Strength in Numbers

Strength in
Numbers An In-Depth Look

at Actuarial Science
for Math Enthusiasts
Your Guide
to Having
the Right Kind
of Education
Chloe Hung
As Seen On . . .
Strength in
Numbers
An In-Depth Look
Your Guide
to Having
the Right Kind
of Education
Chloe Hung
Copyright © MMXVII Chloe Hung
ALL RIGHTS RESERVED. No part of this book may be reproduced or

transmitted in any form whatsoever, electronic, or mechanical, including
photocopying, recording, or by any informational storage or retrieval
system without the expressed written, dated and signed permission
from the author.
Author: Chloe Hung

Title: Strength in Numbers
ISBN: 978-1-77204-762-2
Category: MATHEMATICS/General
Publisher: Black Card Books

Division of Gerry Robert Enterprises Inc.
Suite 214, 5-18 Ringwood Drive
Stouffville, Ontario, Canada, L4A 0N2
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Printed in Malaysia
Strength in
Numbers
An In-Depth Look
Your Guide
to Having
the Right Kind
of Education
Chloe Hung
Foreword
When Chloe approached me to write the foreword for her book,

I was immediately taken by her passion and commitment to helping
actuarial students worldwide. Chloe has spent countless hours
improving herself and her knowledge to get to the next level in her
actuarial journey. You may have heard that actuarial science is a
very challenging field to venture into, and the path is often long
and filled with obstacles.
Chloe is an expert at helping you find the motivation you need

to push on despite the many difficulties that you may encounter.
She can definitely take you to the next level but you have to be willing
to work hard. When Chloe meets someone who wants to venture
into the world of actuarial science, she asks them for their passion.
She asks them and quite clearly indicates that to “make it” as an
actuary, you have to give it all you got. You have to fully commit and
work hard at your exams or your job with no apparent rewards and
the journey will not be easy.
It is all about long-term achievement in your career. If you only

think of a quick win and have a short-term goal, then this book is
probably not for you. You should pick a different field of study and a
different book to read.
Here’s a personal story: I got to know Chloe as she was writing

this book, Strength in Numbers. Chloe and I had a pretty in-depth
discussion about the actuarial industry. We talked about the issues
Foreword
surrounding the industry, the challenges students faced in their

actuarial journey, and how we can work to add more value to
the actuarial industry.
During our discussion, I got to know that Chloe struggled with

her actuarial exams during her first semester at college. She took
nearly a year to pass her first exam. After getting that first exam done,
Chloe thought she needed to pass another actuarial exam before
graduating college to get a full-time actuarial job. She immediately
decided to attempt her second professional exam after that but
failed again. Due to the multiple failures at the start of her actuarial
journey, Chloe felt really demotivated. The lack of motivation took a
huge toll on her exam progress as she took another year to pass her
second professional exam.
Since Chloe was so focused on passing the exams during her

university time, she failed to realize the importance of getting an
actuarial internship or developing her technical skills at that point in
time. Even though Chloe did manage to graduate university with two
actuarial professional papers in hand, the lack of work experience
made it really difficult for her to obtain a full-time actuarial job.
Chloe was forced to work at an administrative role, despite having
good qualifications for an entry level actuarial job.
Fortunately for Chloe, she never gave up despite the many

obstacles that she faced during the start of her journey. Because of
her persistence and determination, she was able to land an actuarial
internship after working in an administrative role for seven months.
During her internship, Chloe was given the opportunity to work as an
industrial and non-industrial actuary.
This is when Chloe decided that the industrial path was not for
her as her passion lies in motivating and supporting students during
their actuarial journey. She made a huge decision to become an
Chloe Hung
actuarial entrepreneur focused on supporting students during their

journey and helping them decide if actuarial science is the right
choice for them.
And this is how this book’s concept was born.
Imagine this: You are now at a crossroad in your life. One path
leads you back to where you were, before you came across this book.
The same situation you are in now where you have questions about
the actuarial industry with no end in sight. Then, there is this new
path, a straight road that will lead you to the answer to all of your
questions and catapult you to success within your actuarial journey.
Which one will you choose?
If you want to step onto that new path, that’s what this book can
do for you! Instead of feeling lost and stuck, as Chloe felt when she
first ventured into actuarial science, this book will provide clarity on
what actuarial science is and motivate you to succeed. This book also
contains words of wisdom from various actuarial professionals within
this industry. Read this book today to learn what these professionals
have to say to you.
Success is a journey, not a destination. And a good start will lead

you onto a good journey ahead.
Tommy Pichet, FSA, FIA, FRM, FSAT

President of the Society of Actuaries of Thailand
CEO of Actuarial Business Solution, Co.
www.actuarialbusiness.com
Endorsements
“There are several texts out there about how to pass actuarial
exams or how to be a successful actuary, but here is one that digs
even deeper, exploring every facet of one’s actuarial journey, both
at the academic and professional levels. For example, the author
provides unique insight into how to best choose a university with an
actuarial science program, dos/don’ts to follow when applying for
actuarial jobs, or even the debunking of common misconceptions
about actuaries and their work. The target audience for this highly
educational and inspiring book is individuals who are just beginning
to think about potential careers in actuarial science. I wish I could
have read such a text when I was first starting out.”
—Professor Toby White, FSA, PhD,

Curriculum Chair for SOA Exam MFE,
Associate Professor of Finance and Actuarial Science
Drake University
www.drake.edu
“Actuarial science is one of the most promising professions of our

century, and Chloe provides concise, to-the-point insights for starting
on the right path.”
—Professor Jeffrey Zheng, FCAS, FSA, CPA, CPCU,

University of Notre Dame
www.acms.nd.edu
Chloe Hung
“Strength in Numbers cuts straight to the chase on what you need to

do to become successful in your actuarial journey.”
—Jessica Lam, Director of Admission & Counselling,

Inti International University
www.newinti.edu.my
“A must-read for anyone who wants to get into actuarial science.”
—Dr Yun Fah Chang (PhD), Head of the Department of

Mathematical and Actuarial Sciences
Universiti Tunku Abdul Rahman (UTAR)
www.utar.edu.my/main.jsp
“Chloe does a great job of providing quality background information

that can guide aspiring actuaries in the right direction. She takes a
comprehensive approach in offering guidance on actuarial exams,
university selection, motivation and other relevant topics. I feel that
Strength in Numbers can help out many students who are early in
their own actuarial journeys!”
—Roy Ju, FSA, CERA, World’s Youngest Actuary,

www.rethinkstudying.com
Dedication
I would like to dedicate this book to all the individuals who helped
put this book together.
To my actuarial mentors, Dave Kester and Jon Poppe, for all your
support and guidance during my actuarial career. I will always be
grateful to the both of you for giving me the opportunity to explore
the various fields within the actuarial world.
To Drake University, for all the actuarial resources and support

during my actuarial journey. I was able to form strong relationships
and develop a circle of good friends with actuarial students from all
over the world thanks to the actuarial community at Drake.
To my family, for setting me on the actuarial path. This book

would not have been possible without your support.
This book is also dedicated to all the aspiring actuarial

students out there.
Table of Contents
Chapter 1: An Actuary’s Journey 1

Chapter 2: How to Become an Actuary 9
Chapter 3: The Right University for Your Actuarial Degree 17
Chapter 4: The Actuarial Exams 25
Chapter 5: Land Your First Actuarial Job 35
Chapter 6: Be a Great and Successful Actuary 51
Chapter 7: Find Your Actuarial Motivation 61
Chapter 8: Misconceptions About Actuarial Science 67
Chapter 9: Is Actuarial Science Really Your Thing? 75
Chapter 10: Words of Wisdom 89
Acknowledgements 92
Recommended Resources by the Author 93
Chapter 1
An Actuary’s Journey
D
id you know that your actuarial journey has already begun?
You would not be reading this book right now if it hadn’t and,
for that, I want to personally welcome you.
This book takes you on an exploration

journey and is open to everyone who is Did you know
curious about what actuarial science is. that your
Strength in Numbers is about actuarial actuarial
science. However, you may be pleased to learn journey has
that the contents in this book are not about already begun?
complex actuarial concepts or formulas.
People often get scared or intimidated when they read the phrase
“actuarial science” in a book. Strength in Numbers is designed to
make actuarial science easy for you to understand.
A Student’s Dilemma
As a student, fresh out of high school or college, the future seems
rather big and unknown. We all find ourselves asking this question:
“What college degree should I study in university?”
1
Many students feel lost right after high school. There are
those who have a set college plan in mind. And if you fall under
this category, I am happy for you! But if you are anything like me
right after high school graduation, you may find yourself asking:
“What do I do now that high school is over? What should I
study in college? How do I find the right college degree that
matches my interests?”
At that time, I was really interested in Math because it was

my strongest subject in high school. Naturally, I wanted to study
something related to Math in college, and it is precisely because
of this that I heard of actuarial science. Now, here’s the thing:
If you tell people that you are good at and interested in Math,
chances are you will be recommended to study actuarial science
in college. Your interest is now piqued because actuarial science
sounds like a good fit for your Math qualifications. You start
looking around for more information about actuarial science.
And here is where Strength in Numbers comes in handy.

Let’s take the first step together in your actuarial journey.
What is Actuarial Science?

This is usually the first question I get from people who have never
heard of actuarial science. If you plan to study actuarial science, you
should at least know what it is all about.
I am sure many of you have an answer to that question by now.

Wikipedia defines actuarial science as “the study of probability and
statistics to assess risk in mainly insurance and finance industries.”1
Personally, I define actuarial science as the application of

Mathematics to manage risks and solve problems within a company.
1
“Actuarial Science,” Wikipedia, accessed January 10, 2017,
www.en.wikipedia.org/wiki/Actuarial_science.
2
Chloe Hung
The Actuarial Journey

Actuarial science is a very interesting program for students who are
truly passionate about Math. If the thought of numbers excites you,
it is worth putting actuarial science into your list of considerations.
However, even though you may

be passionate about Math, it does not
mean actuarial science would be the As an actuarial
right fit for you. Actuarial science is not student, you
for everybody—and that includes Math will encounter
enthusiasts. Being good at Math is just a many roadblocks
requirement to study actuarial science.
along the way.
If you hate Math or suck at it, actuarial
science is not for you.
3
Why Is Actuarial Science Not for Everybody?
You must understand that the actuarial journey is a very long and
challenging one. As an actuarial student, you will encounter many
roadblocks along the way. There is no escape from this. I guarantee
you will face at least one roadblock during your actuarial journey.
Not all students are willing to persist through the various obstacles
because it requires a very high level of commitment, time and effort
from your end.
There will be times when you ask yourself why you chose
to study actuarial science. Some students may even doubt
their own choice of becoming an actuary halfway through
their university degree.
When you reach that point in your actuarial journey, focus on

your end goal or the bigger picture. Your end goal may be different
from your peers and that is perfectly ok. Some students are content
with having an Associateship at the end of
Your actuarial their actuarial journey. There are others who
journey is would prefer to become a qualified actuary.
primarily There are still others who just want an actuarial
determined
job within an insurance company. Some
by your
may decide to venture out of the actuarial
own choices.
profession upon university graduation.
It is not about how you start your actuarial journey

but how you finish it.
—Dave Kester, FSA, MAAA, Coaching Actuaries
4
Chloe Hung
Remember, your end goal is what determines which path you

take in your actuarial journey. There is no set path for you to follow.
Your actuarial journey is primarily determined by your own choices.
Reading this book is a choice that you made. Congratulations on

taking the first step in your actuarial journey today!
Now that you have taken the first step, what does it really mean
to become an actuary? Well, for starters, being an actuary often
means you will stand out from the crowd. When you tell people
that you are an actuary or you studied actuarial science, you will get
either one of the following two responses:
1. Wow! You must be really smart and good at Math!

2. I have never heard of that course before. What is actuarial
science?
People who have heard of actuarial science regard actuaries as

super smart individuals. On the other hand, people who have never
heard of it will just give you a blank stare. But in general, the public
will view you as a very smart kid if you are an actuarial student.
It’s also a no-brainer that you have to love Math in order to

study actuarial science. If you are truly a Math enthusiast, you will
be pleased to learn that you can definitely put your Math skills to
good use within the actuarial world. As an actuary, you must be able
to apply mathematical concepts to solve problems in your work.
Actuarial science probably sounds like a great option now because

you get to pursue your Math passion and stand out from the crowd.
But what about the money? Here’s some good news. Actuaries get
to enjoy a raise in their paycheck with every exam that they pass.
5
That means the more exams you pass, the bigger your paycheck gets.
In addition to just enjoying a bigger paycheck as a reward, you are
also able to advance through the ranks within a company quicker
when you have more exams and work experience.
Sounds pretty awesome, doesn’t it?
Honestly, yes, it is pretty awesome becoming an actuary if

you have the passion. This is going to be a big decision for
you because being an actuary is not just an occupation, it is a
profession. As I mentioned earlier, you stand out from the crowd
as an actuary. People view you in a different light and value your
advice. As a result, you have a big responsibility in society.
It is important to always be professional and ethical in your
work so that you do not provide misguided advice or false
information to people.
Being an actuary is not an occupation. It is a profession.

A professional is a person on whom others rely upon for
advice in a particular area of expertise. Hence, an actuary
who is categorized as a professional should always act with
integrity and only to the extent that his or her training,
qualification and experience allows him or her to do so.
—Anonymous
6
Scan this code to get your FREE
Actuarial Discovery Checklist to
determine your overall passion and
personality and help you decide if
actuarial science is for you.
www.myactuarialresource.com/
acturial-discovery-checklist
Chapter 2
How to Become
an Actuary
G
raduating with an actuarial degree from college does not make
you an actuary. You will only be called an actuary after you
become a Fellow.
Now, you may be wondering what a Fellow is and how you

become a Fellow. In this context, a Fellow simply means being a
qualified actuary. As an actuarial student,
you will only become a Fellow once you Graduating with
pass all your actuarial professional exams. an actuarial
Some of you may not have heard about the degree from
actuarial professional exams. The rule of college does
thumb in actuarial science is: You must pass not make you
a few actuarial professional examinations an actuary.
during your actuarial journey.
9
How to Become an Actuary?
Professional Exams
The structure of the professional exams will
You must attain differ depending on the actuarial organization
your Associate you choose to join. Even though the structure
designation of the professional exams is different between
first before the various actuarial organizations, the path
becoming to becoming a qualified actuary (Fellow) is
a Fellow. already set for you. This is a path that all
actuarial students must follow.
You must attain your Associate designation first before becoming

a Fellow. An actuarial student cannot become a Fellow without an
Associateship. This is because the Associate level serves as your
foundation before becoming a Fellow.
10
Chloe Hung
The title “Associate” is only awarded to actuarial students who

have completed a certain number of professional exams. You must
pass more exams after becoming an Associate to become a Fellow.
This is the premise of your actuarial journey.
Student--------Associate--------Fellow (Actuary)
These actuarial organizations may

make changes to their exam syllabus from
I cannot stress
time to time so be sure to stay updated
how important
with the exam news from your respective
it is to start
organizations. Many students begin to sit for
sitting for your
their first actuarial professional exam during
the first semester of their actuarial degree. professional
There are also those who attempt the exams exams early.
when they are still in high school.
I cannot stress how important it is to start sitting for your

professional exams early. You don’t want to be the only student
who has not sat for a professional exam when you are out there
applying for an actuarial internship or a full-time job. You will be
at a huge disadvantage!
Actuarial Organizations
For those of you who are just starting out, you may be wondering
what the actuarial organizations are. To help you out, this is how the
actuarial organizations work.
You must select an actuarial organization under which you will

attain your actuarial qualifications. This is a requirement for all
actuaries.
11
There are many available actuarial organizations for you to

choose from, for example:
1. Society of Actuaries (SOA) in the U.S.

2. Casualty Actuarial Society (CAS) in the U.S.
3. Institute and Faculty of Actuaries (IFoA) in UK
4. Canadian Institute of Actuaries (CIA) in Canada
5. Institute of Actuaries of India (IAI) in India
6. Institute of Actuaries of Australia (IAA) in Australia
And many more.
Your actuarial designation will then fall under your chosen

actuarial organization. For example, if you choose to join the Society
of Actuaries (SOA), you will be called a Fellow of the Society of
Actuaries (FSA) once you become a qualified actuary. If you attain
your Associate designation under the SOA, you will then be called an
Associate of the Society of Actuaries (ASA).
These actuarial organizations are recognized internationally.

This means you should be able to become a practicing actuary
anywhere around the world once you’ve attained your Fellowship
status from any of these organizations.
The Foundation of an Actuary

As you can see, passing your actuarial exams will take up a huge part
of your actuarial journey. The amount of time taken to complete these
exams up to the Fellow level can range from 5 years to up to 15 years
or more. It is completely up to you to decide how many years do you
want to take to become a Fellow.
12
Chloe Hung
As you progress through your actuarial

journey, some of you may decide that becoming your end
a Fellow is no longer your end goal. This is goal is what
perfectly fine. You are not doomed to fail if determines
you decide to stop sitting for your actuarial which path
professional exams. You do not have to become you take
a qualified actuary to work in the actuarial field. in your
The foundation of becoming an actuary is not actuarial
about passing all your exams but deciding on the journey.
type of actuary you want to be.
Do you want to become a traditional industrial actuary where

you work in an insurance company? Or are you more interested in
the non-traditional route such as investments, finance or banking?
No matter which route you decide, remember that your end goal is
what determines which path you take in your actuarial journey.
Figure out what kind of actuary do you want to be.

You don’t have to become a qualified actuary in order to
work in the insurance industry or actuarial field.
—Jon Poppe, Coaching Actuaries
Even though the actuarial professional exams play a huge role in

your actuarial journey, you must enjoy what you do. You can never
become a good actuary if you do not enjoy what you do.
At this point in time, you may not know what type of actuary you
want to become. Instead of thinking about the future, focus on the
present. Ask yourself this question today: Are you truly passionate
about Math? If your answer is yes, chances are, you will be able to
enjoy what you do.
13
My Actuarial Journey of Discovery

When I first started on my actuarial journey, my only goal was to
become a qualified actuary. I had no idea what type of actuary I
wanted to become. I had no idea what my own personal strengths
were. And I obviously had no idea what my actuarial personality was.
I spent several years trying to find my place within the actuarial

world. I tried working within various industries from banking to
finance to insurance. I also tried taking a few of the upper-level
actuarial examinations. Despite all of this, I couldn’t find an actuarial
job that fitted me. It was a frustrating time because most of my peers
were well on their way to becoming a qualified actuary with a stable
actuarial career at this point. I felt like I was too slow and falling way
behind the crowd in my actuarial journey.
It took me a while to understand why was I so slow compared

to the others. I read many books on personal development during
my own journey of discovery, and what I learnt was that while
every individual is unique, they can generally be grouped into
nine personality types: Controller, Promoter, Analyzer, Supporter,
Controller/Analyzer, Promoter/Controller, Promoter/Supporter,
Supporter/Analyzer and Centric. I believe this holds true for
actuaries as well.
In my case, I fall under the Controller/Analyzer personality

group. I discovered this after finding out what my top five actuarial
strengths are through Gallup’s StrengthsFinder test. The test
results indicated that my strengths are: Analytical, Deliberative,
Competition, Significance and Focus. And I must say those results
are really accurate. My focused, analytical and deliberative nature
is the reason why I was great at analyzing and solving problems.
My competitive and significant strengths made me a high-performing
actuary, where I work best under deadlines and a set plan.
14
Chloe Hung
These strengths shaped my actuarial personality. I have always

been geared towards working quickly towards the best possible
solution for a problem. This is when I decided to take the road less
travelled. I chose a path completely different from most of my peers.
I decided to become an actuarial entrepreneur.
Why an Actuarial Entrepreneur?

I believe that the actuarial industry has two main problems.
One is a serious lack of awareness about the actuarial industry
around the world. The other is the lack of resources to support
actuarial students during their actuarial journey. This book is my
first step towards solving these two problems.
Remember, just because you decide to study actuarial science,

it does not mean you must become a qualified actuary. Just because
you passed a few actuarial exams, it does not mean you are an
actuary. Just because you graduated with an actuarial degree, it does
not mean you must work as an actuary.
It is important that you take some time to explore what your

own personal strengths are. Your strengths are what make you
unique. Your strengths determine your very own actuarial
personality. It helps you determine the kind of actuary you
aspire to be.
15
Chapter 3
The Right University for

Your Actuarial Degree
A
s a student, choosing the right
As an actuarial
university for your actuarial science
student, you want
degree can be quite challenging.
to build good
More and more universities around
relationships with
the world are offering actuarial science
your academic
programs these days. Fortunately for
advisors and
actuarial students, there are several
lecturers in
guidelines for you to follow when it comes
the university.
to choosing the right university for you.
The Actuarial University Guide

A. Do you prefer a big or small university?
The university size plays an important part in the students’
learning experience. Are you someone who prefers a big classroom
environment where there are usually a hundred over students
in a class? Or are you someone who prefers a smaller classroom
environment with about 20 students per class?
17
T h e R i g h t U n i v e r s i t y f o r Y o ur A c tuar i a l D e g r e e
B. What are the lecturer’s office hours like in the university?
As an actuarial student, you want to build good relationships with

your academic advisors and lecturers in the university. Their guidance
and support will help you tremendously in your
You don’t actuarial journey. Therefore, always ask whether
want to be the or not the lecturers in the university have office
only student hours to help support students. Also, take the
studying
time to speak to the lecturers with whom you will
actuarial
work during y our actuarial degree. This allows
science at
you to get to know the lecturers better before
a university.
enrolling for their courses or at the university.
C. How many actuarial students are currently enrolled

at the university?
At this point, I am sure you understand that the actuarial journey is
a long and challenging one. Good peer support will help you through
your actuarial exams and career. You don’t want to be the only student
studying actuarial science at a university. That will make your actuarial
journey very lonely and extremely challenging. Plus, you get to form
study groups together to prepare for your actuarial exams if you have
a community of actuarial students in the university.
As an actuarial student at a university, it is important to

have a community of other actuarial students around you.
—Professor Lisa Gardner, Drake University
18
Chloe Hung
D. Are the university’s courses approved by the actuarial

organizations?
As an actuarial student, the actuarial exams will take up a lot of
your time. Make sure the university offers courses approved by the
actuarial organization you choose to join. You don’t want to waste time
and money retaking those courses on your own. Ask the university
if their courses entitle you to exam exemptions from the actuarial
organizations. Also, be sure to ask the
university if they offer courses that prepare Make sure the
you for your actuarial professional exams. university offers
For example, if you choose to join the SOA courses approved
organization, ask the university if they offer by the actuarial
courses that will prepare you for the SOA organization you
preliminary exams and give you Validation choose to join.
by Education Experience (VEE) exemptions.
19
E. Does the university have industrial actuaries as part of

their teaching staff?
You want to choose a university that has a few industrial
actuaries as lecturers. This is because industrial actuaries are able to
offer you real-life work experience advice.
You need more Lecturers who are not industrial actuaries
than just an are only able to offer you academic advice,
actuarial although that is great when you are studying
degree and
for your actuarial exams. However, you
excellent exam
need lecturers with industrial experience to
scores to land
help you apply what you have learnt in the
a full-time
actuarial job in real-life working environment. I personally
this modern age. prefer a university that has at least one
qualified actuary as part of its teaching staff.
When selecting a university, it’s important to consider

the balance between academic actuarial lecturers and
qualified actuaries with industrial experience.
—Professor Karamjeet Singh, Heriot-Watt University.
F. Does the university have a good alumni network and

professional networking events?
The actuarial industry is a very competitive industry. You need more

than just an actuarial degree and excellent exam scores to land a
full-time actuarial job in this modern age. Networking is key here.
Does the university have a good alumni network to support you
after graduation? Does the university conduct actuarial career fairs
or networking events? You want a university that has strong ties to
the actuarial industry so that you can network with the actuarial
professionals within the industry.
20
Chloe Hung
Focus on the exposure and opportunities that the university will

provide to help you in your actuarial career after graduation.
—Dr Yun Fah Chang, Universiti Tunku Abdul Rahman, Malaysia
G. Does the university offer campus tours?
This may not be an option for you if you are planning to study
abroad. However, if you choose to study at a local university, do
a campus tour. Campus tours are great to help you learn more
about the university, its teaching staff, the facilities and the overall
campus environment. Does the university feel right to you? Do you
like the overall environment around the university? The last thing
you want is to dislike the place where you will be studying at in the
next few years.
H. What are your priorities?

As a future student at a university, the decision lies in your hands.
Different students have different priorities when it comes to selecting
an actuarial university. Some students may prefer to study at a public
university instead of a private university. Some may prefer to study
at a university located close to home. Some may want to study at a
university located within the city center.
A Shortcut to Selecting Your Actuarial University

Researching and going through the various universities for your
actuarial degree can be a huge pain and it will take up a lot of your
time. So, I have the perfect solution for you!
21
If you have decided on the UK actuarial qualification route, use

the IFoA’s website for a list of recommended universities for your
actuarial degree.2 The IFoA’s list of university courses with exemptions
helps you determine whether or not your selected university has an
agreement with the IFoA to offer you exam exemptions.
If you choose the U.S. actuarial qualification route, use the

SOA’s website for a list of recommended actuarial universities.3
The SOA’s university list is divided into two which is the University
and College Actuarial Program (UCAP) list and Centers of Actuarial
Excellence (CAE) list.
The UCAP list contains more actuarial universities whereas the

CAE list has fewer universities. Since the UCAP list has a longer list of
universities, you will be more likely to find a university within your
home country if you are planning to pursue your actuarial degree at
a local university.
If you are an actuarial student who is not

Anybody can following the U.S. or UK qualification route,
become an contact your respective actuarial organizations
actuary! to see if they have a list of recommended
actuarial universities. Chances are that they will.
Happy hunting!
A “Degree-less” Profession
Here’s an interesting fact about actuarial science: Anybody can
become an actuary! I mean anybody who is willing to study and take
the exams. You do not even have to attend a university to become
2
“University courses with exemptions.” Institute and Faculty of Actuaries. Available at www.soa.org/
Education/Resources/actuarial-colleges/actuarial-college-listings-details.aspx.
3
“Universities & Colleges with Actuarial Programs (UCAP),” Society of Actuaries. Available at:
www.soa.org/Education/Resources/actuarial-colleges/actuarial-college-listings-details.aspx.
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Chloe Hung
an actuary. You do not need to possess an actuarial science degree

in order to become a certified actuary. You may choose to pursue a
college degree in pharmacy or engineering or Math or even art and
music and you can still become an actuary. All you need to do is pass
the actuarial professional papers. You become an actuary by passing
the professional papers. You DO NOT become an actuary by having an
actuarial science degree from a university.
It is definitely advisable for you to have a university actuarial

science degree to help you out with your professional papers.
However, it is not one of the requirements to become an actuary.
That means the actuarial profession is not age-bound. Anybody,
young or old, can choose to become an actuary if it is your calling.
There are real-life cases of students becoming a certified actuary

before graduating college. There are also students who choose to
start on the actuarial path at the age of 60. It is never too late to
become an actuary if you are truly passionate about this field.
University is just a small part of your actuarial life. Life as an

actuary becomes more challenging once you graduate and step into
the working world.
23
Chapter 4
The Actuarial Exams
H
ave you ever heard that actuarial
science is one of the most difficult The actuarial
courses to study? Back when I first exams are part
started studying actuarial science, I found of an actuarial
myself asking this question: What makes student’s life.
actuarial science so difficult?
It is true that actuarial science is one of the most difficult

courses to study. But it’s not the university degree that makes
actuarial science so difficult. The real challenge begins with the
actuarial exams. The actuarial exams are part of an actuarial
student’s life. There is no escape from that. These exams are
definitely more challenging than your normal Math exams.
But for me, the real challenge lies in the student’s discipline and
motivation when it comes to preparing for their actuarial exams.
As a student, you are usually required to start preparing at least
four months before the actual exam date. The exams require a huge
level of commitment and time. Many students struggle with this
as they are not fully prepared to invest the huge amount of time
and effort required to succeed in the exams.
25
The Actuarial Exams
A bigger challenge lies in the mental challenge that students

face when it comes to the actuarial exams. In my opinion, actuarial
students generally go through two main mental challenges. First is
mental exhaustion. Some students spend so much time studying
for the exams that they forget to take breaks in between all that
studying. Too much studying exhausts you mentally and leaves you
in an exhausted state of mind when it comes to the actual exam day.
Mental exhaustion causes students to lose focus, make careless and
costly mistakes and forget essential concepts or formulas on the
actual exam day. It is important to take ample breaks from all that
studying when you are attempting the actuarial exams.
The second mental challenge is the lack of instant gratification.

As human beings, we all love instant gratification. But as an actuary,
you must be prepared for a few months or years of hard work before
getting rewarded. Nobody becomes a qualified actuary within
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Chloe Hung
one year. Nobody goes through the

actuarial exams without months of
A bigger challenge
studying or hard work. There is no
lies in the mental
shortcut method within the actuarial
challenge that
industry. There is no overnight
students face when
success within the actuarial industry.
As an actuarial student, learn how to it comes to the
value delayed gratification instead actuarial exams.
of instant gratification.
If you want to succeed, don’t give up. Too often we give up

because there are no immediate results.
—Dr Ali Qassem, Ali Qassem International
What Makes the Actuarial Exams Difficult?

When I first started studying actuarial
science, everyone told me that the As an actuarial
actuarial exams were very difficult. But student, learn how
I never truly understood why this was to value delayed
so. I didn’t understand how the actuarial gratification
exams made actuarial science one of the instead of instant
most difficult courses to study. I used gratification.
to wonder why the study of medicine
or law did not fall under the category of one of the most difficult
courses to study in university, since doctors or lawyers are required
to undergo years and years of studying and exams as well. Plus, when
I first started on the actuarial path, I heard that the actuarial exams
were mostly multiple choice. “How hard can a multiple-choice exam
be?” I wondered.
27
The Actuarial Exams
It was not until I attempted my first actuarial exam that I found

the answer to my question. Even though the exam was multiple
choice, it was the hardest exam I ever sat for in my entire life. It was
a lot harder than all of my college exams!
Why was the exam so difficult?
The exam was difficult because it required an in-depth understanding

of the various concepts and materials at hand. It also required me
to be very quick and accurate with my calculations and concepts as
I was required to complete the exam within a certain time frame.
In my case, I was required to complete 35 multiple-choice questions
within three hours.
I was mentally unprepared for the extreme stress and pressure

on the actual exam day. I went on full panic mode during the exam
because I came across five difficult questions for which I didn’t
know the answer to. My mind started freaking out and I ended up
making careless mistakes and wasting precious time by being stuck
on those difficult questions.
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Chloe Hung
This is when I realized that the actuarial exams are not for the
faint-hearted. You must be mentally and physically prepared to sit
for these professional exams.
Actuarial exams are more difficult than your typical Math

exams because the pass rate on some of the society’s exams
are only about 30–40%. In addition to the low pass rates,
students are also running against an elite group of individuals
in the exams. This makes the exams challenging to pass.
—David Dickson, FCIA, Canadian Institute of Actuaries (CIA)
29
The Actuarial Exams
Conquer Your Actuarial Exams

The traditional way of preparing for exams is to study hard.
Do more practice problems. Solve more complex and difficult
questions. Spend ‘x’ number of hours on this chapter. Memorize all
the formulas in the textbook.
The trick to passing actuarial exams is not to study hard.

What matters is to study smart. Start your exam preparations early
so that you don’t run out of time. Don’t waste your time trying
to solve as many practice problems as you can. Instead, analyze
each practice problem that you do and determine what the most
efficient strategy is to solve that problem in under five minutes
during the actual exam.
Learn all the shortcuts. Use your calculator to automate your

calculations whenever possible. Familiarize yourself with your
calculator’s functions because this will save you precious time in the
exam. Also, use good study aids that will prepare you well for the
exam. You don’t want to waste your time doing practice exams or
questions that are too easy or too hard in comparison to the actual
exam. The goal is to find study aids that can help you learn and
practice the exam material in the most efficient manner.
In the U.S., the most commonly used study aids for the actuarial
exams are the Actuarial Study Materials (ASM) and ACTEX study
manuals, which can be bought through The Actuarial Bookstore.
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Chloe Hung
The most important factors in passing actuarial exams are

giving yourself enough dedicated study time (100 hours per hour
of exam is the recommended time), and using materials that fit
your study style and needs. Study manuals are the most popular
learning tools because they provide extensive instruction and
practice questions with detailed solutions, but many other
popular options exist including video instruction,
online practice Q&A tools, and flashcards. The goal is to find
materials that help you learn and practice the material.
—Nancy Stevenson, President of The Actuarial Bookstore
31
The Actuarial Exams
Remember, you do not need to score 100% to pass the actuarial

exams. It’s ok if you don’t know how to do a few questions in the
actual exam. It’s ok to skip a few questions that take up too much of
your time in the actual exam. Manage your time wisely and you will
conquer your exams.
Surviving the Actuarial Exam Stress

No matter where you are at in your actuarial journey, you will
experience something I call the “Actuarial Exam Stress”. Some students
are absolutely terrified of the actuarial exams. I know. I used to fear
these exams as well. To be honest, the thought of studying for the
actuarial exams still stresses me out from time to time. But when
you have guides, rules and techniques to survive the “Actuarial Exam
Stress”, your actuarial journey becomes much simpler.
So, my question to you is: Have you ever felt down, stressed or
anxious during your exam preparations? If you answered Yes, then
welcome to the club. Millions of actuarial students struggle with
exam stress and anxiety. I was one of them. And trust me when I say
that these exam stress can wear and tear on your body, leaving you
feeling tired, drained and empty inside.
Over time, you will find yourself being less productive, anxious,
tense and unhappy. Being anxious and unhappy can make you
irritable, impatient and hurt your study progress. You may find it
tough to focus, stay motivated or accomplish tasks. In addition to
that, your chances of passing the actuarial exams drop when you are
feeling stressed out and anxious. Studying for the exams becomes
much harder and you find yourself feeling demotivated really quickly.
The key to surviving the “Actuarial Exam Stress” is to take care

of your mood and mental well-being. While poor feelings can
negatively impact your actuarial exam progress, a happy balanced
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Chloe Hung
mood gives you the tools you need to be successful and enjoy
your actuarial journey. Plus, it keeps your energy levels high.
Staying motivated during your exam preparations becomes much
easier when you are happy.
As actuarial students, we all go through the “Actuarial Exam
Stress” at one time or another. Take ample study breaks to
reduce your stress levels and build up your motivation. Do not
exhaust yourself by studying for more than four hours in a day.
Taking care of the self is a crucial part of maintaining your mood
and mental-being. Eat healthy food, keep away from things that
cause tension and anxiety, sleep well, do moderate physical activity,
meditate frequently, voice out your troubles with your friends or
family or lecturers, laugh frequently and surround yourself with
people who uplift you.
Confronting stress can be challenging. Trust me, I’ve been there
before. Give yourself a break every now and then. Take a day off
from studying and go enjoy yourself! Buy a new outfit, go to a movie
or do something you have always desired to do. Do not fret over little
things. If things are not going according to plan, learn to adapt. This
is life. Learn the art of accepting the inevitable.
If this does not help and you find yourself drowning in stress, move
your body! Go out and exercise. Move! Exercising is a great way to
bring down your stress levels. Not only do you feel happier, healthier
and motivated after exercising, your memory and concentration
improves as well. This makes studying much, much easier.
Try to acquire a ‘forgive and forget’ attitude. Learn to move
past from your failures. Do not waste your time blaming your study
materials, your lectures, the exam syllabus and so on when you fail
an actuarial exam. Accept the result, take responsibility, learn from it
and move on. This will greatly reduce your exam stress levels.
Remember, surviving the “Actuarial Exam Stress” is an art—it has
to be worked on constantly.
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Chapter 5
Land Your First

Actuarial Job
S
itting for the actuarial exams are just a small part of your
actuarial journey. As an actuarial student, I am sure you
want to get a full-time actuarial job upon college graduation.
Most actuaries work in the insurance industry because that is the
traditional actuarial route. Therefore, actuarial students often
look for an actuarial internship or job offer within the insurance
industry after graduation.
Now, as an actuarial student, you may not fully understand

what an actuary does. Questions such as “How is actuarial science
applied in the real world?” or “What is the actuarial profession all
about?” are very common among actuarial students. That is why
you must get an actuarial internship to fully understand what does
an actuary do.
35
Land Your First Actuarial Job
Working as an Actuary
First, you must understand that the real world will look completely
different from everything that you have ever studied in school.
Your studies and your actuarial exams will
Actuaries are only serve as a foundation in the real world.
all about solving As a real-life actuary, you must master Excel,
problems and be good at programming, master several
managing risks. programming languages such as VBA and
be a good problem solver.
Actuaries are all about solving problems and managing risks. As

actuaries, we live in the future and make forecasts of future events.
We apply our mathematical knowledge to solve problems and make
forecasts. There is never a right or wrong answer in an actuary’s
work. That is why actuaries must always have a high degree of
professionalism and integrity in their work. Always validate your data
before presenting your results to management within a company.
An actuary’s work involves making forecasts of future events

and these forecasts are necessarily subjective. Thus, there are no
specific ‘right or wrong’ answers in an actuary’s work. As such,
it is even more important that actuaries act with integrity
as their advice cannot be validated immediately.
—Anonymous
The Actuarial Job Market

Actuarial science is constantly ranked as one of the top professions
in the United States. Despite it being a top-ranking profession, the
actuarial industry is a small industry. The number of students pursuing
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Chloe Hung
actuarial science has been increasing rapidly over the years. This
makes competition within the actuarial job market stiffer with each
passing year.
Some of you may have this question: “Since the number of

actuarial students is growing rapidly every year, will the supply of
actuaries outweigh the demand for actuaries in the future?”
The actuarial job market may be a very

The actuarial
competitive market, but the demand for
profession is
actuaries will still outweigh the supply of
constantly
actuaries. This is especially true in Asia where
growing and
the insurance market is rapidly expanding expanding.
every year.
Due to the mixed portfolio of economies within Asia,

which includes both matured and emerging, the demand
for insurance and protection will only continue to grow.
Therefore, I can only foresee the demand for actuaries
increasing faster than the supply.
—Daniel Wallis, Gravitas Recruitment
Be rest assured that the actuarial industry is not a dying

industry to venture into. The actuarial profession is constantly
growing and expanding. Actuaries will always be in demand because
they are great risk managers and problem solvers. Businesses are
constantly looking for professionals to help manage their risks.
And this is exactly where an actuary is needed the most, since their
main responsibility is to manage and mitigate risks.
37
Every business is looking to manage contingent risks.

Risks can come from anywhere for a company. And that is
where an actuary’s mathematical skill set lends itself perfectly
to manage and predict any type of future contingent risk.
—Patty Simpson, DW Simpson Global Actuarial & Analytics Recruitment
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Chloe Hung
Actuarial Job Application Tips

Here are a few tips for you when you are out there applying for your
first actuarial job or internship:
A. Pass a few actuarial professional exams upon

college graduation
This is a must if you want to secure a full-time actuarial job. Many
employers prefer to employ students who have demonstrated a
consistent progress in their actuarial professional exams. Getting good
grades in school is no longer enough to secure you a full-time job upon
graduation.
Based on my personal experience, I recommend you pass at

least two actuarial professional exams and have one actuarial
internship in hand when you graduate if you choose to pursue the
U.S. qualification route. Most employers want candidates who have
a few actuarial professional exams and some industrial experience
for a full-time actuarial position. Start looking for your actuarial
internship during the second semester of your actuarial degree.
B. Background in computer science and good

programming skills
Having a background in computer science and programming would
make you a very attractive candidate in your job application. Do
consider a double major in actuarial science and computer science
during your university days.
If this is not an option for you, take the time to brush up on

your Excel skills and learn Visual Basic for Applications (VBA).
I guarantee you will be a much more attractive candidate if you have
excellent VBA or Excel skills. Employers want to hire candidates who
can demonstrate how they use Excel or VBA to solve problems.
39
C. Problem-solving skills
Employers want actuaries who have good problem-solving skills.
Good problem-solving skills is about applying what you have learnt to
manage the company’s risks. Having only good academic qualifications
will not make you a valuable candidate.
You must be able to apply the material that you have learnt
in a true business environment. Otherwise, you will not have
much value as an actuary even though you may
have plenty of exams.
—Zoe Bolton, Bolton Associates
To demonstrate your problem-solving

Good skills, research the company you will be
problem-solving interviewing at. Read through the job
skills is about description for the position that you are
applying what applying for. Don’t just look at what can
you have learnt the job do for you. Identify the company’s
to manage the need and tell your future employer how
company’s risks. you can use your skills to help solve their
problem. This shows you are interested in
the position and demonstrates why would you be a good candidate
to the company.
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Chloe Hung
D. Communication and interview skills
Actuarial students should illustrate that they

can explain complex actuarial concepts clearly Sales is a great
to both actuaries and non-actuaries. Many way to help you
non-actuaries find it difficult to understand an improve your
actuary’s explanation. This is because actuaries communication
use too much jargon when they are trying to skills.
explain their results. As I am writing this book,
one of my interviewees mentioned that actuaries should go into sales.
Sales is a great way to help you improve your communication skills.
Sales is an important skill to master in actuarial science.

Actuarial students need to sell themselves to convince
employers to hire them. Working actuaries must sell their
ideas and convince people to act based on the work
that they have done.
—Craig Reynolds, FSA, MAAA, Society of Actuaries (SOA)
Remember to not only talk about yourself during the interview.

Show your future employer that you have researched and took the
time to understand their business. Stick to the relevant points and
speak in a clear and concise manner.
Be sure to show professionalism by using good grammar in

your resume and emails. Poor grammar reflects poorly on your
communication skills and turns recruiters off. Also, try to use
some visuals in your resume to make it stand out from the crowd.
Infographics are a wonderful way to highlight and summarize
your skills.
41
E. Network with actuarial professionals within the industry
Networking is key when it comes to landing your first actuarial job.

Start building up your actuarial network during your university days.
Attend actuarial career fairs, networking events or seminars organized
by your university or actuarial clubs to network with professionals.
Stay updated with the latest news and trends within the actuarial
industry through your professional network. Volunteer to offer your
services at future events. Having a strong professional network
allows you to gain a better understanding of the overall profession
and build up your experience over time.
Things that Annoy Your Future Employers

The actuarial job market is becoming more competitive with each
passing year. Not only is the actuarial industry relatively small, it is
also filled with elite individuals. Therefore,
Start building be prepared to go against some of the best
up your candidates within the industry when you are
actuarial out there looking for your first actuarial job
network during offer. It is highly important that you don’t
your university annoy your potential employers. If you are
days. wondering what I mean by that then read on
for more clarification.
1. Applying for a job position that you are not qualified for
Stop sending in your applications to every available actuarial job
posting out there. Read through the job description carefully to
ensure that you have the skills and experience necessary for the job.
Employers get highly irritated when you tell them you don’t have the
experience necessary during an interview.
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Chloe Hung
2. A generic cover letter that is not related to

the job position
A generic cover letter not only annoys your potential employer it

closes the door to an interview immediately! Your resume may not
even reach the employer’s eyes because it is already in the trash.
So, take the time to draft your cover letter to specify the position that
you are applying for and include a brief summary of your background
that is relevant to the job posting.
3. A useless objective line in your resume

Write an objective line that relates to the job posting. Never use
the same objective line in every single resume that you send out
to potential employers. Be creative and write something new that
captures your potential employers’ attention immediately. Be sure to
utilize the power of infographics to make your resume effective and
attractive. Infographics catch an employer’s eye and makes it easy for
them to skim through your resume quickly.
A picture speaks a million words.

Use infographics in your resume to stand out.
—Zaheer Mustafa, Resume Writing Malaysia
4. Lying and bragging during an interview
Nobody wants to hire a lying, bragging, actuarial candidate for a job.

Not only is this highly irritable to your potential employer, it’s also very
unprofessional and unethical. As an actuary, you must be professional
and ethical at all times. Therefore, be honest during an interview.
43
Also, never act in an “I know it all” attitude. Being confident

is one thing but see that you don’t get too overconfident while
talking to your prospective employer.
5. Poor communication skills

Employers get turned off when actuarial interview candidates are
unable to communicate effectively. Many candidates tend to tell
stories about themselves during an interview. Remember, the
interview is not about you. The interview is about you showing
your employer that you have the skills to help them meet their
hiring needs or current problems. Always stick to the relevant points
during the interview.
Actuarial students have good mathematical skills.

Consider how would your skills impact the actuarial project
within the company.
—Hans Toh, www.hans.com.my
6. Being unprepared for an interview
Being unprepared is highly unprofessional and rude because you

are wasting your potential employer’s time. If you have decided to
attend an interview then remember to always prepare for it, plan it
out and practice to get your best. Never step into the interview room
without taking the time to research more about the company and your
potential employer. This is to show respect to your potential employer
for taking the time to go through your resume and interview you.
7. Excessive follow-ups
Hiring managers get extremely busy during hiring season. Therefore,
be patient. I know it can be really difficult when you’re feeling excited
about that job position. But do wait for a few days before sending a
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Chloe Hung
reminder call to your potential employers. Excessive follow-up calls

can be very irritating, especially when they are taking the time to go
through your credentials.
8. Outdated contact information

Check and double check to make sure
that the contact information you have Never, ever annoy
on your resume is updated. You do not those who hold
want to annoy your potential employers your future in
by providing an invalid phone number their hands.
or email address.
Never, ever annoy those who hold your future in their hands.
Be cool and professional, and success will be yours.
Killer Interview Skills

Here’s a short section with ten killer interview tips that will help you
land your dream actuarial job.
1. Research
As I mentioned earlier on, always research the company that you
are applying a job for. This helps you know certain things about the
company and help you answer possible questions about the nature
of their business in the interview. It’s important that you are able to
answer these questions because it shows that you are interested in
working for them.
45
2. Review your previous interviews
Always learn from your mistakes. Be sure to review your past interviews
if this is not your first time being interviewed. Reviewing your previous
interviews helps you learn valuable lessons from them. Aside from
that, if you committed certain mistakes in your past interviews, then
you can make sure Not to make such mistakes again.
3. Review the qualifications required by the company

Check back and determine the qualifications required by the company
you are applying for. This way, you are able to compare it with your
present experiences and skills The key to a successful interview is to
focus more on the specific skills that will help you qualify for your
dream actuarial job. Remember, the interview is all about you having
the necessary skills that will meet your future employer’s needs.
4. Hide your bad habits

Remember, you are selling yourself to the interviewer when you are
at an interview. Thus, never bring up certain negative experiences that
you have gone through your life, such as your failing marks in high
school, your tendency to procrastinate and such. It’s good to be honest
but don’t down sell yourself by focusing only on your bad habits. If you
do this, it may lead the interview to focus more on them instead of
your good qualities.
5. Practice selling yourself

It is important that you know how to sell yourself to your prospective
employer. There may be a chance that you may not be the most
qualified candidate for the job; however, there is always a better way
to present yourself to your interviewers, so that they would see that
you are the best job applicant that they have talked to for the week.
If you are good at selling yourself, the job will be yours.
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Chloe Hung
You may be the best candidate with the best qualifications

in the room but if you can’t sell yourself,
the job will never be yours.
—Chloe Hung
6. Enhance your non-verbal skills
Non-verbal skills would include the way you position yourself, while
the interviewers are asking you questions. Negative non-verbal skills
would include slouching, looking at the ceiling, not maintaining eye
contact, twiddling your fingers and such. To present yourself positively,
you should maintain good posture, avoid doing certain distracting
hand movements and look at your employers straight in the eyes.
7. Let the interviewer offer you the seat

After entering the room, you would probably see a seat where
employment candidates are going to be situated. However, it is best
that you wait for the interviewer to offer you the seat before taking
it. By doing that, you would show them how polite you are. When the
seat is offered, don’t forget to thank them.
8. Highlighting your strengths

If you want to highlight certain strengths, make sure it would coincide
with the position you are applying for. There may be times when you
want to emphasize on your strengths, in the effort of impressing the
interviewers to get the job. However, you need to make sure that the
strengths you are focusing on are related to the position you want.
This way, you can assure them that your skills can help you perform at
your best with the job you want.
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9. Be prepared for a question that you don’t know

the answer to
The secret behind answering a question that you don’t know the
answer to is honesty. Never lie to your interviewer in this situation.
Instead, make a positive impression out of it by admitting that you
don’t know the answer but you are positive that they would provide
you training for it. In most cases, such questions may be technical in
nature. You may encounter certain difficult technical questions if you
are interviewed by an actuary within the company. Thus, it is best that
you are qualified for the position you are applying for.
10. Smile
Get into the habit of smiling before your interview. Smile when
you wake up in the morning. Smile when you are at the lobby waiting
for your interviewers. Smile when you are inside the interview room.
It’s easy to forget this when you are nervous. But smiling would
not just encourage a positive atmosphere, it can also make you feel
better about yourself. Aside from that, since smiling is contagious,
they could see you as someone who could encourage other
employees to smile while they are working as well.
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Scan this code to get your very own
Interview Checklist to help you in
your interview preparations.
interview-checklist-2
Chapter 6
Be a Great and
Successful Actuary
M
any actuarial students focus
only on the academic aspect Passing the
of actuarial science in their actuarial exams
actuarial journey. Passing the actuarial does not make
exams does not make you a great or you a great or
successful actuary. Remember, the successful
actuarial exams only make up a small actuary.
part of your entire actuarial journey.
A great and successful actuary is someone who knows how to

apply what they have learnt to solve problems, communicate well
and has a high level of professionalism and integrity.
51
B e a G r e at a n d S u c c e ss f u l A c t u a r y
Getting good grades in your studies doesn’t mean everything

in actuarial science. Students have to be able to apply their
mathematical knowledge in the real world because the
real world seldom looks like a textbook exercise.
—Rick Gorvett, FCAS, Casualty Actuarial Society (CAS)
As an actuary, we have an important

You are
responsibility in society. Actuaries work to
making a
provide financial security to people everywhere
huge impact
in the world. This is extremely important
on society
because everyone depends on these financial
through
security programs. These programs will not
your work.
work without actuaries.
Some actuaries do not see the benefits of their work because

these benefits are not tangible like a physical product. If you fall
under this category and are reading this right now, I want you to
remember this. You are making a huge impact on society through
your work. So be proud of what you do as an actuary.
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Chloe Hung
Are You a Good or Great Actuary?

My goal is to help you become a great actuary instead of a good
actuary. Great actuaries are all-rounded individuals. They are good at
managing people, working in a team and communicating in addition
to being analytical and data driven. Great actuaries are constantly
learning and striving to improve their skills. They constantly look for
ways to add more value to their company and society. Great actuaries
truly love and enjoy what they do.
A good actuary is content with passing their

actuarial exams and doing a good job within the Great
company. Good actuaries have great actuarial actuaries
qualifications and job performance but they lack truly love
the emotional intelligence to make them great.
and enjoy
Which one do you want to be? A good or what they do.
a great actuary?
Math students or actuaries should also focus on developing their

emotional intelligence because you will be constantly required to
deal and work with other people within the workplace.
—Shane Dillon, International Alumni Job Network (IAJN)
Get Productive and Become a Great Actuary

How productive are you on a daily basis? What does being productive
really mean? Being productive is maximizing your work and efforts to
produce the best possible outcome. Productivity helps you achieve
this ideal work formula in the long run: Do little and reap a lot.
53
As an actuarial student, your main goal is to become a great

actuary. Therefore, you need to do at least three things every day
that will bring you closer to your main goal. Setting daily goals with
your main goal in mind is one way to help keep things on track.
Personally, I like to write down six daily goals
Having the for the next day every night before I go to bed.
energy to be I rank these goals from one to six, with one
productive being the most important and six as the least
throughout
important. I do it before I go to bed to allow
the day is not
my subconscious mind to work on these goals
only unlikely
while I am sleeping. Upon waking up the next
it is also
improbable. morning, I will be all geared up and ready to
start ticking these goals off from my checklist.
Another technique I use to boost my productivity is to identify
my peak productivity times. Having the energy to be productive
throughout the day is not only unlikely it is also improbable.
Therefore, I try to capitalize on my productivity time frame and get
as much done within this frame as possible.
Being
For example, my productive time is from 9am
productive is
to 12pm and from 8pm to 11pm. Hence, I
also directly
use these time frames to complete the more
correlated to
important and bigger goals that I have set for
your attention
the day. This allows me to accomplish my goals
span.
faster and more effectively.
Being productive is also directly correlated to your attention
span. In my case, I have a one- to two-hour attention span.
That means I am only able to focus 100% on the task at hand for a
maximum of one to two hours. If I were to work longer than that,
my mind begins to wander and my productivity decreases.
Therefore, I always take breaks once I reach my two-hour mark
while I am working or studying.
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Chloe Hung
Distractions are a huge no-no when it comes to boosting your

productivity. Stay away from distractions when you are working or
studying. Distractions are huge time suckers and will take your focus
away and disrupt your overall timeline. Avoid the internet if you do
not need to use it. Put your mobile phones away and listen to some
soft background music to help boost your focus and concentration.
A Great Actuary’s Skill Set

Great actuaries are different from good
Data equals
actuaries because they have a skill set that is
truth in an
better than “good”. Want to know what a great
actuary’s mind.
actuary’s skill set looks like? Here’s a few:
55
A. Analytical skills
All actuaries must have good analytical skills as a start. Actuaries

must constantly analyze and validate their data before presenting
their results to management. Data equals truth in an actuary’s mind.
Therefore, actuaries must be able to analyze the risks, possible
outcomes and costs associated with a future event.
As an actuary, you must have good logical thinking,

adopt a long-term view and be professional.
—Tommy Pichet, FSA, FIA, FRM, FSAT,
Society of Actuaries of Thailand (SOAT)
B. Technical skills
This is another skill required by all actuaries. Actuarial work involves

analyzing huge data sets. You will be required to use a lot of
Microsoft Excel and VBA to help you go through all the data. Do take
a few courses on Excel and VBA to brush up on your technical skills.
I guarantee you will not regret it.
C. Communication skills
This is a must if you want to become a great actuary. Good

communication skills involve being able to read, write and speak well.
The key is to learn how to explain difficult concepts and formulas
in a concise manner so that both actuaries and non-actuaries can
understand it. A great actuary can take a difficult subject and explain
it in simple terms.
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Chloe Hung
You cannot become a great actuary if you are only good

at studying. You need to be street smart and have good
communication skills as well.
—Jessica Lam, Inti International University
D. Management skills
Great actuaries are good at managing people

and working in teams. Most actuarial work It is possible
requires you to work individually. However, to become a
that does not mean you will not be required to good actuary
work in a team. Besides that, great actuaries without
are also good at time management. Many passion but
actuaries overestimate their ability to get you can never
things done. A good actuary may sometimes fail become great.
to take into consideration how an unexpected
event may occur to slow things down. On the other hand, a great
actuary will always plan for the unexpected. They can estimate how
an unexpected event may cause delays to their work.
E. Passion
The path to becoming a great actuary ultimately boils down to

this: Passion. You will never become a great actuary if you do not
have passion or interest. It is possible to become a good actuary
without passion but you can never become great. Great actuaries
are passionate about what they do and truly believe their work
contributes to a better society.
57
A Great Actuary’s Response to “No”

Rejections are part and parcel of our everyday life. As actuaries, we
are also bound to encounter a fair share of rejections. As a student,
you may face rejections when it comes to your job applications. As a
working actuary, you may face rejections when it comes to presenting
your ideas or results to management.
We all dread the “No” response. Not only does it hurt us

emotionally, but it affects our self-esteem and drive to move on. And
here’s where great actuaries shine. Great actuaries handle a “No”
emotionally and effectively. Here’s what great actuaries do when
they get a “No”.
A. Say “Thank you”

Great actuaries never get frustrated or angry when they hear a “No”.
Instead, they view it as positive feedback to help them improve. They
thank the person who said “No” and then leave gracefully. Always be
professional. You never know when the other person may say “Yes”
in the future.
B. Analyze the situation objectively

Great actuaries utilize their analytical skills to determine what went
wrong. The first question they ask is if the rejection was valid or
invalid. A valid rejection is usually your responsibility. For example, the
rejection is due to you using the wrong approach. An invalid rejection
is not your responsibility. For example, the rejection is due to the other
person having some personal issues.
If the rejection was valid, great actuaries find ways to change

things the next time around. If the rejection was invalid, they forget
about it and move on.
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Chloe Hung
Once they have analyzed the validity of the rejection, great

actuaries move on to analyze the type of “No” they just received.
Was it a definite “No, we will never consider this” or a not so sure
“No, we are not sure if this is the right thing for us” type of response.
Great actuaries spend time strategizing and developing new ways to
tackle the not so sure “No” responses so that they can land a “Yes”
in the future.
C. Accept the reality

Remember, the number of people who say No will usually be more
than those who say “Yes”. Great actuaries never let a “No” beat their
self-esteem because they know that the rejection has nothing to do
with their personality. Instead, a rejection is always caused by weak
sales and presentation skills.
As actuaries, you may have the best actuarial model or the best
actuarial qualifications out there for your company, but if you are
unable to illustrate that, the result will be a “No”. Great actuaries
not only have good analytical skills; they also have great sales
skills. That is why I mentioned sales is a great way to improve your
communication skills earlier on.
D. Learn from rejection

Great actuaries keep an open mind so that they can learn from every
rejection they receive. Rather than closing themselves down to
feedback and getting attached to the No, they think of ways in which
they could have approached the situation differently. They identify
their areas of weakness and then take steps to improve on these areas.
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Chapter 7
Find Your Actuarial

Motivation
A
s you may have already realized by
now, actuarial science is not an easy Upon university
major to pursue. It is very important graduation,
that you remain motivated during your you are
actuarial journey to become successful. equipped with
Most of us begin our journey with the goal of an actuarial
becoming a qualified actuary in the future. background and
However, as we dive deeper into our studies, training.
some of us may switch goals.
We may decide to work in other non-traditional actuarial

sectors such as the investment or banking field. Thus, we may
decide that becoming a qualified actuary is no longer our goal.
Please understand that you do not need to become a qualified
actuary to become successful.
61
F i n d Y o u r A c t u a r i a l M o t i vat i o n
Upon university graduation, you are equipped with an actuarial

background and training. This background will be useful in helping
you build a successful career, even if you did
Failure is not pass all your actuarial exams. There are still
a result of many other fields to venture into and many
your actions. things that you can do as an actuarial student
to achieve a successful career.
No matter what your goal may be during your actuarial journey,

the key to being successful is to find your actuarial motivation. Many
students struggle to stay motivated when it comes to the actuarial
exams. Here are a few common reasons why students give up on
the actuarial exams:
yy Multiple failures on the exam

yy Inability to commit the time and effort required
yy Lack of discipline
yy Failure to manage their own time
Here’s one key point that you must remember when you fail an
actuarial exam. Failure is a result of your actions. Don’t waste your
time trying to blame it on other external factors such as the study
materials you used, your lecturers, the exam syllabus and so on.
Instead, accept the failure and move on.
Analyze your past actions to determine the best strategy to

overcome that failure. What was the main reason you failed in that
exam? Was it your studying methods? Was it a topic that you were
weak at that came up in the exam?
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Chloe Hung
Do not exhaust yourself by studying for more than four hours in

a day. We get demotivated very easily when we try to do too much
within a short time frame. Take ample study breaks to build up your
motivation and remain consistent.
Remember to lead an active lifestyle as well. Exercise releases

chemicals called endorphins into your body. These chemicals
trigger a positive feeling within your body,
which leaves you feeling happier, healthier Most
and motivated. It is so much easier to dive importantly,
into your studies when you are feeling find the “why”
happy and positive. Plus, exercising helps behind what
you look awesome, destress and builds up you do.
motivation over time.
Most importantly, find the “why” behind what you do. Why do
you want to study for this exam? Is it because you want to make
your family proud? Is it because you want to increase your chances
at getting an actuarial job? Instead of focusing on how to find your
motivation, focus on the reason why behind what you do.
Have a strong why and you will find the motivation to push
you through your obstacles.
—Chloe Hung
Set Specific, Measurable, Achievable, Realistic and Time-based

(SMART) goals. Hold yourself accountable if you failed to achieve a
specific goal. And reward yourself with something nice once you’ve
achieved a goal. The reward gives you the motivation to keep you
going. This is an application of the Pain and Pleasure Principle, which
I will explain in the following pages.
63
F i n d Y o u r A c t u a r i a l M o t i vat i o n
You need to get your hands dirty to achieve your goals and
targets. Your dreams will not become a reality if you do not take
massive action today! Massive action calls for massive motivation.
Learn what works best for you to find the motivation to keep you
going. Never, ever stop learning. Always be on the lookout for tools
that will help you accomplish your goals in the long run.
The Pain and Pleasure Principle

The actuarial journey is a long and
Your dreams will challenging one. Therefore, if you find
not become a
yourself feeling down and demotivated at
reality if you do
any point in your journey, give this principle
not take massive
a try. I learnt this from Tony Robbins and
action today!
have found it to be incredibly effective at
keeping me motivated. First, let me explain what this principle is all
about. The Pain and Pleasure principle is based on human reactions
towards pain and pleasure. As humans, we dislike pain and will do
anything to avoid pain. On the other hand, people love anything that
creates positive feelings—also known as pleasure. This principle is
about associating pain with an undesirable outcome and pleasure
with a desired outcome.
If you are feeling lazy or demotivated during your actuarial

journey, use this principle. Associate pain to an undesirable outcome,
such as failing the exam or failing to get an actuarial job if you stop
making progress with your exams. Visualize yourself having to study
again if you fail or becoming an unemployed after graduation if you
fail to get a job. The key is to create as much pain as possible if that
undesirable event comes to pass.
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Chloe Hung
Once you’ve created that painful

visualization in your mind, visualize the The Pain and
pleasurable feelings of achieving your
Pleasure principle
desired outcomes. Visualize and feel
is based on human
that sense of accomplishment and pride
that comes with passing the actuarial reactions towards
exam or the happiness that comes with pain and pleasure.
you getting your first actuarial job upon
graduation. Associate as much pleasure as possible to your desired
outcome. Dream big. Imagine everything you’ve dreamed about will
come true if this positive event comes to pass.
These visualizations help motivate you to achieve your goals.

Remind yourself of that painful experience each time your motivation
level drops. Focus on that pleasurable feeling and outcome. You will
be surprised at the result.
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Chapter 8
Misconceptions About
Actuarial Science
A
ctuarial science is a field
that is relatively unknown Actuarial science
to many people. I am sure is viewed as a
you will encounter people who have
mysterious industry
never heard of actuarial science at
as people have no idea
some point in your actuarial journey.
Therefore, be prepared to receive what actuaries do or
blank stares when you tell them you how actuaries work.
are an actuarial student.
Many people don’t know what an actuary is. Actuarial science

is viewed as a mysterious industry as people have no idea what
actuaries do or how actuaries work. There are still very few actuaries
around the world today. This is because the actuarial skill sets are
only required by very specific industries such as the insurance or
pension industry. Thankfully, businesses are increasingly finding
uses for actuarial techniques, especially in financial modelling today.
67
Misconceptions About Actuarial Science
The application of actuarial skills and techniques have also been

expanding to other areas such as data analytics, business analytics
and so on.
Misunderstandings About Actuarial Science

Let’s take a look at a few of the common misunderstandings about
actuaries and the actuarial industry.
A. An actuary is someone who tells you when you are

going to die
I find this funny because this makes an actuary sound like a
depressing fortune teller. Actuarial science is not all about predicting
when you will die. It is true that actuaries must predict this to
devise an insurance plan that would best suit your needs and
current condition. However, this is only a small part of what an
actuary does. It is more accurate to describe an actuary as someone
who solves problems and manages risks.
B. All actuaries work in insurance companies

This is not true because an actuary may
Actuarial work in other sectors such as consulting,
science is not academics, banking, finance, investment,
all about data analytics, business analytics, artificial
predicting when intelligence and so on. The actuarial skill
you will die. set is applicable to many other industries
besides just insurance.
This misconception comes from the fact that traditional

actuarial roles fall within the insurance industry. This is especially
true in Asia where 70% to 80% of actuaries work in insurance
companies.
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Chloe Hung
In Asia, most of the qualified actuaries are practicing

in the insurance industry.
—Kelvin Yeong, FSA, CERA
C. Actuaries are extremely good at Math
Many people view actuaries as super mathematicians or rocket

scientists when it comes to numbers. Actuaries are good at Math, but
numbers are not an actuary’s actual area of strength. An actuary’s real
strength lies in applying actuarial concepts to solve problems.
You must be skilled at programming, communication,

management and so on to become an actuary. Instead of viewing
actuaries as Math geniuses, view them as good business people,
problem solvers and risk managers the next time you meet one.
This is because actuaries have a broader skill set than the public
commonly gives them credit for.
An actuary’s strength is not only about being good

at calculations but at organizing ideas or approaches
and problem-solving.
—Dr Miang Hong Ngerng, UCSI, Malaysia
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D. Actuarial science is all about Math
As a starting point, you must love numbers and be good at Math if

you want to study actuarial science. But this is not all. Many people
perceive actuarial science as only being about Math. On the contrary,
actuarial science is a combination of business concepts, problem
solving and Math.
Also, actuarial science focuses on the practical side of

Mathematics instead of the theoretical side. Practical Math is
completely different from theoretical Math because practical Math
is all about applying mathematical concepts to solve problems.
Practical Math is not about deriving and proving mathematical
formulas, learning the history of Mathematics and so on. This is what
theoretical Math covers. And this is exactly why Math isn’t really
an actuary’s actual area of strength.
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Chloe Hung
A more accurate description about actuarial science would be:

Actuarial science is the application of mathematical and technical
skills to solve problems. Actuaries not only have strong Math skills,
they are also able to apply them well in the business context and
communicate their results to both actuaries and non-actuaries.
E. Becoming an actuary makes me rich

The salary benefits you will receive as an actuary is indeed, attractive.
But this will not make you rich. Actuaries are not designed to become
billionaires within a company. You may become rich as a business
owner but not as an actuary working in a company.
There are a few actuaries who may choose to start their own
businesses but this is not the typical route. Plus, you will not receive
a fat paycheck until you become a qualified actuary. That means
years and years of studying, late nights and hard work before you
receive that huge payout.
You will not become a billionaire as an actuary.

That’s a myth.
—Nicholas Yeo, FIA, FASM, FSA, Nicholas Actuarial Solutions
F. Must have an actuarial degree
As I mentioned in Chapter 2, actuarial

science is a degree-less profession. It is never too late
This may come as a surprise to many or early for you to
people out there. You do not need to become an actuary if
have an actuarial degree to pursue actuarial science is
actuarial science. You do not need to your calling.
go to school to become an actuary.
71
What you do need is to pass the professional papers and the

exam requirements given by the actuarial organization you choose
to join. Therefore, anybody can become an actuary if you have the
passion and interest. It is never too late or early for you to become
an actuary if actuarial science is your calling.
G. Actuarial science is a science major

This is a common misconception among those who are not very
sure what actuarial science is. Actuarial science is deemed to be a
science-based degree because of the word ‘science’ in the subject
title. In fact, there is nothing scientific about actuarial science at all!
If you thought that actuarial science is a study that requires

you to work in a lab and conduct experiments, then you are gravely
mistaken. Actuarial science is nothing like that. It has nothing to do
with Chemistry, Biology or Physics. Therefore, if you are a Science
student who is looking to switch into the actuarial field at some
point in college or your career, it is going to be a huge shift for you.
Be prepared for a complete change in your course materials and
subjects learnt.
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Chloe Hung
H. Actuaries are introverts
Actuaries have a much larger skill set than the public gives them credit
for. Many people think of actuaries as introverts. This is because many
actuaries sit at a desk and analyze numbers. Plus, it is perceived that
many actuaries are poor at networking.
It is true that a classic actuary has analytical type skills and they
love to look at data to answer questions. However, this does not
mean that all actuaries are introverts. I have met many actuaries
who enjoy attending social events and hanging out with people.
Lack of communication is a myth. I have met many actuaries

who have no problems communicating at all. There are a few
who are more introverted. But I consider these as the outliers.
—Clifford Friend, Institute and Faculty of Actuaries (IFoA)
I. Study hard to become a successful actuary
Many students believe studying hard is

If studying is the
what ultimately makes them successful
only thing that you
within the actuarial industry. This is not
are good at, that
true. You cannot become great if you are
makes you a student.
only good at studying.
If studying is the only thing that you are good at, that makes you
a student. Instead of just studying hard, think about how you can
help add value to the actuarial community or your future employer.
The actuarial work environment is completely different from what
you studied at school or in your exams. Therefore, studying hard
without any actuarial work experience is not going to get you very
far within the industry.
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Chapter 9
Is Actuarial Science
Really Your Thing?
N
ow that you’ve had a better
understanding of what actuarial You will never
science is all about, what is truly know
your own personal opinion of actuarial if actuarial
science? Is it an industry that interests science is really
you? Or is it an industry that sounds your thing until
interesting but you are currently unsure
you try it.
if it is really your thing?
Here’s the thing. You will never truly know if actuarial science
is really your thing until you try it. Despite saying this, there are
certain things that you can use to decide whether actuarial science
is the right choice for you. First, let’s take a look at why you should
study actuarial science.
75
I s A c t u a r ia l S c i e n c e R e a l ly Y o u r T h i n g ?
Why You Should Study Actuarial Science

A. Passionate about numbers
Are you passionate about numbers or are
Someone you just interested in numbers? There is a
who is truly big difference between being passionate vs
passionate being interested. Being interested means you
about numbers are good at numbers, you are comfortable
never gets with them and you do well in your Math
courses, but you get tired of it when you do
tired of it.
too much Math.
Someone who is truly passionate about numbers never gets

tired of it. They treat it as a hobby. They get excited when they see
numbers. Which one are you?
As an actuarial student, your studies and work will revolve

around a lot of numbers. If you are not passionate about numbers, it
will be difficult for you to motivate yourself through your exams and
job. You will find yourself falling behind your peers in the field. This is
because actuarial students who are willing to work harder than you
will advance faster than you in the field. This will eventually leave
you feeling stressed out and demotivated.
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Chloe Hung
B. Learn programming
Being good at programming is an essential part of actuarial science.

Actuaries use various programming languages to help them analyze
and organize data. Therefore, do take the time and effort to learn
more about Microsoft Excel and VBA during your university degree.
This is an extremely important skill that will help you greatly in your
future actuarial job.
As you begin to gain more experience

as an actuary within a company, you Actuaries
may be required to learn additional use various
programming languages. A few common programming
ones used by actuaries are SQL, SAS, R languages to help
and so on. The additional programming them analyze and
languages you learn in the future will
organize data.
depend on your company’s need.
But as a start, all actuaries are required to have good Microsoft

Excel and VBA skills. Be sure to take a few Excel and VBA courses
during your university degree or self-study them once you begin
your actuarial studies. Plus, it will be to your benefit to take a
few computer science or programming courses to help familiarize
yourself with the coding language.
Are you open to taking programming courses during your

actuarial studies?
Computer programming is a great asset for actuaries to possess

because writing pseudocode strengthens their ability to structure
problems into smaller components that are easier to solve.
—Professor Lawrence O’Brien, ASA, Heriot-Watt University
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C. Long-term thinker
You must think long term as an actuary. Actuaries are always looking
at the future, making forecasts of future events and developing
strategies to reduce the risks associated with these future events.
Remember, actuaries are risk managers. The biggest risk lies

in the future where the outcome is unpredictable and unknown.
Actuaries must be able to apply their skills to develop a long-term
strategy to get the company from Point A, which is now, to Point Z,
which is the future.
Actuaries ask questions such as “What are the potential

roadblocks the company may encounter from Points A to Z?”;
“What are the potential risks the company
The biggest may encounter within the next five years?”;
risk lies in the “Does the company have enough funds to
future where cover them in the event of an unfavourable
the outcome is outcome?” and so forth. This is so that
unpredictable actuaries can demonstrate the consequences
of the future outcome deviating from their
and unknown.
estimates to management.
Can you adopt a long-term view when making decisions? Or are

you more prone towards making impulsive decisions?
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Chloe Hung
D. Problem solver
Actuaries are problem solvers. They are

the experts when it comes to complex As an actuarial
problems that have no apparent student, learn how
answers. As an actuarial student, learn to break down
how to break down large and complex large and complex
problems into smaller pieces. Don’t problems into
attack a big problem head-on because smaller pieces.
that will drain you and leave you feeling
frustrated. Instead, apply your actuarial skills to break it down
into smaller pieces. Attack the smaller pieces and you’ll reach a
solution much faster.
It’s ok if you are not good at solving problems just yet. This skill
comes with experience and practice. You will have the opportunity
to work on this skill during your actuarial degree.
Are you someone who is open to problems or do you try to avoid

problems in general?
The actuarial course degree includes a

few business classes as a core requirement. Discipline and
This helps you, the actuarial student, self-motivation
understand business problems better as are key when it
you will be required to do case studies in comes to making
these courses. This is a great start for you progress in your
to fully utilize your Math skills in solving actuarial exams.
business problems.
E. Discipline
Discipline and self-motivation are key when it comes to making
progress in your actuarial exams. You must understand the actuarial
journey requires a lot of commitment from your end.
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How much commitment do you need to put in? You must be

prepared to study during weekends, after school or work in the
evenings, give up on some of your leisure activities such as hanging
out with your friends, partying, movies and so forth.
Self-studying is crucial in
Actuaries are actuarial science. That is why you
required to learn must be very disciplined to stick
about their working to your study schedule. Many
students stop pursuing the actuarial
environment,
exams because the exams become
understand the
increasingly difficult as you advance
environment and apply through them. That means you need
their concepts within to commit more time and effort into
that environment. those upper-level exams once you
start working.
Are you willing to commit the time and effort required? Can you
remain disciplined in the long run?
F. Insurance and financial concepts

Actuaries are required to learn about their working environment,
understand the environment and apply their concepts within that
environment. Most actuaries still work within the insurance industry
as of now. Plus, actuaries are required to help companies solve their
complex financial problems. Therefore, actuarial students must have a
good foundation in insurance and financial concepts.
That is why students are required to take insurance-related and

finance courses during the actuarial degree. In addition to that, the
actuarial exams also cover several insurance and financial topics.
Do you have an interest in finance or economics or

insurance in general?
80
Chloe Hung
If you want a full-time actuarial job within the insurance industry,

I highly recommend you take the time to learn some insurance
jargon, have a real understanding about why you want to go into
the insurance industry and visualize your career within the industry
for the first three years. You must be interested learn in learning
more about insurance and brushing up on your financial concepts
to have a successful actuarial career within the insurance industry.
G. Professionalism and integrity
Actuaries are categorized as professionals

in the area of risk management. That means Be sure to only
people rely heavily upon an actuary’s give advice to
advice when it comes to managing risks. the extent that
The public trusts an actuary’s judgment your training,
when it comes to numbers. Management qualification
within a company trust an actuary’s words and experience
when it comes to making a business allows you to.
decision for the company.
Hence, you, as an actuary, must always be professional, ethical

and act with integrity. Be sure to only give advice to the extent that
your training, qualification and experience allows you to. Never make
speculative guesses. If someone asks you for some advice or opinion,
always tell them that your results and advice is only a best estimate.
81
Can you remain professional and ethical in the face of deadlines,

challenges and obstacles during your actuarial career?
Why You Should Not Study Actuarial Science

Actuarial science is not for
The reward or recognition everybody. Even though you
may be very passionate about
will only come after
Math and numbers, you may
years and years of hard
not necessarily find actuarial
work, dedication and science to be the right fit. Let’s
commitment. look at why you should not study
actuarial science.
A. Money
Many students decide to study actuarial because of the salary benefits
associated with this field. If you fall under this category, actuarial
science is not for you. Using money as a motivation to do well in this
field will not work. This is because the actuarial journey needs a lot of
passion and motivation from your end a long time before you see the
rewards of a paycheck.
You must not focus on the reward and recognition that

comes from studying actuarial science. The reward or recognition
will only come after years and
Never decide to years of hard work, dedication and
study actuarial commitment. Instead, ask yourself
science solely with if you are willing to dedicate your
the thought of “I can time and commit to this profession.
make more money as Can you remain committed despite
an actuary” in mind. the many obstacles that you may
face in your actuarial journey?
82
Chloe Hung
Will you be ok if your efforts go unrewarded and unnoticed

during the first few years of your actuarial journey?
Remember, you must think long term as an actuary. Never decide

to study actuarial science solely with the thought of “I can make
more money as an actuary” in mind. I guarantee your upcoming
actuarial journey will be a long and miserable one if this is the case.
It takes years of effort and late nights to become

a qualified actuary.
—Chloe Hung
B. Top-rated profession
Actuarial science is voted as one of the

best professions in the United States. This The actuarial
is one of the benefits of choosing to study profession
actuarial science. Becoming an actuary may be a highly
is a very rewarding career. However, the rated one, but
this should
actuarial path is not for everybody. Some
not be what
may decide to venture into different areas
drives you
upon graduating with an actuarial degree.
to study
And some may decide to pursue the
actuarial
traditional actuarial route by working within
science.
the insurance industry.
The actuarial profession may be a highly rated one, but this should
not be what drives you to study actuarial science. The profession’s
ranking is simply a reward you get for all your hard work. Instead
of looking only at the profession’s ranking, learn more about the
83
profession itself. The actuarial profession

Actuaries are requires you to understand the market you
proud and work in and apply your knowledge to solve
passionate about problems and manage risks. This should be
what they do. the motivation behind why you choose to
pursue the actuarial profession.
Get an actuarial internship to learn what an actuary does and

how they work. This helps you decide whether you’ll enjoy working
as an actuary. Actuaries are proud and passionate about what they
do. They love their job. Many qualified actuaries will tell you that
they do not regret going down the actuarial path and they truly enjoy
their job. This is how the actuarial profession became a top-ranking
profession in the United States.
C. Fame
Some students may decide to study actuarial

As an actuarial science due to the fame and recognition that
student, you comes with the profession. In general, the
will stand public regards all actuarial students as being
out from super smart, extremely good at Math and
the crowd. professional. Some may agree that actuaries
can also be regarded as number scientists.
84
Chloe Hung
As an actuarial student, you will stand out from the crowd. You
will instantly be recognized as a smart person. People pay special
attention to your words and advice when it comes to solving
numerical or financial problems. But don’t let this perception of
fame motivate you in your actuarial journey.
Always be professional and ethical. Analyze and validate your

data first before giving advice or recommendations. Be attentive
to every single detail in your analysis and work. Never speculate or
manipulate the data to suit your needs. Never use fame as motivation
behind your studies or work. Fame encourages you to resort to
unethical habits to avoid being shamed or wrong.
And in all honesty, most actuarial work goes

largely unnoticed and unappreciated by most. Fame
Why? Because the actuarial work is often so encourages
complex that people do not really understand you to resort
to unethical
what the actuarial work usually consists of.
habits to avoid
Not many people are willing to invest the time
being shamed
and energy to listen and understand what
or wrong.
actuaries really do to impact society.
85
D. Mathematics
Actuarial science is not all about Math and numbers. The Math
involved in actuarial science is completely different from your
high school or college Math classes. You must be passionate about
practical Math to do well in actuarial science. Practical Math is all
about you being able to apply mathematical concepts and techniques
to solve problems. If you are someone who just wants to derive
formulas and prove mathematical solutions, actuarial science will
not be a good fit for you.
Plus, you must have an interest in finance, economics and

programming to pursue actuarial science. This is because you will
be required to study these in your actuarial courses and upper-level
actuarial exams. If you hate programming, actuarial science may
be a challenge because all actuaries are required to be proficient
at VBA in their job. VBA is an Excel programming language you will
be required to use to write something called macros into Excel.
You need programming skills to write macro codes and fix the
various errors that you may encounter in your code.
Remember, actuarial science is not all about Math. It is about

being able to apply your mathematical concepts to manage risks
and solve problems.
86
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Weekly Accountability Worksheet to
help you plan your time and boost
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weekly-accountability
Chapter 10
Words of Wisdom
D
uring the creation of Strength in Numbers, I had the pleasure
of connecting with many wonderful professionals within the
actuarial world to help build more value into this book for you.
One question I asked of each interviewee was, “If you could say one
thing to a room filled with actuarial students about how to succeed
within the actuarial world, what would you say?”
They offered the following words of wisdom

to all of you:
Never stop learning. The business world continues to evolve at

an ever-increasing pace. The key to job security and professional
growth is to change with it. Even better, lead the change.
—Craig Reynolds, FSA, MAAA,
Past President of the Society of Actuaries (SOA)
89
Words of Wisdom
“One thing I would say is that you need to be successful passing

the actuarial exams. Many employers base hiring decisions on how
well the prospect has done on the exams. In addition to that, it is
important you have good communication and leadership skills.”
—David Dickson, FCIA,
President of the Canadian Institute of Actuaries (CIA)
“Being a successful actuary requires as much “art” as “science”. It

requires identifying what are the right questions to ask.”
—Dave Kester, FSA, MAAA,

President of Coaching Actuaries
“You are the smartest people in the most sought after profession.
There is no reason not to put in your best efforts to make
sure you succeed.”
—Nicholas Yeo, FIA, FASM, FSA
“Getting through the exams is a matter of discipline and planning,

as it takes tremendous amount of effort to stay focused and to
grind through the exam material. It may sound painful, but once
you learn how to accept and embrace it, it isn’t terrible and you
would start enjoying it!”
—Tong Khon Teh, FSA, CFA
90
Chloe Hung
“In order to have a successful career, one must be able to deliver

value to the business, organizations and society. Actuaries are in
the business of risk. In my opinion, a good actuary is a business
partner who provides holistic financial insights and turns risks
into opportunities.”
—Kelvin Yeong, FSA, CERA
“It’s not just about passing exams. It’s more important that you’re
able to apply your knowledge to solve real-world problems that
actuaries face. You need to develop critical thinking skills beyond
what is required to answer exam questions.”
—Terence Chow, ASA, CFA
“Do not give up even you have failed the same exam over and
over again. Work hard, study hard and play harder!”
—Xiu Yu Au, ASA
“Love what you do, do what you love.”

—Phei San Teng, ASA
91
Acknowledgements
Putting this book together has taken me to a whole new level in
my actuarial journey. Writing a book has taken me way out of my
comfort zone, but it’s been both challenging and very rewarding.
Life is all about the journey, and I’ve learnt so much about myself
during this process.
I feel fortunate to have been able to connect with such a diverse

range of individuals who are all experts in their respective fields
during the creation of Strength in Numbers. They willingly gave their
time to make a valuable contribution to the content of this book.
They shared their vast knowledge about the actuarial exams, the
actuarial profession, the university selection process, the actuarial
job market, job applications, interviews and tips to become
successful within the industry—and for that I am so grateful.
It takes many people to provide the support, encouragement

and expertise to make a book happen, so with heartfelt thanks I
would like to acknowledge all those who helped make this dream
become a reality. Firstly, my mentor, Gerry Robert, who encouraged
and inspired me to write this book. Thank you for all the wonderful
ideas and guidance. This book would not have existed if I had
not met Gerry.
My partnership manager, Marybeth Haines who helped me

develop great relationships with the various individuals during
the creation of this book. Thank you for all the valuable advice
and recommendations.
And finally, my publishing team at Black Card Books for the

continuous support and encouragements when the going got tough.
Thank you for being there throughout my book’s journey.
92
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Strength in NUMBERS
Actuarial science is cited as one of the most promising professions of our century.
As managing risk becomes more and more important for all businesses and
organizations, the demand for actuaries is rising. Firmly believing that anyone
can become an actuary with enough passion and motivation, Chloe Hung uses
her personal experiences to offer you a wealth of advice and insights for your
own journey. Strength in Numbers explores every aspect of this journey, both at
academic and professional levels. It not only guides you through the different
steps from deciding that actuarial science is for you to landing your first job and
becoming a great actuary, but also offers salient advice on how to survive the
exams, the skill set required to become an actuary, the importance of work
experience and how to stay motivated throughout the course, as well as guiding
you through the range of professions beyond.
If you are someone who wants to learn more about actuarial science, this book
will help set you on the right path.
Success is a journey, not a destination. And this book will help lead you on
your journey.
During her years as an actuarial student, Chloe Hung had a

love-hate relationship with actuarial science because the actuarial
journey was so tough and challenging. As an actuarial student in college,
Chloe often wondered whether or not she made the right decision to
pursue actuarial science. To make matters worse, Chloe graduated
unemployed with an actuarial science and finance degree from college.
She was forced to work at a low-paying job for a few months after
graduation. This took a huge toll on her own personal finances.
Unemployment and a low-paying job forced Chloe to begin investing. She spent several
years trying to learn how to apply her actuarial skills into solving her financial problem.
Chloe is now an entrepreneur whose passion lies in utilizing her actuarial skills to multiply
her income via stock investments. Chloe also dedicates her time to help Math enthusiasts
and actuarial students decide if actuarial science is the right pursuit for them.
Chloe thanks her actuarial background for giving her the courage to venture into the
world of stock investing on her own. Chloe believes—and knows from first-hand
experiences—that the actuarial knowledge is a very powerful tool that can help
you multiply your own income in the long run. With light-hearted language, she has
penned her book to help people especially students understand what being an
actuary really means.
USD 32.00
Scan this code to get your FREE Actuarial
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Strength in

Numbers An In-Depth Look

ALL RIGHTS RESERVED. No part of this book may be reproduced or

Author: Chloe Hung

Publisher: Black Card Books

When Chloe approached me to write the foreword for her book,

Chloe is an expert at helping you find the motivation you need

It is all about long-term achievement in your career. If you only

Here’s a personal story: I got to know Chloe as she was writing

surrounding the industry, the challenges students faced in their

During our discussion, I got to know that Chloe struggled with

Since Chloe was so focused on passing the exams during her

Fortunately for Chloe, she never gave up despite the many

actuarial entrepreneur focused on supporting students during their

And this is how this book’s concept was born.

Success is a journey, not a destination. And a good start will lead

Tommy Pichet, FSA, FIA, FRM, FSAT

—Professor Toby White, FSA, PhD,

“Actuarial science is one of the most promising professions of our

—Professor Jeffrey Zheng, FCAS, FSA, CPA, CPCU,

“Strength in Numbers cuts straight to the chase on what you need to

—Jessica Lam, Director of Admission & Counselling,

“A must-read for anyone who wants to get into actuarial science.”

—Dr Yun Fah Chang (PhD), Head of the Department of

“Chloe does a great job of providing quality background information

—Roy Ju, FSA, CERA, World’s Youngest Actuary,

To Drake University, for all the actuarial resources and support

To my family, for setting me on the actuarial path. This book

This book is also dedicated to all the aspiring actuarial

Chapter 1: An Actuary’s Journey 1

This book takes you on an exploration

At that time, I was really interested in Math because it was

And here is where Strength in Numbers comes in handy.

What is Actuarial Science?

I am sure many of you have an answer to that question by now.

Personally, I define actuarial science as the application of

The Actuarial Journey

However, even though you may

Why Is Actuarial Science Not for Everybody?

When you reach that point in your actuarial journey, focus on

It is not about how you start your actuarial journey

Remember, your end goal is what determines which path you

Reading this book is a choice that you made. Congratulations on

1. Wow! You must be really smart and good at Math!

People who have heard of actuarial science regard actuaries as

It’s also a no-brainer that you have to love Math in order to

Actuarial science probably sounds like a great option now because

Sounds pretty awesome, doesn’t it?

Honestly, yes, it is pretty awesome becoming an actuary if

Being an actuary is not an occupation. It is a profession.

Now, you may be wondering what a Fellow is and how you

You must attain your Associate designation first before becoming

The title “Associate” is only awarded to actuarial students who

These actuarial organizations may

I cannot stress how important it is to start sitting for your

You must select an actuarial organization under which you will

There are many available actuarial organizations for you to

1. Society of Actuaries (SOA) in the U.S.

And many more.

Your actuarial designation will then fall under your chosen

These actuarial organizations are recognized internationally.

The Foundation of an Actuary

As you progress through your actuarial

Do you want to become a traditional industrial actuary where