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AcademicGround >> Actuary?


1/21/05 4:47 AM
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mmapcpro
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Edited: 21-Jan-05
Member Since: 08/27/2002
Posts: 606
 
Anybody know about the path to becoming an actuary, or the profession itself? I'm a math major with engineering/physics concentration, but I've been doing some research into the actuarial field... Seems that you need a degree in math, physics, statistics, actuarial science, or the like...then you start taking exams twice a year for about 7-10 years...the exams require about 400 hours of studying for each and have a 30-40% pass rate only, so there are LOTS of repeating... But the good news is that after you pass the first exam or two, you can get a job as an Actuarial Student, which pays 40-55k while you study and sit for exams. If you are one of the persisent ones that make it through the 8-9 exams, the average salaries are from 150-250k. You get significant raises after each passed exam. Does anybody else know about this career? Is my information pretty accurate? I got most of this info from www.beanactuary.com
1/21/05 2:22 PM
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jgibson
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Edited: 21-Jan-05
Member Since: 04/30/2001
Posts: 4807
SUre the money may be good, but will you enjoy the work?
1/21/05 8:51 PM
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ambey
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Edited: 21-Jan-05
Member Since: 01/01/2001
Posts: 1001
http://www.actuary.com/
1/22/05 9:33 AM
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Buddhadev
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Edited: 22-Jan-05
Member Since: 01/01/2001
Posts: 915
We had a great discussion on it going on here.
1/24/05 10:38 PM
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fanat
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Edited: 24-Jan-05
Member Since: 06/06/2002
Posts: 448
Definitely read that discussion that somebody brought up. It's a good stable profession that's just not as glamorous as investment banking lets say. If you are a math major with physics and engineering minor then chances are that you have great math background and you will not have to study hundreds of hours for the first couple (maybe just the first one since they changed them) of exams which are pure math.
1/26/05 12:35 PM
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Andrew Yao
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Edited: 26-Jan-05
Member Since: 01/01/2001
Posts: 2600
Actuary was ranked 20th best job in this dubious article: http://biz.yahoo.com/special/bestjobs05.html
1/26/05 2:16 PM
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Buddhadev
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Edited: 26-Jan-05 02:18 PM
Member Since: 01/01/2001
Posts: 931
Their no's 3 and 9 are massively outdated (unless you're talking about security, I guess). No's 10 and 14 are just insane. Their no 1 seems to be spot-on though. There's so much recruitment for that shit. It's amazing that people will shell out insane $$$ to salespeople who tell them shit that Suze Orman and the Motley Fool brothers could tell them for free (giving much better advice, btw, as well).

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