Aveneu Park, Starling, Australia

The such as mortality rates are used

The most dreadful time has come. I stand dumbstruck as I stare at the blank paper I’m supposed to fill out to decide what I want to study at tertiary level. As I ponder upon what to write, I am sure of one thing; I am looking for a programme that will introduce me to the modern world of finance, economics and mathematics. After immense research I finally decide on actuarial science, a course that incorporates all these areas of study.With a fast growing economy, it is only right that companies invest in risk management and insurance of their companies. This can only be done through the employment of actuarial analysts who are able to quantify risk. Actuaries use applications of statistical principles such as algorithms and Central Limit Theorem in calculating the risks faced by a certain company. From calculating risks they need knowledge of economic and financial markets such as stock markets to decide on how best to invest the company’s income such that the company generates profits. Therefore actuaries play an essential role in the survival of firms.Uncertain events happening around the globe reflect the constant need for actuaries as they are best equipped with measures on how to deal with uncertainties. With Brexit and Donald Trump to be the new president of the United States of America, there are speculations of another recession as foreign exchange markets are becoming devastated by such events. This further stresses the need for actuaries who can predict the future of the financial markets and how best to prepare for the worst. It is this desperation for actuaries that made me decide to study actuarial science at tertiary level.To confirm my decision, I went through a job shadowing programme at Botswana Life, a well-established insurance company in my country. I learnt how variation and pricing of different products in the company is done. I learnt of annuities, individual and business life insurance policies and how statistics such as mortality rates are used to price these. It is this comprehensive use of statistics that draws me to this career path. To top it all off, actuaries work in a quiet environment and the fact that I am a generally reserved, introverted person means this work environment best suits my personality.Although introverted I have participated in different clubs to strengthen my interpersonal skills. I was an active member of the debate and public speaking club. It is through this club that my confidence, communication and oratory skills were developed.  I was able to effectively work with my team mates as our team made it to the top three best speakers in the National Debate Championships. I was also the president of the economics club. This club not only enhanced my leadership skills but it exposed me to different global events happening that will potentially affect the financial markets that actuaries are mostly concerned with. I believe my experiences in these clubs will help me fit into the actuarial world.From reading the magazine The Actuary, I got to know of actuaries such as Frank Redington who was able to come up with his own financial development on how a fixed income portfolio can be “immunised” against changing interest rates. It is this development that made him ‘The Greatest British Actuary ever’. I also aspire to leave such a mark in today’s ever growing business world through the use of mathematical concepts and it is through studying actuarial science that I’ll be able to achieve my aspirations.


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