Profession as an Actuary - anyone here know some stuff?

No direct experience, but big in Healthcare insurance industry

Just counseled a student headed to the field.

He's double majoring in Mathematics and Computer Science. Also considered Finance as the double major.
Plans to go to a Grad School with an Masters in Actuary Science Program (Auburn, Florida State, Georgia are the best in the South)

Here's a good resource from Florida State: LINK

There are five certification exams that once you pass them, you can make real good money. Top students can usually get the first one as an undergrad and the second one while in graduate school. Thats enough to be employed in the $75k range.

Its a good field. Jacksonville, FL is the actuary capital of the world for some reason.

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Thanks for the thoughts - much appreciated. The more I read, the more it seems a bit more "high-powered" (math-wise) than I was originally thinking.

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Its straight up mathematics and statistics. You will see some CPAs here and there, but not run of the mill ones. If you want to go that route, I would major in math and either finance, computer science, or accounting as a minor/double major.

I was speaking with a colleague at Auburn about it - he said it was the toughest major on their campus.

Kev84 how old is your son?

I work as an actuary and can give any advice you want based on personal experience + colleague's experiences

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Did you start out pre-college with an objective of being an actuary or did that come later? Is a specialized college program necessary? (I see how that might help when it comes time to landing a job.) Are there jobs in Houston?

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- I stumbled into being an actuary after spring JR year of college as a math major who had no idea what he wanted to do.

-Specialized college programs are not necessary. They are gaining popularity but isn't important

-There are actuaries in Houston but that isn't a "hot bed." Most major cities have actuaries but they are most common in big insurance cities /Financial hubs (NYC, Chicago, Hartford CT, Boston, DC, Omaha NE, Des Moines IA)


What it takes to get a job

-Ability to pass Exams
-Higher than avg computer skills (VBA & SQL programming skills suggested)
-Intellectual Curiosity
-Self motivated/Hard worker

Ability to Pass Exams

Actuarial Exams are considered very "math intensive" because it is a field of applied mathematics. It doesn't need too much "hard" math, just a firm grasp of calculus and recommended differential equations.

You will not pass these exams just by taking the classes in an undergrad/grad program. This isn't the CPA exams where you take grad school and a little extra prep study and pass. The recommended study time by SOA is 100 hours for every 1 exam hour ( exams 1-5 ~3-4 hours). It is a grind and mentally exhausting. IT SUCKS but you have to force yourself to do it

You don't need to be a math whiz kid, but it definitely helps. Knowing calculus and probability rules inside and out is a huge help.

-Higher than avg computer skills

Computer skills make you a more efficient worker and sometimes job required. Someone who is a master of VBA can do monthly/quarterly work in one day that it would manually take people to do 2 weeks. SQL & R programming is sometimes required by some companies for the prodcuts they use for calculations but you can learn on the job

-Intellectual Curiosity

You don't find many actuaries that aren't intellectually curious. All the people I work with are considerably smarter than any group I've ever been around (and me). If you aren't willing to keep learning, you are going to be left in the dust


-Self motivated/Hard worker


As mentioned earlier, you have to study a ridiculous amount of hours. This is all at your pace and on you to absorb information. There aren't semester long classes for the upper exams with a teacher you can go to. It is you and a text book/online video trying to figure it out.

I get 100 hours per exam to study AT WORK and I am still expected to put in 2-3 hours per night studying by my boss. The fact that I am paid to study should give you an idea how seroius that is

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I was speaking with a colleague at Auburn about it - he said it was the toughest major on their campus.

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Who is your colleague at Auburn? / If you don't want to say, is he in the Actuarial section of the math department?

Fantastic, man - I really appreciate the insight.

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I'm going to guess that was Marky Mark and not one of his funky bunch?

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Yep. We went to dear ol' State together and both ended up in higher ed administration. A dear friend of mine. Auburn has a good one with him.

Try looking at the website ActuarialOutpost. It's a forum with great information about anything you want to know.

I'm trying to get in the field now. First 2 exams done and taking the 3rd soon.

Some advice, start exams as soon as possible and do summer internships while in college. The entry level market is VERY competitive right now, and internships will definitely give him a step up on much of the competition.

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GenesChin

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Without trying to reveal too much info, what part of the country do you work in and how far along are you with exams?

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Some advice, start exams as soon as possible and do summer internships while in college. The entry level market is VERY competitive right now, and internships will definitely give him a step up on much of the competition.

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To get an internship you need to have 1 exam & be well rounded but preferably 2 exams.

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Without trying to reveal too much info, what part of the country do you work in and how far along are you with exams?

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I work at a major provider in the SE. I have one exam + FA left before my ASA.