predicted Insurance forecasts. Thank you.

[dhruvishah]

Also is an actuary's job always at stake or require constant creativity to retain in the company?

[teikioko]

Very informative. Quick Question: can an actuary work in the banking industry?

Much love from Kenya 🇰🇪