Anyone here in actuarial science?

[Inspector Jihad]

I'm considering going into that direction with my life...anyone?

 

[Inspector Jihad]

?

 

[PurdueRy]

I guess thats a NO

 

[Schadenfroh]

Isnt that those people that work for insurance companies that compute your chances to live?

I hear that the souls of the dead come to slay you in your sleep in that field.

 

[TallBill]

I took a test in high school and Actuary came up on the top of my list. My teacher kept telling me about how they make insane money.

Thank A Higher Being that I chose not to go that route.

 

[darkswordsman17]

I think Actuary ranked as the lowest stress/highest paid career.

 

[acemcmac]

actuarial science =? accounting

 

[tami]

i think ActuaryTM might be one.

 

[BRObedoza]

i plan on getting into actuary work in a year or so, but i graduated with an applied mathematics degree

 

[Audiotherapy]

you gotta be a hardcore math person to do it... the exams are very hard from what ive heard

 

[Inspector Jihad]

anyone take the exams?

 

[dave127]

man i wish i had seen this thread earlier...i am a junior studying actuarial science at PSU...ive taken one exam, course P, this past september but did not pass...i'll be taking it again in february, this time hopefully with better results. If you want any sort of other info that i can give you, shoot me a pm or we can talk on this thread. It's definitely a good career path for someone that likes math, but you dont have to be real hardcore with the math, basically you need to know it for exams, then the hard stuff from there on out is done by computer. Also, entry level actuarial work kinda sucks because of the exams, but the pay is good and so is job placement and satisfaction.

Dave

 

[aplefka]

We have our very own Mark/Blake/Tim/Mike as well as David the Douche (Upscillion). You could probably talk to either of them about it.

On a side note, I met this guy named Jake the other night at poker who was almost a mirror image of David, it was bizarre.

 

[Inspector Jihad]

hey dave. i am a junior at temple and i'm doing a double major in math and bio....i wanted to reconsider and possible drop one of them. THats why i'm looking it actuary very seriously because thats what i might want to do.

What classes other than my math classes would i have to take? What do the exams test? and finally what kind of grades and extracurriculars are about average?

 

[dave127]

Right now, for actuarial science, you're definitely at one of the best schools there is. The first few exams, P, FM, M, and C for the SOA or 1-4 for the CAS (two actarial societies, the SOA encompassing mostly life contingent type insurance and pensions, and the CAS dealing with property and casualty insurance), test your profeciency in math directly related to actuarial modeling. P(1) tests knowledge in probability theory, including discrete and continuous as well as joint distributions, counting, and anything else involved in calculus based probability. FM(CAS course 2) tests on annuities-certain of all types, and other interest theory type problems, also possibly involving a bit of calculus. Exams M and C (3 and 4) test on actuarial modeling. These are basically things that deal with rating insurance plans and annuities, but aren't actual rating problems in themselves. They combine knowledge gained when learning topics P and FM. Basically, you should take a class on calc based probability theory, and a class on interest theory, but the classes alone will not be enough to pass exams unless you are some god of memorization. Each exam takes approximately 150 hours of studying. My professor recommends 10 hours per week for the 15 weeks leading into an exam. As for how competitive the job market is, one of the major things will be exams. Being that you go to a school with a solid actuarial program, I would consider taking and passing at least one if not two exams before you graduate. With this you should also carry a decent GPA, (somewhere in the 3.5 or above range) but that isn't totally necessary if you have exams passed. Otherwise, I would check for an actuarial club at your school for more info and as a great extracirrucular for your resume. My resume isn't entirely solid (3.1 GPA and not much in the way of prior work experience) but employers are now looking for interns and I've been successful in getting at least a few interviews for summer jobs. Sorry for the long post, but if there's anything else I can answer for you, let me know. I'd also look for Tim or some of the other guys on the forum with actual work experience to give you a bit of a different perspective on things.

Dave

 

[Syringer]

It's a very lucrative field if you're good at math. They changed the course of the first exam from stressing calculus to pure probability questions. Pay increases will get you in the 6-digit range well before you're 30 if you're on track with your exams..and will go even higher. Actuaries tend to make more money than MBAs/JDs without requiring grad school, and does not carry the same stress levels as those do either.

The only negative is that it's a relatively one-dimensional route that you'd be taking, for if you do take it you'll pretty much be stuck in it forever..meaning you're unlikely to find anything that will put you on as high a pedestal down your career line as staying in the actuarial route will.

I personally would not major in actuarial science for that reason, and instead if you are interested in it be a math or maybe a stats major instead. That way you open many other doors while keeping the acturial door wide open as well..

 

[dave127]

oh yeah...some sites to check out:

Be An Actuary

SOA

CAS

PSU Act. Sci. Club FAQ

Dave