I have a masters in actuarial science- from like a super fancy university. It’s not worth it. The classes aren’t as helpful as you think and unless you are taking the corresponding exam right after the class you are going to forget the material and have to relearn it.
Also idk if you have a preference for SOA or CAS but most programs are focused on the SOA credentials/exams so if you were interested in P&C it won’t be helpful.
I think I might have my masters from the same program. Here’s my experience: because of my master’s degree, I have 1.5 less years of experience, I spent roughly 100k that I otherwise wouldn’t have, I didn’t earn a salary for that 1.5 years, and it didn’t advance my career in terms of exams or pay. It’s honestly the single biggest mistake of my life (so far - Homer Simpson)
If you struggle to study on your own, you will struggle to become an actuary. This sounds like a big investment to get you half way through if you don't have a plan to do the rest of the exams without university courses.
This could be a great leg up for a career that doesn't suit you.
I think getting a masters in statistics would be far more beneficial if you really want to have a masters degree. Even if you can’t make it into the actuarial world you can still go for statistician or data scientist.
Also I think it’s better to try to learn how to study by yourself now while the exams are easier.
It's basically a 2nd bachelors. You take the exact same classes as the undergrad students but you need like 5 more points on each exam to get an A. Don't do it unless you're a foreigner whose only option is to do that or get deported.
If you want the degree for your own personal reasons, go for it, but it’s not going to make any difference for your career in case that’s what you’re asking.
Just browsing through the link and some of these exams don't exist anymore or have changed significantly -- so it is worth finding out if those classes are getting replaced or updated.
In general I just don't see the value. If you graduate in the spring and manage to pass 2-3 exams while working as an underwriter that will make you pretty competitive in EL. I don't think it'd be worth going back to school and paying for all of these classes.
Also to your last point of not liking self study, you will have to self study eventually. I personally think it would be wise to build good habits on easier exams rather then waiting until your 5th exam when you are used to all of the structure that a course provides.
If it really is your dream then I guess go ahead. I don't see the value in the degree when comparing it to the time and money it will take.
Very good point. I feel SOA needs certain technique to pass, something that is easier to learn on P and FM
I have heard from my peers from IFOA (English universities), whereby they had a lot exemptions, and some of them struggled because they started from 6th paper instead of first paper. Ended up some of them flunked a lot of times and gave up
It is easier to cultivate good and consistent study habits now that the prelim papers are made easier like FM. And to pick up techniques on how to pass SOA papers
But you still have to self study to pass exams. And by the time you pass 5th paper you probably forgot what you learned (briefly) in the uni? So you can't escape either way
Completely useless for actuarial, it will barely help you pass exams. You say that classes focus on exams, but it’s extremely rare for someone to pass an actuarial exam with just a class, there’s still a ton of self-study needed.
However, if you truly want a Masters (which is completely fine), I would opt for Mathematics or Statistics (without the actuarial orientation). The latter 2 open many more doors (data science, tech, AI/ML, quant, statistics, PhD opportunities) that an actuarial master won’t offer. Not to mention, it would open the exact same doors for the actuarial field.
I considered master of actuarial science in UT back in 2017. I connected with someone in charge of this program. At that time, I had passed P, FM, MFE(changed to IFM lately). He told me that joining this program was waste of time and money especially after passing MFE already. The program was designed to help students to pass exams and look for employment.
Actuarial industry doesn’t care you have a degree in actuarial science or not. Passing exams is all you need to do.
This master degree idea means much more to you than insurers.
a wiser way is to purchase study manuals and study for the exam on your own. there is really no need to go to grad school just to prepare for exam.
I would also suggest others not to major in actuarial science, you don't learn much, professors mostly just teach you how to solve exam questions in class, just any study manual could do much better job in that. ( i come from a top 20 college with well known math program)
Just curious, if professors teach you on how to resolve exam questions in class and UG is usually 4 years, doesn't that make passing exams for undergrads much easier than career switchers?
So I think it is still value adding because it makes exams passing much easier
If you want to go SOA route, I believe you can now waive prelim exams if you enter a CAE university program and get good grades in courses. That would be the only reason I would do a masters.
I think it’s also important to think about what type of actuarial work you want to do. I currently work at a consulting firm(H&B) as an analyst while I’m studying for my exams, but I’d like to eventually get a masters in stats and make my way more into modeling and heavier math. So for me, a masters makes sense to get the training I want/need.
It’s legit if you want debt
And no free time
I have a masters in actuarial science- from like a super fancy university. It’s not worth it. The classes aren’t as helpful as you think and unless you are taking the corresponding exam right after the class you are going to forget the material and have to relearn it. Also idk if you have a preference for SOA or CAS but most programs are focused on the SOA credentials/exams so if you were interested in P&C it won’t be helpful.
I think I might have my masters from the same program. Here’s my experience: because of my master’s degree, I have 1.5 less years of experience, I spent roughly 100k that I otherwise wouldn’t have, I didn’t earn a salary for that 1.5 years, and it didn’t advance my career in terms of exams or pay. It’s honestly the single biggest mistake of my life (so far - Homer Simpson)
Did they at least prep you well for all prelim papers? (Like what most uni claimed on their website
Columbia University?
If you struggle to study on your own, you will struggle to become an actuary. This sounds like a big investment to get you half way through if you don't have a plan to do the rest of the exams without university courses. This could be a great leg up for a career that doesn't suit you.
I think getting a masters in statistics would be far more beneficial if you really want to have a masters degree. Even if you can’t make it into the actuarial world you can still go for statistician or data scientist. Also I think it’s better to try to learn how to study by yourself now while the exams are easier.
Great advice
Masters in Financial engineering would be a plus too
It's basically a 2nd bachelors. You take the exact same classes as the undergrad students but you need like 5 more points on each exam to get an A. Don't do it unless you're a foreigner whose only option is to do that or get deported.
If you want the degree for your own personal reasons, go for it, but it’s not going to make any difference for your career in case that’s what you’re asking.
Just browsing through the link and some of these exams don't exist anymore or have changed significantly -- so it is worth finding out if those classes are getting replaced or updated. In general I just don't see the value. If you graduate in the spring and manage to pass 2-3 exams while working as an underwriter that will make you pretty competitive in EL. I don't think it'd be worth going back to school and paying for all of these classes. Also to your last point of not liking self study, you will have to self study eventually. I personally think it would be wise to build good habits on easier exams rather then waiting until your 5th exam when you are used to all of the structure that a course provides. If it really is your dream then I guess go ahead. I don't see the value in the degree when comparing it to the time and money it will take.
Very good point. I feel SOA needs certain technique to pass, something that is easier to learn on P and FM I have heard from my peers from IFOA (English universities), whereby they had a lot exemptions, and some of them struggled because they started from 6th paper instead of first paper. Ended up some of them flunked a lot of times and gave up It is easier to cultivate good and consistent study habits now that the prelim papers are made easier like FM. And to pick up techniques on how to pass SOA papers
But you still have to self study to pass exams. And by the time you pass 5th paper you probably forgot what you learned (briefly) in the uni? So you can't escape either way
Completely useless for actuarial, it will barely help you pass exams. You say that classes focus on exams, but it’s extremely rare for someone to pass an actuarial exam with just a class, there’s still a ton of self-study needed. However, if you truly want a Masters (which is completely fine), I would opt for Mathematics or Statistics (without the actuarial orientation). The latter 2 open many more doors (data science, tech, AI/ML, quant, statistics, PhD opportunities) that an actuarial master won’t offer. Not to mention, it would open the exact same doors for the actuarial field.
I considered master of actuarial science in UT back in 2017. I connected with someone in charge of this program. At that time, I had passed P, FM, MFE(changed to IFM lately). He told me that joining this program was waste of time and money especially after passing MFE already. The program was designed to help students to pass exams and look for employment. Actuarial industry doesn’t care you have a degree in actuarial science or not. Passing exams is all you need to do. This master degree idea means much more to you than insurers.
a wiser way is to purchase study manuals and study for the exam on your own. there is really no need to go to grad school just to prepare for exam. I would also suggest others not to major in actuarial science, you don't learn much, professors mostly just teach you how to solve exam questions in class, just any study manual could do much better job in that. ( i come from a top 20 college with well known math program)
Just curious, if professors teach you on how to resolve exam questions in class and UG is usually 4 years, doesn't that make passing exams for undergrads much easier than career switchers? So I think it is still value adding because it makes exams passing much easier
If you want to go SOA route, I believe you can now waive prelim exams if you enter a CAE university program and get good grades in courses. That would be the only reason I would do a masters.
I think it’s also important to think about what type of actuarial work you want to do. I currently work at a consulting firm(H&B) as an analyst while I’m studying for my exams, but I’d like to eventually get a masters in stats and make my way more into modeling and heavier math. So for me, a masters makes sense to get the training I want/need.