One Year being a Fellow Actuary

Update on the Fellowship Journey. How salaries change and other things.

[@khumomaimela]

Staying in South Africa on a mission to make it better 😜

[@diz8344]

Hi. MJ. I am a student who just beginning my actuary exam journey. I am still studying for my first Exam. I want to ask how many years it took you to complete the whole process. From studying the first exam to pass the last exam? Thank you.

[@MJtheFellowActuary]

Took 8 years!

[@keletsomabelane5192]

Guess who's proud and motivated by you as always, me. I've been following you since you were going by student actuary but with how tough life is now I just had to come back to this video, I really needed the motivation

[@evelynray8088]

Sorry for the break in and congratulations on your 1 year fellow anniversary.

[@MJtheFellowActuary]

Thank you so much, ya I guess these things happen, fortunately no one got hurt!

[@evelynray8088]

Amen.

[@Tyrique.]

Hi MJ, I'm studying actuary in 1st year at wits, when will I have to start buying information from the Acted website? Will I need anything for this year?

[@MJtheFellowActuary]

The notes at Wits are good. I only started buying the ActEd notes in the later years. You might need to get that Orange book with the Life Tables

[@keletsomabelane5192]

The Orange book is really gonna be used more from second year, you can make do with the notes they give you. They give very detailed notes which make sense and they explain well and there are even more than enough consultation times. Just do your tuts and dont let yourself get too left behind.

[@wihanwampach2260]

Hi MJ! In the video you mention a lot of short term sacrifices, would wou say that in the long term the sacrifices are less, for example more time for hobbies and relationships? Furthermore what would you suggest to someone who is studying honors to do additionally to keep in the loop for example what actuarial news feed to follow, what to do to make informed decisions on which fellowship to persue and how to distinguish yourself from other actuaries in a years time? Thanks for the great content!

[@MJtheFellowActuary]

In the long term the sacrifices are less and the payout is good! Best way to distinguish yourself from other actuaries is to become very good at programming and combine that skill with your actuarial knowledge

[@Ditiro100]

How about one day you make a video about your journey to being a consultant?

[@Frans_W31]

Hi MJ, I'd like to know. As you said your work load varies, but on average, how many hours do you work per week as a fellow? And has this number increased or decreased since becoming a fellow? Thanks

[@MJtheFellowActuary]

I try average 8 hours a day but sometime it’s 6 if I go out for a nice lunch and sometimes it’s over 10 if I’m pushing for a deadline.

[@teejinglong5630]

Hi MJ. I would like to ask if taking Masters in Actuarial Science is worth it? or it's better to work and study at the same time to gain working experience?

[@MJtheFellowActuary]

It depends. If the masters is going to be covering a bunch of exemption subjects then go for it. If not, don’t bother.

[@Frans_W31]

Hi MJ, would like to ask the same question regarding Honors? Is it worth it, say if the honors year covers 2 excemption subjects, or would it be more beneficial to start working and write 1 or 2 exams in that year? Thanks

[@hitakshjain8827]

Hey MJ. It's been a long time I have been following you. You are doing great work. I had a question regarding the present scenario of availability of jobs in actuarial field. As I have been hearing lately that people are sitting idle even after clearing 6 to 7 exams (IFOA). Is that true?? Please reply

[@MJtheFellowActuary]

Yeah getting your first job will be the hardest so make sure you do some cool Data Science projects to compliment your CV

[@lukealadeen7836]

Can you please do a video of the IFOA and SOA Certified Actuarial Analyst designation. What do you think of it?

[@MJtheFellowActuary]

It’s worth getting!

[@chrismarek1348]

Hey there MJ. Informative video. Quick question, what is the likelihood of becoming an actuary if I'm a physics major?

[@monosefatsa7887]

Hi MJ, what's the difference between BCom Actuarial Science and BBusSc Actuarial Science?

[@MJtheFellowActuary]

Some of the courses add an additional subject called Risk Management to the first year and Economics II to the second year. Try do the course with the least additional subjects as these ones don’t help you get Actuarial exemptions and therefore aren’t worth the additional stress and work load

[@kushalvora7682]

How much of your work is dependent on machine learning? Asking this because recently the ifoa also included R and ml in the syllabus.

[@MJtheFellowActuary]

Ah not much right now, but it’s becoming more and more significant every day!

[@arjunsharma7217]

Hello mj I have been following you from last 1 year and it help me a lot. I just want to know which actuarial table is allowed exam in SOA for exam p and where to get them.

[@MJtheFellowActuary]

With the South African exams we have an orange book with all the life tables and formulae that we can take into the exam. I’m not sure what the SOA allows but I’d imagine it would be something similar

[@arjunsharma7217]

@@MJtheFellowActuary Sir if possible can you please ask someone from your link

[@ERA-on1dh]

I also want to become an actury where to start??? I am from India!!

[@MJtheFellowActuary]

I’ve got a free course on Udemy with a bunch of videos. It’s called: How to Become an Actuary. In these videos I talk about how to get started :)

[@OdorousPayload]

undergraduate degree in either, math/ statistics, actuarial science or just taking the examinations. i live in canada and we use the SOA or CAS www.soa.org www.casact.org/

[@fikilemkhize5776]

I am having trouble getting a signature to from an actuary, how could I get around this? I am currently doing my statistics master's

[@rohansareen2102]

What's ur age when you became the fellow.?

[@MJtheFellowActuary]

I was 26 :)

[@deependrabanjade7108]

Hi MJ, Is there significant difference between FRM and CERA? Is it worth doing FRM alongside CERA if I work in Bank?

[@MJtheFellowActuary]

They are similar and I guess if you can afford the examination and membership fees then its better to have both than just the one.

[@ismailjiwa776]

Mj.. I'm in my first year of actuarial science.. And i lost my accounting exemption.. Will it be a problem on the future

[@MJtheFellowActuary]

No you will just need to write it at a later stage

[@ismailjiwa776]

@@MJtheFellowActuary.. Because I'm very demotivated at the moment.. And reconsidering 😭😭

[@lourensstrydom1502]

@@ismailjiwa776you will prob loose more later on ..its very possible and normal

[@chikomba6858]

Is becoming an actury a better choice than a statistician?

[@MJtheFellowActuary]

Yes. Statisticians don’t have a professional body like actuaries and accountants. Therefore anyone who calculates an average can consider themself a statistician.

[@sibusisotede9632]

Hey MJ, been following and watching your vidz for years now.... So I just wanted to ask this, is it possible to never fail exams throughout the Actuarial science journey??.... And do u know people who have done it without exams failure??...

[@MJtheFellowActuary]

Yeah i think there are a few special ones who have never failed!

[@user-mq3ts7lr9l]

OMG!!!! 😫 Is this like a flat (highrise or low) or townhouse or house? Is it in a downtown type of place? (Where they broke in) I want to avoid this, I could not afford to lose my devices 😟

[@MJtheFellowActuary]

I’m on the 4th floor so they had some pretty decent climbing skills as they came through the balcony

[@cassidywagner8974]

Hi, I am also a South African and I am interested in studying to become an actuary. If you have time, I just have these questions and it would he awesome if you could answer. 1. What % of maths did you get in order to qualify for university? 2. Is doing a Bcom Actuarial Science equivalent to doing a Bachelors in Actuarial Science. 3. Which university would be the best option, Stellies or UCT? Thank you!

[@MJtheFellowActuary]

1: 94% 2: choose the one with less subjects 3: Wits is the best

[@cassidywagner8974]

@@MJtheFellowActuary thank you!

[@__-ji6gy]

Hi MJ, I’m currently 3rd yr Actuarial Science student, we do accredited IFoA courses throughout our degree but I was wondering what is the jump like to the exams after university?

[@richardmugwenhi]

Same bro, I’m in second year and my uni has an agreement with IFoA that enable us to write the exams throughout our degree. But we’re still writing CT exams bro despite the syllabus change, I don’t know how’s it gonna work. I’m confused

[@MJtheFellowActuary]

I found the exams after university to be easier. But I went to Wits University, might be different for a different uni

[@jayjayf9699]

How hard is the ct8 (cm2) exam ? I’m starting my actuary journey what’s the hardest exam ?

[@MJtheFellowActuary]

CT8’s stochastic calculus section is pretty difficult. I still struggle to get my head around Ito’s Lemma

[@jayjayf9699]

@@MJtheFellowActuary would u say that's the hardest?

[@peterbolink7396]

You can’t call yourself an actuary if you don’t have the Fellowship designation. At least not in SA.

[@tyronef87]

Thanks for the words of encouragement!! I have the 3 specialist exams left, and have been dealing with stuff and been discouraged sometimes, but really trying to find the motivation, thanks!

[@MJtheFellowActuary]

Yeah I also struggled with motivation. Fortunately my parents kept saying: “You started this, you better finish this”

[@NokuphilaCo]

well done MJ

[@jayjayf9699]

It took you 8 years to qualify ?

[@MJtheFellowActuary]

Ya. 3 years undergrad. 1 year post grad. 3 more years to write the fellowship. 1 final year to finish the workshops and professionalism course.

[@jayjayf9699]

@@MJtheFellowActuary so your undergraduate gave you exemptions?

[@keletsomabelane5192]

@@MJtheFellowActuary So I still have a long way to go🙆‍♀️

[@ricardofraser4243]

Really sorry to hear , as a data person this is a big ordeal. Glad you are safe

[@MJtheFellowActuary]

Thank you so much! Yeah realized that the PS4 was also taken, going to miss my fifa 😭

[@deepikasaini4272]

Can you please suggest me a good study material for CM1(IFOA)?

[@debajyotisamajpati1823]

Hi Mj can you tell me what is the career adavancement track of a fellow actuary 5yrs down the line.

[@anujoshi594]

Hello , I was the one asking you abt fellowship. & Yes I'm still confused. This is my last CT paper ( CM2 IFOA) & writing it along with CP2. I don't know which field to take on

[@MJtheFellowActuary]

Have you written the Actuarial Risk Management Exam? (Formerly known as CA1) it has a bit on each Fellowship so most people know what they what do after writing that paper

[@anujoshi594]

@@MJtheFellowActuary I'm planning to take CA1 ( newly know as CP1 ) & CA3 ( newly know as CP3 ) in next April session in my 3rd year university. It's because CA1 is toooo big & I need to manage it with my university exams & ACCA. Quite difficult

[@jeremiahdau8049]

@@anujoshi594 all the best Anu

[@jatindergupta3428]

What is your salary mj ? And do u have any idea about India salary scales from ifoa

[@Javigarcia222]

Do you belong to Life Insurance or p&c insurance?

[@hashnajeaven6610]

What are some of the best indicators that one will fully qualify after they've done an undergrad in actuarial science? Any advice on the path forward?

[@fikilemkhize5776]

MJ I am having trouble getting a signature to from an actuary, how could I get around this? I am currently doing my statistics master's

[@roastytoasty8815]

Dude please help. I’m doing my BSc in business analytics with data mining and I’m thinking about moving to actuarial. There’s only a one module difference between the two degrees for first year, and I’m willing to do it additionally next year. Should I do it?

[@roastytoasty8815]

We’re doing the machine learning and AI and stuff in my degree so I’m not sure man 😢

[@jayjayf9699]

Your like me dude I’m changing field to actuary

[@roastytoasty8815]

Jayjay F thing is dude, because at my university actuarial science, business analytics, financial mathematics and quantitative risk all fall under one “category” almost, the modules are very similar. My dad advised me to take a fourth year and complete the missing modules to get my actuarial degree and I think that’s what I want to do. I just need a second opinion.

[@roastytoasty8815]

Jayjay F what are you currently studying?

[@jayjayf9699]

@@roastytoasty8815 I studied maths with no actuary I'm self teaching my self cs1, how about you

[@chineduobi4322]

Can you become rich as an actuary?

[@thuthukamathebula4561]

How do I get into the CERA board?

[@MJtheFellowActuary]

You need to write the ERM exam. In South Africa the code is F106.

[@thuthukamathebula4561]

@@MJtheFellowActuary thank you

[@mritunjoypaul10]

Is there any exam compulsory after being fellow?

[@thuthukamathebula4561]

Or rather how do I graduate as a CERA?

[@abelmudenga8014]

But you are not a fellow man, its just youtube

[@MJtheFellowActuary]

I am though.

[@mateegaanthony9512]

Hey MJ, i have realised your more of a Finance Actuary(Major) per se, I want to start a career in General Insurance , can you please elaborate more of the side of a General Actuary?

[@MJtheFellowActuary]

There are two main types of General Actuaries. Those who do Pricing and those who do Reserving.

[@khumomaimela]

Im so sorry about what happened hope you are well, Take care and stay blessed

[@MJtheFellowActuary]

Thank you so much 🤗

[@jeremiahdau8049]

Hi MJ, Great video as always. How about those pivoting from the actuarial career into something else? I'd love to see a video on a career change from being an actuary and the options that would be available with the core skills an actuary has (think CT 1 - 8, CA 1 - 3 skills).

[@MJtheFellowActuary]

Yes lots of actuaries venture out into Wider Fields. What industry are you thinking of joining after act sci?

[@4GeRa4]

how old are you?

[@MJtheFellowActuary]

27 :)