03-07-2004, 04:28 PM
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Hi everybody.
I have completed my A-Level studies and am now interested in doing Actuarial Sciences. I have got some info from this site like I will have to study by myself. What I want to know is that some of you guys mentioned that you can get a job as a trainee student in places like State Life. So I want to know when do they hire and what are their hiring criteria. Also, if you can tell me how to register for SOA and if there are any books available in Karachi for thier exams.
Anybody with any information please reply.
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hi Faraz,
youre at the right place buddy, i can provide you with all the info you need regarding actuarial sciences. have you been to beanactuary.com ? it's a very informative site with a lot of links to other websites like those of the ASOA and IoA.
well, to start with, the first thing you really need to be sure about is your relationship with mathematics. if youre very good at it, you can go ahead with this profession, if youre not very into it, then it won't be such a good idea and don't try to get in just for the money there's in it. there's a lot of money in many other professions too.
There are 2 types of courses or streams to study actuarial sciences; you can get a degree in the subject from a university or become an actuary through the Institute of Actuaries (England) or the Society of Actuaries (US). the Institute and society routes are pretty tough and very long and people have to study on their own for the most part but on completion of the courses candidates become members and actuaries. In Pakistan there is no university offering courses in actuarial sciences at undrgrad or grad level. the Univ of Karachi planned on starting it last year but dropped it due to the lack of students. The SOA and IoA conduct their exams in pakistan like in many other countries, but the students, as a standard procedure have to prepare on their own. some firms that are recognized by the SOA and IoA are allowed o train students and employ them as trainees and assist them with studies etc. Sidat Hyder Morshed Management consultants in Karachi are one such leading firm in Pakistan. the senior pertner there, Mr. Omer Morshed is a chartered accountant and an actuary as well. Akhatr & Hasan Actuaries are another such firm. since actuarial science was convetially used in the insurance business, many leading insurance companies hire and train students and in Pakistan the largets, SateteLife insurance has a programme where it hires fresh Alevel/intermediate passed students who have avhieved very high marks/grades in math, and they register with the IoA and take their exams and as they pass each stage, are provided a better position etc.
the choice between SOA or IoA would vary from person to person. the IoA has a tougher entrance criteria with high requirements. The SOA is a bit relaxed on that side. But at the final stages, until some time ago, the SOA had a requirement for final stage students to visit the US in order to complete their membership requirements. moreover some ppl say the SOA method of examination is more modern and better from the students' viewpoint.
the books and study material can be had from the tiny actuarial students community there is in karachi, or for that matter all over pakistan, and is not much of problem and moreover the SOA and IoA also provide a lot of material to their students.
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Yes I agree with TCA but would like to comment on some parts of his writing.
1. I got the impression that he wanted to say, (and I may be wrong, but that's how I percieved it) that the university degree and institute membership are substitutes and you can decide which one to go for. However, this is not the case. Although, the highest degree that could be attained from an university is Masters in Actuarial Management but even that only allows upto 13 exemptions (out of 15 for IOA). So, in order to get the Fellowship, you still need to clear 2 papers. Moreover, for IOA you also need 3 years of relevant work experience together with a graduate degree, which fortunately need not to be in a mathematical descipline, if A Level Mathematics is attained with Grade A.
2. The writer also suggested that a trainee actuary need to have a good grasp of Mathematics. I would say he/she should have flair of Statistics, as I myself studying at undergraduate level ACtuarial Science and my peers are finding the Statistics much harder than the Mathematics contents.
I think Faraz mentioned that he studied A Levels, so if he has done Mathematics AND Further Mathematics, and got double A garde, then he should be OK with a career in Actuarial Profession.
3. Regarding Faraz'a original query that which awarding body to choose, I would say you need to plan your future beforehand. If you are intending to work in North America, I would go for SOA, for obvious reasons. However, in case of Europe, I would prefer IOA. For Pakistan, I am not so sure, since I don't know much about the preferance given inside Pakistan.
DT
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DT,
youre right, i forgot to mention that going for a grad degree and going for the SOA or IoA is NOT the same. thanks for pointing out. they are 2 diff routes for studying the subject but are not equal.
DT, where are you studying for your degree? what year are you in and how's it going? i wanted to ask you, how many exemptions does a bsc honours in actuarial science get from the total exams of the IoA? and how many with the SOA? with a masters you said it's 13 out of 15 with the IoA. how may with the SOA?
thanks!
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Hi everybody.
I have completed my A-Level studies and am now interested in doing Actuarial Sciences. I have got some info from this site like I will have to study by myself. What I want to know is that some of you guys mentioned that you can get a job as a trainee student in places like State Life. So I want to know when do they hire and what are their hiring criteria. Also, if you can tell me how to register for SOA and if there are any books available in Karachi for thier exams.
Anybody with any information please reply.
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
hi Faraz,
youre at the right place buddy, i can provide you with all the info you need regarding actuarial sciences. have you been to beanactuary.com ? it's a very informative site with a lot of links to other websites like those of the ASOA and IoA.
well, to start with, the first thing you really need to be sure about is your relationship with mathematics. if youre very good at it, you can go ahead with this profession, if youre not very into it, then it won't be such a good idea and don't try to get in just for the money there's in it. there's a lot of money in many other professions too.
There are 2 types of courses or streams to study actuarial sciences; you can get a degree in the subject from a university or become an actuary through the Institute of Actuaries (England) or the Society of Actuaries (US). the Institute and society routes are pretty tough and very long and people have to study on their own for the most part but on completion of the courses candidates become members and actuaries. In Pakistan there is no university offering courses in actuarial sciences at undrgrad or grad level. the Univ of Karachi planned on starting it last year but dropped it due to the lack of students. The SOA and IoA conduct their exams in pakistan like in many other countries, but the students, as a standard procedure have to prepare on their own. some firms that are recognized by the SOA and IoA are allowed o train students and employ them as trainees and assist them with studies etc. Sidat Hyder Morshed Management consultants in Karachi are one such leading firm in Pakistan. the senior pertner there, Mr. Omer Morshed is a chartered accountant and an actuary as well. Akhatr & Hasan Actuaries are another such firm. since actuarial science was convetially used in the insurance business, many leading insurance companies hire and train students and in Pakistan the largets, SateteLife insurance has a programme where it hires fresh Alevel/intermediate passed students who have avhieved very high marks/grades in math, and they register with the IoA and take their exams and as they pass each stage, are provided a better position etc.
the choice between SOA or IoA would vary from person to person. the IoA has a tougher entrance criteria with high requirements. The SOA is a bit relaxed on that side. But at the final stages, until some time ago, the SOA had a requirement for final stage students to visit the US in order to complete their membership requirements. moreover some ppl say the SOA method of examination is more modern and better from the students' viewpoint.
the books and study material can be had from the tiny actuarial students community there is in karachi, or for that matter all over pakistan, and is not much of problem and moreover the SOA and IoA also provide a lot of material to their students.
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Yes I agree with TCA but would like to comment on some parts of his writing.
1. I got the impression that he wanted to say, (and I may be wrong, but that's how I percieved it) that the university degree and institute membership are substitutes and you can decide which one to go for. However, this is not the case. Although, the highest degree that could be attained from an university is Masters in Actuarial Management but even that only allows upto 13 exemptions (out of 15 for IOA). So, in order to get the Fellowship, you still need to clear 2 papers. Moreover, for IOA you also need 3 years of relevant work experience together with a graduate degree, which fortunately need not to be in a mathematical descipline, if A Level Mathematics is attained with Grade A.
2. The writer also suggested that a trainee actuary need to have a good grasp of Mathematics. I would say he/she should have flair of Statistics, as I myself studying at undergraduate level ACtuarial Science and my peers are finding the Statistics much harder than the Mathematics contents.
I think Faraz mentioned that he studied A Levels, so if he has done Mathematics AND Further Mathematics, and got double A garde, then he should be OK with a career in Actuarial Profession.
3. Regarding Faraz'a original query that which awarding body to choose, I would say you need to plan your future beforehand. If you are intending to work in North America, I would go for SOA, for obvious reasons. However, in case of Europe, I would prefer IOA. For Pakistan, I am not so sure, since I don't know much about the preferance given inside Pakistan.
DT
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DT,
youre right, i forgot to mention that going for a grad degree and going for the SOA or IoA is NOT the same. thanks for pointing out. they are 2 diff routes for studying the subject but are not equal.
DT, where are you studying for your degree? what year are you in and how's it going? i wanted to ask you, how many exemptions does a bsc honours in actuarial science get from the total exams of the IoA? and how many with the SOA? with a masters you said it's 13 out of 15 with the IoA. how may with the SOA?
thanks!
