Please major in whatever you want.
(Disclaimer: I’m only a junior math major.)
I’ve heard that the entry-level job market is extremely competitive. Based on job postings, I also think it can be difficult to find work in certain areas of the country. However, you don’t need any particular major or even any particular classes, except insofar as you need to know the material for the exams.
Passing exams (typically starting with P and FM, which deal with probability and financial mathematics respectively) is the most important part of becoming an actuary. You can take classes to help prepare for the exams, or you can study on your own. After you’ve passed an exam or two, you should look for a summer internship.
In addition to passing exams, a lot of actuarial job postings mention Excel (including VBA) and SQL. There are also VEE requirements, which you can meet by taking classes on economics, corporate finance, and applied statistics. (Look up your school [here](https://www.soa.org/Education/Exam-Req/Instructions-for-VEE-Directory.aspx).) However, there are alternative ways to meet the VEE requirements after you’ve been hired somewhere.
At my school, the applied math major is basically the same as the general math major, except that you have to choose an application area and take classes in it. The statistics major omits some upper-level math requirements (e.g. abstract algebra and real analysis) in favor of upper-level statistics classes.
As a major, applied math is not inherently more employable than pure math. Math majors can go into lots of different careers, but most of them require you to study other subjects (education, computer science, statistics, etc.) and ideally seek out work experiences (internships, co-ops) to prepare for them. These things, rather than the name of your degree, will determine how employable you are.
Stat is a great major that can open many doors. You could find employment, or attend grad school, in a number of areas—marketing, survey methods, data science, biostat to name a few–that could be challenging and exciting. In almost any of these fields, you could have a career path that would lead to a making a great living.
Be sure to get a decent grounding in using statistical packages, and a bit of computer science, but many of these areas have their own software applications that you can learn on the job.
And is it any wonder why you’re anxious?
No disrespect to your father, but falling in love with the humanities makes you human.
It’s a highly sought after trait in mathematically talented people, and rarer than you might think.
Seems like data analytics is becoming a popular field for kids who would otherwise have become actuaries.
@halcyonheather Thanks for the info!
@smdur1970 I knew I should have listened to my stats teacher and learned R and some other coding over the summer ); but I still have time.
@ClassicRockerDad I’m happy to hear that I didn’t waste my time. Can you be my dad?
:))
Is there a recommended time to take the exams?
Dear anxiousenior1: I have reviewed your application to be my son, and though you are indeed very impressive, due to the large volume of applicants for the very few offspring positions in my household, I’m afraid I cannot offer you admission to my family at this time. I do wish you the greatest success in whatever familial situation you eventually end up in.
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My father gave me the option of either being pre-med or a mathematics major
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Your father is not the one going to college. You are.
It would be a huge mistake for you to be told what to study in college. How would you like if you chose one of those two majors and found yourself hating them?
There are plenty of high paying majors. Chose the one that will make you want to get up every day and go to work.
@ClassicRockerDad That made me laugh :)) Thank you for your careful consideration of my application.
@jpm50 I agree as well. I just have no basis of an argument when I am contributing nothing to my college expenses except the odd side job, and I really don’t feel like causing more tension. I actually applied to most schools on my list as an IR or Global Studies or Political Science or International Business major and my father was furious. There was a period of time where I didn’t even know if I was going to college because of my unwillingness to change my major and my father’s unwillingness to finance my education in those majors.
Maybe you can double major. Unfortunately, your ability to go to college and pay for it sounds like its linked to your dad’s willingness to pay, however, once you have a degree in hand, he can’t force you into a certain job with the degree received.
Progressive insurance has very few actuaries. They use data scientists (statisticians) to do their pricing and product development. They are big users of Big Data.
I was a math major, and an actuary intern right out of college. I passed 4 tests, but decided not to continue because 1) tests were really hard, 2) I thought the work was boring, 3) I didn’t think the pay was that good. I switched to asset securitization on WS. It was a very easy switch. I was able to use a lot of what I learned from those exams on WS.
Note that statistics is certainly relevant to political science, such as in the analysis of polls and elections.
Three actuaries go duck hunting. The first one shoots at a duck but is 20 feet wide to the left. The second one’s shot is 20 feet wide to the right. The third yells. “We got it!” Apologies to my big brother, the actuary, who does amazing work in New Jersey for Medicare recipients.
There are a lot of great careers for actuaries – not all of which involve making big bucks. Some of them involve public service.
There are good reasons that the actuarial profession is typically rated high among career choices.
http://money.usnews.com/careers/best-jobs/actuary
Actuaries are ranked:
#9 in Best Business Jobs
#15 in Best STEM Jobs
#21 in Best Paying Jobs
#56 in The 100 Best Jobs
Of course, there are plenty of wonderful threads about the merits of rankings here at CC. This is not a single perfect career choice for everyone, just as there are no universally perfect college choices that fit everyone. If your father suggests this as a career option for you, he probably has good reasons for doing so. I am sure he wants the best for you, and he wants to help where he can. Ultimately, the choice is of course yours, but since he is paying for your college, it probably makes sense for you to at least look into this. He likely knows you have the academic chops to handle this - being strong in math is of course essential. He knows you and wants you to be happy - he would not be suggesting it if he thought you’d be miserable at it. But since neither of you know all that much about the profession, thank him for the suggestion, and look into it. Let him know what you find out - this is not a profession for everyone, and there is not an guaranteed path to success and future happiness. But of course, nothing is guaranteed no matter what career choice you consider.
Best of luck to you.
You know “pre med” isn’t a major…there are many med students who majored in one of the humanities, they just also took the required pre med courses something like these: https://students-residents.aamc.org/choosing-medical-career/article/admission-requirements-medical-school/ - you can easily do that and major in a humanity, and/or in stats if you prefer.
@OHMomof2 Oh, I understand that. I just don’t want to do the pre-med requirements. I took Chem 1A over the summer before arriving here and it was just, well, hell. I don’t believe my four years here would be very enjoyable at all, much less medical school and beyond, if I am forced to take higher level physics/chem/bio courses.
That’s valid 