Master of Science (MSc) in Actuarial Mathematics

Why did you choose Actuarial Mathematics?

That’s a good question. You have to have a flair for and an interest in mathematics, which I do.

And someone once told me that doing Actuarial Mathematics was a way to study mathematics without ending up as a mathematics teacher. That got my attention, because I never wanted to teach.

But I had no idea what I was getting into. Before you start, they tell you that the dropout rate is 50%, but you have no idea why it is so difficult, or what an actuary actually does.

What is an actuary?

Well, it took me 2-3 years to work out – partly through my student job. An actuary is someone who works with mathematics, probability calculations and statistics, and who likes to predict and analyse the world (e.g. economic trends) – and assess risks.

Did you have no idea what an actuary was?

No. But I knew I liked to solve mathematical problems. And I liked studying it and was good at it. But mathematics in upper secondary school is something else altogether. Never in my wildest dreams could I have imagined the theoretical level involved in studying actuarial mathematics.

Can you give an example?

In upper secondary school, you might spend a few hours reading a long chapter in a mathematics textbook. But here I found that it was okay to spend four hours reading and understanding just one page! It’s okay to immerse yourself, and for things to take a really long time.

It’s really great that on the master’s programme you are taught things that relate more to the real world and that are more insurance-oriented. The first subject we did on the master’s programme was non-life insurance. We were given a dataset related to maritime claims and had to process this using a computer and try to predict the future claims scenario and fix an insurance premium.

What jobs can you get? What’s your ambition?

I can do a PhD. I’m thinking about doing that. I’m also thinking about going abroad and working with reinsurance. In the field of reinsurance, you work with foreign companies. I’ve also thought about getting a permanent job in an insurance company. There is no unemployment, unless people have chosen to be unemployed.

Have you had a student job?

Yes, I worked for a small non-life insurance company. This really opened my eyes to what an actuary does.

I have also taught as a student instructor for the past three years. This is like investing in your own knowledge, because you have to go over what you learned earlier in your studies in order to help other students understand it. It is actually by teaching that I’ve grown my academic competence the most.

What is the drop-out rate?

Fifty students embark on the bachelor’s programme each year. The drop-out rate is just over 40%, and most of those who finish continue directly on in the master’s programme, where they are joined by a group of international students. So 25-30 people enrol on the master’s programme each year.

Why is the drop-out rate so high?

This is due to the shock of how mathematics-intensive the programme is. Some people switch to the Economics programme, where there is not nearly as much mathematical analysis, and the content is more application-oriented. On the Actuarial Mathematics programme, we spend more time creating the formulas than using them. We are more focused on making the ‘machine’.

What has the social life been like?

The degree programme has taught me what ‘tough love’ is. It has been a tough programme, but I’ve put a lot of time into the social side and participating in academic events. It’s easy to create a social network at the university, because everyone here is very focused on making it work. There are lots of events, fun nights etc.

Are you happy with your choice of study programme?

More than anything else, yes. I never thought I would end up being so happy with my studies and the university. It sounds over the top, but that’s how I feel.

Would you recommend the programme to others?

Yes, I would recommend it to anyone who finds mathematics exciting. You don’t have to be a genius – but you do need to think mathematics is fun. And you have to want to work within the financial sector, deal with money and work with matters that are important to the Danish economy. Actuarial work is constantly evolving in step with society – you need to realise that.

When I started on the programme, I met fellow students who said “Do you realise how much money we can make in the future?" My advice is: Don’t do Actuarial Mathematics for the money! It’s simply too hard if your only motivation is stable and solid finances later in life.

Since this interview, Marianne has graduated and currently works as an actuary at Lægernes Pension & Bank (a pension fund for doctors).