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Can actuaries benefit from analysis?

  1. May 30, 2014 #1
    Hello

    In my country you need a bachelor and master to become and actuary. And that is what I am studying now.

    There are ofcourse some subjects you have to take, but you can also choose subjects. Of these free subjects statistics subjects are listed as reccomended.

    I've taken statistics classes in my bachelor degree(I have one more year left), and they are ok, but I have also taken mathematics classes and that is where the problem is. I feel that in statistics they do not prove things in an adequate way, and that annoys me. But in subjects like analysis they prove everything, it is amazing to see the enitre subject beeing built up from very basic concepts. So I would like to take more analysis courses instead of statistics courses. Is this a bad idea if I want to work as an actuary?

    I do not want to change to pure mathematics, because of the work oppurtunities, and I do not really think I am so smart enough to be working in those fields.
     
  2. jcsd
  3. May 30, 2014 #2
    It's not a bad idea to take the analysis courses, but it may be a bad idea to drop the statistics courses.

    If you don't think they teach the underlying principles of statistics in those courses, get a textbook and teach them to yourself. You may also find you get farther into the fundamentals in higher level stats classes.
     
  4. May 30, 2014 #3

    Thanks for your reply. Just to make it clear, there aren't really any staitsics courses I have to choose, but there is a long list of courses that are recommended for the free subsjects(the list is way too big to take all). However, almost all the courses on this list are statitics courses. But for instance on the mathematical finance list, most are analysis courses. Mathematical finance looks more interesting, and they seem to work with subjects where things are proved rigoursly. But there you do not get the actuary-title. Would it be a bad idea to study mathematical finance, but take the courses needed to get the actuary-title?(There are no exams etc. in my country like in the US, you need a master with some required courses.)
     
  5. May 30, 2014 #4
    A little mathematical finance would be a good thing to have under your belt. Don't give up too many statistics classes to take it though. How useful those classes are will depend on what area of actuarial work you end up in.
     
  6. Jun 1, 2014 #5
    Extrapolating from what I've readon on actuary forums, I'd say that regarding knowledge actually applicable to the actuarial profession, there is little to be gained from higher math apart from a general mathematical maturity. Nothing wrong with that though, I suppose.
     
  7. Jun 1, 2014 #6

    Thanks for your answers. I would still have to take the courses in life insurancy, general insurance, and courses in fincancial mathematicas.

    The choice will basically be to in addition take courses like either:

    -topology
    -functional analysis
    -stochastic analysis
    -mathematical finance

    or:

    -multivariate analysis
    -bayesian methods
    -spatial statistics
    -statistical inference(I'd like to take this no matter what I choose)

    Would you say that the last statistics-courses are very relevant?
     
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