Thinking of Becoming an Actuary, in last year of high school

[aahs]

Hello!

So I am in Canada, and applications for universities are due in a few months. I love music, and i also love math. I recently stumbled on a career path of Actuarial Science and i think it sounds rather cool.

I've heard about all the exams and how everything will pay off in the end, but what are the job prospects? I'm concerned if i pursue an actuarial science degree i won't even get a job. Is there a need for Actuaries in Canada?

Luckily, I'm in Ontario so I'm right by Waterloo which i would want to go to for this degree since it offers co-op.

I'm still just so confused. Can anyone help shed some light on this? I hope it makes some sense what I'm asking.. if not I'm really sorry.

But thank you for any advice you can share!

 

[kk727]

Honestly, I personally know nothing valuable to you, but I found this website which looks like it would be helpful. I tried to go through the steps and find the information directly, but it asks about your location specifically...it looks like it's worth a shot! If it's not helpful at all, I'm completely sorry.

http://www.workingincanada.gc.ca/content_pieces-eng.do?cid=1&lang=eng

 

[Norman.Galois]

My friend is in the industry and he said its tough if you plan to work specifically in the insurance industry.

Personally, I think studying actuarial sciences would be dumb. Go into computer science and take statistics as a minor. Start your exams immediately after taking a probability course (first or second year).

A friend of mine did most exams before finishing undergrad.

I studied in pure mathematics and saw the material for the first 3. Not really that hard. And for most jobs, passing the first 3 can get you in. Plus since you are taking statistics, you take classes related to the exams... Sampling and Regression Analysis, etc... And then write the exam.

Why someone would study solely Actuarial Sciences is beyond me.

 

[Locrian]

Getting entry level work in Canada is hard right now, and has been for a year or two (maybe more, that's just all I know). Part of the problem is the state of the financial industry, and part is that Canada just produces a surprising number of actuarial students given it's population, so you have both a supply and a demand problem.

I love being an actuary, but I'm afraid it's hard to recommend going into the field in Canada, though that's partly because its not my locale.

By the way, everything you need to know is already posted on the forums at actuarialoutpost.com. Read the stickies.

 

[Locrian]

Personally, I think studying actuarial sciences would be dumb. Go into computer science and take statistics as a minor. Start your exams immediately after taking a probability course (first or second year).

In the US I would agree. I believe things are a bit different in Canada, partly because some of the university programs have such an excellent relationship with companies that it is more difficult to get in from outside that circle. Of course, some Universities don't, so without this added benefit, I'd say you are absolutely right - get a degree in math or stats instead.

Did your friend get work as an actuary in Canada Norman?

I studied in pure mathematics and saw the material for the first 3. Not really that hard.

Agree, none of the material is super hard. The tests are very hard though, so anyone thinking of taking them needs to take them seriously or they could find themselves paying to take them again. This is less true of the first two (P/1, FM/2), but even those I'd suggest studying hard for if for no other reason than to avoid embarrassment.

And for most jobs, passing the first 3 can get you in.

In the US, yes. It is generally agreed that this is not true of Canada. There are lots of college grads there that have at least 4 tests, and plenty of near ASA's right out of school as well - you have to be competitive with that. In Canada, getting an act sci degree from the right university can help a job seeker. This is much less true in the US. (Edit: To some degree this depends on whether you're counting MLC & MFE as 2 tests or 1 - in any case, a Canadian student needs every bit of help they can get).

Of course there are always outliers. A perfectly reasonable plan would be to major in math, stats or any other mathematical discipline, pass two or three tests, and just apply for actuarial jobs as well as others, on the slim chance you get one. But anyone doing that in Canada needs to have their story straight and be aware of the odds.

 

[Norman.Galois]

In the US I would agree. I believe things are a bit different in Canada, partly because some of the university programs have such an excellent relationship with companies that it is more difficult to get in from outside that circle. Of course, some Universities don't, so without this added benefit, I'd say you are absolutely right - get a degree in math or stats instead.

Did your friend get work as an actuary in Canada Norman?



Agree, none of the material is super hard. The tests are very hard though, so anyone thinking of taking them needs to take them seriously or they could find themselves paying to take them again. This is less true of the first two (P/1, FM/2), but even those I'd suggest studying hard for if for no other reason than to avoid embarrassment.



In the US, yes. It is generally agreed that this is not true of Canada. There are lots of college grads there that have at least 4 tests, and plenty of near ASA's right out of school as well - you have to be competitive with that. In Canada, getting an act sci degree from the right university can help a job seeker. This is much less true in the US. (Edit: To some degree this depends on whether you're counting MLC & MFE as 2 tests or 1 - in any case, a Canadian student needs every bit of help they can get).

Of course there are always outliers. A perfectly reasonable plan would be to major in math, stats or any other mathematical discipline, pass two or three tests, and just apply for actuarial jobs as well as others, on the slim chance you get one. But anyone doing that in Canada needs to have their story straight and be aware of the odds.

My friends works in Toronto and it's a tough business. And yes, you should study hard for the course for sure!

I'm studying for something similar and that is the CFA Exam and I'm sure I'll fail in December. Having a weak background in finance and registering late. Most of my friends are writing the exam in June. I figured try in December, if I fail, do it again in June. And if I pass, I can continue to the next Level and be ahead.

I strongly recommend Comp. Sci with Math though. That will enable you to do Quantitative Modelling or be a Quantitative Analyst of some kind. Also a good field that is sometimes in line with being an Actuary.