Blog

October 2024

Both paths are gruelling, but for different reasons. Actuarial concepts are trickier to understand, and you may spend hours trying to make sense of a single theorem. But when it clicks, you don’t need to revisit it many times over. Medicine is almost the opposite, where the concepts aren’t particularly challenging, but there are hundreds of lists to memorise.

Both paths are also very long. Studying an appropriate degree is only the start. There are around a dozen professional exams standing in the way of becoming a “Fellow” actuary (some of these can be earned through university studies), and a very small percentage of people get through them without failing at least once. Medicine, on the other hand, starts with 3 years of internship and community service. If you want to specialise it then takes a minimum of 4 more years, but often requires 2+ years of intermediate work before getting selected for a specialisation programme.

For those who are mathematically inclined, the buzz you get when you find an elegant solution to a difficult problem is unmatched. If you’re grinning at this statement then actuarial science may be for you! It may also be where you find “your tribe”. Actuaries are fiercely curious, with a uniquely dry sense of humour. The kind of people who, when something unusual happens, ask “What are the odds of that?” — and then actually calculate the probability.

Medicine offers a more sobering reward. It is a deeply precious privilege to be let into people’s lives, and to be entrusted to help them through some of their most difficult moments. The range of human experiences that I encountered as a doctor made me a softer and more empathic person, although it did cost me a few grey hairs.

With actuarial science there is a very real risk that you run up against an exam that you just can’t get past. In my first year at uni there were 400 people in my class; less than 100 stuck through to graduation (most people switch to accounting or statistics). I had a quick look at the Actuarial Society’s website, and there are fewer than 2500 qualified actuaries in South Africa. Getting to the end is not guaranteed, but there are many options if you don’t want to continue.

In medicine, the long, overnight shifts are especially trying. For someone who has never worked 36+ consecutive hours, it’s simply impossible to convey how difficult these can be. Most of the time, if you get 2 hours of sleep you consider yourself blessed. For the rest you are on your feet 90% of the time. All while your patients’ wellbeing (and sometimes their lives) depend on you. To top it off you’ll normally only get 2 weekends off each month. It’s difficult to make social plans, and you’ll inevitably miss important life events.

In the short-term, actuarial science easily wins. The skills that actuaries have are so critical that it often feels like businesses are built around them. You feel supported and valued. You do still need to navigate office politics, so that’s something to keep in mind if it’s not your strong suit.

Medicine, ironically, has a notoriously toxic workplace culture, although it has been improving. Junior doctors are invariably and overtly bullied by senior/permanent colleagues. You need really thick skin. In the long-term, however, medicine offers a better chance of a great work-life balance. You can comfortably work for yourself, something that’s uncommon for actuaries.

Medicine has higher highs and lower lows. There’s no one-size-fits-all recommendation. Deciding between the two requires some reflection on your personal motivation for working, understanding your strengths and weaknesses, and deciding which challenges and losses you’re willing to bear.