U of T Statistical Sciences: How did your academic journey lead to the Masters of Financial Insurance program?
Kevin Wang: My undergrad at U of T is an economics specialist and statistics major.
I chose the MFI program because it is a professional program that provides students with a sophisticated understanding of the field of finance and insurance. In addition, we get lots of training in data science, actuarial science, and finance.
The MFI program really makes me feel at home. They not only teach us academic courses but also pay close attention to our life and career development. You learn how to plan your career, how to maintain integrity and passion in the industry, and how to help each other through teamwork and communication.
Although the MFI is a relatively new program, the culture and working environment are fantastic. I want to give a big shout out to Shari, Sarah, and Professor Jaimungal. They have been amazing and supportive throughout the year, especially in these trying times.
Can you talk about the life of an MFI student?
There are three terms. In the first two terms, it's basically school work where you will take courses in pricing theory, machine learning, time series analysis, and life insurance.
At the same time, you have many career panels where you can get a chance to talk to industry professionals working in banks, insurance companies, and funds. It’s a terrific opportunity to build up your own network.
In the last semester, you do an internship from May to August. After finishing all the course projects plus the internship, you will be asked for writing a 30-page final report and give a presentation to the incoming MFI students.
Where are you currently interning, and what is the role about?
I am currently doing my internship as a data scientist at a start-up company, called Modellicity Inc. The company uses statistics and modelling to provide clients with insightful analyses and realistic predictions to make the best decisions to maximize revenue and minimize risk.
My boss, Basil Singer, founded the company three years ago, and he also teaches one of my MFI courses, called Data Analytics in Practice. During the past few weeks, I streamlined the data extraction process for treating and merging multi-level financial datasets for default modelling purposes.
I will also be working on several credit risk modelling projects in the next few weeks and get in touch with our clients.
Why did you choose to become a teaching assistant? What was that experience like?
The reason I chose to become a TA is that during my undergrad years the TAs in my courses helped me a lot. They went over my quizzes, term tests, and problem sets with me during office hours which helped me successfully improve my grades.
That’s why I wanted to become a TA, and I would like to use the knowledge I have learned during my master's and undergrad years to support our students as much as I can. I have learned a lot of skills such as time management from this experience and it is always a great pleasure to work with my professors and students together.
What are your academic or professional interests? Have they changed during the MFI?
Before entering this program, I was willing to pursue a front-office career at a bank or an insurance company. I was not quite familiar with coding at that time because I was coming from an economics background. However, the MFI completely changed my career plan. I have learned how to use Python, R, Matlab, SQL and VBA throughout the year and now I am equipped with a strong coding skillset so that I can apply for positions in more quantitative fields such as data scientist or modelling analyst. The program has really offered me a lot more flexibility.
Do you have any stories or fun events from your time in the program that you want to share?
As the class leader, I have organized several social events. For example, we hosted a virtual dance party during Halloween. We dressed up, did the makeup, and had so much fun that night. At the beginning of September, we rented an indoor court and went to play badminton together. We also did outdoor activities at the Treetop Trekking Parks in Hamilton in mid-October.
What advice do you have for undergrad students who want to pursue a graduate degree?
I suggest students look for internships during the summer. An internship will help you figure out what you want to do in the future and help you decide what further studies to pursue as a master's or PhD candidate.
For example, let's say you did a risk analyst internship last summer and you faced some obstacles. Maybe you didn't know how to do the option pricing or you had a hard time using Python. However, the good thing is, because of this experience, you can start to think about your career path. You may decide to pursue a master's of financial risk management or a master's of financial insurance degree to improve and enrich your knowledge and technical skills to make sure that next time, you will handle your work like a professional.
How do you balance your time?
It is always good to have a formal schedule on your phone or laptop to know what you need to do during the day. On weekdays, I usually go to class from 9 am to noon and then I have a short lunch break till 1 pm. Next, I spend the afternoon working on my assignments and projects. Before dinner, I play basketball for an hour. At night, I hold office hours for my students, especially for the students in other countries with different time zones or do some grading and research.
Did you participate in sports during your time at U of T?
I’m a sports guy. I love playing basketball. During my spare time, I go to the basketball court at U of T and play with my team. We played for the U of T Intramural League in the open division before the pandemic every year. My team is called the “EZ United” and I am the founder and captain of the team.
Do you have any advice you'd like to share?
Don’t hesitate to apply for the MFI program. I am looking forward to meeting all of you in the future at MFI alumni events. I promise you won't regret it. Good luck!
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