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Thread: The life of an actuary

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    The life of an actuary

    for those who are currently working as full time actuaries:

    1. how stressful was uni compared to being a full time actuary (before the transition)
    2. (this is obviously a stupid question) are work hours 9-5?
    3. how common would overtime work be?
    4. how much 'take home' work are you given?
    5. what do you like about being an actuary?
    6. is being an actuary all about maths (serious question) because isnt there communication to clients involved in managing insurance costs?
    7. what sort of maths is involved as an actuary besides finance, statistics, analysing trends and modelling (is modelling actually a part of maths?)

    thanks for answering these questions

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    Re: The life of an actuary

    Gl getting a response from an associate or a fellow. Just go to a uni society networking day or something.
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    2nd Year Applied Finance/Actuarial Studies @ MQ
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    Actuary in the making currysauce's Avatar
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    Re: The life of an actuary

    I've given a response in PM's. Happy to answer other's.

    Alternatively, donkily can post my response if he likes.
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    Re: The life of an actuary

    I'm curious to know what currysauce answered.
    Can OP please post it?
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    Re: The life of an actuary

    Do actuaries get paid alot?

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    Re: The life of an actuary

    Quote Originally Posted by boredsatan View Post
    Do actuaries get paid alot?
    Quite a decent amount. Once you pass the exams, the pay goes up a lot. There are 3 exams.

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    Re: The life of an actuary

    Hi
    1. how stressful was uni compared to being a full time actuary (before the transition)
    - dpeends on
    2. (this is obviously a stupid question) are work hours 9-5?
    3. how common would overtime work be?
    4. how much 'take home' work are you given?
    5. what do you like about being an actuary?
    6. is being an actuary all about maths (serious question) because isnt there communication to clients involved in managing insurance costs?
    7. what sort of maths is involved as an actuary besides finance, statistics, analysing trends and modelling (is modelling actually a part of maths?)

    I'll preface with the following: I work in the life insurance space, and other industries (such as banking, superannuation, energy, data analytics) may differ.

    1. Can you explain this question better to me?
    2. Yes and no. Yes they are supposed to be. No you'll likely be doing 9-6/7 or later for busy periods.
    3. Quite. When you're just starting out and studying, they are generally more lenient. Moreover, your type of work (and inexperience) will mean you would probably do a little overtime each week.
    4. Depends on your own philosophy on this. I make it a point not to work once I leave the office. Some people will work outside of the office. As your seniority increases you would be expected to work when needed (but you're paid for it).
    5. The challenge it can provide. It is very mentally stimulating and there is satisfaction in finding solutions to tricky technical problems. Also the work/life balance, pay, perks (depending on company) are a bonus.
    6. It's not all about maths. To be honest, studying the Part I is (university) highly maths/stats focused. I can expand on this question if you like. I did extension 1 only and made it ...Also, communication is a huge part of it! You need great English skills let me tell you (not like HSC style though ).
    7. Besides those, there's no more 'maths'. I tell you, the biggest thing you need to be able to do is use microsoft excel. You also should have a beginner level of coding in VBA, a query language (e.g. SQL) and basic logic understanding (e.g. A=B, B = C, therefore A = C). You'll learn that in uni.

    It is much more broad in that you need to understand how commerce works, how businesses make money and what you're communication and to whom. You need to understand your customer, how they behave, how economics comes into it. It is very broad in a sense but a unique profession.

    Hope this helps. Happy to answer more!
    by currysauce

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    Actuary in the making currysauce's Avatar
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    Re: The life of an actuary

    Quote Originally Posted by si2136 View Post
    Quite a decent amount. Once you pass the exams, the pay goes up a lot. There are 3 exams.
    A few more than 3!
    leehuan and BenHowe like this.
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    Re: The life of an actuary

    Quote Originally Posted by currysauce View Post
    A few more than 3!
    My bad. I meant part I, II and III.

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    Re: The life of an actuary

    Quote Originally Posted by currysauce View Post
    I've given a response in PM's. Happy to answer other's.

    Alternatively, donkily can post my response if he likes.
    Ok, I was wrong
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