Puxuan Wang is a senior at the University of Manitoba in the province of Manitoba, Canada, where she is pursuing a degree in actuarial science. Puxuan is part of the Faculty of Science Mentoring Program. We spoke to Puxuan in April 2021.
Tell us one thing about yourself that’s not on your resume.
I’m a mom of two little kids. During COVID, I’m home working and studying, while also taking care of the kids. My husband is working from home too, so all four of us have to see each other all the time. In some ways, I feel like this time is special for us.
What has your experience at the University of Manitoba been like?
My experience is not the typical university experience because I’m pursuing my second degree, and I have my own family. My actuarial science program is well-organized and fun. Classes are delivered clearly and efficiently. They’re really helpful for my career.
I’m also part of the industry mentorship program in the Faculty of Science. They pair us up with senior management in different industries, and we have meetings every month to discuss life and career decisions.
I think this field is very rewarding. You have to pass 10 to 15 exams to really be a professional, so it’s like you have 10 monsters ahead of you. Every time you slash a monster, you feel accomplished, and your financial reward increases.
What influenced you to pursue an actuarial science program?
I’ve always been pretty good at math. Growing up, I did a lot of math competitions. By the time I began pursuing my first degree, I felt pretty done with math.
For my first career, I chose something completely different. I worked three years in that field, but it felt like less of a challenge and it was less fun for me. When my family moved here, I was given a second chance. Now I want to go back to what I’m good at. That’s why I chose this math-heavy major that also combines business.
Why should other students consider a focus in actuarial science?
I think this field is very rewarding. You have to pass 10 to 15 exams to really be a professional, so it’s like you have 10 monsters ahead of you. Every time you slash a monster, you feel accomplished, and your financial reward increases.
I feel like this industry has been changing a lot, and we are introducing a lot of new components. It’s never boring. Each company has a good program for you to try out, and each program comes with different challenges. For anyone who’s looking for that kind of excitement, I think this is a very good career to choose.
What has been your experience with the actuarial science program at your school?
We have a lot of successful alumni from the University of Manitoba, which is essential for such an industry-focused career. I feel like my school’s program is recognized by most insurance companies in Canada, and we have very organized recruitment procedures.
Every September, many companies will come to our school to give info sessions. Additionally, we have an official recruitment process for internships and full-time jobs. We also have a student union specific for student services.
For instance, they can help students prepare for interviews, prepare resumes, and they will even contact all the recruiters for the info sessions. We also have dinners where industry professionals will spend time with students. All the programs are amazing.
What is your favorite class so far and why?
Most of our classes are focused on preparing us for exams, but some classes equip us with overall knowledge of the industry.
For example, one of the classes is focused on risk management. It’s more of an interactive class where we do presentations. We learn overall knowledge of the insurance industry and learn important terminology. I think this type of class prepares students really well for interviews and boosts their confidence.
We will even hold investment competitions in class. At the beginning of the semester, you choose some combination of stocks to hypothetically invest in, and your return at the end of the semester will tie to your grade.
What is unique about focusing on actuarial science relative to other majors you could have chosen?
I think actuarial science is a perfect combination of science and business. In our industry, we have a lot of people who like to do research. There are also a lot of people that are interested in management. I feel like both types of people can find their place in this industry because we require both.
This is a great industry for anyone who is looking for a challenge. For example, we’re doing machine learning, so we’re exploring a new field, and we’re constantly incorporating new ideas into what we’re doing. You really feel rewarded when you’re doing a job like this.
What has been most challenging about studying actuarial science? Is there anything you wish you would have known ahead of time?
For a lot of people, the exams are the most challenging part. For other majors, when you start work, all you need to care about is working. For us, the first five to 10 years are dedicated to exams. Every day after work, you still need to allocate some time to studying, which can be challenging.
Have you had any insurance-related internships? If so, how was your experience?
When I started doing internships, I was put into a data science team. It was completely different from what I expected. I was doing machine learning and that was something that I could never have learned from school.
It was very hard at first because I didn’t even know how to code, but after two internships, I feel like I’ve grown very comfortable with this new technology and these new models. Currently, I’m in a more traditional actuarial team, and it’s also very rewarding.
What are the latest developments or trends in insurance?
I think the current trends are machine learning and data science. These are areas that are definitely growing, and companies are actively recruiting people for that field—both actuarial and non-actuarial. Companies seem to be competing with each other for technological advancement, and they are all trying to find new models or new variables to make their predictions better.
What are your future aspirations or career plans?
I want to finish my exams. I’m currently at the beginning of my career, so I plan to develop different skills. From my past two internships, I developed a lot of technical skills, and now I really want to know more about the business aspect of things.
Do you have any favorite books, websites, or media that you would recommend for someone interested in insurance?
My recommendation is to closely follow the SOA website and its publications. That will help you get an idea of where the industry is heading.
» If you liked Puxuan’s interview, check out our other actuarial science student interviews.
