msc actuarial science personal statement

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Actuarial Science Personal Statement Example

Here’s an example Actuarial Science Personal Statement for you to use as a guide when writing your own.

As a result of financial institutions not accurately quantifying the risks of some of their financial products, the recent financial crisis occurred. To prevent disasters that result in major job losses and national bankruptcy, actuaries are essential to ensuring banks and other institutions correctly assess their risks. My talent for mathematics makes me a great actuary at a major financial institution, and I want to use my expertise to help prevent crises like the one we just experienced. In order to fulfil my ambition, I would like to study Actuarial Science.

Consequently, I am studying Maths and Further Maths at A Level, for which I am predicted to achieve the highest grades, as well as Chemistry and Physics. Though I only moved to the UK in 2009 from my native Malaysia, I have already achieved A grades in all of my AS Levels. My love for problem-solving has further developed since I studied Mathematics at A-Level, and I enjoy learning new theorems and producing proofs. As a result, I am looking forward to studying even more complex areas of mathematics at university, such as Complex Analysis, which may bring me even greater satisfaction.

I excelled in languages, math, and science in Malaysia, where I received an excellent intellectual foundation. In recognition of my hard work and success, I was awarded a scholarship at a prestigious UK university. It was a smooth transition from one academic environment to another, which bodes well for my future study at the university.

In addition to my studies and career preparation, I have been working on other projects. As part of my summer internship, I worked for a major Malaysian money market and foreign exchange broker. From top professionals, I learned how to price complex financial products and how they use mathematics to calibrate the interest rates of products for the benefit of each party. In addition to strengthening my ambition to become an actuary, the experience gave me a taste of the day-to-day realities of the profession which I wish to pursue. In order to gain further insight into the insurance industry, I plan to intern at a major company this summer.

Mathematics is more than just a subject I study in the classroom for me. The maths club at my school elected me president. My responsibilities include organizing a maths week, creating quizzes for students, and instilling a love of the subject in others. I have also been president of the ping pong club for the last two years. I organise the training schedules and inter-school tournaments, an experience which has greatly improved my leadership and organisational skills. On top of all this, I captain our house’s marching band, from which I have learned how to motivate people, a skill which should be of use later in my career. Given all my commitments, I have had to learn how to manage my time very efficiently. I wish to join and hopefully lead the maths and ping pong clubs at university so knowing how to juggle academic and extra-curricular commitments is very important.

In my spare time, I love to read books on economics, such as The Secret of Economic Indicators and The Black Swan by Nassim Taleb. I also enjoy fixing and selling faulty iPhones. The work calls for great patience and precision as one false move can damage the phone irreparably. These qualities should be of great use to me as an actuary.

My academic success is in part the result of the study of smart techniques I have developed. At university, I should like to organise study sessions with other students with whom I could share my techniques and from whom I could learn myself.

For, at university, I should like to help foster a mutually supportive study environment so that I shall be able to cultivate a similar atmosphere when I enter the world of work.

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Actuarial Science Personal Statement Examples

• 1 Personal Statement Example Links
• 2 Career Opportunities
• 3 UK Admission Requirements
• 4 UK Earnings Potential For Actuarial Scietists
• 5 Similar Courses in UK
• 6 UK Curriculum
• 7 Alumni Network

Personal Statement Example Links

• Personal Statement Example 1
• Personal Statement Example 2
• Personal Statement Example 3
• Personal Statement Example 4
• Personal Statement Example 5
• Personal Statement Example 6

Ever been inspired by the grandeur of bridges, skyscrapers, or transport systems? Intrigued by the prospect of designing and constructing infrastructure that serves society?

If so, a degree in Civil Engineering could be your perfect pathway. This dynamic field equips you with the skills to conceive, design, and build infrastructure projects, shaping the physical world around us.

Actuarial Science is an interesting and relevant choice for students who are looking to pursue a career in the financial services industry. This university course is designed to provide students with the knowledge and skills necessary to become successful actuaries. Actuaries are professionals who use mathematics, statistics, and financial theory to analyze and assess the financial risks associated with uncertain future events. They are responsible for calculating and predicting the financial impacts of such events, and for providing advice to businesses and individuals on how to manage these risks.

Actuarial Science is an interdisciplinary field that combines mathematics, statistics, economics, and finance. Students enrolled in this university course will learn how to analyze and assess financial risks, develop financial models, and use computer software to create financial projections. They will also gain an understanding of the legal and regulatory aspects of the insurance and financial services industries.

The course is an increasingly important field in the modern world, and provides students with the opportunity to pursue a career in a rapidly growing industry. As the world becomes increasingly reliant on financial services and insurance, the demand for qualified actuaries is expected to grow. This university course is an excellent choice for students looking to gain the skills and knowledge necessary to become successful actuaries.

👍 When writing a personal statement : Highlight your passion for the course, demonstrating your understanding of it. Use relevant personal experiences, coursework, or work history to showcase how these have fostered your interest and readiness for the course.

Career Opportunities

An Actuarial Science degree from a UK university opens up an array of career opportunities where risk management and financial forecasting are integral:

1. Actuary: Analyse financial risk using mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programmes.

2. Risk Analyst: Use statistical techniques to analyse and predict risk and uncertainty in business, making recommendations to minimise potential losses.

3. Investment Analyst: Provide research and information to help traders, fund managers and stock brokers make decisions about investments.

4. Data Analyst: Interpret complex data sets to help companies make decisions and identify trends.

5. Financial Planner: Advise individuals on managing their finances, including retirement planning, investing, and debt management.

6. Insurance Underwriter: Assess the risk potential of clients to determine the cost and benefits of insurance policies.

7. Pension Scheme Manager: Responsible for the effective operation of company pension schemes.

These careers utilise the strong numerical and analytical skills that Actuarial Science graduates acquire, making them highly sought after in today’s data-driven world. Forge your successful future in the financial sector with an Actuarial Science degree.

UK Admission Requirements

In order to be accepted into a university course in actuarial science, applicants must have a minimum of a 2:1 undergraduate degree in a relevant subject such as mathematics, finance, economics, or statistics. In addition, applicants must have achieved a minimum of grade B in A-level Mathematics and a minimum of grade C in A-level Further Mathematics (or equivalent qualifications).

This entry criteria is similar to other courses in the field of mathematics, finance, and economics. However, the entry requirements for actuarial science are typically more stringent, as the course is highly specialised and requires a strong mathematical background.

UK Earnings Potential For Actuarial Scietists

The average earnings for someone with a degree in actuarial science vary depending on the country and the specific job role. In the UK, the average salary for an actuarial scientist is £45,000 per year. This is higher than the national average for all jobs, and the salary is expected to increase in the future as demand for actuarial science professionals grows.

In terms of trends in the job market, there is an increasing demand for actuarial science professionals in the UK. This is due to the growing need for risk management in the financial services industry, as well as the need for actuarial science professionals to help companies manage their pension and insurance schemes. As a result, job opportunities for actuarial science professionals are expected to continue to grow in the future.

Similar Courses in UK

Other university courses related to actuarial science are:

1. Mathematics and Statistics: This course focuses on the application of mathematics and statistics to solve real-world problems. It covers topics such as probability, calculus, linear algebra, and data analysis.

The key difference between this course and actuarial science is that mathematics and statistics focuses more on the theoretical aspects of mathematics and statistics, while actuarial science focuses more on the practical application of mathematics and statistics to solve insurance and finance problems.

2. Financial Mathematics: This course focuses on the application of mathematics to financial markets and products. It covers topics such as derivatives, risk management, and portfolio optimization.

The key difference between this course and actuarial science is that financial mathematics focuses more on the mathematics of financial markets and products, while actuarial science focuses more on the mathematics of insurance and finance.

3. Risk Management: This course focuses on the identification, assessment, and management of risk in organizations. It covers topics such as risk assessment, risk management strategies, and risk management techniques.

The key difference between this course and actuarial science is that risk management focuses more on the management of risk, while actuarial science focuses more on the mathematics of insurance and finance.

UK Curriculum

The key topics and modules covered in an actuarial science course will vary depending on the university, but typically include:

• Mathematics: calculus, linear algebra, probability, statistics, numerical analysis, and stochastic processes.
• Financial Mathematics: financial derivatives, asset pricing, portfolio theory, and risk management.
• Economics: microeconomics, macroeconomics, and econometrics.
• Accounting: financial accounting, managerial accounting, and auditing.
• Insurance: insurance principles, life insurance, health insurance, and property and casualty insurance.
• Business: business law, business ethics, and business strategy.
• Computational Techniques: programming languages, databases, and software applications.

Hands-on experience and practical work in actuarial science can include:

• Developing and implementing actuarial models.
• Applying mathematical and statistical techniques to solve actuarial problems.
• Analysing data and interpreting results.
• Preparing reports and presentations.
• Working with actuarial software applications.
• Working with clients to develop insurance and pension plans.
• Developing risk management strategies.

Alumni Network

One notable alumnus from the course of actuarial science is James B. Carrell, who graduated from the University of Waterloo in 1974. He is currently the President and CEO of the Canadian Institute of Actuaries and is a Fellow of the Society of Actuaries.

He has held various positions in the actuarial profession, including President of the Casualty Actuarial Society, President of the Canadian Institute of Actuaries, and President of the International Actuarial Association.

Carrell has been instrumental in the development of the actuarial profession in Canada and abroad, and has been a leader in the development of actuarial standards, education and research.

He has been recognized for his contributions to the profession with numerous awards, including the Canadian Institute of Actuaries’ Distinguished Service Award, the Society of Actuaries’ Distinguished Service Award, and the International Actuarial Association’s Distinguished Service Award.

The University of Waterloo offers a variety of alumni events and networking opportunities for actuarial science graduates. These include the Actuarial Science Alumni Reception, which is held annually and provides an opportunity for alumni to reconnect and network with each other.

The university also hosts an annual Actuarial Science Career Fair, which provides students and alumni with the opportunity to meet with employers and learn about potential career opportunities. Additionally, the university offers an online alumni network, which allows alumni to connect with each other and stay informed about upcoming events and opportunities.

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• Personal Statements

Actuarial Science Personal Statement

Finding a degree that allowed me to combine my passions both for Mathematics and Statistics was part of my essential criteria when looking for a university. Having enjoyed studying Mathematics throughout my educational career and picking up Statistics during my ‘A’ Levels I felt that Actuarial Science was the perfect combination of disciplines.

As well as a strong appreciation for Mathematics and Statistics I also have a great deal of business sense, which was demonstrated during by my time spent involved with my school’s Young Enterprise group. I feel that partnering business with Mathematics in a practical sense is the key to the future success of our economy, and indeed our planet.

Alongside my involvement with Young Enterprise I also held a number of roles at school including Prefect, House Captain, and Chair of our Future Leaders scheme. These roles helped me develop my time management, organisational, and leadership skills, as well as giving me a sense of responsibility.

Outside of school I am heavily involved with my local sports teams including football, cricket, and running which have helped me to develop my already strong sense of working well as a team.

I enjoy working with like-minded people to achieve a common goal which has not only helped me excel in sports but also spurs me on to achieve only the best for those I am working with.

I feel that my analytical skills, my solid judgement, and my organisational abilities all make me the perfect candidate for an Actuarial Science degree and I hope that the further education will enable me to excel in my future career.

I am responsible, reliable, and able to be versatile when faced with new challenges or situations. I look forward to learning more about every aspect of Actuarial Science during my time at university and I also hope to become involved with another enterprise scheme.

My passion, my skills, and above all, my dedication to ensuring society stays financially stable makes me the ideal candidate for an Actuarial Science degree, and indeed, for my future career as an actuary. 

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Actuarial Science Personal Statement

Fok Sing Tian is currently studying BSc Actuarial Science at London School of Economics and Political Science, and is graduating in 2021. This personal statement was part of his successful application to LSE, Heriot-Watt University, University of Manchester, Cass Business School  and University of Kent  for Actuarial Science.

Mathematics, to me, is a discipline that requires one to possess an analytical mind and sufficient critical thinking skills in order to truly comprehend its depth. My curiosity brought me to venture deeper into the world of Mathematics, and eventually, I caught myself dwelling on the link between statistics and uncertainty. After reading ‘How Long Is A Piece of String?’ by Rob Eastaway and Jeremy Wyndham, I was particularly enticed by the feasibility of Benford’s Law and Kermack-McKendrick Model in detecting fraud and predicting the distribution of infectious diseases, respectively. My fascination for the versatility and practicality of statistics in the process of risk analysis ultimately led me to understand that a degree in Actuarial Science might suit me the most.

Further research on the career enlightened me on stochastic simulation. I was stumped when I came across the Monte Carlo simulation, which involves the computation of probabilities of different outcomes in an event which is influenced by random variables. Deeply intrigued, I discovered that this simulation is used in determining the premium price for term life insurances. I feel that this simulation has greatly contributed to the prediction of uncertainty through a more holistic approach and it compensates for the limitations of deterministic models. It is the eagerness to understand the principles behind predictive models that sparks my interest in Actuarial Science.

‘Probability: The Science of Uncertainty’ by Michael A. Bean, impressed me with the ingenuity behind the derivation of Law of Large Numbers, a fundamental principle in insurance. It was then that I finally understood that as more people become involved in loss sharing, the monetary amount that one must bear in the case of catastrophe becomes more certain and insubstantial. I believe that this law helps in formulating more stable premiums capable of accounting for larger variations and thus preventing credit risks. In the future, I look forward to obtaining further statistical knowledge and eventually run my own calculations.

My internship in an accounting firm gave me the opportunity to gain first-hand exposure to the financial world. During my tenure, I familiarised myself with Microsoft Excel for bookkeeping, data entry as well as calculating taxable income and depreciation of assets. Furthermore, I learnt how data collected were analysed to ascertain company performance and had the chance to witness the process of auditing a client. This experience allowed me to hone a meticulous attitude and adopt some soft skills, in addition to greatly contributing to my overall confidence in my decision to pursue this path.

My interest and proficiency in Mathematics propelled me to join numerous competitions. I was awarded the Prize Certificate in Australian Mathematics Competition and clinched the Honourable Certificate in National Mathematics Olympiad. I also won the Best Year 10 Team Award and the Individual Bronze Award in Malaysia Asean Science & Math Olympiads. These competitions helped me to improve my problem-solving skills and maintain a critical thinking process even under stressful environments.

As the Vice President of Mathematics Club, I equipped myself with leadership qualities and management skills by organising activities and competitions for students. Being part of the Model United Nations enabled me to practise essential communication skills in a variety of situations. Moreover, I am learning basic coding through Udemy courses as I am aware that programming plays a big role in easing the tasks of an actuary, such as in data massaging.

I envisage myself to be a part of the actuarial team which devises effective statistical models and utilises them in risk analysis. Having secured a scholarship from the Central Bank of Malaysia, I look forward to embarking on an intellectually rewarding journey in world-renowned institutions in the UK that will aid me in achieving my goals.

DISCLAIMER:  The personal statements on this site are strictly meant as a starting point to give an idea of how successful personal statements look like. There is no surefire formula to writing good personal statements.  COLLEGELAH IS STRICTLY AGAINST PLAGIARISM OF ANY KIND .  UCAS employs a plagiarism check system  that checks applicants’ work against other published writing so please  DO NOT PLAGIARISE.

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Maths and actuarial science personal statement example.

Maths is a subject like no other; its complexity makes it a challenging and often frustrating area of study, however the logic behind every problem leaves a feeling of certainty about it. My devotion to the subject has grown exponentially, especially in recent years. I learnt of the Actuarial profession at a careers meeting a few years ago and, after researching into it, I was intrigued at how Maths could be used to work out so much in real world situations.

The way that data can be collected and an equation formed to work out how long someone may live, or the likelihood of having an accident, is fascinating to me. The application of Maths in everyday life is something that is questioned so much by students throughout school, but the extent to which numbers are used is incredible. When I attended a Mathematics Masterclass for Young People at Oxford University, my competence for the subject became apparent to me through my ability to learn quickly and effectively which led me to conclude that Maths would be the right degree path for me. In 2011 I organised 2 weeks work experience at a local accountancy firm which helped show me how Maths is the foundation for such a variety of work. It was also useful in giving me a perspective into a professional workplace.

To further my mathematical knowledge I have read various texts, including ‘Fermat's Last Theorem’ and ‘Mathematics: The New Golden Age’ which have helped me to experience more complex Maths, similar to that of university level. Reading 'Facts from Figures' by M J Moroney has offered a new light into how data is used in Maths and has encouraged me to take an extra Statistics module for A-Level in order to prepare me for the statistics used at degree level. I am currently attending a weekly evening class at Oxford University on 'Probability and Risk' which is providing a huge insight and introduction into statistics on a higher level and how risk and probability are applied to everyday scenarios.

Over the past year I have visited Lloyds of London and arranged meetings with an actuarial pricing manager for Amlin and a former actuary for Equitable Life, both of whom have given me a deeper insight into the different fields of the profession and what I could expect to be doing in the different areas. I found this extremely useful as it strengthened my view that this profession is the direction for me and that I possess the right skills and mindset to succeed. Last year I completed a NCFE Level 1 Exploring Enterprise Skills - as well as being enjoyable, it enhanced my ability to communicate in a coherent manner and to work in a team in a professional environment.

During my time at sixth form I have been given positions of responsibility; I have mentored two year 11 students, helped out in year 9 Maths classes, and been a House Prefect. Outside school I enjoy playing tennis and have competed in a number of matches and tournaments around South East England. I also coach tennis and am a LTA qualified tennis leader which has helped build on my leadership and communication skills. I was also Coach's Player of the Year 2011 due not only to my ability as a player, but as a coach and a well valued member of the club.

have completed my Bronze and Silver Duke of Edinburgh's Award and next year will pursue the National Three Peaks Challenge. Partaking in these has enhanced my leadership skills, my ability to work in a team, and my ambition of achieving difficult goals. I hold part time jobs at a local clothing store and in a restaurant kitchen and consider these to be valuable experiences in terms of the skills and commitment that I have developed through them. I have learnt to cope well under stress which can be directly transferred to my studies and helps me to handle heavy workloads and still produce high standard results.

I am looking forward to exploring Maths in more depth at university and discovering the opportunities and challenges that a Maths degree will bring.

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This personal statement was written by cfrancis1996 for application in 2014.

cfrancis1996's university choices University of Southampton London School of Economics The University of Liverpool The University of Manchester

Green : offer made Red : no offer made

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