Is a Career in Actuarial Science Right for Me?

  • Thread starter AdamS
  • Start date
AdamActuaries are professionals who specialize in risk management and use mathematical and statistical models to analyze and predict the financial costs of uncertain events. While some may find the job to be routine and focused on numbers, others find it to be a lucrative and rewarding career. However, it requires a strong sense of faith and dedication, as well as good communication skills and proficiency in math. The job is known for its long hours and the need for self-study to pass exams. Overall, it is a job that requires a combination of mathematical skills and determination to succeed.
  • #1
AdamS
I was thinking of working towards passing my first exam. Any thought on the profession, maybe something I don't now about it.
 
Physics news on Phys.org
  • #2
hello, adam.

I did a program in actuarial science. It's difficult for me...not that the math is difficult, but that I lost interest in it. To me, actuary is about some routine computations and a bunch of numbers. There is not much excitement beyond that...

Of course that's my view only, and I don't mean to discourage you. And in fact some people do like actuarial science. But I think the most important thing one should have in becoming an actuary is "faith". From what I know, actuaries have to work long hours and most of the beginning actuaries have to study on their own for their exams besides their work. If you have no faith, you simply cannot hold on...

Anyway, that's just my opinion. Good luck to you!
 
  • #3
AdamS said:
I was thinking of working towards passing my first exam. Any thought on the profession, maybe something I don't now about it.

Hi I'm actually working towards the first exam myself. From what many have told me in the profession and what I've read the profession is VERY lucrative. Not only that, the field is voted as the 2nd best job in the United States in according to the 2002 Jobs Rated Almanac. Other people are also talking about the subject in the On Advanced Math Subjects... column in general math.
 
  • #4
My husband is an actuary. The job is very lucrative. He doesn't have the crazy hours of a doctor, but is paid up in that range. If you stick it out, the rewards will be worth it. I would describe him as more of an effective problem solver than a "number cruncher". You have to be disciplined enough to study, and realize there is light at the end of the tunnel. You also have to be able to communicate very well. It is a job for people who are very GOOD at math and communication.
 
  • #5
I wrote the first exam and got a 2/10. The second time i studied and passed. It's not that bad, they just make sure you have no time to think on the exams. As for the job itself, I have no idea.

M
 

Related to Is a Career in Actuarial Science Right for Me?

1. What is an actuary?

An actuary is a professional who uses mathematical and statistical methods to assess and manage financial risk. They typically work in the insurance and finance industries, and their main role is to analyze data and make predictions about the likelihood of future events.

2. What qualifications do I need to become an actuary?

To become an actuary, you typically need a bachelor's degree in a related field such as mathematics, statistics, or actuarial science. Many actuaries also obtain a professional certification, such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS) exams.

3. What kind of work do actuaries do?

Actuaries work in a variety of industries, including insurance, finance, and consulting. Their main responsibilities include analyzing data, developing statistical models, and using these models to make predictions about risk and financial outcomes. They also play a key role in setting insurance premiums and developing investment strategies.

4. What skills are important for actuaries?

Actuaries need strong mathematical and statistical skills, as well as the ability to analyze data and make accurate predictions. They also need excellent communication and problem-solving skills, as they often work in teams and present their findings to non-technical audiences.

5. What is the job outlook for actuaries?

The job outlook for actuaries is very positive, with a projected growth rate of 18% from 2019 to 2029, much faster than the average for all occupations. This is due to the increasing complexity of financial markets and the need for professionals to manage risk and make data-driven decisions.

Similar threads

Getting into an engineering career with no degree...
    • STEM Academic Advising
Replies
12
Views
1K
Finding Meaningful Work: Career Advice for Young Scientists
    • General Discussion
Replies
15
Views
700
Non-traditional student leaving Oil and Gas trying to complete BS Math
    • New Member Introductions
Replies
1
Views
56
Job Skills What Can I Do Science/Math Related While Working on Undergrad Degree?
    • STEM Career Guidance
Replies
4
Views
624
Other Is Pursuing a Career in Physics the Right Choice for Me?
    • STEM Career Guidance
2
Replies
62
Views
3K
Physics Is returning to school sensible for me?
    • STEM Career Guidance
Replies
33
Views
2K
Does the actuarial exams only open the actuarial door?
    • STEM Career Guidance
Replies
7
Views
7K
Which MSc to do after BSc physics if you love to code?
    • STEM Academic Advising
Replies
10
Views
1K
Guidance for a beginner to extract data from a website
    • Programming and Computer Science
Replies
8
Views
394
Physics Backup jobs if PhD in physics isn't a goal
    • STEM Career Guidance
Replies
4
Views
2K

Hot Threads

Recent Insights

Back
Top