Program Highlighted | Actuarial Science
Interview with | Lloyd Aling
Date | March 2002

Interview | Lloyd Aling

Lloyd is an Innis College fourth year Actuarial Science specialist Student.

Innis: Would you introduce yourself and your field of study?
Lloyd: Hi, my name is Llyod Aling and I'm doing a specialist in Actuarial Science, a Major in Economics and a Minor in Statistics.

Innis: What attracted you to the study of Actuarial Science?
Lloyd: I don't really know. I guess my parents wanted me to do actuarial science, that's one thing, and I like math.

Innis: How do you think the combination of Actuarial Science, Economics, and Statistics is working out?
Lloyd: The thing is that when you do a Specialist in Actuarial Science, you kind of get the course requirements for Economics and Statistics, so it's kind of easy. You have to take some extra courses but you don't have to take all the eight credits to get the major. Also, since Actuarial Science and Economics is related (it works out well).

Innis: What role, if any, did advice/influence from peers, mentors, relatives, or others play in your decision?
Lloyd: I had heard that actuaries are one of the highest paid group of professionals, so that's one thing, and I also like math.

Innis: Of all the courses in this program that you have taken so far, which one have you enjoyed the most, and why? How did the class size influence your opinion of this course?
Lloyd: ACT349H1 (Topics in Actuarial Mathematics) is my favourite. It is a course in finance and actuarial science. The class size didn't really matter. It's the material that I liked - finance.

Innis: How was the class conducted?
Lloyd: It's lecture style. It's just the professor speaking and you listening to it. Sometimes slides are used but mainly just writing on the board.

Innis: What particular aspect(s) of the Actuarial Science program do you find fascinating or inspiring - professors, tutorials, etc., and why?
Lloyd: I like the lectures best. That's where you learn the most. The tutorials aren't that great in Actuarial Science, that's why I like lectures.

Innis: Do any of your classes include any seminars or research opportunities or labs that you thought added to the course?
Lloyd: No, not in Actuarial Science.

Innis: Can you describe to us what the study of Actuarial science is?
Lloyd: Actuarial Science is the study of risk, and (it's) for people who are interested in insurance work and calculations of risk premiums and anything to do with risk.

Innis: How would you rate the facilities and opportunities offered by this program here at the University of Toronto?
Lloyd: It's average.

Innis: Is there any particular reason why you think that?
Lloyd: Because when you compare what we had before it offers less. I heard that we used to have a co-op program for Actuarial Science but now they don't have it anymore, so that's one thing that we have less compared to Waterloo. That's one main reason.

Innis: What extra-curricular activities, if any, have you been involved with on- or off-campus since coming to U of T?
Lloyd: This year I started a new student group, which is called the University of Toronto Mauritian Society. I'm the president of the club. Before that I was involved in different student groups here like the University of Toronto Chinese Student Association, the ABN(Asian Broadcasting Network). I'm a regular soccer player and am on the Innis team. Also, I volunteer at the International Student Centre.

Innis: How have you benefited from participating in these activities? (e.g. skills developed, opportunities for interesting experiences, etc.)
Lloyd: Well playing soccer was a way for me to relax from work. Being president of a club helps me to improve my interpersonal skills and communications skills.

Innis: How do you manage to organize your time?
Lloyd: Well I try to divide it evenly. When I'm not studying I try to relax, to work out or to play soccer, but during exam period I try to stop and to study.

Innis: What is one piece of advice that you would give to someone who is considering doing an Actuarial Science program?
Lloyd: I would say take the second courses during second year, and third year courses during third year. Don't try to go too fast or too slow. And also try to write as many Society of Actuaries exams as possible. These are given every six months, so try to write them as fast and as soon as possible.

Innis: Of all your achievements here at the University of Toronto, which one are you most proud of?
Lloyd: I guess being president of the University of Toronto Mauritius Society.

Innis: As a student in this field, perhaps you have started to research job prospects for the future. What kind of employment opportunities are there?
Lloyd: There is employment in insurance firms, consulting, and actuarial firms, which are pretty vast in itself as a field.

Innis: What type of a career are you interested in developing in the future?
Lloyd: I'm interested in insurance.

Innis: You have said earlier that actuarial science and economics are interrelated, so what makes actuarial science so different that it creates a new field all unto itself?
Lloyd: Well actuarial science is a new concept. Economics is based on production, labour, supply, and so on. But actuarial science is more like contingencies, risk, life, and there's also the concept of life contingencies that is included in actuarial science that makes it so different.

Innis: You've mentioned the actuarial science examinations. Have you taken any yourself?
Lloyd: I've taken the first one already, and I'm planning on taking a second and third in May, 2002.

Innis: How many are there in total?
Lloyd: There are eight.

Innis: How important are these exams?
Lloyd: Basically employers look at how many exams you have plus your GPA to determine if they want to hire you. So the more exams you have the better off you are. When you pass the seventh exam you become an ASA, Associate of the Society of Actuaries, and you become an FSA when you pass the eight one which is the Fellow of the Society of Actuaries.

On behalf of Innis College I would like to thank you for coming out and sharing your experiences with us. …

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