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Any Actuarial Science Students around here?

Anyone of my kind around here?

Any plans of taking exams in the very near future?
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Comments

  • One here. ;)
  • plan ko rin mag try nung exams
  • I sat for Course 1 last 6 Nov. I hope I passed it. The results will be out on 9 Jan. I suggest you guys study at least three months before the exam. It's that difficult. Some would say more.
  • Please enlighten me. How is actuarial science different from statistics?
  • Statistics is a very important tool in Actuarial Science. Actuarial models are grounded on statistical principles and basically every math involved in risk assessment is statistics-based. However, there is more to actuarial science than merely statistics. You have to know your Finance, Economics, Interest Theory, etc., etc. So there. Statistics may be a very important foundation for Actuarial Science but mastery in it may not be enough.
  • I've never heard of Actuarial Science till I saw this thread. It certainly sounds very interesting. It's definitely something that would be very useful for the business sector.
  • Hey, Just wanna ask what exam the thread starter is trying to con
    ey?
  • are there many practitioners here
    who are they
    is there an org
  • taks

    i'm planning to enroll in UP from actuarial science. how do i go through the application process? are there exams? what's the coverage?
    Originally posted by tRiStAn
    I sat for Course 1 last 6 Nov. I hope I passed it. The results will be out on 9 Jan. I suggest you guys study at least three months before the exam. It's that difficult. Some would say more.
  • eigenvector: Do I know you? :) The requirements vary depending on your background in Math and Statistics. Initially you will be required to fill out an application form, submit your TOR and also three recommendation letters from past professors. If the graduate committee deems you have taken the right preparatory subjects, you might be admitted without any more requirements. If not, you will be asked to take an entrance exam of a sort. I figure that the coverage would be basic college math --algebra, statistics and calculus. Or you will be asked to take the prerequisites. I suggest you visit the College of Science office to know more.

    Allan and Fortune: The thread starter is referring to the series of mathematical exams that aspiring actuaries are required to pass for career advancement. Actuaries, as you have probably heard, are the math people in insurance companies. Without them, sound insurance systems isn't possible. The exams are not really compulsory, but if one wants to have a good career as an actuary, one must pass as many exams as possible. Most insurance companies won't hire as actuarial personnel those who haven't passed a single exam.

    The organizations administering the exams have their own rules. The Society of Actuaries, which is based in the USA and Canada, and the Actuarial Society of the Philippines, are two of these organizations. Completion of a number of exams earn one an Associateship or better yet, a Fellowship standing within the organization. With that come recognition (not many become associates, much less fellows),and monetary reward. Because the exams are neither easy nor frequently administered (the exams are offered twice a year), the road to an associateship or fellowship takes years to finish, if at all.

    Not many people are willing to make the sacrifices required to succeed in the actuarial profession. In the Philippines, there are not 100 Fellows of the Society of Actuaries or Actuarial Society of the Philippines, if I am not mistaken. There are probably the same number of Associates or even less than that.
  • Anu-anong schools sa Pilipinas ang nag-ooffer nito? :)
  • UST Bs Math major in Actuarial Science
  • so daming exams?

    mahal siguro yan?

    laking gastos?
  • WeAreThePExers: UST, DLSU and UPLB have undergraduate majors in Acturial Science. Ateneo and UPD offers a few electives covering special topics in Actuarial Theory and Theory of Interest. Only UPD offers an MS in Applied Math major in Actuarial Science. By no means it doesn't mean that one has to be graduates of these school's programs to start a career in this field. Virtually all topics covered in the exams may be studied independently.

    Fortune: As far as I know, with regard to the Society of Actuaries, seven exams have to be passed for the Associateship. Four of these (Courses 1 to 4) are 40-item multiple choice exams. Two are essay exams (mathematical solutions, of course, are necessary to support stated claims). One is, I think, regarding insurance ethics. To reach a Fellowship, I think an additional 2 or 3 exams have to be passed and a whole lot of other requirements complied with. Check the official site of SOA for the exact details.

    And yes, malaking gastos. Each of Courses 1 to 4 costs $100. The higher courses are even more expensive. Because of this most of us who aspire to become actuaries must work in an insurance company. Why? These companies may actually pay for the exams. :)
  • Di na pala pwede i-edit..hehehe

    Fortune: That's discounting the fact that one may have to take an exam several times before actually passing it. So pag hindi nag-aral or mahina or talagang malas, malaking gastos talaga.
  • Originally posted by tRiStAn
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    And yes, malaking gastos. Each of Courses 1 to 4 costs $100. The higher courses are even more expensive. Because of this most of us who aspire to become actuaries must work in an insurance company. Why? These companies may actually pay for the exams. :) [/B]

    pero since developing country tayo, may discount. $50 na lang for each of the 4 exams. yun nga lang, if you dont pass a certain exam after "take 3" wala ng discount yung susunod na exam na kukunin mo.

    tRiStAn, instructor ka ba sa math dept sa UP na nag-decide kumuha ng SOA? just curious ;)
  • Originally posted by Fortune
    are there many practitioners here
    who are they
    is there an org

    Org? The Actuarial Society of the Philippines has a website, btw. I think it's www.actuary.org.ph or something of that sort. Tristan, pareho yata tayong tiga UPd, baka naging teacher o classmate pa kita. =)
  • reisho, matagal ka na ba in practice or kaka grad mo pa lang? di kaya naging classmate pa kita sa math164?:D
  • Nightstalker: Hindi ako instructor sa UP. MS student po ako. Grad po ako ng Ateneo. :)

    reisho: Baka nga classmate kita. :)
  • reisho: I worked in an insurance company but not in the actuarial department. I resigned to study and take Course 1. If I pass, I hope to apply as an actuarial assistant while continuing my studies (and of course, taking the other exams). Baka nga matulungan mo ako eh. :D
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