As I reflect on my academic journey and future goals, I
realize how my high school dream of studying finance has shaped my path, even
if I took an unexpected turn into the rigorous world of actuarial science at
the University of St. Thomas. This decision, initially a result of family
pressure, has become a blessing in disguise. It exposed me to a wide range of
disciplines—economics, computer science, accounting, and finance—while
challenging and expanding my quantitative skills through advanced courses in
calculus, linear algebra, statistics, and actuarial science classes. These
experiences have equipped me with a strong foundation in understanding data, a
skill set I’ve enhanced by applying programming languages.
My curriculum was exciting, stretching from Calculus I
through III to Linear Algebra, and encompassing Probability, where I learned
about various distributions. This mathematical foundation was critical in my
Mathematical Statistics course, where I applied R code and the principles of
normal distribution with stat theorems like permutation test, Bootstrapping,
Monte Carlo simulation, and Anova to identify uncertainty in predictions
(P-value). In my upper-level actuarial science classes, we integrated calculus,
concepts from my mathematical finance, and statistics to calculate premiums for
different insurance policies, ensuring companies maintain adequate reserves for
potential losses.
My academic pursuits have been greatly enriched by my
relationship with my professor in Actuarial Science, Junsen Tang, who is
currently pursuing a PhD in financial markets with a focus on reverse
mortgages. Our extensive discussions on the application of financial
instruments in the insurance industry have not only broadened my understanding
of financial markets but also sparked a deeper interest in exploring innovative
financial solutions.
My ultimate career is working in developing insurance and
financial products backed by mathematical models. I was born and raised in
Ethiopia. I have seen how hard it is to live a stable life. The need for
insurance is extremely high with big upsides. Only local companies are allowed
to operate in Ethiopia making it difficult to recruit well educated
professionals. As of March, 2024, 0 number of Actuaries were recorded in the
country which shows how important this course is for me. Delloite has recently
been granted access to give consultations due to the emergence of the newly
founded stock exchange (ESX). This capital market is a big initative for Ethiopia
but needs to be feuled by hedge funds, investments banks, pension funds. All
these companies should be backed by technical professionals with good
quantitative skills. That is where I see myself in ten years. I want to start
concepts of retirement accounts like 401k or 402b for hard working people, play
a role in developing financial products, partner with reputable consulting firms
to make insurance more affordable and profitable at the same time. My goal is
to make in impact in this world using what I have learnt so far.
I want to use the
resources, connections, and research opportunities in University of Minnesota
to achieve academic excellence. After graduation, I will be focused on securing
a job that can advance me in developing my expertise in financial markets or
insurance. I plan to work, learn, and grow for three to five years and try to
expand internationally towards Africa. I understand that this journey won’t be
easy but there are people in this world with exceptional achievements and all
it takes is one step at a time.
This background and ambition is what attracted me to pursue
my grad program at the University of Minnesota. On top of that, the University
of Minnesota checks most of my checklist. From the classes that are offered for
Financial Mathematics to the welcoming admissions team. I believe I have a
strong foundation in most of the courses offered. I am looking forward to the
entire course. I am excited about how I can use my mathematical statistics
concepts (Monte Carlo, MLE, Markov Chain, Bayesian) class in finance, I am new
to machine learning but the emergence of fintech highly depends on it which I
think is interesting to explore.
Thank you, admissions team, for reaching out to learn more
about me.
