You might be an Actuary if you find difficult explaining what you do!
People around us are always curious about what we are doing in our lives. Whenever I used to tell my relatives and friends that I’m pursuing Actuarial Science, most of the times I used to be bombarded with a sudden reflex from the other party saying that they don’t know what actually it is but yeah it is difficult for sure! So what actually makes Actuarial Science difficult?
The crux behind this question lies in another question:
Why actuarial science is considered to be difficult?
This question is conductive to various presumed notions and expectations of actuarial aspirants which I’m going to decode in this article.
ACTUARIAL SCIENCE ISN’T ONLY ABOUT MATHEMATICS!!
It’s majorly said and advised that if you are good at mathematics you should consider doing Actuarial Science. It’s a hoax people! Actuarial Science is a course which is a brilliant blend of the principles of Finance, Business, Economics, Accounts and Statistics where we need the knowledge of mathematics as our primary tool to understand these principles. Over here, mathematics is not the subject which you have to study, it’s your language in which you need to understand and formulate the concepts of this course. Students opt for this course usually because they are good at mathematics and later they find it hard to cope up with the syllabus and clear papers.
DISTRACTION AND MOTIVATION
The course is long and so your jaunt will be. Students tend to lose motivation or get distracted by other resembling short term courses like CFA, Data Science etc. or job opportunities in corporate sector. One must count on discipline, there are days when one will never be motivated and undistracted.
It takes 5-7 years to become a fully qualified actuary. It takes a lot of hard work and patience to get through the coursework where one might need to repeat a few papers. Finding a decent job isn’t an easy task. People find difficult to stay committed for so long.
Clearing papers isn’t easy while doing a job. Chiefly not because papers are hard to clear but students find tough to work and study together. One must excel to organize his or her own work and study schedule.
Students are not expected to summon themselves only to Actuarial coursework and clearing papers. They should further cultivate following skills in them :
– Technical and Programming
– Analytical and Problem Solving
– Communication and Presentation
Students often choose Actuarial Science because it is one of the well paid professions. Students chasing this motive couldn’t drive themselves to the end. And it’s challenging to resist other similar alternatives for a good pay and that too in short time. Self-awareness is important, one must only and only opt for this course if you really want to do it.