Advice for 1st Years studying Actuarial Science
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- čas přidán 23. 07. 2024
- In this video we look at three key tips:
Be humble
Be dedicated
Be patient
Feel free to ask your own question in the comment section below.
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Prof. Stephen Jurisich once said, "Studying is a lonely occupation ".
Steve❤🏆
Sometimes I study for hours, but I still dont understand it! It's like I wasted my whole day doing nothing. Has anyone experienced this
same here! And I even go through the past exam papers and the answer reports yet I feel like I just wasted my day as I don't grasp anything.
friend of my mine said same
Ah.... yes.
I saw this video before i got into the university ,but now i definitely understand what you meant , probably on the humble part yoooooh 🙌🏽 actuarial science can humble you😂
Thank you, this is wonderful. I really needed to hear this. I'm currently doing my first year in Actuarial Science at Wits. All you've just said is absolutely true. Once more, thank you.
Its a pleasure and study hard!!!
Hi Anelisa, have you graduated?
@@issy1865 Yes she did. She works as actuarial analyst now according to LinkedIn
this video is just great mate..i learnt a lot.THANKS A LOT
Great video! A video on tips to handle 2nd year would be awesome too:)
love this series!
Good luck matrics of 2022 that are studying actuarial science! We are in for a difficult but rewarding path.
Say that again.amen
thank you for sharing this! cheers from Malaysia MJ :D
Ah only a pleasure!! I want to go to Malaysia one day for the Formula One race!!
Awesome video, thanks!
Thanks MJ for this great video. I think you've captured the most important bits. I'm now doing masters and as someone who tutored first years for two years at UCT, these are my 2c. (1) Make as many friends as you can, particularly those in your class! You will need help along the way and the more friends the easier it gets for you! (2) Take your tutorials very seriously, and be sure to complete all the questions (not just the hand-in questions). Good luck!
Marcio Lopes yes thank you! I forgot to mention that! make friends and ask for help as soon as you get stuck! very good point!
Thanks friend for helping me through ARM ;-)
MJ the Student Actuary what if I discontinue my university in order to focus more on actuarial science??
best to finish your degree (No matter what it is in) and then focus on the actuarial exams.
Please can you assist me am now taking actuarial science for first time
Truely helpful advise bro
Hi, I've just come across your channel. I'm a 2nd year Bsc Math student and I've been finding your videos quite profound and really helpful. It's the right amount of ethics, intelligence and honesty, I've taken quite a liking to your mindset I must say. If only I came across you sooner! Just like to say thanks, and keep up the work and these type of videos where the truth really comes out in a positive and motivating way, of what it is like to study a rigorous degree. - Also it helps in knowing you aren't going crazy when faced by those who haven't come from a similar background at uni don't understand the effort needed for these exams!
Thanks so much for this comment! It helps motivate me to make more :-)
Thank you for your advice brother. I'm a High school graduate and I'm thinking of offering actuarial science because its an interesting course from the research I've made. I wasn't all that good in maths back then at High school, I was average. But now, I'm really improving because Ive been practicing a lot. I want your advice on the course and what I should expect. Thank you.
well i am doing my second year in act scie at UCT and i would say that ,with the experience i got in UCT actuarial comes in a package of not just mathematics infact we do FULLLLLL calculus and statistics but there are other courses in ur 1st year like accounting ,economics, business law, computer science ,financial risk which is more like probability. if you did science stream via the NSC which includes life science,geo,math,physicalS,LO,2 additional languages welllll i would say all those subjects were useless in uni only math helped in knowing some basics for calculus and also english for understanding content,
THAT IS why you need to humble yourself....i hope this helps
Hi MJ, I am shalini... I watched your video which taught me the... Importance of spending time to clear the exams... I did my UG as B.Sc. Mathematics and I am ready to start my career in Actuarial science ... Your speech gave me a support ... thanks a lot...
Keep me updated with your progress and best of luck :)
Thanks for the video! From Melbourne Australia
+DIg all the best with the studies!! Let me know if you ever have any questions :)
will do
Greeting from Sydney, MQ University
Hi. Just a question. Im doing a double degree of finance and actuarial studies at Macquarie Uni in Australia. I was just wondering whether you think it'd be possible to work half days on the weekends and also whether you have some tips to trying to get an internships through my tertiary study? Sorry for the faff lol. Your channel is awesome!
Hey.. I'm in 12th right now and am looking forward to do Actuarial Science. Would you advice me to do any computer courses so that I'll have some knowledge before hand about it? Like I've heard we've to learn modelling and might be some other computer things that I'm not aware of. So if yes then which course should I do before appearing for ACET?
Thank you very much
Hi, just have some general questions about being an Acturary. I'm currently a senior in highschool and am trying to pick a career centered around mathematics. I'm taking Calc right now and while i have a decent grade in it, i still struggle with some concepts. Just wondering if actuarial science might be out of my reach or not since it seems very tough
try being a data scientist?
How to correctly calculate Pthly annuity? I always wronged the calendar date for this
Thank you MJ. I am doing Bacholer of science in Actuarial Science and my outstanding aim is to be an actuary so how can I qualify to be an actuary?
Hi MJ! I am applying at various tertiary institutions and I would like to know the difference between ADP and Mainstream Actual Science. Which one did you choose and why?
thanks man...
thank you MJ the student actuary...i never saw this in first year though its never too late did the reverse..
haha and? what happened? :-)
I flopped seriously in my first academic year grades but now my academic graph is gaining an upward trend after i did away with the party mentality. Though am in my 2nd year currently
Thanks a lot
is it advisable to do actuarial science degree after A levels or do a mathematical and statistics theory in under graduation and then actuarial science in PG?
Hi! Could you explain what are the differences between CT exams and P exams? As for ST and FM and so on. I dont know which ones I have to take( Thanks
i am a science student without computer science but i love maths .can i become an actuary ?how?if yes what course should i choose after +2 examinations?
Can I make it in actuarial sciences sciences if I decide to go for it without physical sciences with Mathematics , accounting ,economics and business studies bcos I have passion in mathematics
Are the SOA exams valid worldwide? Whats the difference between doing the local exams: in europe, south af, australia.... and the SOA exams?
Hi MJ, do you think it is feasible to have a part-time job (weekends) when studying Actuarial Science?
Hey, I'm starting my Actuarial & Science Degree in three weeks. I'm at university four days a week from about 10am-3pm, with some gaps in between classes (16 total hours of classes per week). As well as this, I'll be working part time as a mathematics tutor. Today, an amazing opportunity came up, but it basically takes up each Saturday from 8:30am-6pm. That said, I'm taking public transport everywhere (I don't drive), and will be taking that time to read and study. I'm definitely willing to persevere, and put the effort into time management, effective learning and all that stuff. Do you think this is doable? Thanks :)
Daniel Lowe it depends on how quickly you can grasp the actuarial concepts. some people in my class had lots of free time, the one guy even did Cage Fighting every week. I personally battled with the time management, I averaged 8 hours a day and still wanted more time to study. the trick is not to fall behind. so work very hard in the beginning and try keep ahead of the lectures.
MJ the Student Actuary thanks for the quick response and advice, I'll definitely take that on board :) out of curiosity, for every hour of time spent at uni, either in lectures or tutorials, how many hours did you study outside of uni?
Daniel Lowe majority of my studying was done out of lectures. either at home or in the libraries. be careful of group studying as that often turned into a social activity with jokes and banter
What must your sum total of your tpt marks and what is compulsary?
Hey MJ! I just have a little comment and I wanted to know what you think of it!
I've always thought that actuarial science is a big, perfect mix of mathematics, statistics, economics and finance. (I have not started studying actuarial science yet- this is how I view being an actuary) Do you agree/disagree with this??
Thank you for your opinion!
Yes very well put. Ultimately we are Businessmen/Businesswomen
What did you get for your first math of finance test?
I applied for Accounting Science and I have studies 'Science stream' at high school will it be hard or simple for me? any advice please
thanks bro
my friend tried that shit out at Wits ...knocked him out, couldn't graduate.
What is the difference between Bcom and BBusc ?? Which one is better?
Hey MJ. How many hours do u think a person needs to put in daily for studying actuarial science ?
MJ FROM WHICH INSTITUTE ACTUARY IS BETTER INDIAN INSTITUE OR UNITED KINGDOM'S AND FROM WHICH INSTITUTE OR UNIVERSITY YOU ARE DOING??
Thanks for the video dear you just motivate me everytime ☺
I am presently studying for CT1 from Institute of Actuaries UK my exam is on 25th of September 2017 so can you make some videos related to ct1 and kind of crash course before the exam so I can revise my things very fast. Please reply to this comment Del I need it very badly I am weak and I don't think I would pass this exam so please help me out. -Your Faithful Subscriber
i have just passed +2 level examination and am planning to do a acturial science cource in india, since here is no such university to do acturial science, its just about clearing acet and do the rest by joining some cosching classes. so im planning to do b sc so that i can be called graduate at the same time. so i wanted to know whether to go for b sc stats or b sc stats honours?
BSc Stats is a solid degree! I would lean towards that one, but get as much advice from others before you make your decision!
MJ the Student Actuary. thnx
Can I study actuarial science online/distance learning?
Hi, I’ve just started my Alevels and I aspire to study actuarial science at lse- do you have any advice for me to help get into the uni and course of my choice??
Thanks, Abi.
Hey Abi, I did A levels and applied at LSE with my predicted grades of 3 A's in Math, Physics and Chemistry. But they still rejected my application based on my personal statement. Make sure you have a very solid personal statement directed towards your passion for mathematics and why exactly you want to do Actuarial, my mistake was talking more about who I am as a person, they want robots not people, lol, I'm a bit salty as you can tell. But try maximise those grades too, A's are the bare minimum, you've got to have an A* in math and maybe even do further math too. Best of luck!
Cynan Cleaver Thanks!!
Hey MJ can u make videos on CT6 ?....orelse a summary on the topics of CT6 ?thank u
Chandra B instead of just doing chapter summaries, I'm thinking of making specific videos on each topic in CT6. which topic would recommend I do first?
MJ the Student Actuary, it would be good to follow the chapters from the core readings eg start with chapter 1, chapter 2, chapter 3 .... and so on till the end of the syllabus
Specifically all...since I've just started with CT6...right now I would ask for loss distributions and Reinsurance..I've exams in April..so hope u upload soon...thanks again Michael:)
Chandra B if you have signed with ASSA you can find a whole bunch of CT6 past papers questions that I go through on their site. but let me know which topic you get stuck on
Hello. Thank you for the video. I just would like to ask a question...If you take the Acturial Science course at Uni, does that mean that you won't have time at all, to spend with your friends? Not even at least once a week?
+Shankaren Moothoocaroopen depends how quickly you can grasp the concepts. Some people get them quickly and still have social lives but it's best to make studies your number 1 priority!
MJ the Student Actuary Ok i understand. But normally, are there a lot of students doing acturial science ?
In order to land a nice job in actuary field would I have to be looking at taking a post grad?
Post grad helps, but its not essential. passing the many actuarial exams is essential! Most jobs will require that you pass a certain number of them, whereas I haven't seen any job advert requiring post grad
What's difficult about actuarial science?(from an act sci student).💀
Hi MJ , I have cleared ACET and got student membership from IAI so can u tell me which university I should so that I can get degree and at same time help me with actuarial papers in India
I need to do research on the Indian Universities... but look for one that has a dedicated actuarial department
I am currently pursuing actuaries from Indian Institute. I have cleared only one paper in it. Further I am a chartered accountant. I am confused as to whether I should continue pursuing actuaries or not. Could you please help me out?
Keep going! Actuarial Science is the best!
hey MJ, awesome channel. I'm doing a economics degree at UP. can I enter actuarial science with this degree and how do I do it. any tips please.
Chat to the head of your department. Each university will be a little bit different. Let us know how it goes
Hey Chynn,did you end up going to Actuarial sciences after your economics degree?
Hey Mj, i just discovered you today and you seem like you'll be a lot of help to me! I'm in high school and it has been my life long dream to be an actuary. At this stage in life, what subjects do i definitely need for preparation for an acturial course later on in life? and what can i do to start preparing now?
Nyasha mk ah this is a good question! I should a do a video on it, essentially you want to focus on your maths at school. science and English is also important. additionally try get familiar with programming and computers. also read financial news and keep up to date with what's happening in the worlds economies.
I'm sorry but how is science related to acturial science? i mean besides the irony of it
But i really appreciate the thought! I'll be looking forward to the video! thank you so much MJ
Nyasha mk science and actuarial science share three key things: both are subjects based on Logic, both are based on Forces and both are based on statistics.
Nyasha mk check out the latest video. it's for you :)
Good day MJ. I hope you are well. I just watched your video and consideration to study actuarial science as an option. I am in Matric. I am just concerned about job opportunities and bursaries. What is your take on that?
There tend to be quite a lot of both for the top students
Hi mj. Im a UCT student in my second year of actuarial science. Im wondering if I have do an honours degree or is it fine to do just a Bcom? Are employers more inclined to honours students? Thanks in advance. Keep the good work.
Great question! I should do a video on this. In short you don't need the honours degree. However it can be an advantage. Some employers value experience over qualification.
Thanks :)
Is it possible for students that study actuarial science to have social lives? I mean can you still go out on a Saturday night?
No! Saturday Nights are Study Nights!!!!
Hey MJ, die hard fan of yours,can you explain One question in CT1 2007 paper Q 9 from IFOA.Please.Please.I beg of you.
Akash Malpani haha what does the question ask? post it here.
MJ the Student Actuary
A property developer is constructing a block of offices. It is anticipated that the offices will take six months to build. The developer incurs costs of £40 million at the beginning of the project followed by £3 million at the end of each month for the following six months during the building period. It is expected that rental income from the offices will be £1 million per month, which will be received at the start of each month beginning with the seventh month. Maintenance and management costs paid by the developer are expected to be £2 million per annum payable monthly in arrear with the first payment at the end of the seventh month. The block of offices is expected to be sold 25 years after the start of the project for £60 million.
(i) Calculate the discounted payback period using an effective rate of interest of
10% per annum. [7]
(ii) Without doing any further calculations, explain whether your answer to (i)
would change if the effective rate of interest were less than 10% per annum.
[3] [Total 10]
Can u give the equation nd post it here and the thought which made u write the equation?
Akash Malpani okay the trick with these questions are to draw out a detailed time line and label all the various cashflows. then you need to use some brain power to identify what type of annuities the various cashflows are and if you can combine or need to split them. break the question up into the various types of cashflows and you will see that it's not too difficult. remember to also make sure you are working with the correct interest rate. but most importantly, draw out your time line.
Hi MJ :) I'm going to be studying AcSci at UCT this year. However, they offer two strains of AcSci: straight AcSci or Quantitative Finance... I'll admit I am more interested in the investment side, which would suggest me following QF?? but for some reason I feel like I should follow the straight path ... any ideas/opinions??? much appreciated :)
Chiara Madonna my opinion is to go the straight Act Sci route. To be a world class investor, you need more judgement than technical mathematical abilities. I feel the straight act sci route helps develop that judgement better. but with big decisions like this, I highly recommend that you get as many different opinions as possible before committing to your choice.
Hello MJ. What's your take on wanting to study actuarial sciences without taking AP Mathematics in High school?
You do not need physical science, accounting or AP maths to study actuarial science. It doesn't boost your selection chances in any way. Just get 80%+ for maths and 4 or 5 distinctions at least and you should get in.
what do you do as an actuary? how's the job doing?
I've been consulting, but recently I'm doing more of my own projects around fintech
i study math and economics, i don't take physics, is it still possible to take actuarial science?
Yeah, depending on the varsity and course...
Can you qualify to do Actuary if you have a degree in Economics & Statistics?
Yes!! contact your local Actuarial Society and apply to be a member!
Hey Man, What about if you have a Business Management degree?
MJ the Student Actuary what about bcom Finance?
MJ the Student Actuary first year?
After doing course in acturial is there further scope?
Yes!
Hey, I'm studying towards a Bachelor of science, Applied Maths and Stats ...
Is it the same thing as actuarial science?
No
Is actuaral science managable or do students just drop it like medicine
Lol do people drop out medicine @ wits ?
is it better to do a degree on mathematics or statitics ?😱 pls i need your help!
Aiberson Ventura Horan I did 2 years of pure maths, 3 years of mathematical statistics and 4 years of actuarial science at uni. ideally you want both maths and stats.
MJ the Student Actuary thank u! but I'm from spain and i can't study both .So,what will be better?
Aiberson Ventura Horan hmm it depends then... you don't want to waste your time doing a basic stats course... can you post a link to the curriculum of the two choices? is there not a course called Mathematical Statistics?
MJ the Student Actuary. no,here in Spain does not exist that degree.Those are the curriculums :
math:www.upc.edu/learning/courses/Bachelors-degrees/mathematics-barcelona-fme?set_language=en
statistics:www.upc.edu/learning/courses/Bachelors-degrees/statistics-interuniversity-ub-upc-degree-barcelona-fme
The curriculum its at thr bottom of the page.
thank u for your help👌
Cool, I made a video czcams.com/video/0IUKYBiuVk0/video.html to answer your question. In it, I go through both curriculums.
Did you have AP maths in High school?
I'm in ActSci and I never had AP maths in high school.
@@anthonytesla8382 your going to struggle
@@jcn268 Everyone struggles with Actuarial Science. What do you mean?
@@anthonytesla8382 math is like fitness for acturial science , and no not everyone struggles with it, that's a blatant myth ,more than 50% of the ppl who took acturial science pass their exams.
hey man, I wanna do actuarial science next year, where can you suggest I do it?
Wits!! Its the best university in the world
thanks bro.
If you want the degree go to uj
Hey can we pursue actuarial science while doing engineering??
you want to do both simultaneously?
I just watched your video. I'm a fs yr degree student. I was just fine during my diploma. Today, I just got my result. It was terrible. I failed for two papers. Actuarial maths and financial maths. I wanna ask for ur opinions. What should I do now? Should I continue by repeating those papers or quit ? If you are asking bout my interest. I don't know. I'm lost. I can't decide. My brain is empty.
+zulaikha hasan I'll make a video addressing this because it's a tricky situation.
MJ the Student Actuary Thanks a lot. Anyway, I blame myself for those failures. I don't really give fully commitment. But the problem was I can't handle my stress. I believe u know the struggle. I was stress, fed up and I turned out to lose interest. I felt reluctant to study. I know the devil is within myself. But as for now, what should I do ? Should fix it or just quit ? I know I'm the one who's going to decide at the end but please give me some ideas. Thanks a lot if u read this and I appreciate ur reply. Hello from Malaysia :).
+zulaikha hasan never give up. Try again
I have just been accepted for actuarial science at wits and uct, I want to know which one is the best in this field.
Have you? Nice, hoping to join you.
Heard Wits is better cause it offers the most exemptions
Hey , how long is the course ?
How long does it it take until you can start working ?
UCT
@@anthonytesla8382 it has been more than 3 years now since I made the above comment😅. I eventually decided to go with Wits, I am currently doing my Honours there.
@@nhlanhlamkhabela5275 That's great, really inspiring story. How were your grades in high school and when did you get conditional admission that year? Also how many exemptions do you have so far?
What is Mathematics of Finance at wits and what does it have to do with actuarial science?
Financial Mathematics is a core component of Actuarial Science, but actuaries learn financial maths differently due to the set of notation that we use
Quitting Actuarial after my first year. NO I'm am NOT in for the long haul.
Hey are you quiting for real
best advice: quit while you still can.
Walter White Quit? Really?
unless you are not lazy