1. Actuarial science and financial engineering appear to be related disciplines. Will taking actuarial science give me an edge, if I were to work in investment banks?
Reply: The actuarial knowledge will make you a good financial engineer. The skills re related.
2. I have an interest in working in banks, but not insurance related industry. Should I still pursue a degree in actuarial sciencem since actuaries work in banks as well? If I don't have an interest in working in insurance related industry, will my prospects be affected?
Reply: Some parts of actuarial knowledge are suitable for banks, but the major parts are better applied in insurance companies, investments, financial engineering and pension funds. If you wish to work in a bank, it is better to pursue another profession that is more direcly related to banking activities.
3. As an actuary, do I have to decide which area I want to specialise in, say property, pension, early in my career?
Reply: The actuary is trained in all of these areas. He is flexible and can do well in any of these areas, by specialising in the specific area. But he can switch to another area, and do well quite quickly.
4. Do actuaries make investments since their job is to calculate risks for insurance firms?
Reply: The training of an actuary is very suitable for the investment field. Many actuaries can do well as investment analysts.
5. In investment banks, do actuary and financial engineers do the same work since both deal with risks.
Reply: Financial actuaries have to analyse risks in investment products. The actuary is trained in analysing all types of risks, ie financial risks, insurance risks and other risks. The analysis of risks require knowledge in these areas:
* probability of its occurrence
* estimated amount of the loss or gain
* timing and impact on the value of money
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