Asking the right questions

As a student at a high school where two of the three math teachers were alumni of the Faculty of Mathematics at Waterloo, Eli Margolis learned to love math at a young age. “I appreciated the clarity of the problem-solving aspect,” she reflected. “There was always a right and wrong answer, always a correct way of figuring something out if you searched hard enough.”

When she arrived at the Faculty of Mathematics, Margolis encountered more complexity and nuance than she had ever experienced before. “In high school, I could go from point A to point B without explaining how I got there,” she recognized. “In my math classes at Waterloo, I have to be able to explain my reasoning in a robust manner at every step along the way. It’s a completely different way of approaching math.” 

In her 1B term, Margolis took an elective in actuarial science on a whim. By the end of a semester, she had chosen a career path. “I have always had a passion for the statistics side of math, so finding a field that applies statistics to business was a perfect fit,” she said. “Fortunately, Waterloo’s classes line up perfectly with the actuarial exams so that classes and exam study complement each other.”

As a co-op student in actuarial science for companies like Mercer Canada and BMO Financial Group, Margolis began to master a process that was less black and white than many people realize. “Actuarial science all depends on the assumptions you begin with,” she explained. Two actuaries may calculate a different level of risk if they assume different factors based on historical data and economic climate. “It takes a good amount of experience to get a feel for how to ask the right questions. As a co-op student, my clients or bosses define the assumptions, but it will be my job down the road.”

For the past two years, Margolis has coped with a challenging courseload and workload through embracing social activities on campus. “The social aspect of Waterloo Math is highly underrated,” she affirmed. Through her involvement in Math Society, Math Ambassadors and Orientation Team, she has built a core group of friends from the Faculty. “Making friends who are equally passionate about math has been so valuable for me,” she said.

Margolis also appreciated the social element of her co-ops in consulting. “Many actuarial science jobs are highly technical, which I enjoy, but I also value the opportunity to build relationships with clients and communicate with people from non-technical backgrounds,” she expressed. After she graduates in 2022, Margolis plans to pursue an actuarial career with a consulting company. “Thanks to my experience at Waterloo Math, I’m prepared to enter a field that I love.”