Review of First Semester in Australia -- My letter to Mei Lien (my S'pore fren)

I thought it would be good to show what i wrote to Mei Lien here.....

Mei Lien,

By now i can summarise what 'actuarial studies' means with fair accuracy. It's about calculating probabilities of something happening using all sorts of complicated maths, with the help of stats analysis (which can also be very complicated). By the way i just finished my math exam and it was SO SO TOUGH. I know how to do the paper except one bloody differential equation question which i was clueless about, but the toughest part is to do that paper in 3 hours (that's like 9 LONG questions with the highest level of difficulty. I don't know how many careless mistakes will there be because i practically did them in a rush. Omg the lecturer said that it will be fairly easy before the exam, but it wasn't true at all.

Anyway, where was I? Yeah, this is the nature of Actuarial Studies. One word to describe it, it is REALLY TOUGH and it takes a lot of self-discipline and self-belief to get through the whole thing. The first thing i studied was how to calculate the probability of a gambler in casino losing all his wealth. And i can tell you, the probability is ofter 1 or close to it and we can prove to you that this is the case. SO NEVER GAMBLE!! You will definitely lose.

Later on we started on all the insurance stuff, how to calculate a suitable premium, by considering a hell lots of factors, how to calculate superannuation funds, how to calculate retirement and death benefits, how to calculate the probability of a person dying and needs to claim from his life-insurance policy etc.. we are basically pressing our calculator all the time and doing stuff that non-actuarial students will never understand.

My first semester exam, hm.... was really an experience. All papers are super hard. For maths i thought i can get good marks before the paper. But now i think HD is not very plausible (it is only possible if i did very very little careless mistake on the parts that i knew, and you can imagine how accurate the answer will be given the rushing way i answer them). I will be grateful if i get D for maths really, coz it is the toughest paper I had ever seen (the second toughest being the mid year math paper in VJC, in which i narrowly manage an 'A'). Other subjects are also hard, but i hope my result will turn out good considering all the hard preparation i put in.

Okay, hope to hear from you.

Xin Yin