What's it like to be an actuary?

[takeru]

my cousins wife and friend are actuaries. from what i hear apparently there's a curve also, meaning only a predetermined amount of people will pass each session. it doesn't matter how high you pass above the requirement, but comes down to how high your are in that current group. i think last test they tried only like the top 10-15% of them were allowed to pass.

 

[actuarial]

Here's a quick summary.

The job can be individual/number crunching based (insurance) or it can be client facing/team oriented/number crunching based (consulting). I work in consulting, and I can tell you it's actually not boring once you're above entry level positions.

The exam system is long. I believe in the US it's a total of 8 exams, two assignments (a 30 day and a 96 hour), and a bunch of modules/mini assignments (3 are marked formally). You can find all the info here:
http://www.soa.org/education/exam-req/edu-fsa-req.aspx

The top part is to become an ASA (which I am) and the second part is to become an FSA. In Canada you lose two exams, one becomes longer, and you have to take a 3 day course which is topped off by an exam.

I've read that the average age to become an FSA is around 30, which seems likely based on when some of my colleagues said they achieved it.

The job is pure number crunching when you start, then moves into review, then either client facing or management. Once you become an FSA you can sign reports and at that point you are setting assumptions and doing the highest level of review. Pay is quite good at all levels.

You have to be VERY good at math to get through an Act Sci degree and then the preliminary exams. After that the exams are easier math-wise but require extensive memorization.

Hope this helps.

 

[actuarial]

my cousins wife and friend are actuaries. from what i hear apparently there's a curve also, meaning only a predetermined amount of people will pass each session. it doesn't matter how high you pass above the requirement, but comes down to how high your are in that current group. i think last test they tried only like the top 10-15% of them were allowed to pass.

There's a curve, but between 35-65 percent of people pass each exam each sitting. Usually at least 40%.

 

[tokie]

What's the difficulty level compared to accounting? Is it just a case of "three semesters of calc and a semester of stats", or does it delve into more advanced mathematics?

Much more advanced statistics than a simple 1-semester stats course. Expect to take most of the senior statistics courses (at least at my school that was how we did it).

I would suggest however, as one poster also did, to major in Statistics as opposed to some dedicated Actuarial Sciences program. This opens many more doors, since IMO statistics is one of the most marketable disciplines.