What is an Actuary? | BEST MATH CAREER

[@HiagoAD]

Hi Chelsea, I'm an actuary from Brazil. Thank you for explaining actuarial work to the world, together we are stronger 👏👏

[@ChelseaAdlerFCAS]

Thank you so much Hiago! I definitely agree. Thanks for the support!

[@raven8279]

I'm a math student and I chose actuarial math as a minor, you made me so excited and happy that I chose this path, because this is what I've been looking for in a career, and I'm confident to say that I got pretty much all the skills needed for it. Thank you so much for the video. Would you please give me a general advice to achieve success in the future, as a second year college student? I'd really appreciate it :)

[@ChelseaAdlerFCAS]

That’s wonderful! I’m so glad you are excited about the profession. I’m sure you have a bright future ahead! In general, I’d encourage you to take as many actuarial exams as you can in college as well as try to get an internship or two before you graduate!

[@bossssssist]

Been a software engineer for 5 years thinking about leveraging all I’ve learned and switching career paths

[@ChelseaAdlerFCAS]

That’s exciting! There’s definitely some overlap in the careers. Happy to help if you have any questions as you get started!

[@LP_Freak]

My daughter is an actuary. Thanks for finally explaining to me what she does 😂

[@ChelseaAdlerFCAS]

Of course! 😂

[@pavikaarora4481]

Loved this video…pl make more of these videos…I’m starting my journey to become an actuary in 2022 and watching your videos are very helpful 😍

[@ChelseaAdlerFCAS]

Hi Pavika! I’m so glad you enjoyed the video 😊 I definitely plan to share more this coming year. If you have any specific questions, feel free to DM me on Instagram!

[@patchanok1186]

I love this video! I’m glad that I found your channel.

[@ChelseaAdlerFCAS]

Thank you so much Patchanok! I’m so glad you enjoyed the video and found it helpful.

[@romainskalombo4240]

Best video that explains actuary

[@ChelseaAdlerFCAS]

Thank you! I’m so glad you found this video helpful.

[@alexaguerra6925]

Im a business major and would love to pursue this what advice would you give to fellow college students who are trying to pursue this career?

[@ChelseaAdlerFCAS]

Hi Alexa! Thanks for reaching out. Depending on how far you are into your college journey, it may be worth considering a switch into the actuarial science major if your school has it. Those classes will be most helpful in preparing you for the actuarial exams you’ll need to take to land an internship and then full time position!

[@lc6484-z2p]

The new world of actuary you describe throughout this clip is essentially the role of a data scientist; a career which made the traditional role and prestige of an actuary now obsolete. It is much more cost effective, lucrative and time saving for math-inclined students to study data science instead. Slaving 6-10 years for actuarial fellowship is a sucker career path.

[@ChelseaAdlerFCAS]

There is certainly overlap between data science and actuarial science! Most of the time a masters or PhD is needed for DS roles, so some continued education is often needed if actuarial exams aren’t pursued. While I think DS is great, one benefit of the actuarial profession is the knowledge you gain about business, economics, accounting, and finance alongside predictive modeling. These skills are crucial for businesses to ensure their models are unbiased and producing reasonable results.

[@jessewu2967]

If I want to be an actuary, should I go into actuarial science or something more general like statistics?

[@ChelseaAdlerFCAS]

Hi Jesse! That’s great you’re interested in becoming an actuary 😊 It is most helpful if you major in actuarial science, but you certainly don’t have to. Stats would also be a good major. Actuarial science classes will just more specifically prepare you for the actuarial exams you’ll need to take!

[@isabelcano1212]

Do actuaries work with individuals vs. businesses? Thank you. The video was great! I learned the word through an article in AARP.

[@ChelseaAdlerFCAS]

Hello! Actuaries most often work for large corporations (like insurance companies), but they can also work at smaller organizations. In some cases, actuaries have started their own consulting firms so they can sometimes work with individuals in those situations!

[@rachel_s_ndjuluwa]

Love it 🙏🏾

[@ChelseaAdlerFCAS]

Thanks so much! ☺️

[@orangemanbad]

I’m not an actuary nor plan to go back to school for it. But I just am here to watch you ❤ lol

[@ChelseaAdlerFCAS]

Aww thank you! I appreciate the kind words.

[@Donbosco560]

Hello there, I am an A-level student in the uk, and i want to become an actuary so i did research on the job. but i don't understand the difference between what a graduate actuary and a newly qualified actuarial analyst. Furthermore, can you please give me some example of jobs where i can attend work experience for this job so that i can get an understanding of the life as an actuary.

[@ChelseaAdlerFCAS]

Hello! Thanks for reaching out. Unfortunately I’m not entirely sure about the terminology you shared since I’m not from the UK. Here in the US, we typically use the term actuarial analyst to mean a student actuary who is pursuing fellowship. Once you’ve earned a credential like Associate or Fellow, then you can refer to yourself as an “actuary.” Actuaries can work many places, but some common ones would be insurance, consulting firms, government, academia, tech companies, etc!

[@paul5324]

Chelsea, do you think it's plausible for an actuary coming from pension/retirement consulting to work in insurtech or more of a data-driven role?

[@ChelseaAdlerFCAS]

Hi Paul! Yes, I definitely think that’s possible. I’m less familiar with InsurTech roles in that space, but I know there are ones out there for every type of actuary.

[@peepiepo]

How does this fit with the growing field of data science? Is there a risk of actuaries being overtaken by data scientists?

[@ChelseaAdlerFCAS]

This is a great question! There are definitely similarities between actuarial and data science. One major skill set that actuaries develop is a deep understanding of business and economics. This knowledge is critical for interpreting model output to ensure results are unbiased and reasonable. This skill will always be necessary as the world continues to evolve and more models are developed.

[@bhawanapurohit470]

Hi how easy for one to do a career transition from a non actuarial profession to actuarial profession at the age of 36.I am taking exam from IFOA . How good is the market in Denmark for actuarial profession

[@ChelseaAdlerFCAS]

Hello! Unfortunately, I’m not familiar with the market for actuaries in Denmark specifically since I live in the US. From what I’ve seen and heard, it can be pretty challenging to get into the profession later on in life, but it’s not impossible! I’m actually partnering with a career changer right now to write a blog post with advice for those looking to make the transition. 😊

[@sagemae2993]

Hello I’m an A level student (last year of high school)and I have been searching for possible Jobs and Actuary seems interesting, I do science and maths but you have mentioned knowledge in computer and programming does that form part of the courses when studying for actuary or was that supposed to be a skill that I already have if I did computer science in high school

[@ChelseaAdlerFCAS]

Hello! Thanks for reaching out 😊 I’m glad to hear you are considering a career as an actuary. Typically if you go to college and study actuarial science you will have some courses that teach you programming skills, but it can be helpful to try learning and practicing these on your own. R and Python are often used and can be learned for free online through various platforms!

[@316_pallaviverma2]

How many actuarial exams one should clear during their graduation period ...

[@ChelseaAdlerFCAS]

Hello! In general, I would recommend trying to pass at least 2 exams before graduating if you can. The more you can pass, the more competitive you will be when searching for an entry level job!

[@dollychopra8986]

Thanks for the informative video . Could you suggest what subjects should a student study in high school to be able to get selected in the best universities for actuarial science ? Also which are the top universities offering courses at undergraduate level to become an acturist . Thanks

[@ChelseaAdlerFCAS]

Thanks Dolly! I’m so glad you found the video helpful. In high school, I would encourage you to take advanced math and stats classes as well as computer science if you can. Additionally, classes on business, economics and finance could be helpful too if available! Here is a great resource for finding the best actuarial science colleges: www.soa.org/institutions/

[@kavindugayantha105]

Hi thanks for the video , can you give me a general idea about salary scales of an actuary ?

[@ChelseaAdlerFCAS]

Absolutely! It depends on what type of company you work for, the role, how long you’ve been working, number of exams passed, etc. This website provides a breakdown of what you might expect to make as an actuary: www.ezrapenland.com/resources/actuarial-salary-survey/

[@victoryrichman]

What course does one need to study to become an actuary?

[@ChelseaAdlerFCAS]

Helpful classes would include math/stats, accounting, finance, computer science/coding, economics as well as anything business or insurance related! If your college has an actuarial science major, there will likely be courses that can prepare you for the actuarial exams as well.

[@468_raghavdodla3]

Hello. Wanted your professional opinion on a engineer getting into the path of actuarial science P.S - I just LOOOOVE math and analysis. Also have a specialization in Data science

[@ChelseaAdlerFCAS]

I know several people who started as engineers and transitioned to actuarial science! If you’re not loving what you do now, but you enjoy math/analysis, actuarial science is a great choice to consider!

[@lehlohonolo2051]

How long does it take to be a qualified actuarial scientist

[@ChelseaAdlerFCAS]

Hello! It depends on the person, but it typically takes between 5-10 years for most to pass all of the exams. Took me about 7 years start to finish.

[@romainskalombo4240]

Hi chelsea do you think this profession will be taken over by AI ?

[@ChelseaAdlerFCAS]

Great question! I get this one a lot. I definitely do not. While AI can do some really amazing things, it’s far from perfect. Actuaries will always be needed to make sure models are performing in a logical way and aren’t reflecting bias or noise. Plus insurance is extremely complicated and nuanced. It’s critical to understand how the business works so we can build new models and validate their results. I can’t see this changing anytime soon. There are always new ideas and the need to create more models!

[@kadhikavish8266]

Madam which country is best to have a scholarship in msc in actuarial science ? My bsc is Actuarial science.

[@ChelseaAdlerFCAS]

Hello! I don’t think there is a single country that’s best. Actuarial science roles exist across the world!

[@316_pallaviverma2]

And also if you feel ok... can you say how much you are making money ..as you are a qualified Actuary ... please

[@ChelseaAdlerFCAS]

There are a few sources online that are available to give you an idea of how much actuaries make! I like this one - www.ezrapenland.com/salary/. It will show you approx how much actuaries made at a given experience level and for how many exams they’ve passed. Hope that helps!

[@smalltowncasual4977]

Do work alone a lot?

[@ChelseaAdlerFCAS]

It’s a good mix of individual work and collaboration with others! You’re more likely to have more independent time if you aren’t managing a team, but it’s normal to have both regardless of job type or level.

[@Newriverartist]

Very interesting! I love to learn. I am an artist and I share my painting demos and studio tours here. So much variety on KZbin. Have a great day!

[@ChelseaAdlerFCAS]

Thanks Kendall! I appreciate you watching and glad you enjoyed it. That’s amazing that you are an artist! I agree, there are so many talented folks on KZbin. Have a wonderful day as well! 😊

[@lav1093]

It is not the best math career?

[@prisha4713]

how should a high school student get into learning more about this, how do i self teach?

[@ChelseaAdlerFCAS]

The best thing you can do during high school is to take advanced math/stats classes and prioritize your grades in a variety of different topics. It’s also helpful to get leadership and team work experience through sports or other school clubs. These will help you get into the best actuarial science colleges where you will then have classes specific to the profession!

[@sandippan2007]

👍🇮🇳

[@trmohr]

No offense, Chelsea, but my video is sooooo much more informative 😂

[@ChelseaAdlerFCAS]

That’s great! Can you send me a link? I’d love to check it out. This video was just meant to be a high level overview of the career. I’d love to share yours if it has more detail!

[@ChelseaAdlerFCAS]

Still waiting on that link… 😉