navyarf

Yeah, actuary exams aren't exactly SAT/GRE style math exams where you can not study and do reasonably well. Study, study, study.

Mr Payne

Very good at math...98th percentile?

cbreeze

This is the type of job that is easily outsourced overseas.

Alex7592

I was wondering if Operation Research was a good path to get into this industry?

Mr Payne

Seriously.

dcd

Is this the type of job you need to take classes to prepare for? Or can you study independently (I'm aware the exams are rigorous and many, many hours are required) and take them on the side?

I'm a few years out of college but am looking at this as a possible career. I had a few math classes in college (up to linear equations) but did not major or minor in a math or business-related field.

gobluecpa

"This is the type of job that is easily outsourced overseas."

if you think about it, most jobs could be easily outsourced overseas. i don't think you made your point unless you're more specific.

cbreeze

^^ This is a job that is very math-statistics intensive (guess which countries are full of these people?) . It also does not require direct personal contacts. It can be done anywhere in the world.

You are darn right.

transfernkid

Actuary Salary Survey - actuary jobs - D.W. Simpson & Company, Inc. , actuarial, actuaries, Employment, Salaries, Insurance, Statistics, Mathematics, FCAS, ACAS, ASA, FSA, Student, FCIA, FIA
here is the link to average salaries for actuaries starting out. Some companies like John Hancock accept undergrads who have taken at least one of the exams and help pay for the others. I think starting pay is like 48,000 but the exams are brutal. The more you pass the more money you make but it is easier said then done.

Emergent

First off, I don't know what legislation people think is going to reduce the need for actuaries. Regulation increases demand for actuaries. I'm not aware of anything in the upcoming financial regulation that reduces the number of required actuaries. The healthcare legislation would have increased the number of required actuaries as well - or, at least, increase the workload for the ones currently employed.

Secondly, this talk of outsourcing actuaries is mostly silliness. Credentialed actuaries are not technicians. They're first and foremost businesspeople, and sending the whole department overseas makes sense so long as you send the rest of the business with it. Anyone whose goal is to sit in front of a computer 40 hours a week doing rote excel work should worry about their future. The rest of us are fine.

Emergent

Pure hilarity. Where do people get this stuff?

Emergent

The route to being an actuary is something like the following:

1) Have one or more degrees
2) Pass Exams
3) Get a job

Don't spend too much time obsessing over the details of step 1. A good GPA is important. A quantitative degree helps a little (but is certainly not necessary). Employers won't go far beyond that.

Emergent

I don’t think the thread title has been appropriately addressed. There’s lots of talk about the value of working as an actuary in this thread, but a degree in Actuarial Science isn’t necessary to be an actuary. The question remains as to what value that degree has.

You can get a more complete view by reading the large number of threads on this topic at the ActuarialOutpost. I’ll try to summarize.

The advantages of having a degree in Actuarial Science is include that it signals to an employer that this is what you intend to do (that you are serious about a career as an actuary). It may give more specific training that could be useful on the job. Most importantly, a structured program often has contacts that can help students get internships and jobs.

Having said that, I think the general feeling towards most actuarial science degrees is a bit negative (though keep in mind this may not apply to all universities).

While some employers posted on the AO that they appreciated the degree, most didn’t seem to care much either way. Some even said that having a degree in actuarial science was a strike against a candidate! Almost everyone agrees that a better measure of whether a candidate is serious about the field is the number of tests they’ve passed. Few, if any, posters suggested that candidates leaving an actuarial science program actually learned useful job skills there, though they sometimes noted that the classes helped candidates pass more tests.

The biggest problem (in my, and a number of others opinions) with an actuarial science degree is that it prepares a student for a career in actuarial science, and only that. Degrees in math, physics, engineering, financial mathematics or other quantitative areas leave students with a number of employment options, one of which is being an actuary. Don’t underestimate the value of having options.

When considering an actuarial science program, look hard at what it will bring you. What is the placement rate for students? What is its relationship with employers (and which ones)? What are the test passing statistics?

The most important point you can get from this is that it isn’t a simple equation of “I want to be an actuary; I get a degree in actuarial science.” Weigh your options, gather information and think critically.

cbreeze

Sarcasm aside , this is totally not constructive. Explain yourself.

Emergent

What needs explaining? Do the actuaries where you work seriously not have to deal with other people? Don't get me wrong, I do my best to hide away in my cube some days, but this is a losing game. The less someone is a technician and the more they are an actuary the better their communication skills have to be.

Ultimately the job I do only has value because it is done for and presented to other human beings.