Actuary Vs Accountant
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- čas přidán 10. 07. 2017
- Must read book: Introduction to Actuaries and Actuarial Science
www.amazon.com/dp/B0C699MHDH
Who controls the financial system? Is it the actuaries? Or is it the accountants? Watch this video to settle your curiosity or to get some career advice. Balance Sheets vs Life Tables!
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accountants account for the past, actuaries account for the future
Harvinder Sandhu wait till the quants come
Simple,short and exact explanation
Their are different kinds of accountant, "management accountants" are foward looking
This is an uninformed statement
I loved the part where you talked about actuaries' social life!! :D
1:26 - 1:33
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I totally agree with your vid. as an actuary, for career progression, I feel an accountant is more likely to scale the corporate ladder, quite simply for all the reasons you said... because they are slightly more rounded. They need to know accounts, finance, economics etc like an actuary, but they also have better understanding of tax law, accounting (obviously, but given accounts are the lifeblood of a company, having an expert in accounts in charge is preferable to an expert modeller) and they are closer to the cashflows and strategies of a company. And accountants in my experience are less risk adverse and crucially, more sociable! Nevertheless, actuaries will have more mental simulation in their role and will still get paid well, especially if you don't want too much stress and prefer a normal 9-5... so not all bad :)
njclondon2009 bro what are you talking about a actuary is more well rounded the a accountant
as an actuary I stand by my opinion. I should of been an underwriter if I started again. not a personal lines underwriter, a London market underwriter.
+njclondon2009
Being an actuary can be the first stepping stone if you so desire it. I have come across actuaries that have gone on to be financial analysts and all manner of things.
I have come across directors of finance who were actuaries and earn several figure sums. I know an actuary that went on to be a Barrister.
Have you ever considered a masters in economics if you already have not done so if you have a degree in mathematics it would be a breeze for you.
@@noir935 disagree, actuaries are mathematicians and stats geniuses but not much else
When I started studying Actuarial Science back in 2012, We were never informed about the seriousness of Actuarial professional exams now I'm studying more than I have ever to pass altleast 12 papers, Actuarial is tough but it's worth it.
how is the salary?
How’s the salary?
How much salary anybody can expect
Looks like I studied and did articles with your brother 😊
Hey MJ, could you make a video to give us your insight about actuaries vs people who work in quant finance(financial engineers, risk managers) , like what is the difference in what they are doing, work life balance, future job prospects etc ??
Awesome video! Can you make a video or pm me about the path to take to become an actuary.Like what South African school subjects you would recommend to become an actuary.Keep up the good work
Dear MJ did you say Actuary student need to pay to join to workshops?
Hey MJ how about actuaries vs quants
The actuarial professions rarely tell their members all that is happening in their monthly magazine or on their website. We bring you the missing information and useful history.
So currently i am studying finance but i always wanted to be an actuary so i get bad comments from my friends that hey.. you want to get to actuary you are going to start from scratch. so what can i do bro to get to actuary if i invested 3 year in finance
Great video MJ! Thank you for the info! As soon as i can finish the subjects of my degree im going full actuary!
Hey. I was trying to email you regarding the crypto currency. However, it gives an error saying that email isn't found!
Is there a need for an individual to study both one after the other
Great video! Keep doing comparisons, love these kinds of videos. Why don't you make a video about how you discovered Actuarial Sciences and how came to like it? Maybe a video about your path to an actuary? Cheers!
Omer Imran that's actually a great topic for a video!!! thank u very much!
Absolutely love your content!
Well I started in Accounting & shifted into Risk Management but settled on Actuarial Science.
Nice video! great info
I studied accounting and finance but I hate it so much !!!! the only subject I liked was financial management /performance management manipulating no.s and all the equations. Was fun .I really don’t know what to do🙁
What about data analyst
Wow...how enlightening
Bro i wanna do job in govt sector in india so which can be beneficial for me in between accountant (ca) or actutial science
Hey MJ
I'm a graduate of Mechanical Engineering. Lately I've been hating Engineering and I have a passion for mathematics, I feel like Acturial science is something I'd love to study.
I'm 27 now, I was accepted at University of Pretoria South Africa but I chose to let it pass for now and hold it off till next year. Do you think it's too late for me to become an Actuary? As I'm 27 now.
I dont want to take the exams as I know I won't make it as it's been a while since I was in a class...
you are never too old to start and besides 27 is still young.
You are my hero man! I mean that from the bottom of my heart, one say hopefully I'll bump into in Pretoria or JHB... May God bless you my brother!
MJ YOU AWESOME
They aren't really similar career pathways in any way. Actuaries are math geniuses while Accountants are business linguists.
Hmmmm this is a good video i just dont know what to look into for my career this seems the most appealing to me but i want to be able to have time with my family and friends
You will have more time in the long term as an actuary compared to Accountants.
7:11 Wicked pun. Liked the video just because of that.
I wanted to be an actuary, and was doing a degree in maths. I switched to acca. Maths was WAY harder.
How far did you make it in math
What is acca
@@ilyHersheys Association of Charted Certified Accountants. (it's british based)
@@NickVetter
about halfway through.
Math is very hard degree.
I could probably do it now, as I am alot older.
But I was working and doing evening classes.
It became over whelming for me.
Excellent analysis
I acctually want to be a mathematician but I'm nervous about my future salary .
A year old but can I ask if you still pursued a math degree?
MJ how can you elaborate on why you say an accounting degree is relatively the same as an actuarial degree with respect to difficulty?
😂 Accounting degrees are much, much easier than Actuaries degrees, despite Accounting still being a difficult and very 'taxing' major. Says more about how difficult actuarial science degrees are.
I want to become an actuary.i am an indian.the video is very useful.then I dont know what are the jobs for actuary in which
Field?plz tell me friends😊
what "wider" fields can accountants and actuarial may get into?
Blockchains is the new wider field that everyone is currently excited about
Is it advantageneous to do became actuary as well as accountant
More knowledge is always better knowledge, but career wise it won’t be that much of an advantage
Hello I want to divert from actuarial science to accountancy after my bsc level. please is it possible and what are the possible advice you can offer me please
Yes is possible.
You won't be using any of your maths really, but you will need to know a lot about business, laws so be prepared
Hy Mj can you suggest SoA is better or FRM Globally which is preferable i got a news that FRM is short and SOA is time taking both cons and pros?
Sohaib Ali I would need to do more research on FRM, but from my understanding SoA is way better and more respected in the business community
MJ the Student Actuary thanks man
just like this you can compare these two
It`s not charted Accountant, It`s Chartered Accountant.
Which is the easiest or shortest way to study actuarial science,at a college or at an institute
Go to WITS. That's the shortest way.
Great video, Actuary science is superior imo. An actuary is more versatile and thus has the ability to contribute to a wide variety of functions throughout a company. This also makes the work of an actuary more interesting, imo.
Ok that's your opinion
ye MJ what up bro u r so passionate about this profession i ever seen would u explain me that is their any place in company where i person can work combo of actuary and accountant ? thanks waiting 4 reply !
Yeah if you are the Chief Investment Officer who will do a little bit of both
thanks bro & keep increasing people wisdom of actuary profession
I sacrificed my college life for becoming an Accountant and I'm on the last stage of becoming the Accountant
How do u like it so far
this was 2 years ago, how did it go m8?
Passed P & FM on the first try in 2015, never got an Actuary job.
What is the difference between actuarial science and actuarial analyst?
Actuarial science is the subject and an actuarial analysts is a job position.
Which University is best for Actuary degree , Columbia or Pennsylvania Wharton or anywhere else ? And what's the GRE score for getting into it?
Look for a university that focuses on the Actuarial exemptions. Don’t be enticed by a degree that offers additional subjects that don’t contribute to the Actuarial path. I’m not sure about the US universities, but hopefully someone else reading your comment will be able to shed some light on the situation
@@MJtheFellowActuary Sir how was your University in actuarial science ( finance and investment Actuary section)? Is it a good place for international students?
And thank you for your reply.
Don’t apply to Wharton they’re getting rid of their actuarial science program
@@haineshoag3010 uhh... Thank you sir for the information.
@@haineshoag3010 According to you which college might be better for international students with scholarship options?
Hi MJ just came across your videos now. Really awesome and helpful stuff. 😀
I'm studying act sci at tuks. Made me proud to be South African. X
2:39 did nobody notice my guy put witwatersrand with harvard and Oxford 😂
I m a CPA doing my last 2 CTs. oO
Can a person who graduated in a degree of becoming actuary can become an accountant?
Anyone with the skill, determination and hard work can become an accountant, it's not limited by your degree choice. Actuarial science probably prepared you better for Accounting than every other non Accounting degree.
Okay, I would like some advice here... if you guys don't mind. I'm nearing the end of my basic degree in chartered accounting, but I definitely like mathematics, and in particular calculus more than accounting. I'm also not extremely detailed oriented and I like to solve problems. Furthermore, I'm not even planning to start my own business one day or even to serve as a director. So, I don't really know why I intend to become a CA. Lately I'm also getting pissed off about the nitty gritty things that auditors need to pay attention to when completing their working papers. I've seen the auditing the accounting side, but I seriously want to explore a more mathematical oriented career. Would you guys say go for it or that I should rather continue in the field I'm in?
Dude, CA is one of the best professions for pay, job stability, satisfaction, etc, you should be happy. If you like maths, consider actuarial science or engineering if you're REALLY good at it. The higher salary you might get in the case of actuarial science will take years if even possible to achieve as you have to pass 10 exams. Very few people are intellectually gifted enough to become an actuary
@@pranavdixit6157 Lol, thanks for the reply. A few things have changed in my life since roughly 3 years ago though, but I have settled on my course of action. I'm still in the accounting field and I will most likely stay in it, but not for the money. I don't run after money, fame, power, titles or whatever else people generally regard as goals. Like, I completely and utterly resist those goals. Instead, I'll do it because I intend to maximize all my gifts and abilities. So, I will work to become the best Accountant I can be. However, if the opportunity does present itself and if I have the good fortune of changing careers, then I'll most likely pursue my degree in science, yes.
@@liganjinxeseverything3174 Maybe look into Data Science or Data Analytics' to complement your Accounting in the future.
@@johnfallona4348 Yeah, it's become quite clear to me that I should consider going into the field, especially since everyone keeps telling I over-analyze and overthink everything 🤷♂️ So... 🤣, I am going to consider it 😉.
@@liganjinxeseverything3174 Yea look into it, your accounting/ commercial knowledge will give you an edge in some of these D-S/ D-A jobs, that's what I heard anyways.
So I'm making the inference that hypecoin is somehow related to social factors.
Hi....is it possible to study actuary when you have an accounting degree
Are you incredibly good at maths? Then yes
Yes, if you have the academic ability to get accepted.
Unreasonable amount of self importance
Thanks for the information. I'm a native spanish speaker, and there's no info about this career bro.
I want to be an actuary.
Do u still?
Do u still?
Bro can accounting students can do their masters in Actuarial?
Depends. Accountants will have a solid understanding of finance so could do an actuarial masters in finance. However they don’t cover enough maths nor stats to do a masters in Life or General insurance.
@@MJtheFellowActuary I don't even think we do enough maths to consider a master's in actuarial science.
I myself changed to Actsci from accounting after my first year... and I've NEVER regretted it for a moment! :)
P.S: Illuminati confirmed
Mia du Preez ah that's probably the best decision anyone could ever make! good to have you on Team Actuary!
MJ the Student Actuary thanks for your videos! I'm taking on CA1 this semester.. wish me luck!
ah look out for a video I'm going to be doing later about CA1. I want to redo all the chapters and build a proper support course around it because it is one of the trickiest subjects that we have to write!
Will the material be up before next year?fingers crossed
I am your Daddy not wise please stop breathing
still wondering what to go for - actuary or accountant? :D
omg same
@@Sarah-ho8dz high five!
Same, although I'm edging more towards becoming an actuary.
Good at maths, willing to take risks for higher pay: Actuary
Good at business and commerce, risk averse, wants job stability: Accounting all the way
maths of the future
Salary of top actuary < top accountant
Is it due to cfo ceo roles are filled by accountants more commonly? How about an actuary who has acca cert as well?
WRONG!!! My grandfather was an actuary and made $200,000 per year in 1981 which would be $707,561 dollars today if adjusted for inflation!!!
But is it greater than Australia vs England
lol!
It's not even really a comparison not competition in the case of actuary vs accountant.
By 1:35 I was positive I made the right choice by getting my Accounting degree! LOL
I still laugh when I think about all the jokes Steven made about accountants in first year
Dumo Tony they were classics!
Dumo I'm your bully from Education Alive school😂.. Remember Alex, Mthokozeleni and Thabiso.. yeah that's me Thabiso. Nice to see that we both ended up doing Actuarial Science. We gonna be working together at Old mutual, and I'll be bullying 10% of your off your salary, so yeah be ready to meet me.
It must be Economists vs Accountants???
Accounting if you actually wanna get a decent paying job with good stability
I was already not included in the part life. Lol that’s not a problem.
4:51 what is article period?
It is a transition period where a potential professional has to work for a certain amount of time before they can get into the profession.
@@MJtheFellowActuary is the same thing as internship?
I think accounting career would be better for me since I love a social life-work balance ☺
Chevannese Mendez i agree with you
Thanks dear
And also if you're better at business and commerce than you're at maths
i know calc
Unless you want to get in the industry as soon as possible with a decent salary and you are willing to limit your education for it, don't do an actuarial or an accouting degree.
WHAT DEGREES DO YOU SUGGEST?
Hahaha I like this video. Fair enough.
I'm an Accounting major and agree.
Hahaa funny because I won a prise for being best in Maths senior year, only got As in all my courses at varsity.
The best part is I am Black, and all those who cannot beat my Maths record are White 😊. So please, no racist comments here, be civil and show how educated you can be (or at least how educated you would like to be, in case you are not). Cheers.
@Sudan Nutella it is all about the mindset. I told myself that Maths is not a hard module but one that simply challenges the way I think.
Also, I made sure that I mastered the basic maths concept first, because Maths is a course that builds onto prior knowledge.
Lastly, practice practice practice... as many questions as possible.
Hope this helps.
@First Name Last Name it's all good bro, we're here for u
@First Name Last Name it'll be fine
2:40 One of these isn't like the others...
I m taking exam P in 2 days!!
SEO experimentations GOOD LUCK !
How did you do
How'd it go?
Did u pass?
Im an account and I want to become an actuary.
You gotta be a math god math god.
Making me scared
“He was busy getting married”😂😂
Drop JP and bat QDK at 4 ... The power of virtual currency in virtual worlds
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you are a god mate
Him : Okay (pause) *kisses his teeth*, (this is repeated through out the vid 😂)
Kisses his teeth? 😂
Being an accountant could not think of anything worse a life of boredom. Actuaries is harder and are smarter. A lot of accountants are jealous of actuaries.
Not true most actuaries end up working for insurers conpanies, accountents are needed in every major company in the world
Rugby 365 very boring job though accountant.
This is bullshit, you clearly know nothing about the job market
@@rugby3653 anyone can be an accountant tho even without any proper education. Actuaries however are way higher up in demand across the world since it requires actual academic skills and also end getting paid more than accountants
erm Pak vs India
If there is a rivalry between Actuaries and Accountants then I guess there is a rivalry between Theoretical Phycisists and Car Park Attendants. Perhaps you should make that video.
Audit ftw
Ahh WITS 👍✌️
In the end actuary are getting paid then times the amount than an accountant
I know this is a holistic view on both professions, however i feel their is around actuaries being smarter then chartered accountants (which im sure you would agree with😂😂) but I do feel that this stigma is why a lot of students go the actuarial route rather then CA route. From a purely business perspective which path would you suggest knowing that you have seen both sides from both your and your brothers point of view?
Every business needs an accountant. Not every business needs an actuary.
@@MJtheFellowActuary Although that may be true, with the fourth industrial revolution having very much arrived. Do you not think that the risk of accountants becoming less in demand as more and more routine tasks become automated. I would love to hear your brothers and your point of view on that. I feel like there will always be a need, but the numbers in need will dwindle, and as a result there will be a surplus of graduates. Thats looking like 10 years into the future but its still a very interesting topic.
Anything have triangle shape
People: don't that make u illuminati😂😂😂
My dad is an NHS Finance Boss, somehow i feel as if I've been insulted xd
haha this is the Internet, you are not getting the full experience if you don't get offended every now and then ;-)
Actuary do mind bending math *cough* Abstract algebra that course breaks people
Lol...Actuaries doing abstract algebra? What will a Pure maths major say
Lol @1:30
How did you make your own cryptocurrency? I find this fascinating tell me about it.
Thanks God Aim both
No you aren't you wish 😂
Actuary of course
What a way to star a war - going to send to all the ACCA accountants in my office :)
Ricardo Fraser let me know what they say!!
By the way MJ - if you ever put out paid courses with some worked examples mainly I will pay to view them
Someone told me once "Accountants are Actuaries with a sense of humor". It has stuck with me ever since.
Accountants can't do math, Actuaries can't do finance/business
Same here 😂
Accountants only know BASIC MATH!!! Actuaries are MATH GENIUSES and can solve HIGHLY COMPLICATED FINANCIAL PROBLEMS by using APPLIED MATHEMATICS and STATISTICAL MODELS!!!
100 PERCENT SPOT ON!!!@@pranavdixit6157
😂
Young adult life is way way overrated. And when somebody reaches 35 all that active young adult life will seem boring and I have done it all before.
There is only so many times you can stand around in a night club bobbing your head and wiggling some cool dance that is not very cool before it becomes ever so boring and you realize the only reason you went there was to met some guy or girl of your dreams.
An actuary is an accountant that can actually do math.
No, the actuary is based off insurance calculations ,while accountants just count up people's income. Totally different fields of work.
CPA stands for Can't Pass Actuary
Well for a dropout actuary qualification they do get quite the dough
i wanna be an actuary because i love math and i like analytically
justin hepburn analytics*
Well you gotta be a math god math god
@@pranavdixit6157 Not exactly. You need to be good at maths to get in. But once you're in it's more about how much can you study. Actuarial science is extremely theory-heavu. It isn't just maths.
Bias