5 Myths about the Actuarial Science Exams

[@MJtheFellowActuary]

Need Actuarial Career Advice? www.fiverr.com/share/kLvaXA Actuarial Statistics on Udemy www.udemy.com/course/actuarial-statistics-exam-pct3/?referralCode=C3DC46A18BB4C5BABB88

[@Flicker9630]

I heard getting into “illuminati” is easier that passing the “Actuaries exam”.

[@MJtheFellowActuary]

Thanks Ashmeet! yes I plan on doing some videos on CT3. I'm busy studying ST9 and there is a stats component, so I will try make some videos on that :-) thank you for all the support.

[@mickphipp9439]

MJ the Student Actuary Great vids man, keep it up! Was just wondering what you studied at university and if you were still able to maintain a social life? I'm doing A-Levels and am thinking about a course in Actuarial Science at university but I would still like to enjoy my time there outside of academics

[@MJtheFellowActuary]

Mick Phipp I studied a BSc at Wits with my majors being Actuarial Science and Mathematical Statistics. I then did my honours in Actuarial Science. Having a social life depends on how smart you are. If you are a genius, you will pick up the concepts quickly and still have time to party. Otherwise, like me, you spend most of your free time in the library studying and going over your work.

[@mickphipp9439]

Great help! Thanks man!

[@rickypercocet3266]

*Pokemon_Go Pokecoins* twitter.com/dailyoffers98/status/755361036736364544?v=EHmh-_edoNQ?v=EHmh-_edoNQ

[@ACCOUNTS_ADDA]

Pls give detail procedures and fee and time limit or any important details give me on this course

[@notformebutforgood8910]

Oh my gosh I laughed so hard at the last myth. Like, we all know the only reason we calculate risk is for world domination.

[@eugenekorol6440]

"You won't become an illuminati" is exactly what an illuminati would say.

[@MJtheFellowActuary]

I can neither confirm nor deny that statement. ;)

[@gabrielgan2971]

Oof, a Kafka trap

[@actuarialhistory8741]

Our channel will be showing people real information on dropout rates and the actuarial exam system. Since the Institute and Faculty of Actuaries have been taken to Court in the UK and have had to disclose information on these matters.

[@jacquelineyu1237]

Hi, I recently got interested in actuary. I love math and I always get A in class. But Im not that talented in math tho... Im just hard working students. Does actuary need to be really talented in math to pass all exam?

[@naysashah6126]

Jacqueline Yu yes I had the same question

[@tanzhiqing5439]

I am wondering too...as i see many posts say it needs talent and strong mathematical skills

[@keanunaicker227]

Hi is there anyway to know which university receives the highest pass rate in the actuarial exams.

[@ArionSA]

I don't agree with your comment that they don't only make sure that a certain percentage pass. If that was the case, why do they first mark all the papers before determining the pass mark?

[@MJtheFellowActuary]

+ArionSA The aim is to make it fair between the years. If 2016 is an easy paper then the pass mark will be higher than 2015. But you raise a good point. Who determines if the test is easy or not? It could be that the class of 2016 is just much smarter. Also wouldn't an easy test be picked up the exam counsel before the students wrote it and changed before hand... So yea I like your question :-)

[@anthonytesla8382]

MJ, is actuarial science at university level a lot of hardcore studying like medicine maybe? How much raw information do you need to memorize in comparison to application work and calculations?

[@vijayprakashsingh5495]

Can Company Secretary students also do actuaries course?

[@MJtheFellowActuary]

I see no reason why they cannot!

[@thaiduong2356]

Hi MJ, thanks for the video. Regarding myth #2, do you have any advice for one without a degree in math but want to do the exams?

[@valdeisimeon987]

Mj I am a Namibiian student in last grade to advance to tertiary level and I am very good in mathematics but not into business.. I have a passion for working as an actuary but I have no business skills what must I do know that being good in maths doesn't mean you can do well in actuarial science?

[@jcn268]

so overall you do need to be good at maths to do actuarial science

[@anthonytesla8382]

Not just maths. You have to be good at academics in general. You have to be an A student to study actuarial science... they don't admit anything below that.

[@afrikaazanialuti]

This was actually quite useful information. Thank you for the video...

[@yashgrover9189]

Please suggest me the books which help me to clear the acet exam december 2018??

[@jjknipe]

Hey MJ, I am in matric and have conditional acceptance to both UCT and Stellenbosch for Actuarial Science. Do you know which one is the better of the two for Actuarial Science? I will be staying in res too if you know which one has better residences. Thanks

[@Ishmaelstene]

I think UCT is better.

[@jjknipe]

Any particular reasons why?

[@Ishmaelstene]

Status!!Even though I am at wits,In most cases UCT is ranked as one of the best university in Africa,while some rank wits as no.1..I am not sure but I also think UCT offers more exemptions.

[@MJtheFellowActuary]

jjknipe Wits is by far the best university for Actuarial Science. I was actually thinking of making a video to explain why, because there are lots of reasons. :-)

[@MJtheFellowActuary]

Stene Stene Wits offers up to 12 exemptions. UCT only offers 10

[@richakandpal94]

You can consider these points as myths in S outh Africa. But actually these are true if you give exams from India.

[@harshagarwal4866]

Give exams from IFOA if you don't have financial problems... pass percentage is arnd 60...☺

[@richakandpal94]

+Harsh Agarwal that is the problem.. financial :D

[@harshagarwal4866]

+Richa Kandpal But still its better to clear one paper in IFOA in first attempt rather than taking several attempts in IAI... ☺

[@MJtheFellowActuary]

+Richa Kandpal Even Myth Number 5?

[@aryanarya7456]

Hi Richa, my son is looking to do the actuaries . Is it still good?

[@FaithinCrist]

I did pursued my degree in actuarial science hearing that it is the best job in America, and it has a 0% unemployment rate. I graduated with a near 4.0 GPA, and passed 4 actuarial exams, only to find myself unemployed. I was lied to, there is only a 0% unemployment if you had 5 -10 years experience. This field is impossible to break into with no experience. I switched to another career and had much success, but I still regret wasting 4 years of my life on this useless degree.

[@MJtheFellowActuary]

+john m Sorry to hear that. What career did you switch to? Was it something similar?

[@FaithinCrist]

+MJ the Student Actuary Data science. The probability and statistical training eased the transition but you need more training in statistics and programming.

[@FaithinCrist]

+MJ the Student Actuary are you currently working as an actuary.

[@MJtheFellowActuary]

Yeah working as an Actuary, but in a Wider Field, so not traditional stuff, more programming and problem solving. Are you enjoying it?

[@FaithinCrist]

+MJ the Student Actuary A lot of math, finance and programming. Surprising that a lot of what I learned in school is applied to my job. It is what I thought actuarial science should be, math and problem solving. I am enjoying it. How about you, are you enjoying it? How much you studied in school and actuarial exam is applied to your job?

[@guenkouprosper4728]

Hi Mj, what do you think if one starts studying actuary at 32 years old. Is it too late? what would you say the best route is then?

[@MJtheFellowActuary]

its never too late. I would recommend signing up with a society and writing the CT1 exam first, Financial Mathematics. see how it goes and try write 1 exam every 6 months and find employment with an actuarial company.

[@guenkouprosper4728]

+MJ the Student Actuary Thank you. Great videos by the way.

[@MJtheFellowActuary]

+Guenkou Prosper thank you so much :)

[@fikilemkhize5776]

I also would like to do Actuarial science. I am a statistics master's student. Up to A2 courses, I have done a lot of the content in my statistic undergraduate and honors but I fear that I won't get credit for the modules because UKZN is not approved. Another problem is finding an actuary to sign for me. how do you think I can overcome these problems

[@monekiwajosephs]

How many board exam should you write?

[@MJtheFellowActuary]

I wrote 8 core technical, 3 core applications, 2 specialist and 1 fellowship. Plus a whole bunch of smaller tests on other subjects. But the exam structure keeps changing

[@ishavarshney4759]

I am still having a doubt about passing %. If it wont be there thn hw we wld rank a person

[@madelinesharapova1423]

Man....FD? I thought an F was bad enough. Not looking forward to these exams 😅

[@khanjiya2663]

hello Sir, I am doing Bachelors in Human resource managment. Can i pass actuarial exams separately and go into that profession simultaneously, as i heared that it isnt necessary to have a course work in actuarial science. Because i want to explore both the professions toegther.

[@md_zeeshanullah]

Can i dare to pursue chartered accountancy and actuary exams at the same time.People regard me as good in maths as well as in other subjects( but i dont think so to a certain extent) .please provide some clarity to me

[@MJtheFellowActuary]

If we want to concern yourself with the past and make sure companies have followed the rules: become an accountant. If you want to predict the future the design products that mitigate risk: become an actuary.

[@mas0ny149]

Hey, Just wondering, Could u point me to the place where I can register for the exams and see how to study for them? Thanks :D Also when would u recommend doing ur exams? Im about to head into the degree and just wondering do we do them after we finished the university course or during the final years of the Uni Course?

[@EduardoLopez-mm9pv]

Hay bud, I see that I can help you with that. Just Google, exam p, exam fm of exam ltam, exam stam registration. The website will guide you from then on. I would definitely recommend doing the exams in the final 2 years of Uni, preferably as you take courses related to your profession

[@MegaDAli95]

How many exams are you allowed to sit at once?

[@ChayChay612]

Quoting Steve’s speech that he still gives to the first years... I would worry about him getting tech-savvy and copyright claiming this.

[@nikhilparshotam7318]

I want to ask are the exams difficult because of the quantity of content or just the content itself??

[@MJtheFellowActuary]

The content is a bit tricky at first. The quantity is less than some other professions

[@nikhilparshotam7318]

@@MJtheFellowActuary ohh OK cool thank you so much... I'm thinking of doing the actuarial course as I'm now in matric 🙈your channel is really helping me decide whether or not to do it!

[@-CHIRA-]

hey what are the best universities for actuarial science in the US? and i did London A- levels including math and econ, should i do any courses before starting the degree?

[@MJtheFellowActuary]

Chirantha De Silva I've heard Stanford has an excellent stats department and most students do struggle with the stats. Its a tricky question to answer because it depends more on the lecturers than the university itself. Like you dont need sophisticated labs or research facilities to study actuarial science, so I'm not too sure which university would be the best in the US. Maybe try do a stats course before the degree, although I don't think it would be that necessary as the degree will cover all the stats.

[@implied321]

i have a degree in maths and now i want to be an actuary so i have two questions. there is an msc in my country to actuarial science but the actuarial union does lessons to. What do you recommend ? go to universityand take a msc or take lessons directly from the union?

[@MJtheFellowActuary]

Which country are you from? the msc might be the better choice but also might be the more expensive choice

[@implied321]

iam from greece. the money are the same in both cases

[@MJtheFellowActuary]

strider interesting that they cost the same. it's a tricky choice. try find two people who have each done one of the paths and ask for their opinion.

[@janaksharma7688]

MJ,amazing videos, being a person with a weak math background i didn't think I'd survive but your videos are too good. thanks mate!

[@aditivaidya1613]

More than 50% people pass in the CT series? Wow! Which institute exams are you appearing for? 😲 *I'm really asking*

[@MJtheFellowActuary]

Aditi Vaidya The Actuarial Society of South Africa. More people pass these exams because South Africans are smarter than the rest of the world ;-)

[@aditivaidya1613]

Hehe.. I don't know any South Africans.. So I can't really second that.. But I have seen enough of your videos to know that you are smart and weirdly obsessed with the Illuminati :P I'm giving the exams from Institute of Actuaries, India. The exams are super difficult. So most people switch to the Institute and Faculties of Actuaries, UK because they conduct exams world wide and their exams are much simpler compared to the Indian ones.. Although the UK exams are 5 times expensive than the Indian ones.. And I read somewhere that they are half the price of the South African exams.. Why did you choose the Actuarial Society of South Africa?

[@MJtheFellowActuary]

Why thank you. Yes the very first youtube videos I saw were all about Illuminati Conspiracies, so its a little person joke to mention them whenever I can. Yes the exams are expensive! Too expensive if you ask me. I am with the ASSA just because I love anything South African, but I think the UK system is better, especially when you get to the Specialist subjects.

[@aditivaidya1613]

MJ the Student Actuary Oh Okay.. But is the difficulty level of the ASSA same as IFoA? And are you a Dan Brown fan? I'm asking because of the Illuminati reference ;)

[@MJtheFellowActuary]

I loved his book Inferno and the movie Angels and Demons but never read the Da Vinci Code. Yeah the difficulty is the same but what I don't like is that IFoA has 2 different subjects for general insurance, subject ST7 and ST8 but ASSA combines them into one subject called F103. But maybe I'm just bitter because I wrote F103 but didnt pass it.

[@jeffersongarcia8269]

Hi mj , im a high schooler and i want to be a financial engineer should i get an actuarial degree?

[@MJtheFellowActuary]

yes!

[@ninatorees9620]

I'm gonna study economics for 3 years, is it possible to study actuary science at the same time? Will it help me for to prepare for the exams?

[@aladdinkayqubad1645]

Actuarial* Science. Yeah, it will; because you're gonna be taking econometric modelling courses... along with R programming courses

[@gulonz5iz]

Hello there , I'm currently considering actuarial science for my degree . Is it really worth and can I get a decent job from it ?

[@MJtheFellowActuary]

+Ahmad Faiz Yeah this is a good question. I am considering doing a video about the cost of becoming an actuary and how much the degree is worth once you have it by considering all future income.

[@gulonz5iz]

+MJ the Student Actuary wow , I don't really expect a reply from you btw thanks . Do you have any recommendations for me to know more about actuary ? Books or any other references ? Nice video . Subscribed

[@MJtheFellowActuary]

***** Have started doing the research into how much it costs. So far it looks really expensive lol. But the video will be coming out soon (I hope)

[@vijayprakashsingh5495]

Okay, got my answer Thanks

[@ethanedens8688]

thank you for you videos. I am an aspiring actuary at university right now. I was wondering If you had any advice for the week right before sitting for an exam. thanks so much, Ethan.

[@MJtheFellowActuary]

Ethan Edens practice as many past papers as you can :)

[@ethanedens8688]

Thanks, I will! :)

[@reinalavictus7851]

7 years after college?????

[@Veemes1]

Drop that knowledge, man! Great commentary.

[@rahul_j_mathur]

Thank you for the clarification :)

[@sudhagoel2293]

Useful one

[@Ashmeet78]

Hey MJ, I hv been watching your videos from a while.. Just love the way u make sure that the videos have some entertainment factor too (like the illuminati point in this video 😁). Keep doing the good work buddy 👍 and please add some videos on CT3. I'll be appearing for it in Oct. Also provide some advise regarding the same!

[@kk8490]

hi! I'm in grade 9 (15) and I'm thinking about being an actuary. I pick subjects this year and I just wanted to know if you HAVE to take accounting to be an actuary? Thank you.

[@JOK35T3R]

You don't have to take accounting but it does help as one of the exams is pretty much accounting.

[@pihugosain5994]

Hi MJ, I am in my first semester of university and I am thinking to switch from Business as my major to Actuarial science. I am having a hard time making a confident firm decision on switching because although I have strong mathematics and economics base I do not have any knowledge of computer programming. Do you have any advice? Thanks!

[@MJtheFellowActuary]

Hi Pihu. programming is not essential for actuarial science, but it is something I would recommend you start learning. as an Actuary you will build models, you can build them on Excel but you can make more powerful ones if you know how to code. but like I said, it's not the main skill you need to become an actuary so don't let that put you off. let me know if you have any other questions :)

[@Angrylittlelouie]

Can’t you just ask them what you got wrong?

[@iamukasa]

haha fact 5....... btw your FM tutorials were uber short

[@lakhemaphaha1468]

There is a guy who studied BBusSci Act Sci and he some how qualified in 1.5 years.

[@MJtheFellowActuary]

Dam chuck norris making the rest of us look bad.

[@vidhyaravindran1660]

can i study actuaries in IAI OR IFOA which one woud be better coz they said if i have to study in india i have to write ACET exam and that is difficult to complete

[@MJtheFellowActuary]

+Latha Ravindran Ah unfortunately I don't know the answer to that question. Can anyone else help here?

[@gauravgregrath6606]

ACET is not difficult at all.. its a must to start with actuaries .. i helps u build up the base so plz go through it

[@zenazwane2315]

5th myth cracked me up lol

[@mimilarbi6177]

How many exams are there and do you have to take them all?

[@MJtheFellowActuary]

There are around 15 in total. But some are simple multiple choice online tests

[@mimilarbi6177]

Alright thanks

[@MorganBlem]

Ahah you are so South African! Me too.

[@MJtheFellowActuary]

Morgan Blem south africa is the best! :D

[@christiansniper2]

so it does take 10 years if you are starting out.. LOL the myth is true

[@ashnasatyajit5016]

hahahahahah number 5