• We are pleased to announce that the winner of our Feedback Prize Draw for the Winter 2024-25 session and winning £150 of gift vouchers is Zhao Liang Tay. Congratulations to Zhao Liang. If you fancy winning £150 worth of gift vouchers (from a major UK store) for the Summer 2025 exam sitting for just a few minutes of your time throughout the session, please see our website at https://www.acted.co.uk/further-info.html?pat=feedback#feedback-prize for more information on how you can make sure your name is included in the draw at the end of the session.
  • Please be advised that the SP1, SP5 and SP7 X1 deadline is the 14th July and not the 17th June as first stated. Please accept out apologies for any confusion caused.

Doubt regarding actuarial science

S

slayedit

Member
Hi all,

I am starting my actuarial career from net month and I have doubts about the profession. I do not doubt the institute, but I have doubts about the profession.

First is, what are the fields in which actuaries can work? Some people say that they cannot work in finance, investments, energy, risk mgmt, while some say that they can work in such fields? Institute's website says that actuaries can work in these fields!
See for yourself:
https://www.actuaries.org.uk/practice-areas

Secondly, is actuarial science all about predictive modeling, or is it more than that? If it is limited to predictive modeling, then why not expand our scope?

Thirdly, the Institute's website says that actuaries highlights that in finance field, actuaries can work in the job of financial reporting. So can such experience be relevant for CPD?
See for yourself:
https://www.actuaries.org.uk/practice-areas/finance-and-investment/about-finance-and-investment

Fourth, where do you see actuarial science as a profession in the next 15-20 years?

Thanks a lot for your insights!

Regards,
Shyam
 
Hi there,

Here is my take on your question.

First - Mainly it is insurance (Life & general) and Pension. Investment and risk management to some aspect but still likely to be related to insurance and pension. There is nothing that stops you from going into the other fields you listed but your actuarial specialisation will not give a big advantage there.

Secondly - I would say no. It can be. It can also be a number of other things e.g. Stakeholder management, business development, regulatory interpretations, justifying new concepts to your peers. It is difficult give a full picture here.

Thirdly - Relevant, yes. But it normally do not count as cpd.

Fourth - Don't know, where do you see any industry in 40 years? 40 years ago google is just starting out. There is no answer worth mentioning. Is actuarial profession something you can build a career on? Yes. There is threats to any industry. This threat is get bigger and bigger as technology advance. You need to be vigilante, be interested in the wider environment and build your skills accordingly.
 
As you have all these doubts about the profession, I don't quite understand why you have decided to start an actuarial career!
 
Rambler said:
As you have all these doubts about the profession, I don't quite understand why you have decided to start an actuarial career!
Click to expand...

I started this profession because I feel that I can contribute to it, so I need to know about all the aspects of the profession, and not just clear papers and work in a 9 to 5 job.

Going by your logic, I wouldn't quite understand why do anything when we all are to die someday!?
 
Simon James said:
40 years ago Google did not exist. It was only founded 20 years ago. Even JANET (the precursor university network to the internet) did not exist in 1978. Things are moving very quickly!
Click to expand...

Yes you right. I was thinking of 20 years. The point is a lot can happen in that time and the question is a bit pointless.
 
You must log in or register to reply here.
Back
Top