26 March 2018
In this blog, Chloe Hung, Amazon best selling author, gives an insight into her own take on 'What is actuarial science' and what it takes to become an actuary.
Are you someone who is really interested in Math? Did someone recommend you pursue actuarial science because you love numbers? Does actuarial science sound like a good fit for your Math qualifications?
Let’s start with the most commonly asked question in this industry: What is actuarial science?
I am sure you’ll be able to find the answer to that question from Google so let me give you my personal answer to this question.
I define actuarial science as the application of Mathematics to manage risks and solve problems within a company. In general, an actuary’s main responsibility is to be a risk manager and problem solver within a company.
Actuaries are special because they apply their superior Mathematical knowledge to come up with efficient solutions for companies. This is what makes actuaries so valuable around the world. Hence, there isn’t much room for error if you choose to pursue an actuarial science program for your career.
The actuarial science program is definitely a very interesting program for students who are very passionate about numbers. However, passion in numbers alone will not get you far within the actuarial profession. In other words, actuarial science may not be the right fit for you even if you may be a Math enthusiast.
This is because the actuarial studies involve a combination of many different subjects such as Math, finance, economics, programming and so on. You must be willing to learn all sorts of new skills and subjects that are not purely Math based as an actuarial student. An open mind and the willingness to constantly learn is a definite must to become an actuary.
Becoming an actuary is going to be a big decision for most of you because it’s going to require a huge amount of time and effort from your end. But most importantly, being an actuary is not just an occupation, it is a profession.
You stand out from the crowd as an actuary. People will view you in a different light because actuaries tend to be a highly regarded group of professionals. An actuary’s advice is always highly valued. Therefore, always remember to be professional and ethical in your work to avoid giving misguided advice or false information to people.