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How hard is it to become an Actuary?

S

Syringer

Lifer
I've been interested in becoming one for quite a while now for many reasons..and was wondering if there's a certain GPA I should try to get with a math/econ degree at UCLA that would provide me with the best chances at becoming one?

Or is it necessary to get a graduate degree?
 
From what my wife says, the higher the GPA, the better.

What they'll usually do is take one of the tests in the series and then get a job to get experience in order to help them pass the rest of the series.

I don't believe you need a masters, but I'm sure an MBA wouldn't hurt.
 
After you graduate, you take a bunch of actuarial tests. Pretty darn hard. My friend is smart and he says its hard.
 
The only actuary I have known was my sister's idiot ex-husband. He earned his JD and passed the CA and NY bars before becoming one. He is a pretty bright guy, but I never discussed the difficulty of the testing process with him.
 
Make sure you're a good golfer!!! 😉

Those actuarial exams are a biatch...or so I've heard...

actually, I think only the first exam is really really hard, and then they get progressively easier as your knowledge increases... most companies won't make you take all the exams though...
 
It's tough, I hope you really like crunching numbers. I was in a fantasy basketball league with 80% actuaries, and it was nuts. They knew every stat about every person.

Math/Statistics would be something good to focus on, but it looks like you're not even done with college yet. It takes a certain mindset to be an actuary, you might find that you dont enjoy that kind of work.
 
Yeah you kind of need to be an introverted supergeek in order to be an actuary. Holy moses, you make TONS of money and get super benefits as one, but it's kind of funny how much they are laughed at by the rest of the people at whatever company. Every person I've met whos worked with actuaries say they're really not fun people to be around at all.

If you can stand to be viewed as a really, really boring person but have a crapload of money, definitely give it a try.
 
My girlfriends dad is an actuary. He's a cool guy. Hell, he raised 3 daughters and he's still sane so he's got something going for him.
 
Originally posted by: amnesiac
Yeah you kind of need to be an introverted supergeek in order to be an actuary. Holy moses, you make TONS of money and get super benefits as one, but it's kind of funny how much they are laughed at by the rest of the people at whatever company. Every person I've met whos worked with actuaries say they're really not fun people to be around at all.

If you can stand to be viewed as a really, really boring person but have a crapload of money, definitely give it a try.
Click to expand...

I wouldn't say it is THAT simple. My ex-brother-in-law, who was an actuary, is a really lively, fun guy. Of course, he also has severe mental problems and a history of cocaine addiction.

 
Originally posted by: Don_Vito
Originally posted by: amnesiac
Yeah you kind of need to be an introverted supergeek in order to be an actuary. Holy moses, you make TONS of money and get super benefits as one, but it's kind of funny how much they are laughed at by the rest of the people at whatever company. Every person I've met whos worked with actuaries say they're really not fun people to be around at all.

If you can stand to be viewed as a really, really boring person but have a crapload of money, definitely give it a try.
Click to expand...

I wouldn't say it is THAT simple. My ex-brother-in-law, who was an actuary, is a really lively, fun guy. Of course, he also has severe mental problems and a history of cocaine addiction.
Click to expand...

Not too different from high school eh Syringer?
 
to be am actuary, you have to pass the Series-7 tests. like the name implies, it's 7 tests.

Usually, you pass test #1, get a job, and the company gives support to help u pass the other 6. you of course sign something like u promise to stay with the company 1-2 years after passing all the tests.

avg starting salary after passing the 1st test = $200k/year.

you need to LOVE math/stats as much as a computer geek loves computers/YAGT threads 🙂

take a look thru the practice tests at your local library.

passing the Series-7 is harder than getting a CCIE. then again the avg actuary gets paid ALOT more than the avg CCIE.
 
CaseTragedy, are you my long lost twin brothers? Your avatar even look the same as mine.

I love the calculating process of statistic, but I hate remembering the name of each process.
Like in my stat class, I got perfect score on calculation questions. But there are lame questions that ask for specfic name of a process, those questions kicked my ass.
Will that be a problem if I am pursuing to be an actuary?
 
starting salary, from what i know, after the first two tests (which most people take while in school) is more like 70k depending on where you live
 
CaseTragedy, are you my long lost twin brothers? Your avatar even look the same as mine.
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cool. you're a boring introvert too? nice.

starting salary, from what i know, after the first two tests (which most people take while in school) is more like 70k depending on where you live
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sounds a bit more reasonable.
 
Originally posted by: guapo337
what exactly does an Actuary do?
Click to expand...

Actuaries are experts in:

evaluating the likelihood of future events,
designing creative ways to reduce the likelihood of undesirable events,
decreasing the impact of undesirable events that do occur.


Edit: I didn't know either until I read it on the webpage I posted above
 
Originally posted by: JEDI
to be am actuary, you have to pass the Series-7 tests. like the name implies, it's 7 tests.

Usually, you pass test #1, get a job, and the company gives support to help u pass the other 6. you of course sign something like u promise to stay with the company 1-2 years after passing all the tests.

avg starting salary after passing the 1st test = $200k/year.

you need to LOVE math/stats as much as a computer geek loves computers/YAGT threads 🙂

take a look thru the practice tests at your local library.

passing the Series-7 is harder than getting a CCIE. then again the avg actuary gets paid ALOT more than the avg CCIE.
Click to expand...

Hm. I'm in the securities industry and I haven't heard of a 7-test set.
Do you have a link to this information? Also are you sure it's called the Series 7? Because in the securities industry, the Series 7 test is the test required by the NASD in order to transact stocks and other financial vehicles. It's one test. I have a Series 6 and 63 myself, as I don't deal with stocks/options/bonds, and they were pretty fudgin' easy.

*edit*

Answered my own question.
Yes, there are 7 tests required for actuaries, many jobs require 3 of 7 passed.
Linky: http://www.beanactuary.org/exams/

Also they are just Exams 1 through 7, not the "Series 7" which is something completely different (entrance exam for the NASD).
 
Well, my brother is an actuary.

You do not need a specific degree, but you do need to be sponsored. The tests increase in difficulty, and are meant to be hard to pass. The actuarial society does not want to be flooded with actuaries. Oh, he did not have an advanced degree, but did graduate with a double major in physics and mathematics. He would be considered fairly intelligent by any standard.

You cannot keep taking tests until you pass them, I think you have two tries at each, at which point you do not advance. My brother has taken and passed all of them and therefore is a full member of the society of actuaries. It took several years.

If you want to be an exec in the insurance industry you had better be a full member, or you will not be looked at twice.

BTW, my brother defines an actuary as an accountant without a sense of humor 😀

He is a pretty cool guy. Quite the business type A personality, but you have to be with what he does.
 
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