How to teach yourself basic actuarial mathematics? What does actuarial science require to learn math

Students, the wish is good, the road is rugged, you should still do your current study, when you can learn better in all subjects, think about that!

I passed the American Actuary, the first level out of 8 (n years ago).

Specific advice for you is as follows:

1.When you are a student, you must pass Level 1 (Calculus, Linear Algebra, Probability and Statistics), and if you pass the exam, you will have a better chance of getting a job as an actuarial assistant.

2.Most of the actuaries are working while taking the exam, and the company usually gives about a month of warm book leave before the exam, and the company will subsidize the registration fee after the exam, but if you fail the same subject twice, you must be careful that the job is not guaranteed.

3.In the later actuarial exams, the test is not mathematics, but English and foreign culture, because there are many questions that need to be understood before they can be done, and usually people who are good at mathematics will fail the test in the end, because of the gap between culture and language.

Therefore, it is recommended that you start learning about foreign cultures.

4.Be sure to get a work-study and internship opportunity at a relevant company, as long as you are at the first level, you can enter the company, but if you have experience, it is even better. Because the registration fee after level 2 is too expensive for students, it is better to enter the company and take the exam again.

ps.Maybe you're a genius and you can finish level 8 before you graduate. But I advise you not to, because first, you have a license but no experience, and the company doesn't know how to pay you. Second, you can get a salary increase every time you take the first level, who gave you a salary increase when you were a student.

P.S. Each insurance company has a library, archaeological questions, there are inside.

Hope the above answer is helpful to you, thanks.

To become an actuary, you must first master some basic courses, such as calculus, linear algebra, probability theory, and mathematical statistics. So many are basic, and they're of different genres, so you're looking for almost no books. Since you have to master so many mathematical foundations, you should break through the knowledge points one by one, come on!

The mathematical foundation of actuarial science is relatively difficult in economics subjects, and it is not something that can be mastered in one or two years, let alone self-study, because I am an actuarial science undergraduate.

If you talk about the basic mathematics subject, you need to learn advanced mathematics (or mathematical analysis, calculus is probably far from enough), advanced algebra (linear algebra is probably far from enough, because there is too little knowledge of space in it, although this is not important for linear algebra itself, but this is the basis for learning numerical calculations, without this knowledge, future numerical calculations are impossible), operations research, probability theory, mathematical statistics, numerical computing foundations. These sections should be said to be purely mathematical, and you should be able to choose courses no matter what major you study in college. It took us two years to complete these courses.

Secondly, there are some related to economics majors, if you are studying science and engineering or others, I am afraid you will have to take courses across colleges, such as interest theory, risk management and insurance principles, risk theory, life table foundations, ......I am afraid that these courses are only offered by statistics or insurance majors, and the difficulty of self-study of the above subjects is relatively large, and it may not be easy to understand when explained by teachers.

Again, it's about the two branches of actuarial science, life actuarial and non-life actuarial. These two aspects are divided into mathematics and practice respectively (such as actuarial mathematics for life insurance and actuarial practice for life insurance), which can be said to have both mathematics and insurance backgrounds. Before learning these subjects, you should at least have studied life and health insurance, property insurance, otherwise it will be very painful to learn

There is also accounting and management that should be at least possible, which is a must, the foundation of the foundation.

The specific suggestions are viewed on the Chinese Association of Actuaries, and by the way, the reform of the actuarial system in 2011 can be used to understand the provisions of the new system.

Actuarial science is actually not difficult, but it takes time and effort, because there are more foundations to be laid, and it is a comprehensive application of mathematics, statistics, finance, accounting and finance, economics, and insurance, so these disciplines must be involved.

You can refer to the course list I have listed.

Economics: Microeconomics, Macroeconomics, Political Economy, EconometricsFinancial Accounting: Accounting, Financial Management, Finance, Financial Economics, Money and Banking, International Finance.

Insurance: Insurance, Life Insurance, Property Insurance, Reinsurance, Marine Insurance, Social SecurityMathematics: Calculus, Advanced Algebra, Various Statistical Knowledge, Stochastic Process Actuarial Science:

Interest Theory, Survival Model, Risk Theory Model, Actuarial Mathematics for Life Insurance, Actuarial Theory and Practice for Non-Life Insurance, Pension Actuarial Science, etc.

Hope it helps.

Courses to be taken by actuaries :

1. Mathematics and Statistics, as mentioned earlier, computing is based on statistical calculations, and students in this major should learn mathematical analysis.

Linear Algebra, Probability Theory and Mathematical Statistics, Statistics, Practical Regression Analysis.

Multivariate statistical analysis, time series analysis, etc.

2. Economics, to learn macro and micro economics.

Accounting, Finance, Econometrics, etc.

3. Actuarial science: actuarial science of life insurance, actuarial science of non-life insurance, reinsurance, financial mathematics.

Actuarial practice, etc.

4. Programming: Excel, SAS, Oracle, VBA, MySQL and other database tools and C language.

In fact, the scope of an actuary's work is very wide, including:

The design of insurance products: through the investigation of people's insurance needs, new insurance terms are designed, and the design of insurance terms must take into account the different needs of people, with the rationality of pricing, the feasibility of management and the competitiveness of the market;

Insurance rates. Calculation: Based on the past life statistics, current bank interest rates and expense ratios, etc., to determine the policy**;

Reserves and policy cash value.

calculations; Adjust the premium rate and sum insured: adjust the premium rate and the level of protection according to the needs and time of the community to increase attractiveness and competitiveness;

Review the company's year-end financial report.

Grasp the investment direction: evaluate the company's various investments to ensure the safety and return of the investment;

Participate in the company's development plan: provide effective data support and professional advice for the company's future economic decisions.

The main courses of actuarial science major: insurance, risk management, interest theory, life insurance actuarial science, non-life insurance actuarial science, survival model, loss distribution, pension, insurance accounting and financial management, actuarial practice, etc. Students are required to have strong basic skills in foreign language, computer and mathematics.

Actuarial science is based on probability theory and mathematical statistics, and studies the law of insurance accidents, the law of the difference of the amount of loss of the insured accident, the average loss borne by the insurer and its law of difference, the insurance premium and liability reserve and other specific insurance problems and technical methods of applied mathematics. In addition to the insurance industry, actuarial methods are also widely used to analyze risks in finance, investment, social security, military, etc. With the establishment of China's socialist market economic system, the insurance industry is bound to enter a new and higher stage of development, which will inevitably require a large number of actuaries to undertake risk analysis and scientific calculation.

Its professional characteristics are that it basically uses foreign teaching materials, and its teaching is directly in line with foreign actuary examinations, and it is also organizing students to take the actuary examinations in China, so as to combine university education with vocational training. After graduation, students will be able to undertake actuarial work in insurance companies, and the main employment direction is insurance companies and banks. Many students go directly abroad to continue their studies, and some students directly get job opportunities in foreign insurance companies.

But in general, actuaries are still a profession with a relatively limited field of employment. At present, there are not many schools in China that offer actuarial science majors, and the number of students enrolled is not large. The more prestigious ones include Chinese People's University and Nankai University.

Insurance, Risk Management, Interest Theory, Life Actuarial Science, Non-Life Actuarial Science, Survival Modeling, Loss Distribution, Pension, Insurance Accounting and Financial Management, Actuarial Practice, etc. Students are required to have strong basic skills in foreign language, computer and mathematics.

Main coursesMicroeconomics, Macroeconomics, Money and Banking, Accounting, Introduction to Statistics, Probability Theory and Mathematical Statistics; Compulsory courses include: Principles of Insurance, Financial Mathematics, Actuarial Science in Life Insurance, Actuarial Models, Actuarial Science in Non-Life Insurance, Actuarial Management, Stochastic Processes, Regression Analysis, Statistical Software, and Time Series Analysis.

Discipline Requirements:This major has high requirements for mathematics subjects. This major is suitable for students who are logical and thoughtful.

Actuarial science is as follows:

Majoring in finance, management and law, mathematics, economics and accounting, is suitable for joining the actuary industry. At present, there is no special actuary major in domestic universities, and candidates can apply for majors related to economics.

There are two stages: associate actuary and actuary:

1. Prospective Actuary Courses: Mathematics, Financial Mathematics, Economics, Actuarial Modeling, Actuarial Management, Life Actuarial Science, Non-Life Actuarial Science, Accounting and Finance, etc.

2. Actuary courses: "Insurance Law and Related Regulations", "Financial Management of Insurance Companies", "Health Insurance", "Investment", "Actuarial Practice of Individual Life Insurance and Annuity", "Asset and Liability Management", "Employee Benefit Plan", "Actuarial Practice of Non-life Insurance", "Pricing of Non-life Insurance", "Evaluation of Liability Reserve for Non-life Insurance" and other courses.

What does it take to become an actuary?

Stage 1: Complete more than a dozen courses such as insurance, finance, statistics, mathematics, etc., and get enough credits to become a prospective actuary.

1) Qualifications for applying for associate actuary:

1. Have a bachelor's degree or above (equivalent degree recognized by the state); 2. Pass all subjects from A1 to A8. Subjects include: Mathematics, Financial Mathematics, Actuarial Modelling, Economics, Life Actuarial Science, Non-Life Actuarial Science, Accounting and Finance, Actuarial Management.

Stage 2: After working for a period of time and having practical work experience, you can apply for the actuary examination and meet the training requirements of the actuarial profession, and only after passing the defense can you officially become an actuary.

2) Qualifications for applying for actuary:

1. Qualified as an associate actuary in China;

2. Meet one of the following requirements: (1) Life insurance direction: pass F1, F2, F3 and F8 subjects, and pass at least 1 subject in the 3 subjects of F4, F9 and F10.

2) Non-Life Pathway: Pass F1, F6, F7 and F8 subjects, and pass at least 1 of the 4 subjects F2, F5, F9 and F10.

Actuarial Science mainly focuses on "Financial Computing", "Statistics", "Macro Economics", "Mathematical Risk Theory", "Statistical Distribution Theory", "Fundamentals of Financial Mathematics", "Actuarial Science of Life Insurance", "Loss Distribution", "Linear Statistical Model", "Application of Stochastic Model in Insurance and Finance", etc.

Actuarial science mainly studies the basic knowledge and skills of mathematics, statistics, economics, finance, etc., and uses modern mathematical methods such as regression analysis and statistical models and a variety of financial tools such as foreign exchange to conduct financial analysis, valuation and management of economic activities such as goods and services transactions and financial transactions. For example: the calculation of fiscal revenue and expenditure plans, the analysis of investment activities, etc.

This major has high requirements for mathematics.

The institutions include ** University of Finance and Economics, ** University of International Economics, Southwestern University of Finance and Economics, Jiangxi University of Finance and Economics, Shandong University of Finance and Economics, Shanghai Lixin Chaqiao College of Accounting and Finance, Yunnan University of Finance and Economics, Guangdong University of Finance, Hebei College of Foreign Chinese and so on.

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Mainly probability theory, mathematical statistics, time series, stochastic process, random integration of these pieces, in general is stochastic analysis, of course, the middle will use basic calculus, as long as it involves the numerical characteristics of Huizhen to probability, it is inseparable from the integral, and the main integration technique is a single partial integral. In fact, actuarial science studies a series of expectations of future uncertainty, which are not deterministic, but randomly distributed. Therefore, in general, the mathematics used in actuarial science is biased towards statistical mathematics, and the part of stochastic analysis is only for the quasi-actuarial examination, and the graduate students are reading the application of probability, and the tutor during the period is to do the application of stochastic processes in actuarial science, which is actually a mathematical stochastic optimal control theory, which is based on the theory of stochastic process measurement theory, functional analysis, and stochastic analysis.

Therefore, I am opposed to all those who propose that actuarial research can be done in mathematics only if non-math majors have taken those courses. The simplest, please, what is the HJB equation. <

Anyone who tells you that sophomore math is enough is a group of people who think they are an actuary with static calculations. Actuarial science has been debated about the level of mathematical requirements, some people think that the requirements are high, and some people think that they are low. I don't understand the nonlinear optimization, finite element analysis, wavelet transform, neural network, convexity analysis, and affine geometry mentioned in the high-voted answers, but I really feel that whether I understand these are not the criteria for judging whether an actuary is good or not.

First, it is necessary to distinguish between academic actuarial science and applied actuarial science, the two focus on different points, from the depth of technology, academic actuarial science is definitely ahead of practice, but in many cases, this kind of leadership has no application value, or practice does not care at all. For example, the high-voted answer says to build a model of the Treasury yield curve, but the CIRC will give you this line directly, what is the point of me modeling this line myself?

2. Static measurement is not enough? To tell the truth, most of the domestic life insurance companies are using static calculations, and you will find that there are not many people in the market who can really understand the static calculations.

Third, the external environment is very important! At present, the domestic environment is not mature enough to be able to control these advanced theories, these words will only come out of the mouths of actuaries in some consulting companies, and then no one can understand, and no company will really use these, if you use a model that everyone does not understand technology, I think this model is a failure, because this model is not easy to explain to others, especially to those leaders or shareholders who do not understand actuarial calculations;

4. The more complex the model, the better? The shareholder of the company I used to serve is a very well-known insurance company in the UK, where hundreds of senior actuaries are served, and many of the models we use are also borrowed from the UK, we will also do asset liability management, and we will also do strategic asset allocation, but we do not use the above theories, maybe the more mature the model, the simpler its logic, if a very complex model is very poor in improving the accuracy of the results, then why should I waste human and financial resources on modeling;

5. Are actuaries idle? The daily work is actually very simple, I really don't have time to calm down and study these advanced theories, nor have I experienced tearing down the company's existing models and rebuilding them, even if you want to do this, your leaders and colleagues don't have the energy, and the company won't give financial support (prophet is expensive to buy a new module!). ）；

You do the product pricing, and the future portfolio yield comes from ** (what your boss told you?). From the Investment Department? If you think so, you're still at the level of an intern. , do you want to ** it too? Taking 10,000 steps back, should we build a model to simulate the future yield of Treasury bonds? Take the simplest Vasicek model, and also understand a little bit of stochastic differential equations.