What I wish I knew before studying Actuarial Science
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- čas přidán 12. 12. 2020
- In this video I explain all the things I wish someone had told me before I chose to study actuarial science in university. #Actuary #ActuarialScience #Study #Careergoals
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Thanks Ven for the advise...
I will surely do as you've told me.
This is amazing stuff. So very informative, more people need to here this.
Thank you Vuyiswa. I really appreciate this.
i just love you and thank you for the motivation
Thank you for an honest feedback
Dear Ven , Thank you very-much for sharing your experience and kind advise . We appreciate it . By the way your presentation skills are the best . I watched the video three times just enjoying your excellent way of presentation . Thank you . Stay blessed .
Awww. Thank you so much Sreekumar for your kind words.
This is gonna be from now on my motivational video thank you so much 💕
Awww. This melts my heart. Thank you Angela
What an inspiration! Proudly South African 🇿🇦. Keep up the good work Ven.
Thank you @rodneynyathi8239. I am trying to continue putting content out there that helps as many people as possible. I am actually not South African but South Africa has been good to me in the few years I have called it home.
I was watching your goals for the year's video. This video is the one that made me discover you. I hope you hit all your milestones. I subscribed. Vamos Tio
Hi Andrew. Thank you for this. I will do a goal review video to evaluate what I achieved over the year.
this was a very informative video. Thank you
I am so glad you found this informative :)
This has been very helpful… thank you
Hi Chileshe. I am glad you found this helpful.
You are an inspiration Ven. Thank you for the tips. It is just unfortunate I got to join Atchison Actuaries after you were gone. It would have been an honour to work with you. Thanks for the video💯💬 Please make a video if you haven't already on how and why you chose to write with IFOA and not any other board.
Hi @Fadzai thank you so much for watching and for all the positive vibes. I'm sure working together would have been great as well but you are in good hands. I will have to check on whether I have made a video on that before. I actually started out writing exams with the Actuarial Society of South Africa. Around 2017/2018 this became unaffordable as I needed to physically be in South Africa to write exams so that is the point at which I switched to the IFOA. To be honest I also only thought those were the 2 examining boards but it turns out there are so many.
great video! im watching all of your vids rn lol
Omg. That is really the best news to hear. Thank you so much. I really appreciate your feedback
Please keep up the great work🥰
Awww thank you so much Swing
Very informative video Vhenekai!
Thanks Stephen
Such an inspiration 😭😭❤️
Awwww. Thank you so much Amahle
❤
Thank you so much for this, it was of huge help. May God bless you. 😭❤
Thank you Lulu. I am glad you found this helpful.
Will you be studying actuarial sciences,?
@@amo_feels8738 Yes, I will be doing my first year this year at UP
Thanks ✌🏾
You are welcome.
Waw great to hear this,,,, thnks
Hi Ahmed. You are welcome.
Thank you so much
Hi Alphazero. You are welcome.
Thank you🙏
Thank you for watching.
in my third year, I wish I knew about the exemptions. Thank you, Ven. you are the best
Hi Charlie. Thank you for reaching out. Hopefully the rest of your actuarial journey has fewer surprises.
Thank you
Hi Jayden. I'm glad you found this informative.
Great video ,very helpful. I unfortunately have not met the requirements to study actuarial science but have met the requirements to study mathematical statistics (3 years) and aswell as mathematical sciences ( which is an extended programme which allows me to transfer to actuarial science after my first year)
Which is the best option in your opinion to choose?
This extended program...is it from UP ?
Do Acturial Science because you'll get exemptions for some of the exams but won't get exemptions if you do Mathematical Sciences. You'll have to write all the exams.
The best option is also affected by fees. If you can get the financial support to study for an extra year, switching may be a good option. If you take the mathematical statistics route and are able to secure a job just after university, most employers will pay for your exams. I also agree with the comment below from Zwivhuya, they exemptions are a good gift to your future working self as having to write all the exams from scratch can be overwhelming.
Thank you guys so much I ended up taking mathematical statistics and the university said if I past my first year modules I can move to second year actuarial, also I’m taking the exact same modules as someone doing actuarial science
@@aphiwepitso2307 hi , which modules did you take ?
What advise would you give someone who's about to start a Mathematics and Statistical Science first year course and wants to transfer to Actuarial Science for their 2nd year?
Stats and Maths are very useful for your actuarial journey and I would say make the most of this year. It might give you an edge for some of the other exams e.g. CS1 Actuarial Statistics
Please is actuarial science all about mathematics because I’m not really good at maths,infact I don’t know maths please should I still go for it
As an actuary; how do you get funding for your honours degree?
Hey im a mathematics and statics student from Zambia and id like to be an Actuary, what do you recommend me to major in? What advice would you give me? (Im in first year by the way)
Hi Lu. That's great to hear. What are you studying in your current degree and what level of flexibility do you have to change majors?
Hi, do you need accounting to do actual science
You mentioned the exemptions we should avoid, but which ones should we get though?
Hi Tsitsi. I think as many exemptions as you can get is the gold but if you can't get the maximum it's a good idea to have more of the exemptions from the later years of your degree. In my situation I only had the exemptions from first year and I didn't get any exemptions in second or third year. That is why I couldn't go to honours. If I had the four from second or third year I would have had a shot.
I'd like to ask if there is payment for exemption granted. I know some professional organisations (not necessarily actuarial) charges fees for every exemption, equivalent to the amount you should have paid if you don't apply for exemption.
Hi Ralph. Yes the exemptions are paid for. The cost is about half of the cost of writing the exam. Some companies will pay for your exemptions on joining as a recent graduate. I actually paid for my 4 exemptions last year so that they could reflect on my transcript.
Isnt it a requirement to do acc and statistics etc to be a actuary?
Do I need accounting and economics? Cause I have Geography and life sciences
What advice would you offer to someone that was in a similar position as yourself? Look for work or write the board exams and apply for Honours the next year ?
Hi Thabiso. That is a very interesting question. I would say to look for work to generate an income because Actuarial exams are quite costly. I would also advise my former self not to get too caught up in the wonderful world of earning my own money and spending it on silly things. I should probably have worked until I finished my CTS and saved up for an honors year in which I would have aimed at getting CA1 and two specialist exams. Most of the people who were in my undergrad class who went to honors are qualified now.
@@hernameisven3069 Thank you so much for this ! It’s really a difficult journey and all sorts of information about one’s personal experiences really helps🙏🏼
4:51 is the mood😭
Frrrr
please explain to me what you meany by average students with average degrees, please explain!
Could someone please explain to me what exemptions are in this context, how I would achieve them and anything else they can say on this??
Hi Aren. Each Actuarial society requires a certain number of exams for an individual to qualify as an Actuary. For example, the Actuarial Society of South Africa requires 14 exams. The societies may decide to recognise the modules covered by specific universities when the students get more than a specific mark. This recognition is what is known as an exemption because the student will not need to write the corresponding exam. For example The University of the Witwatersrand offers 9 exemptions in undergrad and 3 exemptions in honours. If a student were to get all 12 by the time they complete university, this would mean that they only need to write 2 board exams.
Quick question which university did you go to? Also I'm going to uct and it offers bcom actuarial and busSci actuarial. BCOM is 3 years and has an extra one which is the honors to make it 4years. Bussci is 4 years exactly with no honors. Which one is better and has more exemptions I was told it's bussci what are your thoughts? Also do you happen to know how many exemptions uct gives?
Hi Hudson. I went to Wits. I am actually not sure about the difference between busSci actuarial and Bcom actuarial at UCT. I think their prospectus might have the information. If not, you could ask their admissions department directly to make sure that the information you have is from the appropriate source. In my opinion, having that honors degree on your CV can't do any harm. There is still a risk that you don't get a place for honors at the end of your degree. In terms of the number of exemptions, you can check the ASSA student handbook as the number changes from time to time but ASSA is always up to date since they are the ones offering the exemption. The link to the student handbook is: www.actuarialsociety.org.za/download/assa-student-handbook-2/. The handbook is currently being updated but the placeholder on the website says that it will be available at the end of February.
@@hernameisven3069 thank you so so much!!!!!
Hi! I hope this isn't too late, the BBusSci at UCT is equivalent to honours in other universities, the extra year gives exemption to Financial Economics, ARM and Professional Communication . So depending on your circumstances it is often advised that you do the 4 year BBusSci. However you could opt for the Bcom as it has less courses and takes three years to finish wothout the extra exemptions
Hii Miss Ven
I'm currently in grade 9 and I'll soon be choosing my grade 10 subjects, I really would love to know if I can do actuarial science with the science stream instead of the EMS stream
P/S my school dosen't offer Economics
🕯🕯🕯🕯for you to see this comment in time
Hi @nnkmngmzulu1915. Really sorry for the late response. It depends on which university you plan to apply to. For example WITS requires a distinction in Physical Science, Mathematics and English. So you would need to search online for your preferred university's pre-requisites for Actuarial Science.
Hey I’m currently doing my Honors in Econometrics and I really wanna become an actuary. I wanna do it via Actuarial society of South Africa. Where do I begin?
Hi Ntokozo. I am glad to hear that. You need to become a member of the Actuarial Society of South Africa and this part of the ASSA website contains some useful information www.actuarialsociety.org.za/becoming-an-actuary/membership-admissions/ . Membership and exams are paid and ASSA does not offer a reduced rate which may be useful for students who are self funding. You would also need to look at the fees brochure to plan around how you are going to fund your exams. If you are able to secure an actuarial role some employers will pay for your exams and any exemptions that you may have gotten based on the courses you did in university.
Hi I'm about to start my degree in actuarial science next month and I really know nothing on what job is actuarial science offers after graduating and (does it necessarily work with an insurance company?). Does it difficult to study? And is it possible to pursue a master's degree in actuarial science?
Hi Naziha. Congratulations on starting your actuarial journey. The actual work that an actuary does depends on what they choose to specialise in. You do not necessarily have to work with or in an insurance company. You can choose to be a pricing actuary, reserving actuary, capital modelling actuary, risk management actuary. You can work for banks, insurance companies, pension funds, governments, audit companies, you can work in consulting and work with some or all of the entities mentioned above. There is a lot to choose from and after going through the introductory exams up to CP1 you might get an idea of what you'd prefer to specialise in.
The exams and degree are quite challenging but everyone is different. At the end of the day, those who put in the right amount of work and are disciplined usually get through the exams faster.
It is possible to pursue a masters degree but you have to be clear on why you want to get one and whether it gives you added exemptions towards your qualification.
Hello.. Just got introduced to you.. Did you of any valuable video tutorials for CS2?
Hi Khanya. Unfortunately I have not yet tried to do tutorials. My schedule is hectic so at the moment I would not be able to balance the workload.
does uj have all exemptions?[i dont know]
Hey I love your content, but have got a question, am doing Bachelors of arts in Economics but I want to shift to Actuarial science, is it possible?
probably but bachelors of arts in economics may be better than actuarial science since if u ever dont want to be an actuary, you still have ur economic degree and can do something else in economics instead of being an actuary since actuarial science is ONLY going to get you an actuary job
Hi Ven. I'm starting my actuarial science journey very soon and just came across your video. May you please assist me, which university offers the maximum exemptions, as information about that is very scarce on the Internet. I'd really appreciate your help. thank you. :)
Hi Omhle. I am very glad that you've decided to follow this path. The Actuarial Society of South Africa has a student handbook with all the information you need. The information on exemptions starts from page 51.The link to download it is: www.actuarialsociety.org.za/download/assa-student-handbook-2/
Hey Omhle where will you be studying?
Do u go to st dominics??
@@amo_feels8738 hi im planning on going to UCT
@@amo_feels8738 yes, I do
Would you say that Acturial science is the hardest thing to study?
For a person who loves going out and who wants to enjoy varsity life is it advisable to go for actuary?
Did you ever have free time?
No dude
Hi Robby. I think there are definitely harder things out there. I would say it's a tricky thing to study because it's so easy to get stuck on an exam and keep repeating it. I have some doctor, engineer and lawyer family and friends and from the outside looking in, they put in a lot of hours. They have heaps of books that are as thick as all the course material that I need to do for all 15 exams. At the end of the day I think it's more about determination and discipline, if you set your mind to it, you can do it.
I have not had free time in 6 years. The last time I ever really felt like I had free time is a long time ago. Not to scare you. I have been very inefficient in some of the choices I made with my exams in the past and I do feel like if I had just put in all the effort the first time I would be free now.
Upload video about actuary Colleges,most useful video 🙏🙏
Hi P.J.T.K thank you for the suggestion :). Unfortunately I actually don't have experience with the different colleges so I will not be able to make one. I do know that Ranveer Kaur has done one. You can check out her channel.
Hey, how easy is it to find a job out of university? What is the most important thing that employers look for and do you have any tips to improve one's chances to get a job? Thanks
This answer depends on the country in which you are looking and your relative position in the pecking order in that country. As a foreign student with average marks I failed to get a job in 8 months. As an experienced foreign hire with 5 years of good experience I failed to get an interview in 4 months then got a job within 2 weeks of my first interview. The point is that the job market is a funny place and anything can happen.
My tips would be to make sure that your CV stands out either way. Look at the job descriptions for an entry level actuarial job and make sure that you can demonstrate the you have the skills they are looking for including knowledge of the relevant computer programs.
Different employers look for different things and I think it would be hard to come up with the most important thing that they look for. Sometimes it's about the simple things like whether your CV is appealing and quick to look through.
@@hernameisven3069 Hi Ven Greetings to you again. We really appreciate your sincere efforts to make our potential actuarial life easy. Thank you. I am a South African Permanent residence holder with ID, But not a citizen. Will this "not a Citizen" be a bottleneck for any potential bursaries or campus placement immediately after graduation. My initial dream was that once we finished the actuarial honors degree, there will be a queue of potential companies to hire us and we can select the best employer for us.. now it looks like the grass is no so green on that side. Kindly share your views as a non-South African citizen in Actuarial Science market, please. Thanking you again. Sree.
Hi. I wanted to ask if there is no retake once you fail you second year in actuarial.
Hi from what I remember failing at university has different categories. If you get a pass may not proceed or equivalent, that means you have to repeat that module. There is also something called academic exclusion which I think applies when you have performed extremely poorly. In this case you cannot repeat until a certain number of years have passed. I am not sure whether there are other conditions for academic exclusion.
About how much do the exemptions or the board exams cost ?
Or about how much did the exams cost at the time you wrote them ?
Hi @mulalokhomola4753 exemptions cost roughly half the price of exams. Just to give you a guide of what to expect, the entry level exams currently range from R2930 to R6840. You can check out the full list of fees for the Actuarial Society of South Africa here www.actuarialsociety.org.za/fees/
Thank you so much🫡🫡🫡I’m doing my first year, good video… But can you work with your degree only?? Can you get employment
Hi @flidoofficial1848. Technically it should be possible but employers are likely to prefer people with some exams or exemptions. This is proof that you can pass if they start sponsoring you and more exams or exemptions means a lower cost to company for training. If you start looking without exemptions and employers don't hire you, then you will need to start writing on your own to improve your CV.
Sadly, someone with broad interests and studies diverse but related subjects would be penalized. One should be encouraged to broaden, at least a little, one's areas of study.
Any actuarial students doing 1st year this year at UP?
Hi @tendiek792. I hope your first year went great and that you found some great people also doing their first year.
Hey my question is,by your honour year and you passed undergrade with lets say 9 exemptions could and you get 3 in your honours year are you exempt from writing any exams are your now a fully qualified acturial scientist
Hi Ayanda. Under the old system you would have still had 3 exams left. Under the new system there should be fewer exemptions available at university because 4 of the undergrad exemptions were combined into only 2 exemptions. So you would still have 3 exams to write after leaving university. You would still not be called a qualified actuary if you finished all the exams without work experience. They will call you academically qualified.
hi ven, could you please tell me which university you're going to?
Hi Ebrahim, I went to WITS university from 2011 to 2014.
I’m starting my first year of actuarial courses in 3 4 days I’m so scared,nervous and exited at the same time , I’m I choosing the right thing!!?? Because in hightschool I wasn’t studing hard attt all I was very chill, so not I feel like I can’t do it it’s gonna be so difficult for me, buuut I believe in me and I’m gonna work soooo hard to graduate and to become an actuary . Please wish me luck ❤
Good luck remember Allah is always with you
How is it going?
I wish I should have seen this earlier I would have said, should be😂.
@@keekeedavis1704 well I finished my first year already,nothing too difficult so far like all the majors you have to work hard
@@wesly6170 what do u mean😃?
Hi which university did you study at?
Does the university of Pretoria offer exemptions for actuarial science?
Hi please reply
Also can you get a good job with just the actuarial science degree?
@@tiagovender7238 just google
@@thabiso3299 can you get a good job with just an Actuarial science degree
@@tiagovender7238 if you get your bachelor's you can get a grad programme where you can write the actuarial exams while working
Hi Tia. Sorry for the late reply, my schedule has been a bit hectic with work and exams. To answer your questions:
-I studied at Wits University.
-The university of Pretoria does offer actuarial exemptions and you can check out the Actuarial Society of South Africa's Handbook using the following link: www.actuarialsociety.org.za/download/assa-student-handbook-2/
-You can get a good job with just the actuarial science degree and as Thabiso pointed out most actuarial employers will pay for your exams, study material and give you paid time off to go study. It could be a graduate programme or just an actuarial analyst job. Something to note on this is that your starting salary will depend on your exemptions. Most companies will have a base for just the degree then additional amounts for each exemption you have.
Hey Ven
I also wanna study actuarial science, I'm aware I need 80% plus for mathematics but i got less in my final grade 11 mark. Im currently in grade 12 and I'm working hard to get that distinction. Will it possible for me to study actuarial science next year
Hey. I'm studying Quantitative Risk Management at North West University. The actuarial students are in the same "school" as I am and as far as I know, you need 70% for maths grade 12. At Tuks it's 80%. So that could also be a choice. Good luck
Thank you 😊❤
You can still go for it @UFS you need 70% in Maths.
after todays paper ? im reconsidering. 🤣👍🏾😭
Hi @masekoportia5202. Apologies for the late response. I hope that all went well for you. The final decision is normally made based on your final Matric marks.
Does Simon Fraser University offer Exemptions?
Hi Sandra. I am not sure where that University is. I think you could contact them directly and find out.
Which university did you get your exemptions with?
Hi Litha. I got exemptions from The University of the Witwatersrand
I am matric and I want to ask what must I get for mathmatics at the end of the year to get into actuarial science
80% in Maths to study at UCT, UP, WITS, STELLENBOSCH, UJ and 70% to study at UFS or NWU.
Thanks Tshepang
@@tshepangt88 Hi I’m from Namibia and I’ll be doing AS-level mathematics next year so I wanted to ask is the 80% on ordinary level or on Advanced Subsidiary?
Hi, do you know which universities offer the most exemptions from exams? You said that the one you attended offered 9 exemptions. Which university is that?
@@ch1ccynugg1e thank you!
@@ch1ccynugg1e oh okay, thank you for clarifying! Appreciate it ☺️
@@nadinenaicker6353 UP and Wits offer the same number of exemptions
Hi @nadinenaicker6353. I went to WITS university. In the old 15 exam system, they offered 9 in undergrad and 2 in honours. This has changed due to syllabus changes where two of the 8 core technical subjects were merged by the Actuarial Society of South Africa
What should I do after 12th for actuarial science---b.sc mathematics or b.sc statistics??? Pls reply I am in need of ur response 😭😭😭🙏
same doubt.........
Hi Drusilla and Angeline. The choice will depend on how many exemptions you can get from the additional courses offered under each of the degrees. The initial actuarial exams have Financial mathematics, statistics, economics and finance. You can look at the explanation of each of the subjects on the IFOA website to give you something to compare the courses to: www.actuaries.org.uk/studying/prepare-your-exams/planning-route-through-exams
If one of the degrees covers more of the exams described there it will likely give you more exemptions and reduce the number of exams you need to write after university.
Another option is to opt for an actuarial degree if that is offered at the university/ universities you are applying to.
@@hernameisven3069 ❤️...ya a degree in acturial science is good I guess.....but there is an entrance exam called ACET....❤️
I did B.Sci in Mathematics. 3rd-4th year is painful asf. Run. Lol I have no regrets though I know many proofs and mathematical theorems that others don’t know and wouldn’t understand lol
I chose to do mathematics because it is broad and created a huge diversity of career options for me. Including actuarial science.
where did you study Actuarial Science ?
Hi Sarah. I studied at the University of the Witwatersrand.
Helo..i want to study MBA in actuarial science..which university is best to join
Hi Kaviya. I haven't done an MBA in actuarial science but I think the general principles still apply in evaluating the different options. If you are able to apply to more than one, that would be a good idea. Choose the ones you apply to based on what it is you want to get from the MBA. Are you looking for exemptions and are they offered? There is an actuarial youtuber called Vee who has done an MBA. You could check out her channel for more relevant tips: czcams.com/users/VLifeJournal
Can you branch into actuary via economic science
Hi @user-iy7nz1si4p, thank you for watching. I think it is possible for you to branch into actuarial science from economic science. It would be a good idea to reach out to your local actuarial society or the actuarial society you intend to write your professional exams with and just make sure that they have no specific requirement for an actuarial degree.
Which varsity do you then recommend
Hi Kgadi. Choosing a University is a very subjective matter. I am biased towards Wits because that's where I went but my choice was purely financial. Wits was upfront that they would discount my fees by R4000 for every distinction in Matric except L.O and UP had financial assistance that I needed to apply for. I went with Wits as the safer option and it was closer to home than commuting to Pretoria everyday.
Venekai to light up or to shine
:). That's right
Which university did you go to?
Hi Kelly I went to WITS.
Hi. So if you get 8 exemptions does it mean that you dont have to write those 8 actuarial board exams.
Another question...what job can you actually get with just the degree and around how much would the starting salary be..
Hi Tia. If you get 8 exemptions you will then need to apply for them and pay about half of the actual exam cost for them to reflect on your transcript. This means you do not have to write those 8 exams even though you still have to pay for them to some extent.
Most entry level jobs are actuarial analyst jobs. I do not know what the going rate is these days but in 2015 the minimum was about R15 000 a month and the starting salary would be higher for every exemption. Every company will do things a little differently though, so it is still worth doing your research.
I honestly wish I went for Medicine.
Why do you say that?
Should i do Bbussc Acturial science ?
That's really a tough question and the answer really depends on a lot of issues to do with your particular circumstances. If that is the only Actuarial Degree offered and it has the right number of exemptions doing it should not be a problem in the future. I hope that this is useful if not, you could maybe provide more detail on the other options that are open to you.
I've always said that if I'd known what a "quant" was when I finished my doctorate I'd probably have ended up working for an investment bank.
As for courses, in retrospect I do wish I'd taken some more advanced courses in statistics.
Hi Sam. That's quite interesting. Do you wish you'd done more advanced courses in statistics because they could have better prepared you for the work environment?
@@hernameisven3069 My degrees are all in pure math and even tho I've taught undergraduate statistics I don't consider myself to be a statistician. I think it would have given me a better handle on some of the modelling work I've been involved with over the years. And I never even heard the word "copula" until many years after I qualified.
BTW, unlike you I didn't set out to be an actuary. I've been around for a while (guarantee I qualified before you were born) and I do have to say I'd been working as an actuary for several years before I actually met someone with a degree in actuarial science. Up until then, with a couple of exceptions, every actuary and actuarial student I knew had degrees in some sort of heavily mathematical STEM subject. (The exceptions: two of my friends have humanities degrees, and I know one qualified actuary (FSA) who never graduated from university.)
Do you have an email address please?
Hi Tshegofatso. You can email me on beingmaryann@gmail.com. In case you find this useful, if you go on a youtuber's channel and click on the "About" tab and scroll to the bottom, you can view their email there.
I'm also stuck between medicine and actuarial sciences 🥲
Same
Hi Chisomo. I think they are both great career choices. What is best is to learn as much as you can about both of them so that you make an informed decision on your future. Find medical youtubers and see what a day in their life is like. If you know the actuarial field you want to specialise in, find an actuarial youtuber who specialises in that and check out a day in their work life video.
Hi Wongani. I think they are both great career choices. What is best is to learn as much as you can about both of them so that you make an informed decision on your future. Find medical youtubers and see what a day in their life is like. If you know the actuarial field you want to specialise in, find an actuarial youtuber who specialises in that and check out a day in their work life video.