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Calling all actuaries!


Marky Mark
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Is anyone on Soxtalk an actuary?

 

I've been keeping my eyes open for a career change, and I've run across the idea of being an actuary. From what I'm reading, it appears to be a career for very smart individuals. I've always considered myself to be the type of person who can really do and learn anything when I really try to apply myself to it, but I've never been the smartest kid in the class either. I don't consider myself below average, but would you say that if I'm not a top of the line thinker to begin with, that I should forget about this career? I have no background in Math or stats, so I'd be starting from scratch. If anyone on here is an actuary, let me know, I've got a lot of questions.

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I have looked at it as well, i was a Math major at Loyola. I only started to review for the first test, the Series P Exam, which was basically a review of Pron and Stats. It seemes doable, but would require a lot more time than i had. I know that to get hired, most firms would like to see you pass at least two exams. I have friends who could pass those tests, but i figure it would have a really tough time and decided against it. Good luck! Check with the Actuarial Society in Chicago, i think you can get practice tests there!

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One of my majors in college was statistics. I took an actuary prep class in college and I've passed the second test. You need to be good in math, know your calculus, probability theory, econometrics, forecasting, statistical inference and testing methods etc...It's no joke. I never took the first exam because when I graduated I didnt think i'd pass it and I got a job doing marketing analysis and havent pursued the actuarial career any further at this time. I may do so in the future, but i'll have a lot of studying to do. If you arent really, really good at math and mathematical theory you probably shouldnt consider the actuarial field too seriously.

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You guys are scaring me away from the idea. Is it hard because its so much different information you need to know, or because its just extremely hard to grasp? Or just a huge mess of both? So I assume, someone with no background in math or stats needs to be incredibly dedicated to get into this.

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QUOTE (Markbilliards @ Feb 23, 2010 -> 11:11 AM)
You guys are scaring me away from the idea. Is it hard because its so much different information you need to know, or because its just extremely hard to grasp? Or just a huge mess of both? So I assume, someone with no background in math or stats needs to be incredibly dedicated to get into this.

 

Yeah, if you have no background in math or stats you have a lot of work to do. I'm not trying to dissuade you but it's a unique and very challenging field. It's hard because theres just a lot to know. When you get into statistics theres many different methods and types of tests and you need to know when and when not to use each one. Each one, of course, has it's own set of rules and formulas to follow. It's math, so it's direct. It is not heavily theory based but there is some there. A calculus base is pretty much a necessary foundation for some of the upper level classes. I'd say its more the shear volume of what you need to know and how it spans so far out is what makes it harder moreso than it being "extremely hard to grasp".

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QUOTE (Heartattack19 @ Feb 23, 2010 -> 08:24 AM)
I have looked at it as well, i was a Math major at Loyola. I only started to review for the first test, the Series P Exam, which was basically a review of Pron and Stats. It seemes doable, but would require a lot more time than i had. I know that to get hired, most firms would like to see you pass at least two exams. I have friends who could pass those tests, but i figure it would have a really tough time and decided against it. Good luck! Check with the Actuarial Society in Chicago, i think you can get practice tests there!

that bit had me a tad confused for a moment. then i re-read.

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QUOTE (Markbilliards @ Feb 23, 2010 -> 12:05 AM)
Is anyone on Soxtalk an actuary?

 

I've been keeping my eyes open for a career change, and I've run across the idea of being an actuary. From what I'm reading, it appears to be a career for very smart individuals. I've always considered myself to be the type of person who can really do and learn anything when I really try to apply myself to it, but I've never been the smartest kid in the class either. I don't consider myself below average, but would you say that if I'm not a top of the line thinker to begin with, that I should forget about this career? I have no background in Math or stats, so I'd be starting from scratch. If anyone on here is an actuary, let me know, I've got a lot of questions.

 

You have a lot of work ahead of you if you wish to be an actuary. First, most actuaries have a degree in mathematics (or possibly computer science). Many have a masters in Actuarial sciences.. Another big thing for being an actuary is passing the tests.

 

From my experience, working within actuarial and statistical divisions, it is going to be very difficult for you to get that first job without a mathematics degree, or an internship to start off. But if you can pull it off, you will be making some decent money.

 

 

Edited by mr_genius
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QUOTE (ChiSox_Sonix @ Feb 23, 2010 -> 08:37 AM)
If you arent really, really good at math and mathematical theory you probably shouldnt consider the actuarial field too seriously.

 

I think you are definitely giving some good advice here. I know of a number of people that have math degrees and fail some of the more advanced actuarial exams repeatedly.

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