Actualite Issue 1 2014

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ITUNES GIFT VOUCHER
Catch up
with the
O Week and
PwC Welcoming
BBQ Reviews
Meet the ASSOC
PRESIDENT
and CABINET
for 2014
New to
university?
Look inside
for tips to
survive your
first year
Actualite
Issue 1 2014

PROUDLY SPONSORED BY
Contents
Events Schedule................................................1
ASSOC Ad page..................................................2
President’s Address.........................................3
Meet the Cabinet...............................................4
ASSOC Events in Review
O Week Review..................................................7
PwC Welcoming BBQ Review......................8
Articles
Starting University...........................................9
Demystifying the Dark Knight..................11
Philosophy of Uncertainty..........................12
Actuary, It’s Fiction........................................13
Caution: Fun Ahead.......................................15
Editorial Team
Frances Mai Kong Chan
Adnan Oomatia Nicole Andrianopoulos
Eddy Nee Terry Nguyen

ASSOC Events 2014
SESSION 1
PwC Welcoming BBQ
World’s Greatest Shave
ASSOC Careers Forum
Games Night
Poker Competition
PwC Indoor Soccer Competition
Week 2: 12th Mar
Week 2: 13th Mar
Week 3: 18th Mar
Week 4: 24th Mar
Week 6: 10th April
Mid-sem Break
Careers Workshop – P.1 (workshops) Week 9: 13th May
Careers Workshop – P.2 (interviews)
Trivia Night
SESSION BREAK
ASSOC Camp
Week 9: 17th May
Week 11: 27th May
25th - 27th July
SESSION 2
Deloitte Critical Thinking Competition
Ongoing
Meet the Professionals Night (MPN) Week 3: 19th Aug
ASSOC Olympics
EY Pool Competition
PwC Basketball Competition
JASS Ball
Week 4 TBC
TBC
Mid-sem Break
Week 9: 3rd Oct
ACTUALITE Issue 1 | Page 1

PROUDLY SPONSORED BY
ASSOC CAMP
2014
‘GIVE US 3 DAYS AND
WE’LL GIVE YOU A
LIFETIME OF MEMORIES’
COST: TBA
DATE: 25-27 JULY 2014
LOCATION: CAMP
WOMBAROO, BLACK
SPRING ROAD, HIGH
RANGE 2575
FOR MORE INFO CONTACT
SPAK@MQASSOC.ORG.AU
OR VISIT MQASSOC.ORG.AU
Save the date for these exciting upcoming events in ASSOC!
Have an ASSOC event you want to advertise? Send
your ad to assoc.publications14@gmail.com today
ACTUALITE Issue 1 | Page 2

President’s
Address
My favourite part of university goes back to when I saw the one and
only interesting-looking girl in my first maths tute. She had really
pretty eyes and a cute smile. As lame as it sounds, I remember
how I’d purposely come late to class so I could choose a seat next to her. Of
course, it never worked because she’d always either skip class or come
even later than I did (which made me feel like a total idiot!). I still
smile thinking about how I’d completely ignore the tutor and instead
think of ways to ask this girl out after class. I guess what makes
university so interesting is the fact that you really don’t know who will
end up becoming a big part of your life. That girl from maths class? I’ve
had the time of my life dating her for the past two years. Trust me when I
say that the next person you meet could end up as your best friend,
worst enemy, soul-mate or the worst ex of all time.
RICHARD
SEUNG
It’s not just about meeting new people but also throwing yourself at new
experiences. Of course if you’re fresh into uni, you’ll still be loving the
nightclub scene, going bar-hopping and maybe even casinos. As that wears
off, you may find yourself in sceneries which are a bit more exotic. These
may or may not include; seeing your mates light steel wool on fire and
creating a dazzling display of fireworks across Lake Macquarie, having
near death experiences while skiing down the wrong slope, finding
yourself in an outdoor jacuzzi surrounded by forest or seeing so many
shooting stars in one night that you run out of wishes.
Even when times weren’t great, they still became unforgettable
memories; like having a massive quarter life crisis and dropping out of university
(I was studying to be a rocket scientist), or sleeping in the middle of a packed up
QVB café at 4am like hobos, or getting gang bashed in one of the safest places in
Sydney and having to literally run for your life. Good times.
The great thing about picking up part time jobs as a uni student is that they’ll usually
reward you with a couple of worthwhile memories, especially teaching gigs. I remember
accidently obliterating the social confidence of a 12 year old girl by referring to her as a
guy for a whole lesson. My heart sank to my stomach when she raised her
hand to finally let me know “Sir, I’m a girl.” followed by her classmates’
echoes of “See even the teacher thinks you’re a guy!”. That was the first
and only time I was left speechless in a classroom. Still, the short years I spent
teaching little kids was unexpectedly one of the proudest things
that I’ve done in my life. It’s either that or the time I guided a
struggling blind lady from Homebush to Epping on a dark, rainy night.
I won’t lie, I felt like a hero that day.
Final words? Life is really, REALLY random. What really matters
at the end of the day is hunting down every chance to make
unforgettable memories. Happy hunting!
ACTUALITE Issue 1 | Page 3

PROUDLY SPONSORED BY
MEET THE CABINET
President: Richard Seung
Why did you choose to study actuarial studies?
When I finally made it to aerospace engineering, I
realised I had no interest in becoming an engineer.
After one semester, I dropped out of university and
casually had a quarter-life crisis. Nothing really drew
me in so I looked for a job that was laid back, well paid
and in the maths field. That’s what led me to actuarial
studies. To be honest, I still have no idea where to take
my degree… but I guess that’s the fun part of uni right?
… or is that the terrifying part?
What tips would you give to the first years?
A guy once told me “first year doesn’t matter”. Being
a naive first year, I took his word for it and never
came to class, skipped tutes, did zero extracurricular
activities and got very mediocre marks. No one told
me that you have to apply for internships using
mostly your 1st and 2nd year results. First
year doesn’t matter? Trust me, it does.
How do you cope with the stresses of
being an actuarial student? I convince
my mates to have a study
session. Having our
books out makes me
feel better even
though we only
spend about 30%
of the time actually
studying and the rest of
the time eating charcoal
chicken and playing video/board games.
Internal Vice-President: Nicole Tindick
What has been your favourite subject so far and
why? As much as I do love a good MATH132 lecture and
spending hours in the Numeracy Centre... I did enjoy my
Planet Unit, Human Biology (BIOL108), since it was a
good break from the other subjects in 2nd year.
What tips would you give to the first years? Have a blast,
enjoy First Year, don’t stress out too much, definitely
be proud of your many achievements, and don’t be too
hard on yourselves! Oh, and of course get involved in
ASSOC. It’s actually the best society ever.
How do you cope with the stresses of being an actuarial
student? When it comes to exams and assignments,
I try not to “Over-Catastrophise” and I always aim to
put things into perspective. I’ve also heard that stress
can cause wrinkles… The shortening of the telomeres
of your chromosomes causes premature ‘ageing’ of the
cells. Yeah… I learnt a thing or two from BIOL108.
External Vice-President: Aydin Hibbert
Why did you choose to study actuarial studies?
I was going to study a Bachelor of Arts in Anthropology
and English Literature then decided I’d rather predict
when people are going to die and crash their cars, as
opposed to what they were thinking while reading
War and Peace – don’t get me wrong, I love Tolstoy.
What do you enjoy the most about ASSOC?
The fact is that ASSOC has the resources to get you
where you want to be. If you care about getting that
top job, we offer events where you can network with
the top actuarial firms in the country almost once a
month. We give opportunities to lead teams, as well as
prove your communication and management skills in
a professional setting.
If you care about having fun, we spend more than
$30,000 a year on creating the most enjoyable
social events on campus and it’s quite hard
to find an actuarial student who has not
engaged with ASSOC.
Tell us what you want
and we will help you get
there.
What do you like to
do in your spare
time? Modern
Art. I absolutely
love modern art
and literature –
contemporary dance and
theatre comes a close second. If you’re
actuarial and you’re the same, let’s talk!
You’d be surprised how hard it is to find
similar people in our cohort…
Treasurer: Bhavek Jamnadas
What is the most interesting aspect of University life?
Definitely the freedom - it’s different to high school
since you’re not forced to attend or do anything. It’s
great when you can skip an early morning lecture
because you are too tired (as long as you can catch
up on it later), and having all that extra time to find
interesting hobbies for when you’re going crazy with
all that studying.
What has been your favourite subject so far and why?
My favourite subject would have to be AFIN252; it’s a
big change from regular units for actuarial students
since it isn’t just a bunch of theoretical equations
and complex maths. I really enjoyed learning simple
techniques to value shares, and why companies
ACTUALITE Issue 1 | Page 4

choose to structure themselves
in certain ways. The lecturer’s
quirky personality and great
stories of his past investments
always gave a great incentive to
attend a lecture occasionally. This
unit wasn’t too difficult either
which is a bonus.
How do you cope with the stresses
of being an actuarial student?
There are a few different ways
I manage; I think it’s really
important to be organised, so I
created a timetable listing times
for study and leisure. Having
your week planned in advance
incentivises you to get work
done, for example if I don’t finish
my tasks for the week I won’t go
out on Friday night. I also like
to balance out my schedule - so
instead of studying for the entire
day I like to have big breaks
where I do something relaxing
like playing squash.
External Social Director:
Jonathan Oritz
Why did you choose to study
actuarial studies?
In high school I really liked
probability and my maths
teacher was an ex-actuary so
she told me about the field.
What is the most interesting
aspect of University life?
The freedom you have. Going
from high school to uni is a big
change and the freedom is the
best part.
What tips would you give to
the first years?
Find time to relax.
What do you like to do in your
spare time?
Snowboarding and basketball.
Careers Director: Arish Dutt
Why did you choose to study actuarial
studies? I guess because I liked maths and
finance when I was in high school and I
wanted a job in the city that paid well.
What is the most interesting aspect of
University life? Probably the chance to
meet new people. There are so many
societies around uni that as long as you
make some effort, you can meet a lot
of like-minded people and have some
awesome experiences.
What tips would you give to the first
years? Make sure to keep a balance
between studying and having fun. There’s
the temptation to only focus on studying
when you start 1st year but your time at
uni will be a lot more rewarding if you
do extra-curricular
activities and have
enough leisure time.
Secretary : Mack Cheong
What has been your favourite subject so
far and why? For me and maybe most of
my colleagues, ACST212 has been the most
interesting as it really expands your knowledge in the strangest
ways and teaches you to think outside of the box. Be wary
though, it is not easy. Try not to lose a limb passing it.
What do you enjoy the most about ASSOC? The best part is the
people you get to meet, the second best part are the events.
And the third best part is the food. Mmm…food…maybe food is
the best actually. Let’s just say people are second.
How do you cope with the stresses of being an actuarial student?
To cope with stress, I usually play games but this sometimes
backfires as the game itself becomes stressful.
Internal Social Director: Shannon Ing
Why did you choose to study actuarial studies?
After studying a year of Physiotherapy, I decided that I missed
maths. Little did I know, actuarial studies hardly had the type
of maths that I enjoyed in high school. In saying that, I am still
enjoying the course and the challenges it brings.
What is the most interesting aspect of University life?
Definitely the freedom. You don’t need to turn up to lectures if
you don’t want to...or even tutorials. However you become so
close with your friends you come every day just to chill with
them and of course, scab their answers for assignments.
What do you like to do in your spare time?
I like to take my puppy for a walk, catch up on TV shows, play
some piano and drag race my neighbours.
Sports Director:
Karanbir Singh
What is the most interesting
aspect of University life?
Definitely the people you meet and the friends
you make. When you go into university you
realise how much more is out there by talking
to people and sharing new experiences. The
day breaks at Ubar or just chilling in the
library is made 100 times better with friends.
What has been your favourite subject so far
and why?
I would have to say AFIN252 for the reason
that it has been the only subject that really
taught me what is actually in the “real world”
of finance and corporate structure.
What do you enjoy the most about ASSOC?
Everything!
What do you like to do in your spare time?
Listen to music in particular house and
electronic music.
ACTUALITE Issue 1 | Page 5

PROUDLY SPONSORED BY
IT Director: Apollo Kim
What is the most interesting aspect of University
life?
Friends. They encourage you, they let you copy their
work and they make up the entirety of the social
side within University!
What do you enjoy the most about ASSOC?
Its uncanny ability to bring the whole actuarial
cohort together, whether through its numerous
events such as the annual camp, ball or working in a
group as either a delegate or a Committee member.
What do you like to do in your spare time?
I read over my University notes to ensure I get
all HDs. Just kidding. My spare time consists of
everything BUT studying. More specifically, I like to
spend time with my cute dog, Luna, as well as watch
movies and TV shows until very late (I’m talking
5-6am in the morning).
Media and Marketing Director: Rachel Lee
What is the most interesting aspect of University life?
I would say the independence. I’m not just referring
to the lack of hand-holding that teachers used to do in
high school, but also that you are now “all grown up”
and the decisions you make are well and truly yours,
not your parents’ or lecturers’. The reality of becoming
more of an adult, travelling to places I want to go or just
kicking back and hanging with friends instead of going
to lectures really is the best part of uni life. There’s no
one there to push you; you’re given the freedom to find
your own path.
What has been your favourite subject so far and why?
That would be ACST101 because it was just such a
breeze to get through. Yes my favourite subject just
happens to be the easiest one! Don’t get me wrong, I do
like to be challenged but sometimes having a straightforward
subject can also be rewarding.
What do you like to do in your spare time?
Anything not related to uni. I do like my sports, whether
it’s watching or actually playing. I just generally enjoy
being outside and it’s always nice to go out for an
evening jog with my dog after a long day of uni or work
to refresh my mind. I’m also trying to teach myself the
guitar which is pretty fun.
IT Director: Wesley Dao
Why did you choose to study actuarial studies?
Do actuarial studies, they said. It’ll be fun, they said.
What is the most interesting aspect of University
life? Not including ASSOC, eating lunch.
What tips would you give to the first years?
Although it’s true you should do as much as you
can in first year – have as much fun as you can and
meet as many people as possible – don’t neglect your
studies, you’ll need the WAM boost from first year
later on.
How do you cope with the stresses of being an
actuarial student?
Pay for a gym membership and always have friends
you can vent to.
Chairman: Jonathan Choi
What do you enjoy the most about ASSOC?
The people! As an ASSOC veteran, the people I have
worked with are what makes ASSOC so special. Being
able to form that close bond with your classmates is
certainly the best part. With actuarial studies being
a relatively small cohort, we have the opportunity
to grow in a tight knit community and I think that’s
something very special.
What tips would you give to the first years?
Be a Delegate and get involved with ASSOC! Trust me,
it will change your university life forever! The first
year is the easiest, and with all that free time why not
get a head start in your personal development? Be
part of something bigger and try to make a difference,
it‘s the best way to build your resume and experience,
and besides, you will always find help from ASSOC, so
join this great family!
What do you like to do in your spare time?
Photography is my thing. I enjoy taking pictures and I
find it very relaxing even though it sometimes involves
carrying loads of heavy gear around and waiting for
hours just to get a few good shots. I particularly enjoy
taking photos of sunrises and although it is very tiring,
that surreal feeling of standing on the beach, watching
the sun rise while there are no distractions but the
sound of the ocean and your surroundings, certainly
makes it an amazing experience.
ACTUALITE Issue 1 | Page 6

O Week Review
Who can deny that O Week
is the most exciting week
of the university calendar? The
atmosphere was electric as
university students queued up
at stalls hoping for something
beyond freebies and prizes -
friendship. Our ASSOC stall was
no exception.
While discussing ways to enhance
our stall, a key point we drew
on was the sense of community
which fuels ASSOC, one where
students are able to kick-start
their career, develop soft skills
and make life-long friends. We
concluded that if we were able
to showcase this vision, then
new students will be motivated
to join. So we played water pong,
answered riddles and wore
our ASSOC shirts with pride;
all whilst getting to know our
potential new members. Thanks
to this spirit, we managed to pull
off an unprecedented recordbreaking
achievement of 150
sign ups!
O Week saw us introduce a
new concept: the stall games!
These were a great success
showcasing our society’s social
side. Congratulations to our
‘Water Pong’ champs, Hamid
Akbary and Karanbir Singh,
and our ‘Jellybeans in a Jar’
Queen, Priscilla Huang. Also,
congratulations Arish Dutt for
answering most of our riddles,
but a great effort from all.
Building the ASSOC’s O Week
stall from the ground up is a
project that should
not be
taken
lightly.
Hence,
I wish
to extend
a
huge thank
y o u
to our Director,
Shannon Ing, for supporting us
through the obstacles faced and
encouraging us to come up with
innovative ways to enhance the
event. I’d also like to thank my
fabulous Assistant Managers,
Rahil Verma, Jozeph Verdeh
and Jonathan Chang. Your
driven attitudes created an
event that exceeded everyone’s
expectations.
To the wonderful Cabinet and
Committee members: Your
unshakable support was a key
factor in the stall’s success.
Whether you took a shift,
played water pong or simply
stood around in your ASSOC
shirt, we say thank you. In
jest, I’d like to especially thank
Committee member Shaun
Pak for unexplainably walking
away with our sign ups money.
You made our hearts race and
certainly not in a good way ;)
To our new members: It was
great to meet you all during
Orientation Week! You have
chosen to be a part of one of
the best societies our university
has to offer. I encourage you to
use this opportunity to meet
professionals, make new friends
and attend our sensational
events.
Good luck to you all for the
coming year!
Renee Chebib
O Week Project Manager 2014
ACTUALITE Issue 1 | Page 7

PROUDLY SPONSORED BY
The PwC Welcoming BBQ was the very first ASSOC
hosted event of 2014. This event provided old and
new actuarial students the opportunity to build
friendships and relationships that will last them
throughout thier uni life and beyond. The Keen
actuarial students had an amazing opportunity to
network with representatives from PwC who were
able provide valuable insights on the actuarial field.
On the day, the whole team was at the BBQ site,
working in tandem to set up. It was a laborious
process where many tears were shed because of the
inherent joy of cutting onions. After the blood, sweat
and tears the master chefs of the group proceeded
on with profound efficiency to grill the sausages in
anticipation of the entourage of hungry actuarial
students to come! While indulging in their sizzling
sausages, everyone at the event were mingling and the
smell of flowering friendships were evident. Overall,
the Social Experience Team rates the event a success.
Being the Co-Project Manager of the Social Experience
Team, it was an incredible chance for me to lead a group
of highly motivated individuals towards this event.
And when all was said and done, I had the chance to
reflect upon the biggest lesson to be learned from this
experience. In order to accomplish anything, the entire
team is pivotal to its success or failure and each one of
us share the responsibilities.
I would like to take this opportunity to congratulate
the entire Social Experience Team consisting of Nick
Han, Chris Seo, Chris Zeidan, Richard Boo, Aaron Lee,
Sherly Tanoto, Ricky Song, Joseph Yeung and Tyrone
Lau for making the PwC Welcoming BBQ a success!
Also a special mention to Hamid Akbary, Shaun Pak and
Kieran Li for providing the much needed assistance!
Kushan Fozdar
Social Experience team project manager 2014
ACTUALITE Issue 1 | Page 8

STARTING
UNIVERSITY
Getting through University is hard, so we thought we’d put together a few tips on
how to make sure you get the most out of your time here!
Take a snack to lectures
Yes, there is a “no food or drink” sign in lecture halls
and tute rooms, but its existence
seems to be redundant as you often
see lecturers themselves having a
quick snack before beginning their
talks. Of course, this tip only applies
to those of you who actually show
up to lectures, which brings us to
the next tip:
Do not miss lectures
We will be looking into this in further detail below but
whether you attend lectures in person or watch them
online, ensure you do not skip any of the lectures. You
will miss important information and it could lead to
you falling behind.
Organisation
This word should become your god. There is no
excuse to lose your 20 page
STAT assignment the morning
it’s due. If you plan ahead and
keep on top of your workload
there is no reason why you will
not do well!
Do not fall behind
Your hardest struggle in university will be to catch up
with work. The most important tip to remember is
not to let yourself fall behind. Who wants to spend
their whole mid-semester break watching iLecture
after iLecture to catch up on all the work they missed?
Don’t be afraid to ask questions
It’s okay to be that one kid whose
voice everyone recognises because
at the end of every lecture you can
hear them on the recording asking
question after question. At least
you’ll understand all the content
and hopefully hit those high marks!
Get involved
You will always miss 100% of the opportunities if
you don’t go to them. Attend ASSOC events; they are a
great way to meet friends who are also studying your
degree. Join as many clubs and events as you can and
get involved - it also looks great on your resume that
you participated in lots of extra-curricular activities.
Make time to waste time
It is important to plan moments to relax your brain
and do something fun, whether it be read a book,
play some video games, watch movies, or hang
out with your friends. This is crucial to ensure that
you stay motivated in your studies throughout
the semesters and keep you from burning out. It is
important, however, not to dedicate all your time as
breaks from study or you won’t get those high marks!
Or even worse, who wants to spend the days leading
up to exams catching up on all the missed lectures
and tutes? Not you! Do not let yourself fall into this
trap. It will only stress you out, and that is the last
thing you need leading up to exams. Keep a checklist
of the weekly work, install a planner in your phone,
or whatever else works for you, but ensure you keep
up to date on all your work!
Have fun!
University is your time to discover new
interests and make plenty of new friends.
Make the most of all the opportunities on offer
and enjoy every day of being a uni student!
ACTUALITE Issue 1 | Page 9

The following results were collected from current actuarial students. Please
note that these results may be biased due to the responders, i.e. the answers
have been collected from people who are more likely to pass their units and
successfully complete their degree, as they have been doing well this far.
HOW MANY LECTURES DO
YOU ATTEND?
PROUDLY SPONSORED BY
Lectures? They have those
at Macquarie?
4%
As you can see, just over half of the students attend
most but not all of the lectures. A lot of students also
attend only the important lectures. It is alarming
to see that 4.0% of the cohort does not know what
lectures are! Although it seems to be a “cool thing”
to say you never attend lectures, you should try to
attend as many as possible since it helps you settle
into the university lifestyle and ensures you don’t fall
behind. It is also a great way to make new friends.
Only the
important ones
36%
Most but not all
52%
Exams? I thought
we could skip those
0%
At the start of
exam period
4%
From day one
4%
During midsemester
break
12%
Most but not all About 50%
Only the important ones
About half of
them
8%
Lectures? They have those at Macquarie?
WHEN DO YOU START STUDYING
FOR EXAMS?
It is good to see that everyone at least knows
what exams are and knows the importance
of them! There may have been students who
thought they could skip exams of course, but they
seem to have not progressed further into this
degree and are not around to answer this survey.
One week
before exam
period
52%
A few weeks
before exam
period
28%
So if you want to be successful in actuarial studies, it
is recommended to study hard for your exams. We can
see that the majority of students start studying a few
weeks to a week before exams. It is definitely beneficial
to begin your study as early as possible, and the earlier
you begin the more chances you’ll have to revisit the
material and retain it after exams. People who choose
to cram are more likely not to retain material down the
track. You don’t want to finish your degree and turn
up to your first day of work and ask “what is a risk?”
From day one
During mid-semester break
A few weeks before exam period
Repetition of practice questions is a key factor
in hitting those D’s and HD’s, so plan your
study well, and good luck for the years ahead!
Nicole Andrianopoulos
ACTUALITE Issue 1 | Page 10

For starters, it is no
secret the actuarial
profession is already an anomaly
amongst the normal populace. In life you
will inevitably encounter situations where
people ask of your profession, or for now, what degree you are in the
midst of studying, many many times. Of course you would reply
“Actuarial Studies”, and subsequently after an unbearably prolonged
period of silence you get greeted by a “Say whaaaat?” or “Come
again???” . As you will find out for yourself, it is quite a phantom of
a profession despite being in existence for approximately 150 years.
So what do you do if you are a novice who has just embarked on your actuarial
journey? How do you revive that nice conversation you were having a few minutes ago until both you and your
counterpart got diagnosed with the “IDK” syndrome? Better be safe than awkward I’d say and actually get some
actuarial insights.
On a side note: if you were to go around asking the
second years what they’ve learnt about the profession
it should be made clear that the one by the name of
Aaron Lee -or personal favourite “Troll Lee” - should be
avoided for all intents and purposes. If you do choose to
seek his advice, however, you would be wise to consult
several others as doing so is a case of high risk and no
return.
By convention, actuaries will apply themselves in the
insurance and superannuation services scattered all
over the globe from the Caribbean islands, to European
countries like Scotland, and recently to South East Asian
nations. However, the field is currently undergoing
drastic diversification on an unprecedented scale given
the developments in technology since its birth 150
years ago. We can now find actuaries going into financial
and banking industries, specialising in IT computer
programming and even professions as unorthodox as
meteorology. As we have now explored the possibilities
on the horizon for an aspiring actuary let’s have a look
at what a typical day comprises of.....
Take Lauren Ford for example. My resourceful friend
Investopedia informs us that she is a 24 year old
actuarial assistant working for Encompass Analytics,
an Allstate Insurance subsidiary in Northbrook, USA.
ACTUALITE Issue 1 | Page 11
As a pricing actuary she estimates future losses and
expenses to quantitatively derive a price to be charged
for insurance premiums. Sounds good so far. In her
routine she typically takes on 2 to 3 internal projects at
once in addition to being present at meetings. However,
given the flexible nature of the job, she will also
regularly go travelling to field offices to converse with
state insurance regulators and reinsurers and then
spend several hours (or up to 2 weeks) performing high
end analyses of loss and premium trends, estimating
catastrophe exposure (sounds sophisticated and
therefore cool) and running assessments of rates for
different classes or groups of risk. Lauren does this
AND is all the while preparing for her actuarial exams in
which she is halfway through completing! (Wow what a
god) I for one am impressed and if that is the case then
so too will the person who has this conversation with
you.
In summary, the actuarial profession comprises of a
myriad of analytical problem-solving tasks, as well as
opportunities to develop creative business solutions
applicable to insurance and many other fields.
However it is often easier to redirect such questions to
“Investopedia”.
By Edwin Nee

PROUDLY SPONSORED BY
Ph!losophy of
Uncerta!nty
I
n a world obsessed with precision and
accuracy, uncertainty is an inconvenience.
Today, the present is changing like never
before, even the status quo is in the state of
flux. From the weather to financial markets, we find
ourselves in a constant struggle to hedge the risks that
arise through these uncertainties.
Take me for example. About a year and a half ago, I
was all set to do mechanical engineering at Adelaide
University. Even the sheer thought of studying in
Sydney hadn’t crossed my mind. Five months from
then, however, I found myself studying at Macquarie
University, pursuing a profession virtually unheard of.
This situation reminds me of a quote by the Federal
Reserve Chairman Ben Bernanke, who claims that any
uni grad “who thinks where he/she will be in 10 years
is simply lacking imagination”, or as Forrest Gump puts
it “life (is) like a box of chocolates. You never know
what you’re gonna get”.
In this amazingly unpredictable life, we always want to
be in control, which explains the presence of hundreds
of insurance products (better for us actuaries!). But
on a more serious note, during this constant struggle
with uncertainties, to what degree have we actually
controlled the course of our lives?
We usually look to science to provide certainty and
answers, but even with science one thing we are sure
about is that it constantly changes. So, do we have
any hope of attaining certainty? As ludicrous as it
sounds, suppose we defy everything we know about
life and assume that somehow we overcome all of our
uncertainties. How interesting would our lives be then?
And then again who wants to know the end of a story
which is in its early chapters?
In spite of the fact that the word ‘uncertainty’ has
inherent negative connotations, it exhibits rays of hope
and optimism. Or in the words of the Swiss philosopher,
Henri Frederic Amiel, “uncertainty is the refuge of
hope”.
I guess what I wanted to convey through this article is
that although it may have downsides, uncertainty is not
always as unpleasant as it is made out to be. Undeterred
by the fact that it may be almost paradoxical to be
positive in the face of uncertainty, for some it is an
intriguing blend of ambiguity and excitement.
By Adnan Oomatia
ACTUALITE Issue 1 | Page 12

Actuary, It’s Fiction
Is it a myth? Or is it a legend? We investigate the elusiveness of the actuarial profession...
SOMETIMES, I SEE ACTUARIAL STUDIES to be like
swimming in deep water. Most people are content
with just floating on the surface and aren’t
bothered to go any deeper – at least not without the
right gear and motivation. Only the divers – actuaries
– would take the trip to the dark depths. One of these
divers would emerge and say “Hey, there’s a Munnopis
Isopod down there.” The people on the surface then
reply “Ok, well there’s a Munnopis Isopod down there,
but I don’t know what that really is, and since I don’t
want to go down there I’ll just accept that Munnopis
Isopods exists.”
At least, that’s how I see the wider world viewing
Actuarial Studies, and it’s left me wondering – why
aren’t actuaries as well known as other careers?
I decided to look into my own history where I first
heard about these “actuaries”. It was during primary
school, when “scoubidous” were cool, MSN users still
existed, and Miley Cyrus’ dance numbers were twerkfree.
Here, I will digress to fellow readers that my
favourite TV show at that time was Kim Possible. Now
Kim had a friend called Ron Stoppable, and his father
-Mr. Stoppable- was an actuary. However simplified
his profession had been, I watched Mr. Stoppable battle
the green-spandex wearing villain, “The Mathter” in a
chamber where mathematical equations could be laserprojected
from the head. I was left fascinated with maths
being used in such a way to calculate the probability of
certain events occurring.
So, that was how I found out about actuaries. Now that I
think about it, how did I know about other occupations,
like lawyers? I read To Kill a Mockingbird. And how
about crime investigators? NCIS. Home furnishers?
Better Homes and Gardens.
Fiction. That is the sole factor to the actuary existential
crisis.
How can anyone know about actuaries if they are a
diminutive part of the macrocosmic fictional world?
Determined to find that such a species existed, I did
some rigorous research with my all-reliable source,
Wikipedia. What came up? A scant 1400-word article.
As a further disappointment, actuaries were referred
to as an “insurance investigator” or “risk-assessment
expert”, as if the word “Actuary” was avoided like the
proverbial plague.
ACTUALITE Issue 1 | Page 13

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Let’s take a look at the actuaries fortunate enough to exist in the fictional world
Barrett Gimble
An actuary in an episode of the supernatural TV
show The Collector. Gimble sells his soul to the
devil to make exact predications on the lifespan and
circumstances of others. He has a side job of working
with mob bosses, using his services to whittle away
the competition by using these precise numbers.
That career path was definitely not discussed at Meet
the Professionals Night!
BARTON KEYES
Played by Edward G. Robinson - technically a
Claims Manager in the film noir The Double
Indemnity, he still deserves a mention. Keyes
smells murder when a man falls to his death and
an accidental claim was purchased two weeks
earlier. What do you mean actuaries don’t dress
as classy as this?
Mr Stoppable
Once again, introducing this onetime
but memorable character
in Kim Possible. He’s just your
average white-collared actuary,
battling an evil maths mastermind
with his superior mathematical
mind powers. One of my childhood
heroes. Now if only us actuaries
could do that in real life...
Diana Bingley
An actuary in the musical I Love You Because. She
steals the stage with “The Actuary Song”, calculating
the rebound time for her friend trying to recover from a
break-up. According to Bingley, there are three factors;
what number boyfriend he was, the ‘who broke up
with whom’ concept and the bitterness of the breakup.
Hmm...maybe I should take notes for future reference.
Areas of My Expertise
An absurd book by John
Hodgman. This includes a
short story where actuaries,
aside from being portrayed as
diviners foreseeing the death of
others, bear tattoos according
to the international society they
belong to. Tattoos of special
mention include the notation l x
,
and a man hanging by his ankles.
Yoji Yanagawa
A villain in the horror manga Kurosagi Corpse Delivery
Service. An actuary with a computer system, and the
details of someone’s initials, blood type, and birth date,
he can calculate the probability of their death at a certain
time and location. He uses this to start an insurance fraud
company, leading clients to ‘natural accidents’ to keep
the payouts. “Death by probability” has just taken a whole
new level.
So there you have some intriguing and somewhat
dramatised actuaries, however few in number they
may be.
Here is an excuse I would think writers/producers
would have in excluding actuaries in their work:
“But actuaries aren’t interesting to write/film about.”
Rubbish - there are at least six reasons to disprove that
point, and they’re on this very page. “I don’t even know
what actuaries do, why write/film about it?” Then just
find an actuary to consult the details with – and while
they’re at it, get that actuary to calculate their insurance
policies to make the most out of their insurance claims.
See? Two birds with one stone.
Of course, I am not undermining other careers which
have also been inadequately represented in fiction, but
it wouldn’t hurt for more actuaries to appear in books
or the big screen. My own future was to be altered from
watching that one episode of Kim Possible, swaying
me to consider actuarial studies through my careers
advisor. Who knows? With more actuaries in fiction,
more children would become inspired to become one
of them. And from this influx, more people would know
about actuaries, and writers, directors and producers
would include them in their work.
So, next time someone asks what is “Actuarial Studies”,
and are incapable of taking the plunge down those
deep waters, maybe shove The Actuary Song in their
ear, or Areas of My Expertise in their face.
By Frances Mai
ACTUALITE Issue 1 | Page 14

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ACTUALITE Issue 1 | Page 15
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ACTUALITE Issue 1 | Page 16

Hi, I’m
Caroline
I work at Towers Watson,
and today I did something
extraordinary.
yourimagination.
You’ve nearly completed your degree, and you’re ready for what’s next: a job that will inspire you,
make you think and put your skills to the best use.
But don’t you really want more than that? Go beyond your expectations at Towers Watson.
If you join us, you’ll often be challenged to do something extraordinary. From the start, you’ll
team with senior associates to learn on the job and interact with clients on projects that help
improve their business. And along the way, you’ll be in charge of your own career, working with
your manager to decide what’s next and how to get there. Sound good? Then plan to Go Beyond
at Towers Watson.
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