Questions for actuaries (or aspiring ones): relevant 'software skills'

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In summary, the individual is looking to switch careers to the actuarial field and is preparing for entry-level job opportunities by studying for exams. They are aware of the difficulty in entering the profession and are considering applying for jobs with only one exam. They are also interested in learning the software and functions commonly used by actuaries, such as SAS, Excel, and SQL. They are considering investing in a program specifically designed for actuarial professionals and seeking advice from current actuaries. It is recommended to focus on learning Excel functions like VLOOKUP and SQL, and to start networking and applying for jobs as early as possible.
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semidevil
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So I'm trying to career change over to the actuarial field and I'm trying to prepare myself as best as I can to get that entry level job.

I know about the exams and am already working on that. If all goes well, I hope to pass my first exam in January. As I know the actuarial profession is not easy to get into and quite a few companies require 2+ exams, I want to at least try applying anyways because 1) I'll be looking for a job anyways, 2) I'm hoping with my previous background in Insurance, and small networking circle, that will help me, and 3)I'm completely mobile within the U.S and there are some companies which require '1 or 2' exams.

My question is regarding the software and functions that actuaries use daily. I've done some research on my own and it looks like a lot of actuaries use SAS, Excel (and VBA), and some Access. However, I'm interested in specifically which functions and commands are the most relevant to learn. That way, if I want to improve my excel skills, I want to center my learning around these set of tasks and commands.

I know I can pick up an excel book and learn excel, but for a specific job and for my CV, if I write down "proficient in Excel,' I want to be able to elaborate on it and what I can do with it.

The only thing I can find online right now is "Actuwaiters" which claims to teach these software with actuarial profession in mind. I'm still deciding whether the cost is worth it, but I want to get some insight from actuarial members here about their job.
 
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Excel functions you should be comfortable with include: VLOOKUP, HLOOKUP, INDEX, MATCH, SUMIF, SUMPRODUCT, AVERAGE, COUNT, COUNTA, among others.

Add SQL to your list of languages to be familiar with. 10% of SQL is understanding the syntax and 90% is understanding the database you're working with, so just try to get the basics down and then you'll learn the rest on the job.

I strongly agree with starting your job search now. Make some friends in companies if you can. Get to know a few people. Apply to hundreds of jobs. Your geographic mobility will help a great deal.
 

1. What are some important software skills for actuaries?

Some important software skills for actuaries include proficiency in Microsoft Excel, statistical analysis software such as SAS or R, and actuarial modeling software like Prophet or AXIS. Additionally, knowledge of programming languages such as SQL, VBA, or Python can be beneficial.

2. How can I become proficient in these software skills?

The best way to become proficient in software skills for actuaries is through education and practice. Taking courses or workshops, attending webinars, or self-studying using online resources can help you gain the necessary knowledge and skills. Additionally, hands-on experience through internships or entry-level positions can also be valuable.

3. Are there any resources specifically for learning software skills for actuaries?

Yes, there are many resources available specifically for learning software skills for actuaries. Some examples include the Society of Actuaries' online courses, Actex Publications' study materials, and the Actuarial Bookstore's online tutorials. Additionally, many universities offer courses in actuarial software as part of their actuarial science programs.

4. How important are these software skills for actuaries in the job market?

Software skills are becoming increasingly important for actuaries in the job market. With the growing use of technology in the industry, employers are seeking candidates who are proficient in software and data analysis. Having a strong understanding of software skills can make you stand out in the job market and increase your job opportunities.

5. Can I learn software skills for actuaries on my own or do I need a degree?

You can learn software skills for actuaries on your own, but having a degree in actuarial science or a related field can be beneficial. A degree program can provide you with a structured curriculum and access to resources, as well as opportunities for internships and networking. However, many actuaries also gain software skills through self-study and on-the-job training.

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