Uitgawe 2: © Aktua Komitee 2005 Mahala/Gratis

Ιτσ τιμε το χαλχυλατε: σταρτ εαρλψ τηισ σεμεστερανδ ενϕοψ βεχομινγ α ωορλδ χηαμπιον ατ τηε νυμβερσ γαμε !!!!

Aktua is proudly sponsored by

Sanlam and Momentum.

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The Editorial team: The Editor: Regard Budler Chairperson: Marguerite Fevrier Aktua Finance: Martin Ackermann Aktua Sport and Social: Divan van der Watt Aktua Academics: David Neale Aktua Marketing: Liesje Croeser Department Representative: Johan Sauer

Inhoudsopgawe / Index:

1. A word from the Editor 2 2. The Cost of Qualifying as an Actuary 3 3. The Career Expo Evening 4 4. Actuarial Survey 2005 5 5. Die Opedag 6 6. Uit Agie se Magie 6 7. Ons Proffies van Nader 9 8. The Joke Warehouse 11 9. Writing an actuarial exam 13 10. The Proof of Life 15

A word from the Editor

he first semester is something of the past and its hard to believe that it is almost Christmas. Ok, not quite! This is however a time for Aktua to

assess what it has done in the first semester and to rethink its strategy and goal to unite the students of the Department. The first six months were filled with new and exciting opportunities for all students. The Aktua Rugby and Hockey Teams came into being. The final preparations are being made for the remaining sports teams and will soon be ready for action. The Career Expo Evening was an enormous success and I would once again like to thank Mr. Rossouw Steyn and Mr. Marthinus Visser from Sasfin Frankel Pollak

Securities and OUTsurance respectively for their invaluable contributions. We hope to bring you many more such informative events. Aktua is already starting with the preparations for the Annual Formal Dinner that will take place on the 20th October. Please watch our notice board for more information in this regard. We emphasize that the students are the blood in Aktua’s veins and all students in the Department of Insurance and Actuarial Science are always welcome to participate in any of Aktua’s events. I believe that in the second half of the year Aktua will go from strength to strength.

-Regard Budler

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The Cost of Qualifying as an Actuary No, we are not talking about sacrificing your TV-nights and never seeing the sunlight. We thought it would be interesting to see what the monetary sacrifices are that a prospective actuary will make. This is a break down of the costs to fully qualify. The affect of inflation has been disregarded in this illustration but may have a significant effect on the final cost as it takes many years to qualify. We also assumed that we all are geniuses and pass all the subjects the first time round. The figures presented in this table are merely estimates of the actual costs since exchange rates and other external influences may have significant effects.

Years 1 to 3 and Honours include all subjects for degree purposes as well as IAS282 and IAS382 for exemption purposes. A thing to remember is that although this may be a gigantic amount, it will be by far the best investment you will ever make! And by the way, it is cheaper than to become a medical doctor! Our advice: study hard today to make it cheaper tomorrow.

-David Neale

Year of study Tuition fees Study

material Total Exemptions 1 R 18,000.00 R 2,500.00 R 20,500.00 CT2, CT7 2 R 20,220.00 R 2,500.00 R 22,720.00 CT1, CT3 3 R 21,900.00 R 3,000.00 R 24,900.00 CT4, CT6, CT8

Honours R 25,000.00 R 3,000.00 R 28,000.00 CT5, CA1 Subtotal R 96,120.00

Overseas Examination

No of exams/

Exemptions

Exam/ Exemption

Cost*

Combined Materials Pack (CMP) Course Notes, Q&A Bank,

Series X Assignments Total

CT 9 £120.00* £1080.00 CA1 1 £337.50* £337.50 CA2 1 £450.00 £450.00 CA3 1 £195.00 £79.00 £274.00 ST 2 £225.00 £205.00 £860.00 SA 1 £225.00 £231.00 £456.00 £3,457.50

Subtotal R 41,490.00

Entrance

Fee

Subscription (payable annually)

Entrance + 3 years

subscription Faculty £100.00 £150.00 £550.00 Institute £115.00 £159.00

Subtotal R 6,600.00

R 144,210

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The Career Expo Evening 19 April 2005 was one evening that most of us won’t ever forget. It was a breath of new hope for those of us who thought the end was dawning. Mr. Rossouw Steyn and Mr. Marthinus Visser shed some light on the dark world of business. Mr. Rossouw Steyn from Sasfin Frankel Pollak Securities introduced the world of the Fund Manager to us. It was good to hear that any one of us has the ability to become a fund manager. The only important thing is to obtain about 20 years of experience; a slow learning curve if you ask me. A fund manager needs the ability to communicate to clients and explain the fund’s performance. If you are not the people’s person, then technical analysis and research may be a suitable area for you. Fund management is all about long-term investments in which asset-class and sector selection plays an important role. The importance of diversification has also been made clear by Mr. Steyn as this will increase the expected return on your capital investment. Sasfin follows the bird-in-the-hand theory when it comes to dividend relevance. They believe it is fundamental to share selection. Some of us may disagree. Mr. Steyn concluded his presentation stating the advantage that the CFA qualification may provide for individuals planning to go into fund management. It was indeed an amazing presentation. Then the time was right for the green en purple world of OUTsurance. Mr. Marthinus Visser, the head of the Actuarial Department at OUTsurance, was an inspiration to us all. The mere fact that an Actuary can almost do anything in the business world, from Marketing Analyst to an IT Specialist, was an eye opener. If I may refer to one of the interesting facts that he mentioned, is certainly the fact that marketing only consists of 3% of the final premium that a client pays. This is much less than the 15% you normally pay to a broker. OUTsurance had an initial starting capital of R50 million and in only 6 years obtained a 15% market share. In 2004 OUTsurance was the fatest growing short-term insurer. OUTsurance can attribute its success to factors like the fact that they have 8 actuarial appointments. This is certainly an advertisement for the actuarial profession. These actuaries work mostly in non-traditional areas and in OUTsurance’s case: Rating, Reserving, Performance Based Salary Systems, Procurement, Marketing, Reinsurance,

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Communication and Investments. As Mr. Visser also concluded, the actuarial job market will turn in time as more companies realize the value that actuaries can add. An important exam tip that Mr. Visser gave is that it is important to obtain a bigger picture of the work you study to be able to draw conclusions between the different parts. As an inspiration to the second half of the year, I leave you with the quote of Mr. Visser: “The competitive advantage that Actuaries have in business by virtue of their skills, could be applied to any type of business and is not limited to the financial services industry as any business can be reduced to a numbers game and Actuaries are the world champions of the numbers game.”

-Regard Budler

Actuarial Survey 2005 The following article is based on the results of the 2005 Actuarial Membership Survey done by the Internal Relations Committee (IRC) of the FIA. This survey is also found in the July edition of The Actuary. I tried to highlight the most relevant information. The survey was conducted electronically and targeted 16,000 members of the profession in the UK and elsewhere. The following conclusions were based on the 1,700 responses that were received. I know we all have our reasons to become an actuary, but it is interesting to see what the reasons were for some qualified actuaries. I think it is important to note that only 5% of respondents indicated that salary is their primary reason. Most of us, especially from second year onward, will agree that you quickly forget about that future paycheck when you get your first IAS paper back and you thought you knew what was going on. I think that if the money was your motivation to study the B.Sc, you should really start looking for new motivation or else you may run into a brick wall. Table 3 contains the

specific responses of candidates. I wonder if the 1that indicated that they wantea challenge ever quenchethirst in the 6 or so years of study. Special mention shohowever be made to one member who became an actuary because his mother-in-

8% d

d their

uld

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law wanted him to have a reputable profession! Table 4 contains the reasons that respondents provided for staying Actuaries. I’m glad to hear that life stays a challenge! In conclusion, it is clear that if you want to become an actuary for the right reasons, your chances are way better that otherwise. Remember, persistence is a function of motivation.

-Regard Budler

Die Opedag Dit is moeilik om te glo, maar die Opedag van 2005 het alreeds gekom en gegaan. Dit was soos oudergewoonte `n tyd om van die nuwe gesigte wat in 2006 Steers Roomyse en Chelseybuns gaan misbruik, te sien. Die eerste uitdaging waarmee ons gesit het was om plakkate te kry wat die Aktuariële beroep sou uitbeeld - dis nou vir die stalletjie. Om eerlik te wees, nou nie juis iets waaroor `n vyfjarige seuntjie sal droom nie. Minwetend nè! Martikulante en graad elfs het die vloere van die Rembrantsaal behoorlik sif geloop. Ons moes met tye vergelykings trek tussen Biochemie en `n aktuaris, die verskille verduidelik tussen `n GR „CA“ en aktuaris en van die moeiliker vrae was die verskil tussen `n aktuaris en finansiële ingenieur. Somtyds moes ons maar

op `n mooi manier die naïwiteit van sommige leerlinge hanteer. Hoe vertel `n mens nou vir iemand dat Wiskunde op standaard graad net nie goed genoeg is nie?

Nietemin, daar was `n opgewondenheid onder die voornemende studente wat `n mens weer vir `n oomblik nostalgies maak oor die beroep waarvoor jy so hard werk.

-Regard Budler

Please note, the following article is TOTALLY FICTIONAL and no reference is made to any real person! Due to a plane accident our authors cannot be revealed.

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First Years So `n taaltoets is darem ongerieflik, maar miskien moet hulle party se gehoor ook toets. Die arme ou het seker nie gehoor dat die persoon wat langs hom sit in die toets, nie dieselfde toets het as hy nie… Siestog! Funny, dat van ons nie weet hoe om ‘n muis te gebruik nie. “Dames en here, hou die muis in jou hand, sonder om dit van die tafel af op te tel, beweeg jou hand en kyk wat gebeur op die skerm” AMAZING! Laat mens wonder oor hul bestuursvernuf! Vinnig vinnig kon ons leer dat ekonomie nie so maklik was soos laasjaar nie. Darem was die FBS seker nie so bad nie. Mik noord, en … gaan veilig voort! En dan was daar die famous stelling tot dusver: „I cannot concentrate while you are talking!“ As ons almal mekaar nou gaan begin “sue” wanneer iemand iets skeef vir ons sê, gaan ons meer in die hof sit as in die klas. Die vraag is, wat sal interessanter wees? …en die Aktua socials: dit was nogal interessant, net jammer daar was so min van ons daar. Komaan ouens, dis die beste plek om tips vir Numeriese Analiese te kry: LEER was een van hulle! Darem kon ons so nou en dan bietjie die tweede- en derdejaars les laat opsê op die rugbyveld. Second Years Tweede jaar is nogal rof, die toetse is moeilik, square besoeke skaars, Sondae aande (pre-WST klastoets) M-Net flieks is ‘n nostalgiese herinnering van `n goeie verlede en dit word erger….die waarskynlikheid van jou as `n vlek op die A1967-70 tabel word vir die eerste keer vir jou duidelik gemaak! Okay, before you start getting scared and decide to switch to econometrics (as seems to be the latest trend, “Econorange is the new pink!”), here is the load down on the best part of being a second year financial maths student: glorious gossip! Na laasjaar se sjerrie diefstal moes *Klim en *Klouter hierdie jaar die sokkie social nog meer opspraakwekkend maak. Dié twee kalante het besluit om 2005 se

blykbaar “bourgeois”, Aktua bring-en-braai te omskep in die ultimate skilpadbraai (meer dop as vleis). Hoe het hul dit reggekry … nie monetary of fiscal policy nie, nee, met die aankondiging van die “24 beers, 24 hours” policy! Believe it or not, but there are some aspiring lads in our midst that want to qualify as actuaries within five years! Whatever happened to the Afrikaans saying “dis ‘n loopbaan, nie ‘n renbaan nie!”? Think about it, Actuary in a can, just fry for 5 years and serve with a social life! ‘n Onlangse verwikkeling by Aktua, is die sport. Ja, die akademici sien uiteindelik die lig! Goliath and his men brave the rugby battlefield weekly and always keep us updated

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on the latest fixtures, scores and injuries! Sorry third years, facts do sometimes hurt (and shoulders, knees and egos)! The hockey actually seems to be more fatal, especially with *Meatballs on the field! Oe, dan is daar ook die paragraaf waarsonder enige skindernuus heeltemal onvolmaak sou wees: die nuutste klas couples! *Haanco en daar *Nita, *Ex-knol en haar “not so x”, *Rekenaarwiskundige, *Tjarlie en haar *Hairdude (hulle vlieg seker deur Pantene, of is dit Loréal Professional!) en dan die nuutste *flits van romance. Wat van die meisies se skielike belangstelling in *Vlermuise die semester? (Al stem *Wynona Ryder/ *Gonda Beatrix nie saam nie!) Maar die skokkendste nuus van al is die onlangse verklaring van sommige van die dames studente dat “Brain Boys” die nuutste must-have is! (Nog beter as Nine West skoene of Lulu Belle oorbelle!) (Dink net aan al die voordele van ‘n permanently-on-standby tutor! Hulle doen soms INF-take ook, né *uhm). So *Ysterarms, *Klim, *Thintin,

*Ainsley en die *twee computer geniuses sal maar moet ligtrap! Darem is die IAS211 en INF214 tutors nou weer veilig! *Tjarlie spot altyd: “’n Boer maak ‘n plan, en die Engelsman laat hom werk!” Lyk my dit was wel die geval in hierdie semester, veral onder die dames. Yes the leading ladies *Carrie, *Samantha, *Charlotte and *Miranda have decided that they had enough Hellgebra and so they took action! It might not have worked out exactly as they have planned, but they surely made their point! Good going ladies! There’s nothing like a little controversy to keep everyone aware of what is expected of them! Dan, soos oudergewoonte, is daar die MTN-lyn sindikaat. Ja, glo dit, ‘n paar individue wat baie free-minutes het! Het almal toe op die spreadsheet ingepas? En kan julle glo, sowaar ‘n nuwe topstudent in die groep! *Skuilname is gebruik, and any similarity between the above and actual persons is purely coincidental!

Third Years If you were born in 1984 then you (and probably all your buddies around you) will know what happens in 2005… Jip, for most of the students trying to study in their third year, it is not the next stats class test that dictates your weekly routine, it is the 21st’s! It is not just one a month, sometimes your crowd strikes a bad patch, and it is the one friend on Friday, and a friend of another on Saturday – AND you’re obligated to attend / to gate crash. Now, becoming 21 is a significant event. Not only is it your coming of age, but by this time you KNOW how to throw a party… There are those that theme (from Cartoon characters, to Duvet parties), those that go GRAND, small and large gatherings. Some parties go on for +/-

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4 hours, but those that really get spoken about are those that should have ended at midnight, but since the spirit was high, the “juices” kept flowing, and it is only the sunlight (or the spotlight thrown into your eyes by a police officer) that remind you are a human being (with a dwarf sitting on your shoulder, happily hitting away trying to mash in your skull with his 5 pound mallet). Ok, you may have woken up halfway to hell, but at least you remember you went there in style, you know – the night before, or at least, you think so. Do not think the hole in your pocket was made by a bottle (or a crate of cans if you are so inclined) – oh no, trying to work out a budget to fit both the toll of Hatfield and a sufficiently sturdy (or homely - for the ladies looking forward to creating a lovely home in the not too distant future) present for the lucky person that week can get more than a bit tricky, and then you really start to appreciate the zero use of your multifunction, time value of money, HP, so many-ith series, pocket calculator. All in all, the third year is a year of endings (your pre-adult status, your inability of signing a contract or consent form and hopefully your degree) and a year of beginnings (your adulthood, asking questions such as “now how much is this up and coming degree of mine worth?” and sadly but truly – you’re beginning to study for the next paper.) Honours Honours can be compared to the Actuarial and Financial Maths degree on steroids: IT IS HECTIC! Some of us cannot control our adrenalin-rushes and then we decide to take on the lecturers. Take Mrs MAN for example: she really gave Dr van Wyk a go. And NO Van Wyk, you ARE wrong, you don’t need 45 minutes to prove a 2nd year formula! Hey, head boy, thanks for representing us in almost every class. We appreciate you! And who thought that keeping the Cricket score for South Africa would be less important than attending class…? In fact, playing golf is much more fun! For those of you who sticked with the honours class the 2nd time (or 3rd?)…should we thank you for the brief description at the start of each course on how bad the lecturers are, how difficult the work is going to get and what a nightmare the exams are??? It’s like watching a movie with someone who has already seen it!! I hope that none of us will carry on the tradition. Realising that this is the last stretch to finishing studying with the honours class of 2005, it makes you look at your classmates in a different way. Yes, even the one that you described as “the typical actuary”! The question is: did he become more like you, or did you become more like him…? Good luck!

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Ons Proffies van Nader Sommige van die dosente is al langer hier op kampus as wat jy gedink het. Die vraag is: Hoekom? Nadat daar met moeite in ou argiewe gegrawe is, het ons op interessante inligting van Prof. HLM du Plessis afgekom wat dateer uit die jare negentigs van die vorige millenium (1999). Jare later (nou 2005) wil ons die vermiste inligting toevoeg en ook sommige vrae opdateer... 1. Wat is u regte name? Hendrik Lourens Marthinus du Plessis 2. Waar sien u uself oor 10 jaar? Lewendig met ‘n 97,948% waarskynlikheid

as A1967-70 ult van toepassing is. Kan iemand asseblief my som kontroleer?

3. Waar het u geswot (en hoe lank het dit geneem om te kwalifiseer)? Ek het

vir 3 jaar by Wits studeer en dit was „blêrrie lank“ voor ek as aktuaris gekwalifiseer het in 1997. (Daar is dus hoop...)

4. Watter vak was die moeilikste? Die moeilikste vak was life en ek het ook

daarin gespesialiseer. 5. Watter beroep sou u nie wou volg nie? Brandweerman (wel, nie meer nie,

sedertdien het aktuaris beter begin klink). 6. Waarmee ry u rond? Het dit enige “stickers”? Ek het onlangs my Mini

Cooper S ingeruil vir ‘n BMW 540 sonder stickers, maar julle moet net my mags uitcheck! (Darem is daai groen Audi van destyds vervang met `n KAR!)

7. Wat is u gunsteling tydverdryf? Vermaak my meisie. 8. Waar het u u bevind op 1 Januarie 2000? Ek neem aan om 0h00?

Kleinmond beach party.

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9. Wat staan u glad nie aan nie? Moedswilligheid en onbekwaamheid, veral as die onbekwame onbewus van die onbekwaamheid is. Meng die twee vir die kersie op die koek.

10. Wat het u (as student) in af periodes aangevang? Pinball gespeel met

my twintig sente (…dit was die going rate daai jare). En die dae as ek rerig op ‘n roll was, net een 20c-stuk vir die eerste game. Die ander games het van free games gekom. Nogal ‘n pinball wizard gewees, al moet ek dit nou self erken.

11. Het u enige slegte gewoontes? Heeltemal te veel om op te noem. 12. Beplan u om eendag oorsee te gaan? Permanent? Dan sou ek op al die

opwinding hier ter plaatse uitmis. Ek gaan kuier wel so af en toe by kleinboet in Boston.

13. Wat is u motto in die lewe? Soek die waarheid 14. Watter troeteldiere besit u? Wat is hulle name? Een klein tabby katjie

genaamd Kalie. 15. Neem u deel aan enige sport? Fietsry saam met Leonie en Anneke van

die Wiskundedepartement. Offroad motorfietsry (RM250), en gym om die liggaam geoefen te hou sodat die offroad-ryrery nie my veteraanlyf te veel karnuffel nie. Die gym help ook sommer terselfdertyd ‘n bietjie om die skaal in toom te hou.

16. Watter rugbyspan ondersteun u? Die horing span 17. Wat was u gunsteling speelding toe u klein was? Hulle het nooit lank

gehou nie, so dit was moeilik om ‘n langtermynverhouding te smee. 18. Waarvoor is u die bangste? Ek het nie ‘n bang haar op my kop nie.

Behalwe as studente my wil aanrand oor puntetoekennings☺. Andersins is ek normaalweg heel domastrant.

19. Het u enige stokperdjies? Hou van lees, couch potato speel, harde

musiek (arme bure), bietjie tuinmaak, toets my nuwe kombuis se kookgeriewe uit, voltooi my huisbouprojek stukkie vir stukkie nadat die bouer verdwyn het ….kwalifiseer laasgenoemde as ‘n stokperdjie of ‘n frustrasie? In elk geval, die aktiwiteitelys verander van tyd tot tyd na gelang van die nuutste gier.

20. Het u enige raad/boodskap aan die studente? Verwag om te werk vir

dit wat jy wil hê.

-Marguerite Fevrier

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The Joke Warehouse Three men are sentenced to die by guillotine. The first man steps up, places his head in the hole, the executioner release the knife, and miraculously the knife stops inches above the man's neck. The king says, "Under the laws of our country, if the guillotine fails to do its job, you are declared free." So the first man gets up, relieved, and the second man takes his place. Again, the guillotine knife stops inches away from the man's neck. The king says again, "Under the laws of our country, if the guillotine fails to do its job, you are declared free." So the second man gets up, free. The third man, who is an actuary, puts his head in the guillotine hole, looks up, and says, "I think I see what the problem is ... ". An actuary is a person, who passes as an expert on the basis of a prolific ability to produce an infinite variety of incomprehensive figures calculated with micrometric precision from the vaguest of assumptions based on debatable evidence from inconclusive data derived by persons of questionable reliability for the sole purpose of confusing an already hopelessly befuddled group of persons who never read the statistics anyway! (Oukei, `n ou een maar hy bly goed!)

A group of lawyers and a group of actuaries are traveling by train to conferences in the same city. The lawyers were surprised to see that the actuaries had only bought one train ticket for the entire group. When the conductor entered the front of the car, all of the actuaries got up and went into the same bathroom. As the conductor went down the aisle, the lawyers dutifully handed him their tickets. When he came to the bathroom he said, "Ticket, please." One ticket slid out, he punched it, and went on his way. On the return trip home, the lawyers thought they'd try the same trick, but this time they noticed the actuaries had not bought any train tickets. As the conductor entered the front of the car, all of the lawyers got up and went into the same bathroom. One of the actuaries walked over to the bathroom, knocked on the door, and said, "Ticket, please."

A casualty actuary priced an automobile "Fire and Theft" policy with an extremely low premium. When asked why it was so cheap, he said, "Who would steal a burnt car?"

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Question: Why did the metalhead (i.e., someone who listens to heavy metal music) want to become an actuary? Answer: He wanted to get paid to predict death and destruction.

A group of people is touring the Grand Canyon, and the tour guide asks if anyone knows the age of the canyon. Everybody is mumbling but nobody answers. An actuary raises his hand and says, "one million and three years old!" The guide is amazed and asks the actuary how he knows this so exactly. The actuary answers, "Three years ago I visited the Grand Canyon, and one of your guides said the canyon was one million years old."

An actuary is walking down the corridor when he feels a twinge in his chest. Immediately, he runs to the stairwell and hurls himself down. His friend, visiting him in the hospital, asks why he did that. The actuary replies, "The chances of having a heart attack and falling down the stairs are much lower than the chances of having a heart attack only. Someone once said, if you can laugh at yourself, you always have something to laugh about.

Writing an actuarial exam Bill Osenton advises on how to arrive at that start line ready to run the marathon of your life! (The Actuary Magazine August 2004). So you’re planning to write an actuarial examination, and this time you want to really nail it! Now how do you do that? It is not sufficient just to sit down and study night after night until you eventually reach the night before the exam, by which time you hope to be properly prepared for the examination on the next day. You need to focus your studying. Studying to write an actuarial examination should be approached with the same careful planning and preparation that you would adopt if training to run a marathon. As the ad for the mountain bike says ‘This day didn’t start at the top of the hill. This day started long before…’. In preparing for a marathon one must train to develop the following: ◆ general fitness and stamina; ◆ strength; ◆ speed; ◆ high energy level on day of race. Preparing for an actuarial exam one must train to develop the following: ◆ knowledge; ◆ understanding; ◆ speed; ◆ high energy level on day of the exam. For a marathon your plan of attack might look like figure 1. First you would build your general fitness and stamina and then your strength. As the race day approaches you would concentrate on developing more speed and in the last few days you would taper in order to feel fit and full of energy on the race day. Your training for an actuarial exam should be just as organised. At first you should concentrate on gathering knowledge,

The Actuary

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then on gaining understanding. Towards the end you must devote some time to developing your speed and then finally you should make sure you are well rested for your exam. Your plan of attack might look like figure 2. All of us study to acquire knowledge, and most to gain understanding. However, I believe that many students omit to plan properly for the last two steps. Being able to apply quickly and accurately what you do know is at least as important in passing an actuarial examination as the extent of your knowledge. Speed is an important factor in successfully passing actuarial exams. To increase your speed, you must have important methods and formulae at your finger tips. As you study, you must identify and record the formulae that you will need in the exam. Then in the last month before the exam you should commit them to memory and practise writing them down quickly and accurately. As you study, you should likewise identify the methods you will need. Then in the last month before the exam date practise using them so that you can recall theexamination, you should find time for at least one practice exam, and get in some practice on the actuarial calculator you will actually be using on exam day. This practice exam should be conducted under examination conditions (ie in a quiet room with no distractions and no reference materials) and should be subject to the time limit of the real examination. To run a marathon in a good time you need to arrive at the sta

m and apply them instantly. A week or two before the actual

rting line full of energy and

ts who will put in a long hard day’s study the day before an

To recall and replay your

to be

ast

es

inute

last two weeks before an exam – concentrate on revising mate

bounce. The last stage, conserving your energy for the race, is very important. No runner that I know of would train for a marathon by taking a 30-mile endurance training run on the day before the big race. And yet, I know of many studenactuarial exam, with predictably poor results.

knowledge quickly in an actuarial exam you need fresh and alert with a clear head. You should plan a tapering schedule in the lten days. Get out more and relax, play tennis or golf (although not if it frustratyou), or just go for nice quiet walks. Give your batteries time to recharge before thefinal effort. Never enter an exam room tired and depressed from last-mstudy. Make a point of never tackling new material in the rial you already know. In the

last three days limit yourself to memorizing crib sheets prepared during the revision process in the previous month and get plenty of rest. This way you will find that you are more able torecall facts and methods from the whole study period.

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he Proof of Life T

The Aktua Career Exposure

Evening was the main event in the second quarter of 2005. It was an enormous success attributable to the hard work of the Aktua Committee and enthusiasmof the students.

Mr. Marthinus Visser from OUTsurance.

Mr. Rossouw Steyn from Sasfin Frankel Pollak Securities.

Some interesting questions were answered in the most polite way.

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Kommentaar, Kritiek en Voorstelle

ierdie uitgawe van The Actuarial Times is

ou are always more than welcome to give

Write to us on our e-mail address.

e appreciate your continued support.

he Aktua Committee.

Hsaamgestel deur Aktua se komitee. Aktua bestaan om die lewe vir julle lekker te maak en ons waardeer alle kritiek en voorstelle. Ysuggestions and recommendations for social events or anything that you would like us to do. Aktua is there for you, and we would like to hear from you!

W T ____________________ _______________________ Marguerite Fevrier (Chairperson) Regard Budler (Editor)

aktua@up.ac.za

This free issue has been made possible by the gracious giving of Sanlam and Momentum!