Thank you so much! I have yet to begin my studies but I was able to understand exactly what you were saying! I can only imagine how hard it must be, with the amount of knowledge you have, to put that into layman’s terms. I am very grateful for the ability to get a better understanding of what my hopeful future career will look like.
@aarondelgado3421
3 жыл бұрын
Great video! Two words were coming to mind when watching the video: interpolation and extrapolation!
@jaybayckd7965
6 жыл бұрын
Tbh as a sophomore in high school, I’m kind of scared of the future stress that I will have to try to overcome to become an actuary. I just hope it’s worth it in the end
@EtchedActuarial
6 жыл бұрын
When the time comes to start studying for the exams you'll have to learn to incorporate it into your lifestyle because it's such a long term commitment. If you do that, it doesn't have to be very stressful. Start studying early and give yourself lots of time to get everything done. But any big goals / aspirations are going to require some level of commitment, so no need to be scared. Embrace it! It's a rewarding experience along the way.
@adamsmithintin2803
5 жыл бұрын
It's not stressful at all don't worry about it
@merrymaurader2521
3 жыл бұрын
I was in your shoes. I’m going for a BS in business economics. I’m currently a freshman
@kezyafabianramadhan5905
5 жыл бұрын
Thank you for your video, you have increased my knowledge about actuary :)
@caoomahony
5 жыл бұрын
Great video first and foremost, okay... so i have been watching a lot of videos on youtube on actuarial work and I'm very interested in the job. I love spending time on excel and in fact I do amature actuarial work as a side gig. Just a few questions, I may have misunderstood, but if you predict 10 deaths in a year but there are only 5, then wouldn't that be overestimating? also what are the downsides to a little underestimation? would the underestimation in certain cases actually (no pun intended) benefit your company? also just wondering, when companies do a "d-cat", is it based on the higher probability of a certain metric dipping or is it in hopes that all the metics reflect last year's numbers in order to determine the impact of a lapse or death? im interested in becoming an actuary so im trying to get an insider's opinion, sorry for the long winded questions
@MomentousDetective
6 жыл бұрын
Hi there, I'm actually interested in pursuing a career as an actuary. I graduated with a bachelor in economic. I only completed calculus 1 but I felt I could've learned more math. My question to you is what level of math is necessary to break into the actuary career? Also any certain experience need prior to becoming an actuary?
@EtchedActuarial
6 жыл бұрын
For Exam P usually it's best to have Calculus 3 as there are concepts you'd learn in that course that you need for the exam. However, you could check out Khan Academy in order to learn those. I don't think you should let that hold you back. Give Exam P or FM a try and see how it goes. If it's way too difficult then at least you'll know. Exam FM tends to be the easier of the two and doesn't require all the calculus that P does. There isn't specific experience you need to become an actuary. You need to pass exams! It helps to have knowledge of Excel and maybe some programming knowledge too. It would also be helpful to get some related experience while you're writing exams (Example: data analyst, actuarial assistant, anything in investments, or even anything in an insurance company where you'd learn about different insurance products and how they work). Hope that helps!
@anshumansharda5493
6 жыл бұрын
Is a BS/BA in Math viable for this field? Since I'm currently in the college app process, would you recommend looking at strong actuarial programs, or is a strong math undergrad program alright? I'm not sure what I really want to do(career-wise) sadly, but I'm confident it will be in Math. Any help?
@purcell2319
4 жыл бұрын
So who’s the AA report for? Also, do actuarial models/assumptions ever get audited by the government? Thanks!
@reverbjellotin6355
6 жыл бұрын
I am a junior in high school. I have take already, Algebra 1, Algebra 2, Geometry, I am currently in AP statistics, and I have dual credit honors pre calc next semester. I was thinking about dropping that class, but i dont know if it would be beneficial to keep it. Also what other maths do you think i should take while im still in high school.?
@EtchedActuarial
6 жыл бұрын
The calculus will help you later if you're going to school for an actuarial career. I'd keep it! If you can get any finance or business courses those would likely come in useful (although not math classes). Any statistics and/or probability related classes they'll be good.
@laiwong8618
6 жыл бұрын
Take it. Manage your life so you succeed in it. You can do it!
@iGimmie
6 жыл бұрын
You're probably going to need a MINIMUM of calc 3 anyways if you want to be an actuary. 😂
@ctrivera3000
3 жыл бұрын
Now I know why I was studying immunization for exam FM, which coincidentally I passed this month!
@EtchedActuarial
3 жыл бұрын
Yay congrats on the pass!
@gregatlas6693
5 жыл бұрын
I appreciate this, explained well
@tradways
2 жыл бұрын
Ive been binging on your videos for several days now as ive been researching an actuarial occupation. 1- great job, love the videos, imho youre one of the best/ most thorough/ most informative on this topic. 2- youre an actuary and a highly esteemed member of the professional community, let your confidence reflect that. “Probably not the best job” = no go. Better practice would be ‘i’m keeping this a bit light and simplistic for the sake of time and not commiting information overload’
@EtchedActuarial
2 жыл бұрын
Hey Sir Gavin! Thanks so much for the feedback, I appreciate it! I'm so glad my videos have been helping you. If any questions come up for you about the actuarial career, feel free to reach out! :D
@dawar89
4 жыл бұрын
Very well explained. Thank you.
@NickVetter
4 жыл бұрын
My local college has a pre-actuarial path where you can double major in math and stats. You also have the option of minoring in econ do you think it's worth it to minor in econ? I'm not 100 percent set on being an actuary so the flexibility might help.
@EtchedActuarial
4 жыл бұрын
Yes I do think it would be beneficial especially since you're not 100% on being an actuary. If the minor adds much more time and $$ to your schooling then you would have to further consider whether the benefits of the minor outweigh the additional time and money you're spending though. For an actuarial position, the econ minor probably wouldn't make you a better candidate for positions than just having the double major, but for other positions it may be extremely beneficial.
@DatBoi893
6 жыл бұрын
How flexible are hours for an actuary? As you pass the exams and get more experience do they become more flexible or less? I want to consider being an actuary but a flexible work schedule is very important for other aspects of my life
@breannefried1840
6 жыл бұрын
It ultimately depends on which company you end up working for and the kind of work you're doing. Some companies are more flexible than others, but in my experience work hours get less flexible the higher up in a company you go. Many insurance companies offer "flexible hours" where you can work your 7.5 or 8 hours any time between say 7am and 7pm or something like that. Consultants on the other hand tend to have strict deadlines so are often required to work long hours to meet them, resulting in less flexibility. If it's really important to you then you'll probably want to look for something else because there are no guarantees in having a flexible schedule as an actuary.
@KarlTantrum
6 жыл бұрын
I was thinking about pursuing a major in statistics. I have been told this is a good route to becoming an actuary. Is there something I should also look at as a minor to prepare for job expectations or exams?
@EtchedActuarial
6 жыл бұрын
Stats would certainly be a good major. For your minor, something like computer science (programming), economics, business, or finance would be a good choice if any of those interest you.
@steventodd1002
6 жыл бұрын
I'm a piling engineer, I make around £70k a year. I have strong mathematical skills as I have completed a bachelors degree in civil engineering. What is the annual salary for this job as some say it's more than 6 figures and others say it's 50-60k
@EtchedActuarial
6 жыл бұрын
When you're just starting out, it'll likely be around 50-60K, but it increases to 100K+ as you pass exams and get more experience.
@datascientist5478
6 жыл бұрын
Assuming you’re in the UK, starting salary will be around £30k. It will probably take 4-5 years before your salary is back to £70k assuming you can pass the exams. £100k could be anywhere from 8-15 years in depending on how fast you progress.
@kevinlin5572
6 жыл бұрын
That's why you should be fully committed if you are pursuing this career. Not too much partying during important lead up dates. Some later exams have around a 10% pass rate but that should only motivate you to try harder. My friends cousin who studied at Macquarie has passed every single exam first try and the latest one had a 10% pass rate x.x
@anshumansharda5493
6 жыл бұрын
@@kevinlin5572 What does he earn now?
@davidcotham1939
6 жыл бұрын
Hello, I just had a few questions: Was it hard finding a college for this career path? What College did you attend? I am from Michigan and it seems like it is hard to find a good college for this career. Also, if I looked into this as an option, should I try to work for insurance companies? It seems like the actuaries are well compensated for in insurance companies. It is the most popular option. Lastly, is it a heavy workload? I can't tell if it is hard to manage because it involves so many variables, or if it is easy and you just have to get used to it.
@davidcotham1939
6 жыл бұрын
Thanks for the video. It was very helpful and thorough.
@EtchedActuarial
6 жыл бұрын
Hi David! For me it wasn't hard. University of Waterloo is one of the most well known actsci schools in Canada and luckily it was only about 45 minutes from me at the time. So that's where I went. Many people don't get a degree in actuarial science.. instead they get something more general so that they don't lock themselves into a specific career. I didn't know that at the time but I definitely think it's good advice. You don't have to be an actuarial science major in order to be an actuary. You just have to pass the exams! Getting a job in an insurance company would definitely help you get a better understanding of how insurance works and you'd even be getting your foot in the door to opportunities down the road. There are other types of jobs too that would be helpful... data analytics, investments, underwriting, there are even actuarial assistant positions in some companies where you help actuarial teams. You're right that actuaries most often work in insurance companies but there are lots of non-traditional places to work too. About your last question, you should watch the video I just posted a few days ago called "Is actuarial science hard?". To answer the question though, I don't think I could ever get used to that much work in school! I found it to be pretty overwhelming. Hope this helps! Brea
@davidcotham1939
6 жыл бұрын
Thanks, it helps a ton.
@rxseqvartz5679
5 жыл бұрын
David Cotham thx for asking💘..
@marcospirchi5254
5 жыл бұрын
Hi, very helpful video. Yet I have questions about the personal life an actuary has. Is it a very demanding job? Do you think it gives you enough free time to pursue your personal life? Is it a Job of too many hours in an office?
@EtchedActuarial
5 жыл бұрын
From my experience, earlier in your career the offices hours tend to stick to about 40 hours per week (unless you're in consulting which tends to require much longer hours). But studying after work takes a lot of your time. Once you're through exams or have decided not to continue taking them, then work-life balance if fairly good. However, management positions may require longer working hours some days. There tends to be flexibility though when needed.
@andrescm1022
5 жыл бұрын
Thanks a lot, I'm actually in my last year of the career (Actuary) so, I'm just trying to figure out what the frack I'll do. This video was helpful. :)
@ChaseMurphyMusic
6 жыл бұрын
Hi, Brea. I'm a recent subscriber after a recommendation from EllelleActuary. I think your channel is going to be a huge help to me in the next few years. I'm in a bit of a unique situation and I was hoping to get some advice when you have a moment. I am a Math major at a small college in Idaho and I'm the only student interested in becoming an Actuary. My town is pretty small and there are no actuarial internships available. My questions are: how likely am I to be able to get an entry-level job without an internship, and would a non-actuarial internship help at all?
@breannefried1840
6 жыл бұрын
Hi Chase! Thanks for subscribing! It's pretty common to find internships that aren't right in your home town. I'm from a small town too and commuted about 45 minutes to 1.5 hours both ways for all my internships. I technically could have found a place to live closer by but at the time I just liked being at home so I commuted instead. If you want to get the experience (which will help you majorly in your career) then you'll have to figure out a way that you can be where the jobs are! Try not to limit yourself geographically. If you can't get an actuarial internship, definitely try to get something in a related field - underwriting, data analytics, maybe an actuarial assistant position, banking, investments, etc I do think the best way to get an entry-level job would be to have that actuarial experience, but if you can't get actuarial experience it's still possible to get a job. A non-actuarial internship (like mentioned above) would definitely help.
@Ifemism02
5 жыл бұрын
I did acturial major in school, I currently work in a pension commission office, we actually do not calculate the pensions here as the task isgiven out to a consultant. what do you think i should do to assist(practical experience on the job) me in taking the professional exams.
@EtchedActuarial
5 жыл бұрын
You don't need any work experience in order to take the exams. For the first several exams work experience probably won't help much at all. If you have a good grasp on calculus concepts then you should be OK to start studying for your first exam. If not, then I recommend reviewing calculus first and then starting to study. Good luck!
@chengPin
6 жыл бұрын
Very helpful, thank you!
@alephnull4044
5 жыл бұрын
I guess the main question would be, how did you get the job if you didn't even know what exactly an actuary did? Surely they ask about this in interviews?
@EtchedActuarial
5 жыл бұрын
I had a general idea of what actuaries did, and my schooling, research and internships helped me better develop my understanding of what they did. I can't recall whether interviewers specifically asked about that, but if they did I guess I was able to provide an acceptable answer!
@bmcseal01
5 жыл бұрын
Good job. I had no idea but do now.
@sinanulusoy6177
5 жыл бұрын
Thank you for this great video. I have a risk master degree and would like to work as an underwriter actuary. Do you think having an intermediate knowledge of R and SQL would be so advantageous to break into the field?
@EtchedActuarial
5 жыл бұрын
Hi Sinan. Underwriter and actuary are two separate (but related) careers. Those skills will be helpful in getting an actuarial job, but you'll also need to pass some exams.
@sinanulusoy6177
5 жыл бұрын
@@EtchedActuarial I crossed with your post about it and understood the difference. I would like to be on the consultant side actually but neither interested in pensions nor casualty&property. What would be my options in your opinion?
@EtchedActuarial
5 жыл бұрын
@@sinanulusoy6177 In my experience its very difficult to choose what type of actuary you want to be without having any experience working as one. Once I had gained some experience in different types of actuarial positions, I realized that it wasn't the type of actuary that I was that mattered. Pensions, P&C, consulting or life insurance, etc can all be very satisfying for anyone. What's more important is to find positions that involve the type of actuarial work that you like to do, and you can apply your skills to any types of insurance. So, I recommend that you pass a couple exams, and then start looking for actuarial positions (or related positions) to help you further discover what type of work you like and dislike. Consulting work doesn't just occur in pensions and P&C. There are life insurance and health insurance consulting actuaries too. So that would be another option. But, I caution you to not be too picky for jobs when you're just getting started - its a competitive entry-level market so take any actuarial jobs you can get at first.
@myjesusmylord7524
4 жыл бұрын
My husband is an FSA who was laid off about a year ago and is looking for work. Let me know if you hear of any good jobs for a life Actuary! (He is primarily skilled in Mentoring, Research and Communicating Actuarial Concepts to non-technical audiences.
@EtchedActuarial
4 жыл бұрын
With his credentials and experience I doubt he will have much trouble finding a job. :)
@clarisaangeline2897
6 жыл бұрын
Im thinking to become an actuary but how will u know that you’ll do well in actuary? Coz everyone knows that actuary is hard and im lil worried that my brain or i won’t survive. Please helpp
@EtchedActuarial
6 жыл бұрын
Hi Clarisa - You never know for sure unless you try. Have you already gone to school? If so, you'd probably first want to start by trying an exam. That's the best way to figure out if it's going to be too hard for you or not. If you're still deciding whether or not you want to go to school to be an actuary then I recommend that you don't major in actuarial science but instead something related, like statistics, which will give you more options if you ultimately decide not to go the actuarial route. The first few exams require calculus and financial mathematics. You could check out the calculus section of Khan Academy to get a sense of what you'd be studying. You could also have a look at some sample questions that the SOA provides for Exam P and FM and see whether you feel the math is too difficult for you or not. Hope this helps!
@Makaylah13
5 жыл бұрын
Please tell me if this is a good career for introverts/social anxiety types. Are there a lot of meetings?face to face with clients? Do u mostly work alone?
@EtchedActuarial
5 жыл бұрын
It depends a lot on your particular job. A consultant, for example, would probably have lots of meetings face to face with clients. In my position (in valuation), I had meetings about 2-3 times per week but if I had progressed up into management level then it would have been several meetings daily. I didn't work face-to-face with clients. These meetings were meetings with employees from other departments. I worked alone about 85% of the time but again this could change significantly depending on the specific job.
@pranjalarora1037
6 жыл бұрын
Thank u so much mam for this informative video . Mam, can u pls make me aware of a fresher work . What work would be i doing as an actuarial fresher
@EtchedActuarial
6 жыл бұрын
It's really hard to say because there are so many different areas of actuarial work that you could go into. In my first year in my valuation position (life insurance), I was primarily doing month end and quarter end processes using Excel, VBA, and AXIS. I'd collect all the necessary data from different departments and review it for mistakes. Then I'd take all that data, input it into AXIS, run some macros in AXIS to get reserves. Then I'd take those reserve results and summarize all the data for management. While I wasn't doing that, I'd work on ways to improve the efficiency of the processes, or work on getting additional data that management wanted to see.
@topazvids549
6 жыл бұрын
Hello. . but I'd like to ask if being an actuary is worth it ?? like is the pay worth it ?? I don't wanna study so hard just for a medium pay ??
@EtchedActuarial
6 жыл бұрын
Hi Topaz - That's a question that no one can answer other than yourself. You can look at salary surveys (DW Simpson salary survey is good if you're in canada or the u.s.). It's a LOT of studying. Hundreds of hours for each exam. So you'll have to weigh out the pros and cons for yourself. Sorry I couldn't be of more help!
@XMegaJuni
6 жыл бұрын
i love you!! thank for video.
@DuderScooter
5 жыл бұрын
Good video, +1 subscriber 😁 Also, what's a usual (let's say your) employer's ideal margin of underestimating/overestimating from 0 net gain/loss in reserves, minus expected desired profit?
@caoomahony
5 жыл бұрын
1 basis point
@senka4899
6 жыл бұрын
Does a major in statistics allow you more flexibility in career choice rather than a major in actuary science?
@EtchedActuarial
6 жыл бұрын
Yes. With actuarial science you're committing to one, very specialized career. If you end up not liking it, or not wanting to continue with exams, it's nice to have a statistics major that you can use for many other careers. Not to say that an actuarial science major wouldn't be able to get a job anywhere else, but you'll have broader knowledge with a statistics background and you can apply that easier to other positions.
@senka4899
6 жыл бұрын
Ok, thank you 😃
@Actuaryelle
6 жыл бұрын
Oh gosh.. I haven't looked at mortality tables since MLC. I forgot how morbid the actuarial profession can seem sometimes 😂😂
@EtchedActuarial
6 жыл бұрын
haha yup mortality tables and disability tables for me everyday!
@amirkaveh7287
6 жыл бұрын
From a scale of 1-10 how hard is it being/becoming a actuary
@breannefried1840
6 жыл бұрын
Hmm, tough question. I'd say somewhere around an 6-7. It's not that it's incredibly hard, it just takes a lot of commitment and dedication. :)
@jaybayckd7965
6 жыл бұрын
Breanne Fried I’ve heard there are many exams you have to take and some of the smartest people for math cannot pass them
@kevinlin5572
6 жыл бұрын
@@jaybayckd7965 It just requires a lot of commitment and studying. It's just like school basically. If you study and practice a lot, you're bound to succeed. Of course if you are initially not that great, you will need to study a bit more to catch up, right? So yeah, don't worry about the natural talent BS. It's about your work ethic.
@faizan2298
5 жыл бұрын
How mucu earn in a month beging an actury
@dominic2446
5 жыл бұрын
4:18 what is prefs?
@EtchedActuarial
5 жыл бұрын
Preferred shares. There are different classes of stocks (aka shares). "Preferred" is one class.
@helens5119
6 жыл бұрын
Hi I'm also Canadian and I'm currently doing my undergrad. How difficult is it to get a job in the US? Are the exams accepted or do you have to take both the american and Canadian exams to work in both countries?
@EtchedActuarial
6 жыл бұрын
Hi Helen - Personally I've never looked for a job in the U.S. but typically you need fewer exams to get a job there than in Canada, so that indicates that it's less competitive there. You'll take SOA (Society of Actuaries) or CAS (Casualty Actuarial Society) exams, which are both actually American actuarial societies but they're accepted in Canada. So you'll only need to take one set of exams. Later on when you're done the preliminary exams, there may be some exams that have Canadian-only content on them but the exams are still administered by the SOA or CAS. When that time comes, I imagine you'd decide whether to write the US version or the Canadian version depending on what country you're working in. Hope this helps!
@helens5119
6 жыл бұрын
Etched Actuarial Thank you for your detailed answer!!
@9jatruth
6 жыл бұрын
Can an actuarist work from home?
@EtchedActuarial
6 жыл бұрын
Sometimes - check out this post: etchedactuarial.com/actuary-work-from-home/
@ritesharora6032
6 жыл бұрын
ur voice changed a bit in this video....scared me
@clarkanani3910
5 жыл бұрын
Etched Actuarial I need to talk to you one on one. I need a mentor
@EtchedActuarial
5 жыл бұрын
Hi Clark - you can email me at support@etchedactuarial.com with your questions and I'll try to get back to you as soon as I can with answers.🙂
@aarijsiddiqui964
6 жыл бұрын
Most get job after first two exams. What did u do right after those two exams
@EtchedActuarial
6 жыл бұрын
I had 3 exams when I started my first entry level job. I actually did pretty much all the same things as I mentioned in this video, it's just that I had about 25% of the understanding of how it all works and fits together. Now that I see the whole picture, I'm able to provide a lot more value to conversations and contribute ideas whereas at the beginning I was just following a process.
@EtchedActuarial
6 жыл бұрын
Everyone is going to have a different opinion and it depends a lot on your math background and how you prepare. In my opinion, the exams are hard but if you commit enough time to studying and study properly I'm confident most people can pass them. The really hard part is sticking to it!
@chancewooldridge4059
4 жыл бұрын
I am interested in all things Actuarial.. I have looked all over this page and I I can't find any contact information for you can you send me an email address I have something very important I hope that you might be interested in being a part of....
@EtchedActuarial
4 жыл бұрын
You can reach us here: etchedactuarial.com/contact-us/
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