Assalam u Alikum,
Well, I am an undergrad in Applied Math and thinking about choosing Actuary as a profession.I have gotten info on it but I wanted to actually talk to people who are doing this or have done it. Any actuaries out here???
Allah Hafiz.
if you were in Boston I would have suggested talking to Bilal Mushuraf. Hes the only acutuary I know. From what I have heard, they make decent money and have boring careers :D (sorta like accounting). But with an applied math background you can go do anything pretty much other then creative art so dont limit yourself. there are people doing operations, manufacturing, coding, investment banking with applied maths backgrounds.
Try looking into quant driven trading for hedge funds. It is a fantastic field and you can make a siht load money. Plus only work from 8:30 to 4:30.
It's a great field :)
I have been told that Acturians are more into statistics than math. Definitely Acturial valuation has pretty much nothing to do with Accounting. And since its supposedly hard and they are very few, so they make a lot of money. Infact, within Pakistan, I don't think any company (insurance company) can afford a full-time acturian.
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Okay, for those of you, who actually know any actuaries, is it possible for me to get in touch with them???I mean I would like to talk to someone actually in the field, on 1 on 1 basis. So if you guys know anyone and they are willing to answer a few questions for me, that would be very nice.
Btw, what is “quant driven trading for hedge funds”?
Faisal Bahi
I was in no way saying Accounting and acturial work is the same. I was just saying it is as fasinating and exciting as accounting :D
I know you didn't say it. However, many people think that Acturians and Accountants do similar work, which is not the case. Acturians need a strong background in Statistics.
I've taken a couple of courses in Mathematical Finance and have a friend who works in a Mutual Funds Company in Boston. Although not an actuary himself, he works with them day in and out. I might be able to contact him for info if you want. Lemme know.
B.T.W. Mathematical Finance is an enthralling subject area and from what I know, Actuaries can apply their skills in a variety of areas cuz you develop skills in financial analysis, financial risks, interest theory, economics, statistics, probability, and modeling.
Working as a Management Consultant, my personal outlook is that the potential for Actuaries now is better than ever before - esp. after recent events like 9/11 where I'm seeing firms delve into property and casualty insurance and actuaries are obviously needed evaluate and manage risks associated with terrorism. Also, post-Enron/Anderson, focus on financial reporting has increased the need for enterprise risk management functions to manage internal audit, investments, compliance and capital planning.
All in all, we're ready to submit a job requisition for a CRO (Chief Risk Officer) :-)