7 Reasons why EVERYONE should study Actuarial Sciences | South African YouTuber
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- čas přidán 3. 10. 2019
- What is Actuarial Sciences? Why should anyone study it? Is it really difficult and if so why? We use the ingredients method and the destination method. And as a bonus, we talk a lot about bread!
We answer all these questions and I give you a young breakdown of what the Actuarial path entails. Enjoy! Let me know if you liked this video!
Presented by Jonathan Kalombo
#ActuarialScience #Student #University
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#ActuarialScience #UniversityofCapeTown #Students
"...it builds character, so you get beaten up a lot, and if you're lucky enough, you'll rise from the dust and come out stronger than ever!" Who's signing up for it?
Are you convinced to join?!?! It's a high risk, high reward path!
Thank You so much!!!!
You're welcome!
Hey Jonathan I m planning to study Actuarial Science next year at UCT and I was wondering if you had any tips and if I could ask you some questions.
Hi Georinah, that is wonderful! I do indeed have some tips that should be helpful. I've just finished my exams, and will be making videos with tips about studying at UCT and doing actuarial science specifically, so subscribing would be a good idea. And yes, you can ask me questions here or on instagram @JonathanMpataKalombo or find me on facebook
Hey Jonathan, thanks for the video! I am curious about paths to becoming an ASSA fellow after you graduate with a commerce degree.
I really don't know why I am only seeing this comment now! My apologies. You would generally have to write the A211 - Financial mathematics exam and once you pass that one you can register with the society and then do the other exams at your own pace till you qualify. You should be able to get the notes and self-teach. You also have the option of doing a conversion degree e.g. at UCT. This will help you get exemptions to some of those exams! A lot of people go for this option!
Hey Johnathan, I'm still in high school and I would like to study actuarial science in tertiary. So I would really like to know if i will need physical science or is it just Maths and English needed????
Yeah you only need maths and English. And high marks in all of your subjects. Physics is not necessary, but it is very nice subject!
Thank you so much.
How much permutations and combinations is involved in actuarial science ?
Hey not many!! You learn just the basics in the first stats exam or course and then beyond that there's nothing really!! I wish there was a bit more but perhaps it is a good thing there is not more.
@Jonathan kalombo. Hello sir. Thanks for this information. This is enriching. Am Joel from Kenya. I did actuarial science degree but i haven't managed to do the professional papers due to financial constraints. I have been jobless for sometime now but i know things will work well for me. Any link for a job is welcome my brother
Hi Joel, I am only seeing your comment now. Thank you for it. I am wondering what Actuarial Society accredited the university that you studied at? I am sorry to hear that you haven't found work, my advice would be just keep looking and upskilling yourself via any mediums of learning like CZcams or LinkedIn Learning etc if you have access to that. There are jobs out there, and don't limit yourself only to jobs that seem actuarial, the actuarial studies really set you up for most jobs in the financial services industry. Have you applied to many companies?
What advice would you give to matric learners who are interested in actuarial sciences ?
To spend some time researching actuarial science and making sure it’s something that seems interesting to them and also decide if they’re determined to put in the work and determination required to get through the degree etc. Discipline here is a lot more vital than like being super intelligent even!!
I'm studying Applied mathematics now. Can I write Actuarial sciences exam after graduating?
Hi Kabelo, yes you can definitely do so. It is what most of the older Actuaries did to qualify because back then there weren't really actuarial science degrees and today there are still many who choose to do other degrees e.g. in Statistics and then do the Actuarial board exams. so you can definitely do it too!!
Hey Jonathan I am a BSc mathematics student, you know the people who want to study actuary sciences but dont really want to study actuary scirnces because, hey its hard, but I wanted to ask is my approach going to work( getting a maths degree instead of a actuary degree), to becoming a actuary scientist. I will major with Mathematical Statistics too, or Applied Maths that depends on how I feel, but thats trouble for the future, right lets focus on the present.
Hi Bongokuhle! I totally know what you are talking about and yes, your approach will definitely work and honestly, I think it is a better approach than going the standard route, coz you do less unnecessary courses on your road to qualifying as an Actuary. So yeah, do try to make sure you do mathematical statistics! That is vital and then have as much mathematics as possible. There are many friends of mine who are going that road and are doing very fine!
@@equationnaire Hi Jonathan, if i do decide to take this route, how many actuarial exams do you think I should attempt per year while im still studying?
@@equationnaire and do you think its a good idea to do this while pursuing an IT or Computer Science degree?
@@oopsie233 I would say aim for 2 exams per year, so one in the April sitting and then another in the September sitting. Depending on your time, you could try to do more, but that is not a good idea as it will likely interfere with your other studies negatively and you also risk not passing the exam.
@@oopsie233 A computer science degree more than an IT one, but both are fine. You would need to try and get in as much math courses in that degree or get some mathematical statistics courses in, you would be very marketable, there are too few actuarial science students who know about coding, so you would be pretty in demand!
Hey! Cool video. Thank you for sharing. I studied law and now have been working for a financial service institution for the past 2 years and I wanna be an Actuary. What advice do you have for me?
Hi Boniswa! Thank you for watching. Is your work related in some way to Actuarial Sciences? If it is that would be very helpful in making the transition to becoming an Actuary. But it is possible either way. I am not sure if you are keen to go back to university, but if you are then there is the option of doing a conversion degree at university and this would be a faster way to transition. Otherwise, you have the option of just writing the board exams. They are a bit expensive, but normally your employer would be willing to pay for them. In total there about 10 exams, but you only need to have passed about 4 or so and you should be able to find a job that is related to actuarial science and have the support you need to complete the rest of the exams. And there are many Actuaries who studied things very unrelated to Actuarial Sciences!
Hi @Wendy Sibeko I think if you did a lot of math in university then you can start simply by registering with Actuarial Society of South Africa then write the board exam for financial maths and passing that should allow you to then be able to register to write the other actuarial exams. Once you have passed about 4 of them, you should be able to get a job in the actuarial field so that your employer can then pay for the remaining exams. Alternatively, you can go back to university and do any math or statistics based degree. At UCT there is even a conversion course for Actuarial Science. Just google it and see. I think it is the best option
@Wendy Sibeko The uct conversion course is very flexible, so you can set it up to match what you want.
@Wendy Sibeko Okay yes, That diploma is a good option to move into actuarial science. May I ask, why you are considering moving to actuarial science?
@Wendy Sibeko Okay Its great that you have chosen to seek the challenge instead of trying to live through boredom! You will definitely enjoy the actuarial path and it will keep you on your toes and there is a lot of variety in terms of what you can do once you're in the field! All the best Wendy!
What are the qualifications to get into UCT for actuarial science?
I am sure UCT has more detail but in essence it is about 90% (or perhaps 85%+) for basically every subject in matric and the NBTs you need to get about 70% for those tests.
@@equationnaire what about international students? Do they need A levels and if so, what subjects?
@@LuMazing In terms of subjects all you need is mathematics. Accounting is the next most helpful subject but it is not obligatory. If you are still choosing then consider also economics or any business related course. It is also better to choose difficult subjects as that makes the jump to university less uhmn difficult to transition into... and yes you would need A levels.
@@equationnaire thank you so much!! This was so helpful!
@@LuMazing you're totally welcome!
😹😹😹the puns!
Haha thank you Amahle, I had to actually re-watch to be reminded of the puns lol!!
Amahle you are on every Actuarial vid ey😅
You are studying Act.scie neh?
How many hours should I study per day and should I study till Sunday?
Hi Jeremia, You unfortunately will have to study even on Sundays. It would be a bad idea to take an entire day off regularly. In terms of hours per day, the best idea would be to start with as many as you can... you'll have a lot of work to do and it will most likely require you to be spending about 7 or 8 hours studying, this is excluding time spent in lectures etc. It is a very full time course. Ideally if you finish all your work for all the courses, then you can rest, but there usually is no time left after you do all your work. This is all you really need to pass this course, just the will to work a lot and almost all the time.
Hey Jonathan i really love a challenge when it comes to numbers too,,,so i really want to study actuarial science especially at UCT becoz you inspired me alot....I would love you to give me a rough idea on the ratio of the theory part of actuarial science to the calculations part .. Also i would love to know about the mainstream at uct how it is and what is really covered during that period.
Hi Leslie. You have the name of one of the popular buildings at UCT, I am sure you'll feel very at home there! So for most of the degree, it is roughly say 50% theory and 50% mathematics, but that's super subjective because most of the theory is related to mathematical or statistical concepts such that some might say it's 80% maths and 20% pure theory. But overall there is always a nice blend of theory and math like work, at least in the UCT degree. Mainstream just means you do the degree in the minimum time, as in from first year you start with the full load of courses... but note a lot of people do mess up one or two courses and so end up with an extra year on the degree which effectively means they are sort of not mainstream anymore. And this is not only if you fail, but also if you fail to meet a requirement e.g. for 1st year math you must get a 70% for it and 70% for 1st year statistics otherwise you get an extra year added on your degree.
@@equationnaire woa bruh! you mean there is a building named Leslie,,hahaha
I am starting to believe this is the right calling for me,,hehe
Thank you for replying ey
Well 70% is not that bad for a hardworking person,,so like i wanna know which subjects are done during the 1st year(mainstream) so far i believe you have mentioned maths and statistics, is there commerce?
Also how is the employment and salaries out there ,,i saw yo dance during the graduation ceremony .hihi. i really got inspired
@@lesliemembere2678 Hahaha yes it's called Leslie Social. It's quite popular. Yeah you just have to do the work and you'll get it! Good luck!!
Hi...How easy is it to get a job as a fresh actuarial science graduate with no experience? How fast did people around you (e.g. classmates, friends etc.) get actuarial jobs after university?
I'm asking as it looks like there's very little actuarial jobs for graduates in comparison to the number of graduates being supplied every year. (I'm from South Africa, Cape Town.)
Hi Richard, I'm not too sure how you saw that there are little jobs compared to the number of graduates... but from my circle of friends and class mates, pretty much everyone got jobs. Most of them do have contracts before the year ends!! What may make it difficult for an individual to get a job is perhaps having too little actuarial exams exemptions or not being a refugee unfortunately. There isn't really a lot of, if any, competition between experienced actuaries and graduates.
@@equationnaire Thanks for the insight, will not having done any vac work destroy my chances? As it's quite difficult to find any in the current circumstances. And by refugee I assume you mean admin relating work permit/citizenship ?
@@Richard-bw2nb I don't think it affects you in a meaningful way. Most actuarial students don't do much vac work and you rarely learn a lot from vac work and they know this so you wouldn't be at much of a disadvantage. And the current situation of course affects most of the people who would be competing with you for jobs, so it will not matter much! I think having hobbies that you take seriously is actually more important!!
And yes that's what I meant about the refugee bit, it's permit issues.
@@equationnaire Thanks for the advice! Really appreciate it man!
Hey Jonathan dont you have an email address that people can ask questions on?
I do have one, I think if you view my CZcams channel on the home page it should show my email near the links but yeah you can email me at Jonnaat@gmail.com; alternatively most people ask me questions via my social media accounts!
Thank you
How do grade 11 marks work when applying
Hi Ashley, so for university grade 11 marks generally help you get early acceptance. So you could either get provisional acceptance if your marks are fairly good and you could get unconditional acceptance if they're like flippin' good!!! But in the end what will matter will be your NBT results and final grade 12 results really!
Hi Jonathan. Thank you so much for your channel! I recently completed my pharmacy degree so I'm in healthcare, but I've been thinking about changing to actuarial science in a few years. Do you think it's better to do a mathematics degree with statistics or actually study an actuarial science degree? And do you know anyone who studied at Wits? How was their experience there compared to yours at UCT?
Hey thank you! You're most welcome! I know some people who did study at wits. The experience is not easy to compare. But I think it may be better to consider the culture and also consider where you would like to work etc... UCT has a great brand and reputation out there so that's valuable but I think Wits will give a better experience as they treat you a bit more like human rather than machine haha but either way actuarial science is fairly tough no matter where you face it from... I think it depends. If you already have another degree then perhaps a math degree or stats based degree may be better since it would give you more free time to work part time and earn something but if you're full time into the studies then the actuarial degree is a better option since you'll get more exemptions to the board exams and also wits seems to be a better/easier place to get exemptions than UCT.
@@equationnaire Okay, thank you again! Do you think it's better to study Actuarial science full time and so get all the exposure to the l subjects that are relevant when working as an actuary (which I wouldn't mind studying full time, as long as I get funding like bursaries, etc) or would working part time and studying maths or statistics still be okay and I'd just acquire that exposure on the job? Is it not like missing something to go the other route?
@@LeratoM33711 you wouldn't really miss much by going the math or stats route because the board exams would require you to cover all the necessary subjects. You'd just be able to do it at your own pace. But I think doing it full time is better! You cover more exams quicker and move closer to being a fully qualified actuary much quicker!
Can you do actuarial science with maths lit or no
Hi, pure maths is like the basis for all the main subjects in actuarial science, in fact AP Maths would be more ideal so you’d have difficulty unless you take a year and study maths a lot after high school then go into the actuarial studies. It would also be very difficult to get accepted into actuarial science by any university with maths lit. In pure math you need about 80% at least to get considered for the program but again where’s the Will there’s a way!
@@equationnaire tnx so much for the advice ❤️💎🤩
How many exams have you cleared ?
Hey 8 so far!!
are you studying actuarial science?
No i am in 12th class and going to do it from next year
@@themaddyguy2838 Ah okay that is dope! Don't let anyone discourage you! It is a great course to study as long as you are consistent and make sure you are happy all the time!! What university are you intending to do it at?
@@equationnaire i will persue statistics hons and clear actuarial exams side by side with it i am from india.