BERNOULLILIFE CAN ONLY GO TWO WAYS

ACTUARIAL & STATISTICS STUDENT COUNCILUNIVERSITY OF THE FREE STATE

FRESHMENSTORIES!

WHY THE WAY PEOPLE LOOK AT YOU MATTERS

SOFT SKILLS

FIRST YEARS TALK ABOUT THEIR FIRST SEMESTER EXPERIENCE AT

UNIVERSITY OF THE FREE STATE

MAY 2016

EAT PLAY READ

A GUIDE TO SURVIVING

COLLEGE AND WINNING BIG

MEET THE AMAZING LECTURER, MUSICIAN AND ARTIST

ZANILUDICK

THE LONG GAME10,000 HOURS AND

OTHER STORIES

SIX SIMPLE THINGS EVERY COLLEGE STUDENT MUST OWN

MUST HAVES

+HUMOUR

NUMBERS

+MOVIE: THE BIG SHORT

FEATURE

A CAREER IN THE MAKING

The Big ShortThis Oscar darling is a testament of mathematical intuition of a man who foresaw the global crisis of 2008 that shook the world.

b e r n o u l l i M a y 2 0 1 6 3

MAY 2016 Contents

22/ The Long GameHow having a brilliant career starts at varsity. It is the long game.

on the cover

PHOTOGRAPHY BY Meagan Renee Steyl

27/ HumourMathematicians are some of the funniest people on the planet. We put together some of the funniest stories to prove it.

Updates

The Finance Story

24

Mignon Van der Merwe and Sheila Simango are first year Actuarial Science students at UFS.

7/ New kid on the block

Well Being Numbers

Careers

9/ Alumni and CareersCareer advice and first hand experi-ence by graduates about the working world.

14/ Zani LudickLecturer and songbird Zani Ludick tells all.

10/ Eat Play ReadBeing a well balanced student is no easy task but we’ll tell you how.

Big data is a phenomenon of the 21st century and with it has emerged a new profession of experts.

7/ Global WarmingA discovery of a ship buried in the ice has lead global warming to be consid-ered as risk.

7/ UK Betting SystemThe miracle of Leicester City that turned the betting system upside down on its head.

7/ Math DominanceSome of the leading and most import-ant careers are now falling in math orienteted jobs.

The world is getting tougher each day, unfortunately for us it means we have to work much harder than those who came before us. Although a Mathematical Statistics or an Actuarial Science degree is a very precious degree with good job prospects, it is not the same as it was 10 – 20 years ago. With significant changes in the job market, it is becoming increasingly import-ant to work towards being as marketable as possible. I cannot stress the importance of excelling in your academics. You might not get all the exemptions, but make sure you get the best grade attainable to the best of your ability. Unfortunately however, it is worth emphasising that to-day’s success is not only about the ability to pass exams. Along with excelling in academics it is very important to challenge ourselves to acquire soft skills, that is the ability to communicate, work with others, ability to think both critically and creatively and ability to be consistent in self-discipline. The best time to learn these things is now. Party less, get involved, read books and news, play sports, take a leadership role, explore…DO SOMETHING! It’s a Long Game, it will be worth your while. In closure and with delight, I would like to extend a warm welcome to the first years and the new students in our department. We hope you’ve made new friends. Up to now, it probably has not been very easy, we all have to work very hard, but you should be excited about the journey ahead. The fact that we were all able to get into this department means we can all make it through. We hope this year will be a fruitful one. Enjoy the Bernoulli.

FROM THE PRESIDENT

Long Game Team ASSCFrom Left to Right

Thulani BabeliASSC President

thulani

Like us on our FACEBOOK PAGE > ASSC UFS

Some of the most influential and wealthy people of our time have all understood the power of time.

Editorial Team

Design & Layout / EditorTwitter @rakunteIG: rakunte

Frank Magaya

The Actuarial and Statistics Student Council is the student governing body in the department of Mathematical Statistics and Actuarial Science. The ASSC is responsible for planning formals and events like career fairs and informals.

ASSC>

Editor in ChiefTwitter: @mikeymakwarimbaIG: mikey_thedon

Mikey Makwarimba

TREASURERWilson Ansah

>

SECOND YEAR REPPierre Janeke

FIRST YEAR REPSheila Simango

PRESIDENTThulani Babeli

VICE PRESIDENTLiketso Nthimo

4 M a y 2 0 1 6 b e r n o u l l i

ADVERT

BERNOULLILIFE CAN ONLY GO TWO WAYS

ENJOY EVERY ISSUE WHEREVER YOU ARE WHENEVER YOU LIKE

Updates / Stay Relevant

6 M a y 2 0 1 6 b e r n o u l l i

R50

sponsors hoodies for honours studentsThe South African Actuaries Abroad have once again sponsored the Actuarial Honours class on hoodies by subsidising about 60% of the overall cost of the Jackets. For this, the ASSC, on behalf of the honours students would like to thank for their kind gen-erosity. We dearly appreciate the strong and on-going relationship we have with them.

For the first time this year, the formal tickets will be at their lowest, R50 per person and we hope that we can all show up.

A BIG THANKS Goes to SanlamThe ASSC would like to recognise and extend a very heartfelt grati-tude to Sanlam for sponsoring the ASSC this year. Part of the funds will be used to further traditional projects of the ASSC such as the Informal, the Formal, First year welcoming among others. This, we hope, will ultimately increase the level of participation of our students in these events, as there has been a significant ease on the financial strain.

Financial ExpertSanlam will also be bringing its financial planning expert who will give a talk to the students on the subject of sound financial planning. Save the date, it will be a worth-while experience.

Enhanced LearningAnother portion of Sanlam’s fund-ing has been allocated to enhance learning. We are currently creating a website which will serve as an online learning tool to aid with exam preparations. Also, plans to design a Phone Application under-way. Further details and an update on the progress will be included in our next Issue.

13 May

The School’s Information Session and Career fair

29 JULY

Photoshoot

22 JULY

Sports Day

15 AUGUST/SEP

The Formal

TO LOOKFORWARD TO

Hoodies & JacketsStudy Marathons

SA3

SA3

DATA SCIENTISTNew kid on the blockThe Harvard business review described it as the sexiest job of the 21st century. Actually the term data science did not even exist before 2011. It’s only after 2011 that job positions bearing the words started popping up and have been increas-ing ever since. So what is this job all about and why all of a sudden is it becoming so trendy? To get to the core of this matter we need to talk about big data first. According to sas.com, “Big Data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day to day basis.” Ibm.com went further by saying that big data gets produced by digital processes and social media exchanges, it is then transmitted by systems, sensors and mobile devices. The data arrives from multiple sources at an alarming velocity, volume and variety. Big data is so complex that traditional processes of han-dling data cannot even catch up and an expert who can decipher and identify trends became necessary. Data scientist are trained in mathematical statis-tics and computer science and are often need to be very creative. Someone described them as people who are better at statistics than any software engi-neer and better at software engineering than any statistician. In an Era where data is now king and where companies can edge their competitors by just by using its data to the fullest, it’s a no brainer that this job is here to stay.

Global WarmingIn September 2015 two Whaling ships were discovered in northwest-ern Alaska in an area usually marred by extreme weather of freezing and thawing. But due to global warm-ing, the warmer weather allowed the reduction of sea ice and allowed excavators to work for longer hours thereby stumbling on one of the biggest discovery. While all this is good, the realities of climate change are very serious. The United Nations leaders, in a recent confer-ence, agreed to keep temperature increase at just under two degrees Celsius per year. This will influence inter-government policy and the development of alternative ener-gy sources for years to come. This will undoubtedly have far reaching financial implications on companies and assets that pensions companies invest in. Actuaries, risk assessors, pension fund trustees and investors in particular are now being advised to treat climate risk like any other significant risk Source: The Actuary

Write for usIf you have any news feeds or would like to submit an article to the Bernoulli in the field of mathematics, statistics and actuary or just involves students in general send us your work at asscbernoulli@gmail.com

According careercast.com, a site which publishes an Annual Jobs Related Report, a number of mathematically intensive jobs were listed as highly paying, and had the best working environments as compared to other fields. This signifies an ever growing trend where the demand for individuals whose studies are math oriented is on the rise. Below are four math intensive jobs that cracked the top 10 of the overall annual top 200 released earlier this year. Most probably your math degree will lend you in one of these leading professions.

UK Betting System to lose millionsThe triumph of Leicester City Football Club in England was regarded as the biggest sporting achievement in the history of the earth. This was a statistical anomaly no-one ever saw coming. At 5000/1 odds of winning the title, Leicester were outsiders, with Kim Kardashian, at 2500/1 having better chances of becoming the US president in 2020. But after lifting the trophy they put the betting systems upside on their heads and the bookies are set to lose upward of 25 million pounds, the biggest loss in the UK sporting history.

Math Dominance

1. Data ScientistThis combines information technology, statistical analysis and other fields to interpret trends from data.

10. Actuarial ScientistAnalyzes the financial costs of risk and uncertainty in insurance, finance and a variety of other fields where mathematical and statistically skills can be used.

6. MathematicianUses an extensive knowledge of mathematics to help solve prob-lems in industry, academia and government.

2. StatisticianUses statistical methods to collect and analyze data and to help solve real-world problems in busi-ness, engineering, healthcare, or other fields.

b e r n o u l l i M a y 2 0 1 6 7

Alumni / Careers

Where do you work and what does your job it entail?I work as a Pricing Actuarial Analyst for Momentum, a client-facing brand of MMI holdings. My job mainly entails strategising, I help to ensure that our solutions are strategically priced to be profitable and competitive.

Did the working environment turn-out to be what you expected?It turned out to be as I had expected mainly because I had vac-work in the same department when I was in second year, so it helped to manage my expectations regarding the environ-ment and the culture of the company.

What are the most important quali-ties required in your field?To survive in my work field, one needs to be very analytical. Analytics are my daily bread. It is also important that one can communicate clearly and ef-fectively. The obvious skill forming the basis of effective communication being interpersonal skills. I cannot over-

emphasise the importance of being able to interact with all stakeholders involved in the running of the business.

What is the most challenging aspect of your job?I find balancing work and study at the same time very challenging. Passing exams is part of my Performance Assessment, so my performance score is affected by, amongst other things, whether if I pass my exams.

How do you spend your free time?I wish I had free time. For now that is still a luxury, as was in varsity. I am still busy trying to complete my board exams. As I am still very new at work, I want to make a name for myself, and this means working hard and going an extra mile which means taking work home at times.

Advice to students still at varsity?Work hard, when you have invested in your studies, the returns are guaran-teed and very satisfying.

What does your job entail?We mostly specialise in providing Actuarial solutions to insurance companies in the Middle East. One of the advantages of working in a consultancy is that I get to be exposed in various actuarial fields. Currently in my fourth month working for the company, I have been exposed to actuarial fields such as Valuation (both quarterly and annual), marketing, pricing for both new busi-ness as well as renewal businesses for various companies.

Important skills you need?Apart from being very technical, I would say I find confidence as a character trait to be very import-ant in this field. We work with uncertainty and most of the times we have to make assumptions and intelligent guesses. You need to be creative and able to apply your mind and mostly believe in yourself.

Any mentorship from qualified actuaries?We have wonderful qualified actuaries in our company that continue to inspire and motivate me. They always tell me that road to qualification is not easy but doable. Failure will creep in once in a while but that’s where character is formed. So I am looking forward to the challenge and know that since they made it I will too.

Advice to students still at varsity?My advice to current students is that be passion-ate in whatever field you decide to specialise in will carry you through. There is always something for everyone out there. You just have to realise what excites you the most and chase that dream till it becomes true. Just do your best and God will do the rest. Remember to surround yourself with people that build your character.

FORMER KOVSIES SHARE TIPS ABOUT THE REAL WORLD

Dineo MosheshePricing Actuarial Analyst at Momentum

Tatenda Karonga

Actuarial Analyst at Sigma Synergy Actuarial Consulting

8 M a y 2 0 1 6 b e r n o u l l i

Over 90% of all university graduates say their jobs are more satisfying than they imagined. So go on finish your studies and know that the work out there will be fascinating.

DID YOU KNOW

1/Professional EthicsThis is one of the most important trait you must posses as a profes-sional in any field. Eth-ics or integrity are at the core of most traditional careers. Unethical be-haviour can have serious implications like losing your job or in a profes-sion like actuary, losing your accreditation. Sometimes you will be dealing with sensitive information and discre-tion is of importance. It is of utmost importance that you show that you are trustworthy and professional. So, don’t show up to work drunk and steer clear off reckless behaviour. Do not be ever involved in criminal or dishonest activities no matter trivial they might seem, these things always has a way of catching up to you even years later.

2/Communication Communication skills are vital in any profession. You should be able to communicate effectively and explain the often technical as-pects of the business to stakeholders, investors, regulators and clients. This will eliminate misunderstandings and misinformation that can end a good business deal. Your written work also needs to be clear and concise . Misspell a client’s name and he/she will never take you seriously.

3/Leadership A leader is confident and communicates well. You need to be assertive

and take action not just talk. You motivate others and give it all you got every time. You take challenges head on and you show up when someone is needed to stand out. You put peo-ple at ease because they know your work ethic. This, by far, has a more direct effect in order to climb corporate ladders.

Self ConfidenceThis trait has the added advantage of you appearing at ease and trusting in your abilities. When you trust in your abilities you open new doors for yourself . You never sell yourself short and it all starts in be-lieving you are a capable leader and stepping up to the challenge. 4/Team PersonIn most firms people usually work in teams to complete a project. Group chemistry should be high and main-tained. Disagreements and general conflict of interest are unavoidable. How you work together as a group can be the difference between success and failure. So in as much as you are a lone wolf you should be able to compromise and be part of a group. Don’t act like you know everything or look down upon others. You need people.

NetworkingMaking connections and forging mutually beneficial personal rela-tionships with people is great business. It is the ultimate soft skill.

Are You Soft Enough?In the most dynamic corporate world, soft skills now stack up neck to neck with the technical skill repertoire. Don’t be a robot. Yes you might be the most revered technical person in the in-dustry but it’s the mesh of both the hard and soft skills that will set you apart from the pack.

b e r n o u l l i M a y 2 0 1 6 9

by Frank Magaya

can cook attractive? Well the answer is simple. Food is interesting. Eating healthy might just change the way you see the world and get you out looking for seeds to grow your own onions. That glow you have when you come back after the holidays is simply your mom’s apple pies. So do yourself a favor, pick up a cook book and eat well. Next time you want to ask someone special on a date, you can just say you’re cooking. You’re welcome.

It’s time for the wallflower to bloom Be sociable. Go back your bojties, the Shimla’s won the

Varsity Cup last year, for goodness sake. Try your best to hang out with people from other faculties, have lunch at the bridge, go out with a group of friends, and go to the faculty informal and formal events. Life is meant for living. At the Odeion School of music on campus they hold little concerts and they play all kinds of awe-some instruments that you

haven’t even heard of and it’s free. Almost every day of the week there is a practice session for netball, hockey, rugby, athletics you name it. Just watching them play will be surprisingly refresh-ing and take your mind off the books. Playing sports can teach you people skills, competitiveness and how to deal with pressure. It is also important to be involved and to do co-curricular activities. Joining a society or sub-committee of an association on campus can improve your organizational skills. It will get you involved and allow you to build your resume.

Get on the Dean’s listFirst and foremost, study hard. I mean you got to know your stuff. Don’t just study to pass but understand that in the real world they will actually expect you to do your job. Also do not under-estimate the knowledge of your lecturers. A regular chat with them can be just what you need to stay focused.

EAT PLAY READAs a student its pretty easy to become so sidetracked that you fail to give proper attention to the person who re-ally deserves it, YOU.

Well Being

THAT’S WHEN I HAD TO BE HONEST WITH MYSELF, MY ROUTINE WAS SIMPLY BECAUSE I HAD NOTHING ELSE TO DO WITH MY TIME AND THAT DIDN’T FEEL RIGHT.

Eat, play and read is the equivalent of mind, body and soul for the university

student. All this speaks to only one thing and it might be the most important thing in order to excel in every area of your student life. That thing is to be well-rounded. It’s easy to take versatility in our every-day life as unimportant and more of a distraction from our core business which is getting good grades but the opposite is actually true. I became aware of this one day after class when I was talking a classmate when she asked me something seemingly trifling, where I was going or what I was going to do with the rest of my day. Of course as a law student my obvious answer was to the library, chicken and chips at the deli

on the way home and binge-ing on the series ‘Suits’ the rest of the evening, until like around two in the morning. She laughed and decided to tell me a little about her awe-some diet, how she played hockey three times a week, yoga on weekends and still

had time to read fifty shades of grey. That’s when I had to be honest with myself, my routine was simply because I had nothing else to do with my time and that didn’t feel right. So I decided to find out what I was missing. And that was only the beginning.

Bacon on a forkHave you ever wondered why girls find a guy who

10 M a y 2 0 1 6 b e r n o u l l i

by Mikey Makwarimba

Well Being / Sports

GET ACTIVE It takes commitment, disci-pline and practice to be the best at anything. Sport will train you to get up and try again even when it seems futile. Research has shown that students are more pro-ductive and stress free when they workout or are involved in sporting activities.

Megz photography

PIERRE

Megz photography

What is Hammer Throw?It is a field item in athletics where you throw a 7.26kg weight (similar to a shotput ball) that is attached to a wire and handle.

How did you get into the sportAt high school it was compulsory to do four items on the school athletics day. The hammer throw immediate-ly drew my attention and I’ve been doing it ever since.

What do you love about the hammer throw it seems scary?Every time I throw a bit further it feels exhilarating. The feeling is absolutely addictive. Also it helps me to stay in shape and it’s a great way to let off steam.

Let’s talk gold , where has the sport taken you?Since I came to UFS I have repre-sented Kovsies at the USSA Cham-pionships and SA open Champi-onships. I also represented the Free State Athletics at the ASA Junior championship and at the ASA Senior championship. So is hammer throw a way to relax?Definitely, it feels good to get a break from class and studying.

When your not hauling steel balls into the air how else do you spend your free time?When I’m at home I like to go to the beach, catch sharks(catch and release), read books, watch series, braai with friends and go to the gym with my brother.

Fury of the Hammer Throw

Well Being

Pierre Janeke is a second year Actuarial Science student at UFS. Apart from being an exceptional student he also likes fishing for sharks, is a braaimaster and most importantly he can throw a steel ball very far with his bare hands.

b e r n o u l l i M a y 2 0 1 6 13

ZANILUDICK

Feature

Lecturer in the Department of Actuarial Science and Mathematical Statistics

Zani is a qualified Associate Actuary and lectures at the University of the Free State. Out of the lecture theatre she sings soprano with the Odeion Vocal Consort and describes singing as a religion.

Zani Ludick sat with us on a wonderful Friday after-noon and we had a great

time picking her brain.

Bernoulli: Take us back to your high school days? High School was fun, I still wish I could go back, unlike many people. In my matric year, my friends and I formed a band called Mantra and we won a local rock band competition for the Free State division. I also won best vocalist. I didn’t know I was a soprano then, because my band was more like Metal, but I was able to find my voice with the band. Fun times, I miss it.

Tell us about varsity?I decided to study Actuarial Science as a conscious deci-sion on my part after doing fairly well at high school. Funny enough I told myself I wasn’t going to push myself so hard or try to be the best

in class. I was lucky I did get most of my exemptions on first try even though for some subjects it was just on the borderline. After Hon-ours I didn’t want to head to work yet (maybe because I was still attached to home), but I had a part time job teaching, then STK114, so I had a small salary. I then decided to pursue a Masters in Mathematical Statistics. Whilst doing my Masters I

also decided to register for a Music degree which I hope to finish one day.

When did you realise you can sing? I’ve always loved singing. My mother is the one who would always sing for me when I was little. So music was always part of my life.

But I never thought of doing it as a classical instrument until I studied music.

What does music mean to you, is it freedom or an escape?Singing is a freedom when I am home alone and no one is listening. It can never be an escape, because I am always conscious of whether I am singing correctly. But it is an escape from work in that, it is something that I do other than work. I am better at work than I am at singing, though. I feel like l would not be able to make a

living out of singing.

Do you think actuarial sci-ence students should be more sociable?Well, I’ll say it is very dif-ficult, because when I was an actuarial science student myself I just buckled down and focused on my studies and didn’t have much of a social life. But now I feel

guilty because I am not in contact with most of my classmates. Instead, all my lifelong friends are most-ly music friends I made through singing. I regret that I was not able to form good bonds with my fellow classmates because I didn’t socialise enough.

Math and Singing where do they come together?That is very interesting because recently I read an article titled, “Math is Mu-sic; Statistics is Literature.” What this article was basi-cally saying is that Math is

like music in the sense that it is a structured self-contained system of rules that can be taught. In that sense music is very mathematical, especially classical music. As for statis-tics, it is more like literature in that it has rules, but is still open to interpretation and quite flexible.

“MATH IS LIKE MUSIC AND STATISTICS IS LIKE LITERATURE.”

I’VE ALWAYS LOVED SINGING FOR AS LONG AS I CAN REMEMBER. MY MOTHER WOULD ALWAYS SING FOR ME

WHEN I WAS LITTLE. MUSIC WAS ALWAYS PART OF MY LIFE.

b e r n o u l l i M a y 2 0 1 6 15

What are your musical Influences?Well the first one is quite embar-rassing, in my high school years it was Neil Diamond mainly because of his acoustic guitar and his voice. When I was younger it was pop music and then metal later on. Recently, through Lance, who of course hates metal, I have picked up new influences comprising of composers of classical music. I’d say my favourite is the Baroque composer Henry Purcell, more so because he has written a lot of soprano stuff that I want to sing. At some point I was a Lady Gaga fan as well. But generally I love all types of music including Jazz and Percussion music, to mention a few.

Singing seems like a big part of you?Yeah definitely! Singing is a reli-gion. Especially if you are singing

in a choir, it’s a flipping religion. It becomes who you are and it defines you. Lance and I were speaking about it this morning that if we were to go and live in another country, the first thing we would do is to join a choir because it would be the easiest way to integrate because it comes naturally. I would only go look for an Actuarial job after that [Laughs].

What about instruments, can you play any?As for instruments I used to play Guitar, the Recorder, Marimba & Percussion, but I am very out of practice now. I played percussion when I was studying music. It’s pretty awesome and it is in what we call the kitchen section of the orchestra – lots of noise!

Actuary and music at varsity seems like a lot, how did you

“

ZANI’SFAVORITES

Feature

As for instru-ments I used to play Guitar, the Recorder, Marimba & Percussion, but I am very out of practice now. I played percussion when I was studying mu-sic. It’s pretty awesome and it is in what we call the kitchen sec-tion of the or-chestra – lots of noise!

The Walking DeadThe idea of what would people do if it was the end of the world fasci-nates me - Zani

Sky DivingSomething I have always wanted to do but still too afraid to try. Maybe one day.

Classics Literature There is no better place to learn proper english than classic novels.

MusicI love all genres of mu-sic, and Gaga was my favourite at some point.

16 M a y 2 0 1 6 b e r n o u l l i

manage to balance?Well I wouldn’t say I balanced be-cause it took me ten years to only get to associate level so I wouldn’t recommend it to someone who wants to quickly get it over with. I do however think it is good to find some time while you are still at university to grow your horizons. Be part of a sports team or a band or just be involved in something because you won’t ever remember sitting in front of the books, it will be experiences you had with people that will resonate with you the most. I think we could do a lot more in terms of departmental and faculty to show students that there is another world out there of peo-ple putting on plays and concerts, to encourage students to open up their minds and not just focus on a CT file. I also recommend students to read novels. You must read fiction. Everyone should read fiction. Just read something for pleasure so that reading becomes your hobby.

How important are people skills?Extremely important! It’s not just about how good you are with running a meeting or talking to people, but also how well you can handle conflict. It requires a

combination of personal, commu-nication and listening skills. You should be able to put yourself in another person’s shoes.

Best advice you would give an actuarial science student?It’s okay if you fail. You can always do it again.

Something you are really proud of lately?Being able to sing with the Free State Symphony Orchestra. And of course that I finally qualified as an associate Actuary.

Do you possess any other talent?Well, l can draw a little bit. I started with drawing and painting classes recently.

If your house caught fire and you could only save one thing what would it be?Considering that all the humans are out, it would definitely be my laptop, and then be like, the rest can go [laughs]

If it was Halloween who would you dress as?I would be Titania from ‘A Mid-summer Night’s Dream’, the queen of the fairies.

Odeion Vocal ConsortI sing with five other members of Odeion Vocal Consort. We are a smaller group of singers from the Odeion Choir who perform chamber works.

Memorable EventsEaster this year we sang a work by Buxtehude called ‘Membra Jesu Nostri’ with the Free State Symphony Orchestra, which is a meditation of Christ’s body on the cross. So for me that was a very nice experience. Last year, the Odeion Vocal Consort also sang another piece by Buxtehude with Baroque 2000 at Marianhill Monas-tery in Kwazulu-Natal.

A defining moment in my life was when l failed my first Actuarial subject CA1. That was a tough one. I hated failing, it was the most horrible experience in the world. I failed it another time and only got to pass it a third time around. It was a learning experience because up until that point l had defined myself with my academic abil-ity and all of a sudden that ability was not present and found myself asking who am l? So l had to pick myself up and try again.

b e r n o u l l i M a y 2 0 1 6 17

12 TIPS to financial success

As a professional to get expert financial advice isn’t a nice-to-have – it’s a must-have.

Sanlam is a Licensed Financial Services Provider

Accept who you are. As a young graduate professional, you think differently to your parents and the generations before them. The world is a different place to when they were young, so what worked for them financially, may not work for you. You will have to work out your own strategies to ensure that you are financially ready for any curve balls life might throw at you. 1Realise that you are the ‘sandwich generation’. You won’t only have to make provision for your own retirement, but may have to look after your parents, who will be living longer than their parents did. As tax expert Prof Matthew Lester says: “Don’t expect to inherit from your parents – you might be inheriting your parents.” And make sure you check out the in-laws well, since you may be inheriting them too.

2Understand that you’ll fall into a high tax bracket. With your qualifications, you are likely to be in a top income bracket. You’ll therefore be paying a lot of tax. Find out what your tax table looks like, and how much will be deducted each month. 3Draw up a monthly budget. This is common sense, but not many people actually do it. Your budget is not a judgement, it is just telling you where your money is going. If you have a credit card, remember that your credit limit is not a target – the money doesn’t belong to you and you’ll have to repay it, with substantial interest. Also check your bank costs and make sure you’re not paying too much.

4Save up for those big-ticket items. Everyone knows they need to save, but we are living in an era of instant gratification, and it’s very tempting to buy that fancy car you’ve been eyeing the moment you get your first pay check. It’s crucial to draw up a short-, medium- and long-term savings plan and stick to it – if you do, you will reach financial independence quicker than you think.

5

Finance

Set money aside for emergencies. Life’s little surprises happen,and it is advisable to have some money saved up – in an accessible money-market account, for example – to prevent you having to borrow money when they do occur. A good figure to consider is three to six months’ salary. 6Start saving for retirement from day one of work. This isprobably the last thing on your financial radar, but it really is important. There are relatively painless ways to handle your future retirement, but it means starting young. The later you leave it, the more you’ll have to pay each month to get a decent pension when you retire. The main factors here are time and compounding, where the interest on your investment helps it to grow at an accelerated rate over time. Compounding has been called the ‘ninth wonder of the world’ due to its powerful effect on investment growth.

7

Don’t (ever) cash in your pension if you change jobs. As ayoung professional, you are likely to change jobs up to 10 times throughout your career. For this reason, you should preferably have your own retirement annuity (RA) which will be unaffected should you change jobs. When you change jobs, don’t withdraw your pension money, preserve it in a provident fund rather than spend it.

8Protect your ability to earn an income. This is your biggestasset. What will happen if you become disabled at the age of 25? There are various types of insurance which can be used to cover this and other uncontrollable risks, such as sickness, injury, incapacity and even death. If you have no dependents, you probably don’t need to take out life cover at this stage, but a package containing income protection, and cover for disability and dread disease can cushion the impact of an unforeseen event affecting your ability to work.

9

Form a relationship with a financial adviser. The world offinance and investments is very complex these days, and a professional financial adviser will have access to information you won’t have (not even on the internet). For example, there are over 1 000 unit trusts in South Africa today – how will you determine which one to choose?

10Read, read, read. You don’t have to become an expert, buteducate yourself about the world of business, finance and investments. Understand how the markets work, and the financial products you have bought. Don’t buy anything without doing your own research first.11Draft a will. Again, this is likely to be furthest from your mind whenyou are in your twenties. But if do you happen to die, it can become very messy for your family if you die intestate. Even if you have very few assets, wrapping up your estate can become very complicated if you don’t have a will and an executor.

12

Sanlam is a Licensed Financial Services ProviderV3

33

6 0

1/20

15

NE

017

7S

AN

00

317

3

Contact Pierre Heydenrych at 0846272890 or mail : pierre.heydenrych@sanlam4u.co.za or Tshego Modise at 0843107252 or mail : tshego.modise@sanlam4u.co.za who will help you with your financial life plan before your embark on your professional career.

FreshmenFirst Semester

Stories‘Only a kovsie knows the feeling’ they told you. Its not a

statement you can understand on your first day at varsity. It is an accumulation of experiences you will have and

memories you will make. A big welcome to first years who have started their journey and professional careers.

Freshmen

20 M a y 2 0 1 6 b e r n o u l l i Megz photography

I will be a senior next yearWe started off with rag, I really had high expectations of which some were met and some not so. We would Dance and walk in the heat while the seniors were chilling and supervising us. Out of all this struggle though I managed to make some great friends and forged some memorable experi-ences. The inters were amazing too, meeting new people and girls is al-ways fun. I love varsity, and everything so far is great, even statistics. Looking forward to rag next year, I will be a senior. That should be fun.

Inters was particularly memorableComing to University was an overwhelming experience for me. There is a much higher standard than in high school and l expected no less. Exciting as that may sound l was only to find out that being a freshmen meant earning rights of passage. Res culture means we have certain duties we are supposed to do throughout the year until we earn our privileges, which has gotten better. Rag was also a lot of work but a must have experience. Inters was a particularly a memorable experience for me, I got to meet so many amazing students studying different things. We also got to interact with the girls residences and l got a ‘wife’, I did not even get a choice in the matter (not that I am complaining lol). Its great being a kovsie.

This feels like DejavuOften I heard that university would be a big adjustment from school life. Personally, I didn’t find this to be true. You see, the pri-mary reason people would tell me this, is because in university we are expected to work for ourselves, as it should be. How-ever, the school I came from already had such an approach. This however does not mean university life is any easier. I have enjoyed doing more challenging subjects and the increase in difficulty is a welcome change. I remember doing the BUSSE ufs 101 survey, which at one point asked how much I applied myself at school, my response was, ‘Not at all’. Suffice to say this is no longer the case.

My dad has always said that University was one of the few journeys that every person should experience. He encouraged me to select my Varsity of Choice. I visited Kovsies during open day in my Grade 12 year and immediately knew that this would be my Alma mater. And so far, the journey has been awesome. From the butterfly moments of leaving home to set up a new life 500km away, to meeting my new roommate, the seniors at Res, finding my way at Campus, to sitting in a hall filled with 500 plus economics students….all has contributed to this new journey. John Keats, the English poet said that, ‘Nothing ever becomes real until it is experienced’… well, I am experiencing Kovsies and it is real.

I promised to change my hair colourMy first day at university, I remember feeling so small in such a big place, a considerable contrast to high school. What kind of a fool goes around a building twice to find their way? During registrations I got lost because all the Callie Human sides and entrances look the same, I couldn’t remember which way I came in. I thought I wouldn’t survive the next few days, let alone the entire first semester. I even swore to change my hair colour if I did. A month into this esteemed course, actuarial science, I was elect-ed First Year Representative in ASSC. Hey, now varsity life isn’t so bad after all. Well, I accept that I’m not the smartest kid anymore and I’m stuck with a hair colour that makes me look dull and bland, but who cares? My CT2 marks have never seen a brighter day anyway.

JORGE GOMEZActuarial Science

MIGNON VAN DER MERWEActuarial Science

SHEILA SIMANGOActuarial Science

LEFIKA NAPHTALYActuarial Science

BONGANI BALOYI JRActuarial Science

I’m experiencing kovsies and it is real

Freshmen Stories

b e r n o u l l i M a y 2 0 1 6 21Megz photography

VISIONNUMB3RS

ITS GAME ON/If you had not already noticed, it’s game on. You are playing the big-gest game of your life and you need to have a winning strategy. You are the coach, the play-er and your own biggest fan. So cheer up, reach for the drawing board and hit the pitch.

10,000 HOURS = 10 YEARS/Yep grab your calcula-tors because ain’t no way 10,000 hours is equal to 10 years, right? Unless it is. In 2005 Malcolm Glad-well wrote a book where thousand of hours were spent researching how

the greats became suc-cessful. Simple enough 10,000 hours of deliber-ate practice turned out to be a key ingredient to becoming a leading expert in a field. So that means that for each and every major skill or character trait that is essential to your field should be practiced for at least 10,000 hours. You add all this up and you get a decade. Now imagine this informa-tion given to you at an early age with a focused career path. A stronger sense of passion and intelligence; a dash of the soft skills and a voracious appetite for reading. Span this ten

years from now and witness the magic. It’s the long game! You start with the end in mind and order your steps accord-ingly. You look beyond now, blur everything around you for a second and think with greater detail. Your ten years start now. At some point you gotta take your craft seriously and be pas-sionate about it enough to know all there it to. It is a long game, one which will undoubtedly tests your wits day in and day out. Only those that see the bigger pic-ture on day one can win the long game. Ain’t no shortcut really, its pretty straightforward.

The Long Game

by Frank Magaya

GAME ON

22 M a y 2 0 1 6 b e r n o u l l i

Law of Large NumbersThe law of large numbers theory is a definite representation of the long game. You can flip a coin toss twice and get two heads but statistically speaking it should have been a head and tail. Flip once more, and more and after a 1, 000 flips the numbers start to balance in the 50/50 range meaning that it’s all about stretching a technique over time to get the desired effect. Time undoubtedly has a smoothing effect (wine is a testament to this). All your rough edges and weaknesses can be smoothed over by time. Christiano Ronal-do, the now football legend, who plays with skill, flamboyance and precision, was already picturing it when he was spending count-less hours practicing from the age of ten.

Game of ChessChess is really one of the most mental demanding board game ever made and what really fascinates me the most is the pause players take before making their next move. Research has shown that the biggest difference between great players and average players is in the number of moves a player can think ahead. Great players by experience, intuition, intelligence and talent are able to see the game unfold before them. They see a certain outcome they want to achieve and trace back their steps to the beginning. In this way they would have won the game before even moving their first piece. They leave nothing to chance and guarantee their success with meticulous precision. They are masters of the long game.

Heads and TailsJohn Edmund Kerrich is a mathematician who was born in England and grew up in South Africa who is noted for performing 10,000 coin tosses whilst in jail as a prisoner of war in 1940. Of the 10,000 coin tosses, he obtained 5067 heads. These findings helped prove a well known theory called Law of large numbers where a 50/50 proportion count of heads and tails is expected on coin toss.

b e r n o u l l i M a y 2 0 1 6 23

ActuaryIn actuarial science, the analysts are involved in calculating mostly future values among a lot of things. Pric-ing quotations and valuing business requires working in future values. Ac-tuaries in essence are very good fortune tellers and their skills are undoubtedly very important as reported by their salaries and their demand. We are up against a more challenging world where catastrophes and uncertainty is a norm. Actuaries work towards nul-lifying these negatives and make the world not so bad after all.

Deliberate practiceSerena Williams ranks No.1 in women’s singles tennis. Together with her sister Venus they have each won several major championships. Serena is known for her deadly serve which has power and precision. A serve she has been practicing since she was three years old. The key is not only practice but deliberate practice. This means deliberately and carefully nurturing a skill to achieve the desired result. You need to identify a skill that is essential in your field and deliberately practice it to be the best at it.

to detail and a voracious un-derstanding of the markets made him one of the first persons to spot the decima-tion of the housing market and then shorting on it in a credit default swap. This was a long game and he executed it nicely with such finesse and composure you swear he was from the future.Little Back StoryHe majored in economics and pre-med studies at the University of California. He went on to become a neurol-ogist but continued trading and investing as a hobby (his passion obviously) then he quit his day job to pursue trading and investing under

the hedge fund ‘Scion Capi-tal LLC’ with which he made those tremendous results mentioned before.

Lessons LearntBe passionate about your craft. Let it possess you. That’s where your break-through is. You wanna be the greatest analyst, consultant, risk manager or statistician then start now. Think beyond just passing a test, think of amassing so much informa-tion about your field that you become the best. Be the living embodiment of your craft. Love what you do; do what you love, and do it well. The time is now to live your passion.

Seeing the World in NumbersMovies you should watch

MONEYBALLFaced with a limited budget, general manager Billy Bean (Brad Pitt) recruits a statisti-cian who uses mathematical metrics to help him decide which undervalued players to buy. This helped the Oakland Athletics to win a record of 20 consecutive matches in baseball league back in 2002.

BILLIONSThis is a show that captures the true happenings of Wall Street as it follows a US attorney out to get a certain hedge fund manager on insider trading. There is so much investment jargon and a lot of talk about trading in this cat and mouse TV show starring Paul Giammati and Damian Lewis.

The Big ShortMOVIE

Well... this is the real life story of hedge fund manager Michael Burry who posted a whopping 489% profit and earned himself a comfortable $100 million in salary when he correctly forecasted the market bubble collapse in 2004, three years before it even happened. Such use of analytic skills, great attention

This 2016 Oscar Academy Award winner is a definite must-see for all students venturing into finance.

WHY?

THE BIG SHORTNUMB3RS

24 M a y 2 0 1 6 b e r n o u l l i

by Frank Magaya

your futurebegins now...

Actuarial & Statistics Student CouncilUniversity of the Free State

Must Haves

DID YOU KNOWSIX SIMPLE

THINGS YOU MUST OWN

Good EarphonesNotice we say good, meaning branded. A good set of earphones show how much you care about your ears imagine your head without ears. Those ears are for you to listen to music, audio lectures, sermons, voice recording and most importantly to help you zone during boring convos.

Dry Erase BoardThis is a very cool thing to have in your room after a talking parrot of course. You can use it to write your schedule for the next day, plan your meals for the week and reminders of things you need to do. It is also a great place to write motivational quotes and to brainstorm for your next outfit.

PostersGo and buy an attractive poster about something you care or passionate about. Your room has to be a reflection of your personality and there is no better way to express that than through some cool posters. It can be your favourite football club, singer, actor, quote and even art.

MagazinesWhen a friend visits you at your place and they don’t know what to do with themselves it would be very cool for them to find a couple magazines on the table. There is a magazine for anything you can imagine. They are also quite enjoyable with a world of knowledge, advise, fashion and trivia.

Board Game This is when we see exactly what you are made of. A board game can be the best and most inexpensive time you can have with friends. It can also be a way to make new friends or get to know someone. Board games usually involve dividing the group into teams and then competing against each other over a table brimming with cards, dices, question cards, moving pieces or a combination of all these. Checkers, Monopoly, Game of Life and 30 seconds are the most popular. So pickup a up a board game and really get into it like those guys.

She knows best16 hours is the average time a female undergradu-ates spend on productive things like work, studying and homework more than their male counterparts who spend most of that time playing video games.Source: Study Journal Sex Roles

Just go away82% of students find overhearing cellphone conversations extremely annoying and rude. They find it more distracting to hear one side of the con-versation than when there are two people talking. Source: buffersocial

Drinks on meThe average university student attends 62 parties a year. This should come as no surprise to all you party animals. Source teenlife.com

26 M a y 2 0 1 6 b e r n o u l l i

by Mikey Makwarimba

Humour

KINDERGARTEN TEACHER: To get to the other side.ACTUARY: We need to perform an experience study and build a model of the frequency and duration of chicken road crossings, Poisson, Pareto, Burr, Norman Inverse Gaussian, or Gamma? It’s going to be a fun filled week-end!

A statistician’s wife had twins. He was delighted. he rang the

minister who was also delighted. “Bring them to church on Sunday and we’ll baptize them,” said the

minister. “No,” replied the statistician. “Baptize one. We’ll

keep the other as a control.

If you live to be one hundred, you’ve got it made. Statistically speaking very few

people die past that age

Three statisticians went out hunt-ing. They came across a deer in the distance. The first statistician fired, but missed by a meter to the left.

The second statistician fired but also missed by a meter to the right. The

third statistician didn’t fire but shouted in triumph, “ On average we got it!”

Q: What does the zero say to the eight?A: Nice belt!

100

Why did the chicken cross the road

The Romans didn’t find algebra very

challenging because X was always 10

My PIN is the last 4 digits of

CALCULUS IS

π∫exy

Q: What happened to the plant in math classA: It grew square roots

b e r n o u l l i M a y 2 0 1 6 27

FOR ALL YOUR

PHOTOGRAPHY NEEDS