Actuary Requirements In Namibia

What is Actuary?

An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills.

These are the actuary requirement in Namibia

To become a qualified actuary, one would have to register with an actuarial body and complete a series of professional exams (ranging about 13 to 15 subjects depending on which body you register with) set by the actuarial body. The standard requirement is to have a good pass mark in High School mathematics.

These are the subjects you’ll need to be an actuary

• Calculus
• Algebra
• Statistics
• Probability
• Computer Science
• Finance
• Economics
• Business
• Actuarial Science (if available)

Frequently Asked Questions

What math do you need for actuary in Namibia?

Actuaries must be proficient in advanced mathematics areas, including calculus, statistics, and probability. Professionals also benefit from knowledge of college-level algebra, trigonometry, and linear algebra. Actuaries use math skills to design financially sound insurance, pension, and financial plans.

Are actuary exams hard in Namibia?

But unlike doctors or lawyers, actuaries need to, in order to become fully credentialed, pass a series of difficult tests called Actuarial Exams. These are very hard. The preliminary exams are 3 hours long, consisting of 30-35 multiple choice problems, and the pass rate is typically only 30-40%.

Are actuaries in high demand in Namibia?

Employment of actuaries is projected to grow 24 percent from 2020 to 2030, much faster than the average for all occupations. About 2,400 openings for actuaries are projected each year, on average, over the decade.

Do actuaries use calculus in Namibia?

You may have heard that aspiring actuaries should have some background in calculus. Or maybe you’re writing Exam P and are wondering if you’re actually going to need to use all this calculus at work. Well, thankfully, the answer is no! Actuaries don’t use calculus at work.

Is actuary a stressful job in Namibia?

When you learn about a career as an actuary, it’s common to hear all the great benefits of it. It pays well, it’s low stress, and it’s a mentally stimulating and challenging career.

Which is tough CA or actuary in Namibia?

Passing actuarial exams is little bit tougher than passing CA exams. Actuarial study requires lot of mathematical and statistical skills. One who is better in Maths and States can opt for Actuaries, but keeping in mind its passing % and hard work required.

Is actuarial a dying career in Namibia

Depending on your knowledge of computer software, you may be happier with that career than actuarial work. It is very difficult to pass the actuarial exams, and there is a lot of competition. No its not dead end

Is an actuary a desk job in Namibia?

Most of the work performed by actuaries is done at a desk. This desk job is most often a full-time position of 40 or more hours per week. Actuaries may spend time in meetings with other insurance companies if they are in the business of reinsuring policies.

How long does it take to study for actuary exam in Namibia?

While everyone studies differently, the typical candidate studies about 100 hours for every hour of the exam. For example, exam P/1 is a three hour exam. That means you will be hitting the books for 300 hours to fully master the concepts tested on that exam.

Do actuaries use linear algebra in Namibia?

Actuarial science students also usually take a semester of linear algebra, as well as optional electives in differential equations and discrete and continuous mathematical models. Throughout your math coursework, learning mathematical modeling is a priority.

Do actuaries use computers in Namibia?

Computers and a variety of statistical modeling software are the tools of the actuary trade. Actuaries frequently use models and tables to evaluate large amounts of data.

Are actuaries smart in Namibia?

Most experienced actuaries, however, are very smart. As you get further and further into your career you’ll start to develop the same insight and intuition too. It’s something that takes years to develop and you’re constantly learning.

Is actuary better than Doctor in Namibia?

The cost, both in time and money, of becoming a doctor is much higher than that of becoming an actuary. The pay for a doctor is correspondingly higher. Net present value calculations I’ve done suggested to me that doctors make more money than actuaries.

Is actuary good career in Namibia?

The salary of an actuary is pretty good. You shouldn’t go into the actuarial career if you’re just after the money. Writing actuarial exams takes a lot of time (a lot of your own time) so if you don’t enjoy the process along the way it’s likely that you won’t stick to it.

Is an actuarial degree worth it in Namibia?

Becoming one is a much longer-term commitment than most careers due to the actuarial exams. But there are many aspects of an actuarial career that you may love and will make it worth the commitment for you. The salary of an actuary is pretty high, especially as you gain more experience (salary details here).