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  #51  
Old 01-14-2018, 08:18 AM
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Originally Posted by Colonel Smoothie View Post
I see where you're going with this, and in some aspects I agree but if that logic were carried to an extreme, nobody would be willing to hire ELs because they can't really do anything. I think to some extent there is an expectation that a hire will get better over time. Is there some more elaboration that would take this example into consideration?
It wasn't meant to be some statement of unnassailable truth. I don't have the time to make that precise a statement.

The EL case isn't that hard to understand. EL employees usually are negative value initially. While the value is in the acquired skills a company can be willing to make an investment in letting you acquire them and see positive NPV. Most of the objections to my statement are probably similiar: NPV vs current value differences.

My point is the reliance on the word "ability" which can take on multiple meanings. Could some really smart person do my job? Yes and no. Many people could learn my job given a few years but given that it needs to be done today most people don't have the ability.

My statement was a reaction to this statement:

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This fallacy about one type of quantitative person being able to solve business problems and another type of quantitative person not being able to solve business problems is annoying.
Which I think Riley is getting at the point that actuaries often present themselves as the only professionals able to solve certain types of business problems. There is a lot of hyperbole in how the actuarial societies present themselves. Yet, within our small corner of the world (insurance), its close enough to the truth. I don't think any (sane) actuaries think we can be everything to everyone, regardless of what the PR is.
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Last edited by JohnLocke; 01-14-2018 at 08:36 AM..
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  #52  
Old 01-16-2018, 11:43 PM
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JohnLocke is so special. He's unique. His value is so strong. His employer would crumble without him.
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  #53  
Old 01-16-2018, 11:57 PM
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It all depends on what "ability" means. I think you are talking about "do I have the mental faculties to understand and solve the problem given relevant experience and training?" vs "do I currently possess all the skills I need to solve the problem?" One is a statement about capability to acquire skills but the other is about having acquired them. Frankly, no one cares about the former. There are many smart pepole in the world. Many who are smarter than actuaries and could probably do the job better than current actuaries had they all spent a decade at an insurance company. All the value is in acquired skills, not raw abilities. Who cares what you hypothetically could do. Your value is in what you can do today.
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  #54  
Old 01-17-2018, 10:55 AM
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People in high school and with Bachelor's degrees - for the most part - only have a superficial understanding of what they're doing. They know the buzzwords, they may run lm() in R, read through ISLR, and consider themselves a "data scientist."
You annoy me. Such a blanket statement is such BS. You live in your own little echo chamber and you make statements like this to make you feel good about your decision to get a Masters and how it will make you better than those with a Bachelors.
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Old 01-17-2018, 11:46 AM
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You annoy me. Such a blanket statement is such BS. You live in your own little echo chamber and you make statements like this to make you feel good about your decision to get a Masters and how it will make you better than those with a Bachelors.
especially considering that many successful people don't even have advanced degrees (gates, zuckerberg, probably more). it is all about whether you put in the extra effort required and are naturally interested and curious in going beyond the obvious, not "I have a Masters/PhD so am naturally smarter and better". nope, you just spend time and money on an advanced degree in the hopes that it would pay off somehow.
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Old 01-17-2018, 12:28 PM
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especially considering that many successful people don't even have advanced degrees (gates, zuckerberg, probably more). it is all about whether you put in the extra effort required and are naturally interested and curious in going beyond the obvious, not "I have a Masters/PhD so am naturally smarter and better". nope, you just spend time and money on an advanced degree in the hopes that it would pay off somehow.
I love it when people try to justify themselves with extreme outliers. Complete insanity.

Look kiddies, in this day and age, a guy with a Masters will have a much better understanding of the material when compared to a guy with a Bachelors.
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  #57  
Old 01-17-2018, 01:00 PM
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I love it when people try to justify themselves with extreme outliers. Complete insanity.

Look kiddies, in this day and age, a guy with a Masters will have a much better understanding of the material when compared to a guy with a Bachelors.
I agree with part 1.

Part 2, not so much. Not all Masters and Bachelors are made equal. Though in broad generalities you may be correct.
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  #58  
Old 01-17-2018, 01:51 PM
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I love it when people try to justify themselves with extreme outliers. Complete insanity.
No wonder you love yourself soooo much!
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Old 01-17-2018, 02:06 PM
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You nerds love rehashing the same argument over and over again.

#welcomeToTheInterweb
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  #60  
Old 01-17-2018, 09:46 PM
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Originally Posted by oedipus rex View Post
especially considering that many successful people don't even have advanced degrees (gates, zuckerberg, probably more). it is all about whether you put in the extra effort required and are naturally interested and curious in going beyond the obvious, not "I have a Masters/PhD so am naturally smarter and better". nope, you just spend time and money on an advanced degree in the hopes that it would pay off somehow.
Would you feel the same way if we replaced "advanced degree" with "actuarial credential"?

-Riley
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