Lil_Wayne_Fan

If you weigh all the factors (salary, difficulty, stress, etc.), which is the better career path to follow?

BK22889

How do you expect someone to be able to answer this for you? If I say "investment banker" because I don't care about having a personal life, is that really going to help you? It's about what YOU value, not what I value. That said, investment banker.

student01

^ lol how could you not care about having a personal life???

BK22889

hypothetical

hmom5

I remember now why I stopped writing on this board. It was because a lot of kids who have never stepped foot in an investment bank write as though they know about the lifestyle.

these are 2 very different areas and most ibank jobs require a very different skill set than that of an actuary. With strong math skills there are few barriers to entry for actuaries than for ibanking jobs.

As for lifestyle, some how I managed 3 decades in banking, raised 3 kids, vacationed often on every continent and enjoyed almost every moment. The 'hazing' period of being an associate/analyst does not last long on a relative basis and is no different that the intern/resident period doctors go through.

BK22889

Once again, it was a hypothetical about why no one else (including kids), can answer such a question for the OP.

nauru

But which banks did you work for hmom, in which divisions and in which specific roles. These factors can have a huge impact on your anecdotal experience, and without knowing a lot more detail about your circumstances it may be difficult for people on this board to ascertain the relevance of your comment.

kotchian123

You'd have to be an idiot to choose banking over actuarial. Especially at a large life insurance company.

1) Including bonus, you can make up to 70K+ your first year.
2) You work 40 hour weeks.
3) This year due to recession, ibankers made ZERO bonuses and many of them have lost their jobs.

C-Revs

That information is false kotchian with regards to bonuses.

Lil_Wayne_Fan

Kotchian:

When you say "You work 40 hour work weeks", isn't that misleading in a way? Because on top of those 40 hours, you gotta spend a lot of time studying for exams as well. That should be factored in.

hmom5

None of these folks have a clue, Lil Wayne, don't waste your breath.

There are not many actuaries I know who don't wish they were bankers and had gotten offers back in the day, and none of them work 40 hour weeks who have done well.

As for my own situation, like anyone in any career, you have to choose an organization that will work for you. And then you have to make yourself valuable enough to them to keep you on terms you can work with. I worked in different positions that required fewer hours when my kids were young. I was also able to keep a job while turning down requests to move that would have spelled the end for many.

I was also happy to take less money for doing less work. These are organizations run by humans! Don't come in as a 24 year old trying to call the shots, but if you become valuable to any bank they're going to work with you. In my case through three kids and a serious skiing accident. I also have a DH with an equally demanding career unlike many women in the business, and that was just another level of understanding necessary. If your clients love you and you produce for them, you will have a great deal of flexibility.

panther2k

Bankers will make $70k base their first year. Not counting signing bonus ($10k) or peformance bonus which would add to that total significantly. Additionally, that amount is going to grow MUCH faster than a similar track as an actuary. Banking will open a lot more doors for you as well.

collegehopeful78

Can one get make about 70k by the time they are 30 in actuary while working just 30 hrs a week?

kotchian123

I'll admit my previous post was a bit base and crude but your responses to it have been impressingly tolerating and professional.

hmom5 things have changed significantly for actuaries over the decades - today it is arguably the best, most lucrative career and is ranked #1 by wallstreet. Recently there has been a trend where many top schools (including Cornell, Wharton, MIT, Yale, NYU, Columbia, Michigan) are starting to get into actuarial as opposed to traditional banking.

As an entry level actuarial, you know more about wall-street's trading operations than a entry level banker. This is because entry actuarials are very educated about finance. We are obligated to pass mathematically challenging finance exams just to get the job.

Ask an actuarial student what exactly a black-scholes model is and how it works including the equation and criteria and he/she will tell you because it is part of these exams. Ask an actuarial how securities are traded and how annuities work and what the time-money exchange value works and he/she will tell you. An actuarial student tends to be highly educated about finance - not just mathematics.

By the time your 25-26 you make six figures with the bonus and are considered an associate actuary. By the time you're 28-29, your considered a full time fellow actuary and can make anywhere between 150K and 200K depending on your bonus. And yes, in many companies you do absolutely work 40 hours a week. Sometimes less because of the vacation packages.

Good luck everyone!

bearcats

lol this thread is so funny