Ingilab and his passion for actuarial science
Tell us a bit about yourself.
My name is Ingilab and I’m a first-year graduate student studying at KU Leuven, Belgium. Currently, I am enrolled in a program called Actuarial and Financial Engineering which is a two-years, rigorous master's program focusing more on actuarial mathematics and financial engineering theory. I’m holding 2 bachelor's diplomas – one in Rome, Italy majoring in Economics, the other is from Higher School of Economics in St. Petersburg, Russia – majoring in Management.
Why Belgium?
When I was making my decision, the main criteria for me was the program rather than the country. Across Europe, I have found this specific degree only in two countries: Estonia and Belgium. After analyzing both of those options, I have realized that Belgium is more suitable for me based on several factors, such as university ranking, tuition fee, employability rate, and the beautiful nature of the country. Furthermore, Belgium has so many advantages for international students, as there is a strong presence of different cultures. I started learning Dutch as soon as I started living there.
How would you describe actuarial science?
Actuarial science is the deep calculation of financial risks in the insurance sector, using mathematical tools and statistical methods. To be successful in this field, you need to have financial literacy, programming skills, and substantial math and law knowledge. The main reason that makes me passionate about actuarial science is the fact that it tries to bring some certainty in many uncertain situations. Another positive point of actuarial science is that there is a pretty high demand, but less competition compared with other fields due to the shortage of specialists in this profession.
What are the most important skills for a student in this field?
As it is a highly quantitative field, a student should have a solid background in math and statistics. Especially good knowledge in probability theory, calculus, and linear algebra. From my personal experience, consistency is the key in studying this exciting domain. All the math and constant calculations could be rigorous, and one might lose interest or feel burdened. Because of that, it is vital that a student stays motivated the whole time.
If not what you’re studying, what else would you study or do?
As I have studied economics during my bachelor’s, I would have probably continued with something related to it, such as financial or quantitative economics. If not pursuing a master’s degree, I would have started working in a consulting or financial industry.
What are the main benefits of studying abroad?
First, it is the network possibilities. I have made friends all over Europe and Russia. Secondly, the chance to acquire new languages. I have always been passionate about learning different languages, as it gives you the ability to see multiple perspectives and mindsets. Finally, the opportunity to grow as a person in a short time. Because when you settle in a foreign country at a young age, you take on many responsibilities and challenges which positively influence your personality. Whether it be time-management or allocating your budget. You gain necessary organizational and interpersonal skills which will be increasingly beneficial in the future.
Your final words to our readers.
Be determined and confident in your endeavors. But if you realize that you’re not on the right track, it is never late to switch. In the end, your future is not to be predicted, but to be constructed.
Interviewer - Shahmar Hasanov
Nushaba
06-08-2022What an interesting article!