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BoundByAxioms
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Does anyone know the path towards becoming an actuary? How does an actuary become an actuary: graduate school, experience, etc.? Thanks for any answers.
BoundByAxioms said:Does anyone know the path towards becoming an actuary? How does an actuary become an actuary: graduate school, experience, etc.? Thanks for any answers.
mgb_phys said:ps. It's usually said that being an actuary is for accountants that can't take the surge of adrenalin.
BoundByAxioms said:So it sounds like an internship is very important for this field. Are we talking like a summer internship? Or like, a semester internship?
Boring ? The swinging on a rope across chasms, the deadly traps, the poison darts of natives ? Oh sorry that's archealogy ;-)BoundByAxioms said:That's funny :rofl:, are you suggesting that being an actuary is boring?
A maths major is fine. The PhD isn't needed for the work but if you are calling a Wall St firm with 1000 applicants for 10 places it might help you get an interview (in the same way as .mit or .stanford email address)I would think that a Ph.D might be a little overkill in order to become an actuary, but ...I'm a mathematics major. I feel like it would be difficult to enter directly into some actuarial firm for exam sponsorship.
AsianSensationK said:Yes, internships are critical.
Make sure you pass an exam or two before you go apply to the internships though. In practice, everyone who applies and gets an interview for an internships has at least one or two exams passed to list on their resume. Edit: In the US and Canada you take them from the society of actuaries, the casualty actuarial society, or the Canadian institute of actuaries. The first 4 are nearly identical (with a slight difference in the life contingencies exam). 3 of those first 4 are jointly administered by the 3 organizations.
mgb_phys said:Boring ? The swinging on a rope across chasms, the deadly traps, the poison darts of natives ? Oh sorry that's archealogy ;-)A maths major is fine. The PhD isn't needed for the work but if you are calling a Wall St firm with 1000 applicants for 10 places it might help you get an interview (in the same way as .mit or .stanford email address)
The starting salary isn't bad - and remember that's while you are training, compare it to what junior lawyers get while they are still doing articles (or whatever).
Check out the actuary professional body in your country
BoundByAxioms said:What does a junior lawyer earn in the United States (my country of origin)?
They're like the MCAT. You can buy study guides and things like that too and do fine. There's a set of study manuals a lot of people use from a company called actext/mad river.BoundByAxioms said:How does one prepare for these exams? Are they like the MCAT where you can study independently/take a training course, or do they require some serious instruction?
BoundByAxioms said:Does anyone know the path towards becoming an actuary? How does an actuary become an actuary: graduate school, experience, etc.? Thanks for any answers.
mgb_phys said:A maths degree (a PhD doesn't hurt) then a few years qualifying in an actuary job and a lot of exams.
ps. It's usually said that being an actuary is for accountants that can't take the surge of adrenalin.
BoundByAxioms said:I would think that a Ph.D might be a little overkill in order to become an actuary, but I've got no great reason to think that. My school doesn't offer an actuarial science degree, unfortunately. I'm a mathematics major. I feel like it would be difficult to enter directly into some actuarial firm for exam sponsorship.[/B]
Kote said:According to the National Association of Colleges and Employers, annual starting salaries for graduates with a bachelor’s degree in actuarial science averaged $53,754 in 2007.
BoundByAxioms said:So it sounds like an internship is very important for this field.
BoundByAxioms said:I've been mulling the idea of a career as an actuary for about six months or so. Since my school doesn't offer many classes (we offer General Mathematical Statistics, Probability, ANOVA, Mathematics of Risk, and Econometrics, and Mathematical Methods in Economics) that would help prepare me for the examinations, I've been considering the idea of obtaining a master's degree in statistics from my local state university, while doing an internship during the summer and what not. Can anyone offer me any advice on this path?
Locrian said:3) I've found that people in the actuarial field often have (just as most of society does) hugely inflated expectations of PhD salaries. Many potential employers will look at those letters and assume they can't pay you enough.
Locrian said:The best advice I can give to becoming an actuary is to go to
http://www.actuarialoutpost.com/actuarial_discussion_forum/index.php
then the Careers - Employment forum. There is a FAQ thread and an entry level advice thread -read them. Everything in them. Don't make another "I want to become an actuary" post, there's already a kabillion of those and yours isn't different.
Those forums are a huge source of valuable information. Every question you have has been answered in it already. Get to searchin.
Ashlynne said:Hi everyone, thanks for all the great info! I've been doing a ton of research into the actuarial sciences lately to determine my next path and have found myself particularly interested in the http://www.docstoc.com/docs/3873241/Actuaries-in-Non-Traditional-Roles-Investment-Banking" would apply in those situations as well, or even be better...
To become an actuary, you will typically need to have a bachelor's degree in a relevant field, such as mathematics, statistics, or actuarial science. Some employers may also require a master's degree in actuarial science or a related field.
Yes, in order to become an actuary, you will need to pass a series of exams administered by professional organizations like the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). The number of exams and specific requirements may vary depending on your desired specialization within the field of actuarial science.
Strong mathematical and analytical skills are essential for actuaries, as well as the ability to interpret and communicate complex data. Attention to detail, problem-solving abilities, and proficiency in computer software and programming languages are also important skills for this career.
While work experience is not always required, it can greatly benefit those seeking a career in actuarial science. Internships or entry-level positions in related fields, such as insurance or finance, can provide valuable experience and help you stand out to potential employers.
The job outlook for actuaries is very positive, with a projected growth rate of 18% from 2019-2029, according to the Bureau of Labor Statistics. This growth is due to the increasing demand for risk management and data analysis in industries such as insurance, finance, and consulting.