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Data science and Lifelong Learning

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Data science and its potential for Actuaries

The world of data science continues to be both a threat and an opportunity for actuaries in traditional and new areas of work. With rapid advancements in technology, we can collect, store and draw insights from data like never before, with the potential to transform both traditional actuarial fields and open up new sectors and industries. We think that ‘Big Data’ is going to change the world and we want to be ready to embrace the opportunities that come along with it.    

Certificate in Data Science

John TaylorAt the AGM in June 2019 John Taylor announced the launch of the IFoA's Certificate in Data Science. This Certificate will be available to our members at all stages of their careers and wherever they are located across the globe. It will, cover topics such as Data Visualisation, Machine Learning, AI and Ethics, and the application of these to actuarial work. We are delighted to be working with the Southampton Data Science Academy (SDSA) to present a certificate in data science jointly accredited by the Web Science Institute at the University of Southampton.
 

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Autumn Lecture

Watch our Autumn Lecture 2017 that explores these issues in detail.

Data science holds huge potential for changing the way in which actuaries work. Explore what data science is from an actuarial viewpoint.

Data science, in all its manifestations, is rarely out of the public eye these days. Why has it become such a hot topic, though, and what role should actuaries play in understanding and explaining it?

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Courses to get you started

These are offered by:

These courses are online, flexible, and sometimes free; allowing you to choose when you start and how much time you spend. Each course is valuable providing a different perspective on Data Science, from Basic R to detailed analysis. Explore the options for an MSc, with a number of full or part time opportunities; for a comprehensive list of the available courses, visit the Study Portals Masters site

Data science course review

We asked some of our members for feedback on the courses they had studied; members of the Modelling Analytics and Insight from Data (MAID) Working Party identified Machine Learning (Andrew Ng, Stanford University) offered by Cousera as a great introduction.  This is what they said:

This course covers a full spectrum of machine learning starting from the basics and there is a practical focus on how to build machine learning solutions (neural networks and others) from scratch to solve real world problems. The course is 11 weeks long and requires circa 3-4 hours a week of study to complete course. The course is free but there is an option to pay for a certificate (for a one off course fee of £58).

The course is taught through a mix of lecture videos, notes, multiple choice questions and programming assignments in Octave (a freeware version of Matlab). This course is both relevant and may be useful to actuaries although it may not be suitable for every actuary because of the hands on programming which will require individuals to get stuck into it to get a lot out of the course. Recommendations are to complete programming assignments to get full benefits of course.

Qualifications provided by Actuarial Associations and other Professional Bodies:

Other learning options which you might wish to consider if you are looking for a qualification in the Data Science area:

The CAS Institute Certified Specialist in Predictive Analytics (CSPA)

The Operational Research Society - Certified Analytics Professional (CAP®)

The Society of Actuaries - Predictive Analytics Certificate Program

Lifelong Learners are motivated to never stop learning

Take time to reflect and plan before you begin any new projects

Reflect: check the competencies against your current role and future ambitions

Plan: identify exactly what skills and knowledge you need and how best to acquire them

Do: take courses, read articles, find a mentor, look online, volunteer

Record: write down everything you do, how far it met your objectives, the impact on your work

More on Data science

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Events calendar

  • India Town Hall

    Webinar
    28 January 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann. 

  • Spaces available

    What are the options for the world economy looking ahead?

    In this Thought Leadership Lecture, Economist, Vicky Pryce, will be discussing world economic trends, including the differences in geographical performance and how output is recovering and where.

  • Spaces available

    Trust and Leadership for Actuaries

    Led by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:

  • Health and Care Hot Topics webinar

    Online webinar
    10 February 2021

    Spaces available

    In this webinar, we have two presentations showing the latest research on the implications for life and health insurers of two key issues: genomics and pandemic risk.

    Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.

  • Spaces available

    As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.

  • Sub-Saharan Africa Town Hall

    26 February 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.

  • MENAP Town Hall

    2 March 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.