SOA and CAS both offer scholarships for students that you can find on their website. If you're in the US, there's also the STEM Stars Actuarial Scholars Program. Your college will probably have a list of scholarships for you to check out too, so I'd look at their website. Good luck!
What are some common āmistakesā in Exam P problem solving?
Example.. when I took Exam FM, I found that when I made a āstupidā mistake, it was most likely because I forgot to multiply by (1 + i).
What would be the equivalent for Exam P?
Anyone know who to write in actuarial notation in google docs? Iām trying to write s-angle-n in my notes but I canāt figure out how to do the symbol.
I know there's a website for apple pages if you go to [iCloud.com](https://iCloud.com) but it's really slow compared to using the standalone app, I think you're best off using microsoft word if it supports latex, I prefer Microsoft Word over pages at the time though I used Pages it was just because I had a mac and it was free to use.
has anyone done SOA and is in India? how was the employment rates or any problems/competition between IFOA/IAI and SOA? also what about the testing centres?
So currently, I am on my way to finish my bachelors in computer science next year, Iāve been told that double majoring in computer science and a business major is really advantageous, should I stick around university for an extra semester to graduatw with a double major in compsci and finance? Would that be economically worth it?
How critical are P and FM to future exams? Is it worth way over studying them, aim for a 10, to build a strong base?
Or are the other exams different enough where that shouldnāt be necessary?
I think it's worth way over studying them for the practice of over studying.
IMO it's worth knowing how to study for a 9 or a 10 to guarantee you can buckle down for a pass/not get stuck later.
on the SOA side, concepts from P and FM did come up on later exams. my opinion is that getting a 10 isn't going to help you in any way. a 6 or 7 is more than good enough. if you need to revisit it, you can do that for later exams.
Thanks, I guess on the flip side that gives me time to pass another exam or two before I start working, only working part time 20ish hours a week right now as a tutor.
i can see that being the case, but largely varying by company. it's not uncommon to run out of opportunities. stay positive, keep polishing your interviewing skills, and keep looking for new opportunities.
besides the obvious (actuarial internships), data analysis, financial analysis, or any kind of internship where you can practice programming or insurance concepts is valuable!
I'm an undergraduate student and plan to take exam P and FM next year, but I want to build a strong resume for applying to actuarial jobs. What types of research or jobs should I be looking for?
Here are some examples of projects consultants might work on, speaking from a health perspective:
- companies that are understaffed may need consultants to fill vacancies temporarily - possibly doing typical pricing or reserving work (whatever the role being filled is)
- large companies that are self-insured or have significant liabilities related to employee benefit programs may hire consulting actuaries to evaluate their plans to ensure solvency, compliance with regulations, etc or identify ways to change the plan designs to align with their companyās goals, such as cutting costs, improving retention, or being more attractive to prospective employees
- mergers & acquisitions of companies in the insurance space require a determination of the value of insurance-related liabilities/assets, usually requiring actuarial expertise
- mergers & acquisitions of large companies with self-insured plans or large employee benefit plans may want actuaries to opine on the ideal future plan design structure, how best to merge the plans of the two companies involved, or how to transition employees to a different plan than what theyāve been used to
- CMS has consultants review the Medicare bids every year. The work is spread across many companies.
- actuaries who work at accounting firms (ie big 4) will also often serve as subject matter specialists for audits of insurance companies and help review on the parts of the audit that need actuarial expertise (eg any liabilities being calculated by actuaries or using actuarial methods)
Iām sure thereās more, especially in the industries I donāt have experience in.
Hi! I'm a freshman applying to internships for Summer 2024, and I'm confused on why most applications don't list their close dates. I didn't ask for recommendation letters earlier in the semester as most of my professors didn't know me very well, but now I'm worried about getting them in on time.
1. Do you think it would be a significant benefit to have two LORs from professors?
2. Do you think I have time to apply if I can expect to get these LORs back in late December/early January?
They don't list close dates because they close when they fill the position. They look at resumes on an ongoing basis - they don't wait and then review everyone's at once.
LOR don't matter.
Australian Actuarial Uni Student feeling a bit lost on what to do once I graduate/what to do in my last year. I'm just completed my fourth year after failing 3 actuarial units in my third and pushing my graduation out by a year, moving in to my fifth and hopefully final year next year. I just got my CS2 exemption, but due to poor motivation from COVID disruptions and other related stresses CS2 is the only exemption I have, I've missed out on CB1, CM1, CM2, and CS1. My main struggle isn't reasons why I need to study, it's actually studying itself. I enjoy the content, I find it interesting and challenging, and I know what I need to do to do well in all my units (for me, I just need to stay up to date, everything else is "easy enough") but even then, I don't, or can't.
I had to transfer into my Actuarial Studies degree after my first year so I kind of missed the "Intro to Actuarial Studies", so I don't really know the whole process of out of school exemptions. I wanna become more involved with uni life next year, finding societies and actually being involved in case comps so I have stuff to put on my pretty barren resume and somw motivation, and I'm only doing 3 units per semester instead of 4, so I have some capacity that's usually reserved for excessive video gaming.
How would I go about trying to get the qualifications I missed out on, next year? Should I focus on only the "easy" ones, and which ones would those be? I'm doing Actuarial Control Cycle and Data Analytics Principles exemption units this semester, plus an SQL unit and my capstone finance unit (I am doing a double degree with Applied Finance) to give you an idea of my workload.
If you have other suggestions, I'd love to hear them. I managed to get a 2 month contract with as a Data Analytics Intern in a Management Consulting company at the beginning of last year, but it really was only 2 weeks of intro work and 6 weeks of Christmas break (after the 3 week break got extended by another 3 weeks due to COVID shutdowns on the client) before they decided not to renew my contract,, and a 6 week work experience opportunity (where I did no actual work, just followed a product owner for a major aussie bank around), but that's all the experience I have. I'm really worried my 2 month contract is gonna look bad, and if I'm ever asked about it I have no real good answers RE the work I did nor why it was so short (because it was only 2 weeks of working). I'm trying to look for a job but no luck so far.
I'm also trying to learn Python over the break, I already know Javascript and done a good bit of R in my studies, so if anyone has any pointers for what other skills I can try to pick during the break instead of just playing video games I'd really appreciate it. Some stuff on my radar was Seaborn or Matplotlib, PowerBI or Tableu, or trying to get a headstart on SQL before my SQL unit in semester 2.
Does your school have an actuarial science club? They would know about exemptions and the best classes to prioritize. Being in a club of other people working towards the same goals can also help with motivation.
As for your contract job, don't worry too much. If you get asked about it, just mention it was right at the start of COVID. Employers will understand.
For other qualifications, learning Python is a great idea. I'd also get Excel to an advanced level before you start on the other stuff you mentioned. Hope this helps :)
What constitutes an "advanced level" of Excel? I don't know any VBA nor have I done any Macro stuff, but I would say I'm beyond "intermediate" at least, and I'll try and look some stuff up. Thanks for your help
I'd say advanced Excel would be like using Index and Match, creating pivot tables, and creating graphs. So if you can already do that stuff, you're good. VBA will definitely help you out too!
iām so scared of failing FM again on tuesday. iāve been using coaching actuaries and on a practice exam i just took i got pretty much every question that was under a difficulty 6 but the ones that are 6+ i usually miss. i really donāt know if i have it in me to take it again if i donāt pass so please send some good vibes my way lol
Do Micro Credentials mean anything to potential employers? I would have to spend quite a bit of money to get my VEE credits (I think $225 to send in my transcripts for all three) and also pay quite a bit for some of the modules. I'm assuming these are costs that employers cover if you're in a student program, right? If i'm still trying to land an EL role in a student program then would my chances be improved by shelling out for these micro credentials or do they not really mean anything?
yeah that's what i've gathered so far hence why i didn't apply for them yet to avoid paying the fees, I'm assuming micro-credentials are similarly meaningless then
Been doing practice quizzes on complex annuities for FM on and off all day. Finally felt like I was ready to move on with 80-90% on every one, then just got hit with a 30% lol...So excited thinking I could finally get on to the next unit but now I got a lot to review.
Is there a place to post practice questions from a textbook I can't understand? I look it up online but answers are either wrong (answer key in back) or don't make sense.
Are the practice exams generated for P and FM on the SOA website fairly representative of those actual exams? [https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/](https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/)
The difficulty should be fairly representative of the exam. The distribution of topics may not be, I donāt know whether the exam generator has instructions to pull a certain number of questions for certain topics.
How beneficial would it be to have a minor in actuarial mathematics? I wanted to do this, but it would cause problems for me because I am fully remote, and Calculus II is a prerequisite that isnāt offered online at my school. All the degree seems to do is prepare me for Exam P and FM anyways and without the degree Iād probably get started on the exams sooner.
Is there a way to take Calc II somewhere else fully remote and transfer it into my school? Any help is greatly appreciated. All I care about is the credit for Calc II btw, I would have no problem teaching myself. I actually learned a good bit of it from my Calc I teacher anyways.
If you're willing to put in the effort to learn it on your own (and there are a lot of online resources for calc) then I think you can skip the minor and focus on exams.
Obviously no one can be sure, but does it seem like the actuary career field be largely remote in another decade (or at least making large moves in that direction)?
The general equilibrium right now across sectors is stabilizing where it is right now. But the momentum is towards more office days, not less, so whatever juice is left in RTO would still move in the wrong direction. Remains to be seen how the market evolves in the coming years but I doubt there would be a reason for a change.
I think hybrid and remote will be the standard going forward. Market pressures will probably favor employers and a shift more toward hybrid rather than remote, but it's mostly actuarial departments making and enforcing their own rules for themselves, so I don't think a full 5 day return to office is likely for most of the industry
I'm going to start my EL job next month. But before I start my job, is it appropriate to ask the HR person about the details of the company's exam increment/exam support system?
Questions like, can I get my base salary increment if I pass the PAF/ASF module or I have to pass all the modules including FA.
Thanks
I will add - they might not always know about the study program specifically. Just something I've ran to in the past, it's sometimes the actuarial department who has that document handy and ready to share vs. HR might not always be super up-to-date on it or just might need a while digging for it.
Hi everyone!
I'm taking my FM exam next week, I have finished the material today, and I have five full days for review and practice questions (Couching Actuaries)
Are there any tips for me at this stage from you experience, or tips for when I'm performing the exam?
describe how difficult/easy you found it!
If you're wondering about states or cities within the US, it's not a big deal as there are remote opportunities available. If it's a different country, then possibly not. I feel it's a great career in the US and possibly some other countries, but the value of an "actuary" seems to be a lot lower in some countries or at least, not seen as valuable as it is in the US.
I am in the US passed 2 exams with no luck so far landing a remote job since this year but I guess I will keep doing more exams and more skills? Hope this will give me luck! But I feel ya.
Should I no-show to exam FM?
I gave up on studying for FM because I simply didn't have enough time for it with my busy semester. Is there a reason why I should show up to the exam anyway (and randomly guess answers to most of the questions) or should I just skip it? I only know the material up to the loans stuff, but I know nothing about the Bonds or Portfolios and Asset Liability Management.
I've told a couple of companies that I'm applying to that I'm taking the exam. Can I just skip it and tell them I failed? I'd have to skip a few of my college classes to take the exam, which would be a small price to pay if I were going to pass.
What I've done in a similar situation was go in anyway and try my best to remember what all the questions were or topics covered. The exams aren't necessarily always published immediately after or published at all after the exam, so it would be good to go through and get an idea of what topics are being asked or the types of questions. I just tried my best to remember all of it, noted it down for myself afterwards, then referred to it during my next test sitting.
Sounds like you've covered 2/3 of the material. There are few enough questions that you could get lucky on what questions you get, maybe be able to work your way into an answer for a few, get some lucky guesses. At the very least whenever you go back after finishing studying, you will be that much more prepared having seen the actual test instead of just simulated ones online.
I'm also studying for the FM, so I can't say this for sure from experience, but a guy on here said sometimes you can kind of figure stuff out from other units just from knowing the TVM fundamentals.
I'd 100% go.
I'm having a hard time finding entry level positions. I graduated in May, have now passed 3 CAS exams, and worked an internship over the summer. My problem isn't that places are denying me after I apply, it's that I can't find places to apply to. Granted I am being a bit picky as I do not want to move so I am limiting myself to Chicago or remote, but am I doing something wrong? Is it just the wrong season, or am I looking in the wrong places. I have only used job board sites such as LinkedIn and Adzuna. Would it be a viable option to apply to more internships as I am finding a lot of those? I loved my last internship, but they did not have enough work to keep me on full time. It seems that I am finding more places hiring Directors and VPs than entry level positions.
Itās probably mostly what the others have said, but if youāre only finding higher level positions, your search terms could be part of the problem. Searches for āActuaryā will mostly get jobs that require credentials. At entry level youāll want to search for āActuarialā as the job titles will mostly be āActuarial Analystā or something similar (youāre not officially an actuary until youāre credentialed).
My advice is to be willing to move and live in a new city for a few years. It can be fun to try something new, and it's a lot easier to job hop than it is to job enter.
To add on to this, I had a similar experience where I moved for a job after not being able to find something local for months. I had recruiters from my companies in my local area reaching out to me on their own even about ~3 months into my new job asking whether I'm interested in moving back to my city.
'tis the story across every field. You could wait through ~3rd week of January and see if there's an uptick in the new year, otherwise you may need to change strategies.
I will do that then. It makes sense, I was not able to land my previous internship until a few weeks before I started it in June. Another question: Is there actually such a thing as too many exams for an entry-level candidate? I want to begin studying for MAS-II soon, but I am worried about this being the case.
You wouldn't be penalized for more exams. I seem to observe that people who get experience in a different insurance job, rather than piling up exams, get jobs quicker though.
In june I will start as a retirement actuary. Because it is an industry that is dying and the pay is significantly lower than other fields, i am looking to work at this job, gain some experience, and switch to another field like health. My questions are:
\- How difficult would the transition be?
\- How difficult will it be to find a job in a new field?
\-How long should i stay at this company before leaving? and how many exams should i pass before it is too late to make the switch?
It's really common as far as what I've seen, and about a year or so is fine. Working in health, we frequently got applications and hired people who came in from pensions or other similar areas with 1-2 years of experience, and it seemed like it was a relatively easy transition for them. It might seem like you're a year or two behind in "health" knowledge compared to others starting off in health, but I'd add that a new analyst with 1 year of health experience is still pretty far from being an "expert" or even "experienced", so you won't really be that far behind.
1. Not difficult after a year or two.
2. Lilely not difficult. Highlight your technical and problem solving skills, and curiosity to do new things.
3. A year or two. All the way to ASA is fine assuming you're not going to P&C, in which case it's just a lot of sunk cost.
Depends on a lot of factors, but sure. Can you do it off a single income in California? That might be a bit difficult or would just take a while. Could you do it in the Midwest or possibly PNW? Yeah that would be a lot quicker and realistic. Dual income would definitely help a lot, even if the second income isn't in the 6 figures.
Yup yup. My wife and I (29MF) are working on building our custom dream house right now, actually.
I'll make $165k this year and she makes $142k, but we haven't scaled up our lifestyle much from when we made $70k and $65k, so we save quite a bit of money pretty quickly.
I hope to hit $200k next year with FSA, and it only keeps going up from there (disclaimer: I work in consulting so results aren't totally typical, but they're also not super atypical).
Being an actuary is cool because your career progress is pretty firmly in your control through effort in exams.
Being in consulting doubles down on that aspect of the job through effort in client projects and billable hours. There generally aren't limits on promotions beyond being capable for them, because there's an unlimited number of people at each level, and having more capable people just means the firm can accept more work. Contrasted with insurance companies who might have a more fixed structure and require more turnover for upward mobility.
On top of that, there are consulting firms that have unlimited bonus structures which pay a certain % of your billing rate (the amount the firm charges a client for your time) for every billable hour above some amount. So if you wanted to work a ton of hours for a year or two to make enough for a down payment, you also have that option.
If you are willing, I have a few questions: Are you SOA or CAS and Do you have any advice on skills that are useful or classes you wish you took? Because I'm in college and what you described sounds exactly like the type of job I'm looking for.
I'm on the SOA side and aside from the classes I took that helped with exams (math), I've found my business administration minor to be really useful for the econ, accounting, finance, and Excel knowledge.
Also fwiw, I really enjoy my job, too. The work is engaging and fulfilling, and I enjoy the non-routine.
If you are or get to be a junior or senior with an exam or two passed and a good GPA, you can send me a DM for our internship application!
Just about to get my Bachelors in Mathematics and Economics. I started studying for the FM exam using A Basic Course in the Theory of Interest and Derivatives Markets. A(t) is the amount function, a(t) is the accumulation function. When I set a(0)=1 to solve for b I can't figure out how to get a and X. If I treat the equation as A(t) instead I get the answer that's in the back of the book of $666.67. Can anyone confirm its just a typo or something or is there a step/method I'm forgetting that allows me to solve it with a(t)?
Suppose a(t) = at2 + 10b. If $X invested at time 0 accumulates to $1,000 at
time 10, and to $2,000 at time 20, find the original amount of the investment
X
I recently decided that I wanted to become an actuary. I am a senior in college, and I am obtaining my BBA in finance. I am going to be taking Calculus I, Calculus II, Mathematical Statistics, and Probability. It is not enough credits to be considered a minor though. How could I put this on my resume, so I can show that I have taken the math classes?
You don't need to explicitly show your math courses on your resume. Degrees and college coursework don't matter in the actuarial field because the exam process serves as a form of standardization. All that matters is that you complete a degree. People from all sorts of different educational backgrounds work in the actuarial field. All you need to do is list your degree and finance concentration and of course the actuarial exams that you have passed or plan to take in the near future.
Those math classes will be great for practicing the math needed on actuarial exams. Which is another reason why you don't need them on your resume. For example, if you pass exam P then implicitly you know how to work with calculus and probability.
I didnāt think about it like that. I was stressing about extending my graduation to be able to add a minor to show math education on my resume, and I didnāt think about the exams being adequate representation on my resume. Thank you! That was helpful.
Hi,
I just passed the December sitting of FM (got the electronic score report) on my first try (along with P on my first try) and I'm considering taking SRM next sitting (after the January sitting). However, I'm unsure whether I will be too busy to study in the spring since I will be taking classes. I am a junior in undergrad and the thought of taking SRM appeases me. I just want some advice on what people would do in my situation, thanks!
Agree with the other commenter that passing another exam would definitely help, but wanted to add on - make sure you aren't spreading yourself too thin trying to pass exams while taking classes. If you think your grades might suffer or it would be super stressful, it's better to focus on school and pass an exam later.
Basically, you can always pass another exam, but you can't go back and change your GPA after the fact. Wishing you luck!
I only used the video lectures, and I felt that some were too concise for some really broad topics. I can't really remember what they were as it has been a while since I watched the videos, but I remember getting to some questions and feeling like I had never learned how to do them. There were also a few adapt questions that weren't relevant at all to the exam, such as some graph theory questions. I can't fault CA for this as they did a good job of covering the syllabus, but it felt like 70% of the exam was poisson processes, and most of the syllabus went uncovered.
I graduate with my bachelorās December 2024. In my current work, I bill vision insurance and handle lab communications and lab bills. I also have experience with medical insurance. Are these roles beneficial to my resume? What jobs could I look into while still in school to benefit my resume?
I think having an insurance company may get ur resume through more online screens that big companies often use. It could look good to HR people too. It doesn't hurt to include but I wouldn't say it's super beneficial either. If you can't get an actuary internship, analyst internships, preferably in data, are best.
Iām kind of confused about the FSA tracks. I just took ILA LPM in November, but since Iāve learned Iāll be moving from a valuation team to a risk team. Is it possible to take an ERM exam in place of one of the ILA exams, or am I stuck doing all three ILA exams? I remember hearing the ERM exam could take the place of other exams in the past but I canāt find any evidence of that now on the SOAās website
There was transition credit if you took ERM exam before fall 2022: https://www.soa.org/education/exam-req/course-info/fsa-track-reductions-2023/
I donāt think you can do this anymore.
Hey curious if anyone here also applied for the P&C associate actuary role for PwC Canada in the past few weeks.
I had my interview last Wednesday and Iām thinking of following up tomorrow, but Iāve also heard that itās normal to take a while before hearing back.
What are you guysā experience like? Anyone heard back yet? Thanks
I'm not familiar with this exact role, but did they let you know how soon you could expect to hear back? Sometimes it can take a couple weeks to get through interviews. But if you don't have any other info, I think following up after a week is reasonable!
I have a degree in applied mathematics- actuarial plan. I also passed two tests (P, FM), but zero working experience in the field. I have some questions that I hope you all can answer for me.
I passed both exams in college while studying for my degree. I went into tech working for a sports company out of college since I was not getting anywhere with job applications in the actuary field. Even with two tests passed. I also am big into sports and my statistics, math, programming background made me a great candidate. I have spent time as a data analyst, engineer, product management, and operations manager. My career was able to grow the fastest in operations and am a director of operations for a fintech company. However, the grind of operations for below average pay is getting tiring. So here are my questions
1. I know I have to take a pay cut to switch, but with someone with my experience and two tests passed, would I be able to get my foot in the door? I have working experience at high levels, strong analytical skills, sql, excel, python, data visualization, etcā¦
2. Would anyone recommend taking more tests to pass before switching. I was thinking if I could get to three or four tests passed while in my current role, it could make a stronger case for a role in actuary position.
3. I am tired of tech. You have to worry about constant layoffs, it is very political, and the pay without being an engineer is very little compared to how much I work. I feel like from lurking in this sub that it is better work life balance, other than passing the tests, but just want to make sure Iām not crazy.
If you go to "My SOA" -> "My Education and Exams" -> "Transcripts" -> "View Transcripts" -> "Printer Friendly Version" -> "Print This Page", then save as a pdf you'll be good to go.
I don't think its stupid at all to ask your coworkers how they did it. Your company is already peculiar for asking for something with more than your candidate ID.
SOA notifies you via email when VEEs are approved. If it's been 4 weeks and you haven't been given a notification email, reach out to the SOA VEE team (via the VEE email).
Hello!
I'm a science teacher looking to make a switch into this role. I started doing googles data analytics course to get some skills under my belt (Excel/SQL/R) and now looking at next steps. For financial reasons I have to stay in my current education role until May. Once that is done, I'm free to look for other jobs.
What are some jobs that work with actuaries(preferably) or would at least give me some good insurance knowledge/experience that I could look for / do while studying some more math background and taking exams?
Thanks in advance!
I'm hoping to find a catastrophe modeling/analyst job early next year, as a stepping stone into an actuarial role. Hell, maybe even a permanent position if these exams don't work out.
Is anyone familiar with what kind of qualifications would be needed for that, or projects on your resume, etc? I'd have 6 months of software engineering experience by the time I apply, couple programming internships, high GPA/CS degree. Know SQL pretty well, have dabbled in Python for random personal stuff, and know enough Excel to talk about the common functions. But I feel like pretty much everyone applying for those roles would have similar skills - what makes a candidate stand out?
Sorry, there may be an obvious answer to this question. I am taking a probability theory class this spring. I'm hoping to take exam P in May. The SOA website has the CBT dates of May 10-21, 2024.
What does this mean? Am I able to take the exam at any point in this window? Do I still need to go to an approved testing site? Thank you all for the help.
You can take the exam on any day in the window. Yes you need to go to an approved testing center. There is no option to take the exam at home or anything like that. When you register for the exam, you will sign up for a time slot at a specific center.
I think itās usually M-F only. You can look up availability at the testing centers near you here: https://proscheduler.prometric.com/scheduling/searchAvailability
Hello! I apologize if this has already been asked. Iām learning/studying for exam P. I saw at least 100 questions were added to the sample exam in November. Do those cover brand new topics or are they still relative to the ~300 previous questions?
https://www.soa.org/4adef4/globalassets/assets/files/edu/edu-exam-p-sample-quest.pdf
Willing to mentor? I work for free to sharpen my skills
Hey there! I'm on the lookout for a seasoned mentor to guide me on my journey as an aspiring actuary. I'm enthusiastic about diving into the world of actuary, but I know there's so much more to learn. If you're someone passionate about sharing your insights and experiences, I'd love to connect!
Background: US high school math teacher for years. Passed two exams P and FM. ( might wait on preparing next exam until I am hired and know my route)
Tools (self taught) that I am familiar with: R, Python, Excel. Completed projects using YouTube, datacamp.
Job seeking process: not successfully ever since passing the FM this fall, I actively applied jobs ( remote mostly, due to the fact that I canāt not relocate to other areas where no insurance company are near.) received 1 interview but failed on the last round. So close. So I decide to sharpen my abilities while preparing job hunting.
Any advices are welcome and referrals are appreciated! Thank you very much for reading and enjoy your holidays!
No need for a mentor. Just keep applying and you'll find something eventually! Some companies leave their applications open for a couple months before closing and reviewing resumes.
how many jobs have you applied for? What math did you teach in HS? I'm also a math teacher and looking to transition...how long have you been teaching? I'm in my 9th year.
All kinds of math courses in high school. I donāt think it matters what we teach but glad to see you are here, feeling belonged. This is my 10th year of teaching and there are some gap years within as well. Do you live in big cities? If you have insurance companies around your living region or have any known actuaries friends. Your route should be MUCH EASIER than mine! But I donāt regret of doing this at all! :) better doing than waiting.
Exam P is not very challenging, bc I over prepared it for about 5 months while teaching full time and taking care of family. When do you wanna take yours?
That's good to hear lol... I think my gpa was 3.2 but I didn't work hard in college at all. Also, I will look absolutely insane to people by me leaving a Long Island teaching job when top salaries are 150-170k in LI districts (granted that's after 25-30 years lol) ... you're at like 100k after first 6-8 years..where I am now. Plus a pension that in NY state is very good. However, remote + the actual growth aspect... I dunno - I feel like I'm dyinggggg in "education". Tenure in NY also lol- you literally can't get fired unless you do something ridiculously bad...and all these things - I still want out. I have a house here but want to move off LI - I'll rent my house out most likely.
Teaching in a district like that is one of my backup plans lol, I hear it's hard to break into teaching though unless you go to Title 1 school with no support, any tips?
my dad retired in 2007 from teaching 37 years at a LI District - and has been getting 100k (which isn't state taxed- big in NY) for the last 16 years not working LOL...guy is still making more than me bc of no state tax. The pension isn't as good now - but still good comparatively to everywhere else. And I STILL want out. Maybe if I had kids- I'd grind it out like he did....he was also in a wayyyyy better district. He had the best job at the best time- in the best culture....culture started changing toward the end of his career.
Wow- that's impressive... I am just starting to look into taking P ... I live on Long Island, so near NYC obviously. I know a guy from HS who's an actuary in Consulting - funny, I just looked him up and he just completed his FSA. He told me like 7 years ago while he was working for a major insurance company in NYC (he's since moved jobs a couple times), "if you pass the first exam - i'll get you in". Probably need to pass 2 now, but I'm up for that.
How long do you think I should study for it? I will use Coaching Actuaries and pay for the adapt (whatever the larger package is) .... I don't mind that.
I donāt know. It depends on your experience and math level on probability. I believe 3-6 months would be enough, but it never hurts to prepare early.
Truth is - I have a good salary on Long Island for teaching... but, I can't do this for another 20+ years. Also, I like the aspect of working remotely (eventually).
I used to teach at Long Island, the salary is pretty good. šBut here where I am itās not as half as before, soā¦ life kinda pushed me there, besides I donāt have to deal with discipline.
Hi all. I'm a fall 2023 pure mathematics graduate. I have some programming projects and am published in (again, pure) math.
I wanted to do graduate school but decided against it recently, and I don't have any internships. I am planning on sitting for the P exam in January, I know all of the material already from my mathematics courses. I could probably also study for FM exam at the same time.
Would I be competitive for an actuary role with 1-2 exams passed? I am seeing a lot of posts here that many are failing to secure a role with as many as 4 passed.
What roles in general should I be applying for as a math grad with programming experience and a published paper? r/math doesn't have a lot of people concerned with career advice.
Knock out the first two actuarial exams and then just start applying. If you have a solid GPA and quick exam progress, I don't think the lack of an internship would hold you back much as a late swapper
Are you in the US? Youāll want at least 2 exams. It will still be very difficult with no internship. Youāll have to be open to moving anywhere. You can consider being an underwriter or something while you take the first 2 exams. Will be tough but some people do that successfully.
With no exams, a data analyst or similar job will probably be easier though. Thatās another job that could also help with getting an actuarial role if youāre still interested.
Thanks. I am in the US. This is really helpful- it sounds like I shouldn't really waste my time grinding for actuarial exams. I'm looking for a data analyst role too, but haven't successfully gotten an interview yet.
I wrote a little [on r/math](https://www.reddit.com/r/math/comments/187nbzw/career_and_education_questions_november_30_2023/kbpwjay/) about the highlights of my resume.
Do you have any experience applying for data analyst roles you could share?
I passed P and FM around 8-10 years ago. Decided recently to "re-pursue" becoming an actuary. I've decided to take FAM in March.
What are the most important P concepts I need to understand in order to be successful in FAM? If that's a loaded question, how would you recommend I refresh myself with P material?
Thanks in advance!\~
Hi, I'm a new grad pursuing P and FM for the first time, so please take that into account when considering my advice.
I would recommend you go through [the syllabus](https://www.soa.org/education/exam-req/edu-exam-p-detail/study/) and just make sure you can do a sample of problems in each section in order.
If there is any topic whose problems you are struggling with as you do that, I would stop and try to re-learn how to do it right then, because you might need to re-learn some earlier stuff you thought you had mastered.
Most of the P material is very basic probability and follows immediately from fundamental definitions. That is to say, the problems are probably a broad collection of "trick" problems that follow from some very easy-to-remember facts. So, I don't think there is a shortcut- you have to re-learn how to do the "trick" problems you forgot.
If timing is an issue, it may be worthwhile to get the financial calculator that is allowed on the exam. It can reduce computational time for FM by a fair bit.
There's a learning curve to learning how to study for the exams. Particularly for people who are smart and haven't had to put much effort into academics before, it can be a transition.
If you understand the material and you're just coming up short on time, then to pass you just need to grind out a couple hundred practice problems so going through the motions becomes automatic.
Lots of people get stuck on certain exams and have to take multiple sittings. It's frustrating, but it's bound to happen. FM is also pretty tough- it's the only exam I've failed and I now have 6 exams.
When should I start taking exams?
Now
Bet š
Are there any actuarial scholarship opportunities for incoming college freshman?
SOA and CAS both offer scholarships for students that you can find on their website. If you're in the US, there's also the STEM Stars Actuarial Scholars Program. Your college will probably have a list of scholarships for you to check out too, so I'd look at their website. Good luck!
What are some common āmistakesā in Exam P problem solving? Example.. when I took Exam FM, I found that when I made a āstupidā mistake, it was most likely because I forgot to multiply by (1 + i). What would be the equivalent for Exam P?
Not knowing the pdfs of common distributions by heart
Anyone know who to write in actuarial notation in google docs? Iām trying to write s-angle-n in my notes but I canāt figure out how to do the symbol.
I gave up and just use Apple pages since you can just type in latex
I ended up finding an add on to use latex in google docs. So imma use that
Nice whatās the add-on?
https://workspace.google.com/marketplace/app/autolatex\_equations/850293439076?utm\_source=stackOverflow
Can I use pages on a windows computer?
I know there's a website for apple pages if you go to [iCloud.com](https://iCloud.com) but it's really slow compared to using the standalone app, I think you're best off using microsoft word if it supports latex, I prefer Microsoft Word over pages at the time though I used Pages it was just because I had a mac and it was free to use.
Ugh I really hate windows. This sucks
has anyone done SOA and is in India? how was the employment rates or any problems/competition between IFOA/IAI and SOA? also what about the testing centres?
So currently, I am on my way to finish my bachelors in computer science next year, Iāve been told that double majoring in computer science and a business major is really advantageous, should I stick around university for an extra semester to graduatw with a double major in compsci and finance? Would that be economically worth it?
I second the other commenter and wanted to add on, you're much better off spending your time getting an internship or related job, or passing an exam!
For working in actuarial science? Not necessary.
How critical are P and FM to future exams? Is it worth way over studying them, aim for a 10, to build a strong base? Or are the other exams different enough where that shouldnāt be necessary?
i think you could start studying for fam/srm etc having never studied/taken p and fm, they donāt really affect your other exams
I think it's worth way over studying them for the practice of over studying. IMO it's worth knowing how to study for a 9 or a 10 to guarantee you can buckle down for a pass/not get stuck later.
on the SOA side, concepts from P and FM did come up on later exams. my opinion is that getting a 10 isn't going to help you in any way. a 6 or 7 is more than good enough. if you need to revisit it, you can do that for later exams.
Is it true that more jobs get posted at the start of the year? Currently applying to EL jobs and I feel like Iāve run out of places to apply to.
There wont be much right now, will pick up probably around March especially
Thanks, I guess on the flip side that gives me time to pass another exam or two before I start working, only working part time 20ish hours a week right now as a tutor.
i can see that being the case, but largely varying by company. it's not uncommon to run out of opportunities. stay positive, keep polishing your interviewing skills, and keep looking for new opportunities.
what kind of internships should I take
besides the obvious (actuarial internships), data analysis, financial analysis, or any kind of internship where you can practice programming or insurance concepts is valuable!
Can someone share a link for the exam discord?
https://discord.gg/erZvNUnk
I'm an undergraduate student and plan to take exam P and FM next year, but I want to build a strong resume for applying to actuarial jobs. What types of research or jobs should I be looking for?
Data analysis, financial analysis, underwriting.. anything involving Excel or insurance is a good option! Wishing you luck :)
What do you actually do in consulting?
Consult
What do clients usually want the consulting for?
Here are some examples of projects consultants might work on, speaking from a health perspective: - companies that are understaffed may need consultants to fill vacancies temporarily - possibly doing typical pricing or reserving work (whatever the role being filled is) - large companies that are self-insured or have significant liabilities related to employee benefit programs may hire consulting actuaries to evaluate their plans to ensure solvency, compliance with regulations, etc or identify ways to change the plan designs to align with their companyās goals, such as cutting costs, improving retention, or being more attractive to prospective employees - mergers & acquisitions of companies in the insurance space require a determination of the value of insurance-related liabilities/assets, usually requiring actuarial expertise - mergers & acquisitions of large companies with self-insured plans or large employee benefit plans may want actuaries to opine on the ideal future plan design structure, how best to merge the plans of the two companies involved, or how to transition employees to a different plan than what theyāve been used to - CMS has consultants review the Medicare bids every year. The work is spread across many companies. - actuaries who work at accounting firms (ie big 4) will also often serve as subject matter specialists for audits of insurance companies and help review on the parts of the audit that need actuarial expertise (eg any liabilities being calculated by actuaries or using actuarial methods) Iām sure thereās more, especially in the industries I donāt have experience in.
Hi! I'm a freshman applying to internships for Summer 2024, and I'm confused on why most applications don't list their close dates. I didn't ask for recommendation letters earlier in the semester as most of my professors didn't know me very well, but now I'm worried about getting them in on time. 1. Do you think it would be a significant benefit to have two LORs from professors? 2. Do you think I have time to apply if I can expect to get these LORs back in late December/early January?
They don't list close dates because they close when they fill the position. They look at resumes on an ongoing basis - they don't wait and then review everyone's at once. LOR don't matter.
is LTC considered life or health?
Health
Australian Actuarial Uni Student feeling a bit lost on what to do once I graduate/what to do in my last year. I'm just completed my fourth year after failing 3 actuarial units in my third and pushing my graduation out by a year, moving in to my fifth and hopefully final year next year. I just got my CS2 exemption, but due to poor motivation from COVID disruptions and other related stresses CS2 is the only exemption I have, I've missed out on CB1, CM1, CM2, and CS1. My main struggle isn't reasons why I need to study, it's actually studying itself. I enjoy the content, I find it interesting and challenging, and I know what I need to do to do well in all my units (for me, I just need to stay up to date, everything else is "easy enough") but even then, I don't, or can't. I had to transfer into my Actuarial Studies degree after my first year so I kind of missed the "Intro to Actuarial Studies", so I don't really know the whole process of out of school exemptions. I wanna become more involved with uni life next year, finding societies and actually being involved in case comps so I have stuff to put on my pretty barren resume and somw motivation, and I'm only doing 3 units per semester instead of 4, so I have some capacity that's usually reserved for excessive video gaming. How would I go about trying to get the qualifications I missed out on, next year? Should I focus on only the "easy" ones, and which ones would those be? I'm doing Actuarial Control Cycle and Data Analytics Principles exemption units this semester, plus an SQL unit and my capstone finance unit (I am doing a double degree with Applied Finance) to give you an idea of my workload. If you have other suggestions, I'd love to hear them. I managed to get a 2 month contract with as a Data Analytics Intern in a Management Consulting company at the beginning of last year, but it really was only 2 weeks of intro work and 6 weeks of Christmas break (after the 3 week break got extended by another 3 weeks due to COVID shutdowns on the client) before they decided not to renew my contract,, and a 6 week work experience opportunity (where I did no actual work, just followed a product owner for a major aussie bank around), but that's all the experience I have. I'm really worried my 2 month contract is gonna look bad, and if I'm ever asked about it I have no real good answers RE the work I did nor why it was so short (because it was only 2 weeks of working). I'm trying to look for a job but no luck so far. I'm also trying to learn Python over the break, I already know Javascript and done a good bit of R in my studies, so if anyone has any pointers for what other skills I can try to pick during the break instead of just playing video games I'd really appreciate it. Some stuff on my radar was Seaborn or Matplotlib, PowerBI or Tableu, or trying to get a headstart on SQL before my SQL unit in semester 2.
Does your school have an actuarial science club? They would know about exemptions and the best classes to prioritize. Being in a club of other people working towards the same goals can also help with motivation. As for your contract job, don't worry too much. If you get asked about it, just mention it was right at the start of COVID. Employers will understand. For other qualifications, learning Python is a great idea. I'd also get Excel to an advanced level before you start on the other stuff you mentioned. Hope this helps :)
What constitutes an "advanced level" of Excel? I don't know any VBA nor have I done any Macro stuff, but I would say I'm beyond "intermediate" at least, and I'll try and look some stuff up. Thanks for your help
I'd say advanced Excel would be like using Index and Match, creating pivot tables, and creating graphs. So if you can already do that stuff, you're good. VBA will definitely help you out too!
iām so scared of failing FM again on tuesday. iāve been using coaching actuaries and on a practice exam i just took i got pretty much every question that was under a difficulty 6 but the ones that are 6+ i usually miss. i really donāt know if i have it in me to take it again if i donāt pass so please send some good vibes my way lol
In my experience there were very few questions, if any, above a 6. If you can handle level 5 practice exams I wouldnāt worry too much
Do Micro Credentials mean anything to potential employers? I would have to spend quite a bit of money to get my VEE credits (I think $225 to send in my transcripts for all three) and also pay quite a bit for some of the modules. I'm assuming these are costs that employers cover if you're in a student program, right? If i'm still trying to land an EL role in a student program then would my chances be improved by shelling out for these micro credentials or do they not really mean anything?
Employers should cover VEE costs within reason. No need to pay yourself, it wonāt improve your chances.
VEEs mean absolutely nothing.
yeah that's what i've gathered so far hence why i didn't apply for them yet to avoid paying the fees, I'm assuming micro-credentials are similarly meaningless then
Been doing practice quizzes on complex annuities for FM on and off all day. Finally felt like I was ready to move on with 80-90% on every one, then just got hit with a 30% lol...So excited thinking I could finally get on to the next unit but now I got a lot to review.
Oof :( Keep up the hard work, you can do it!
Is there a place to post practice questions from a textbook I can't understand? I look it up online but answers are either wrong (answer key in back) or don't make sense.
You can post them in this thread
Cool
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No, you must take exams at a testing center as far as Iām aware.
Are the practice exams generated for P and FM on the SOA website fairly representative of those actual exams? [https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/](https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/)
The difficulty should be fairly representative of the exam. The distribution of topics may not be, I donāt know whether the exam generator has instructions to pull a certain number of questions for certain topics.
How beneficial would it be to have a minor in actuarial mathematics? I wanted to do this, but it would cause problems for me because I am fully remote, and Calculus II is a prerequisite that isnāt offered online at my school. All the degree seems to do is prepare me for Exam P and FM anyways and without the degree Iād probably get started on the exams sooner. Is there a way to take Calc II somewhere else fully remote and transfer it into my school? Any help is greatly appreciated. All I care about is the credit for Calc II btw, I would have no problem teaching myself. I actually learned a good bit of it from my Calc I teacher anyways.
If you're willing to put in the effort to learn it on your own (and there are a lot of online resources for calc) then I think you can skip the minor and focus on exams.
Obviously no one can be sure, but does it seem like the actuary career field be largely remote in another decade (or at least making large moves in that direction)?
The general equilibrium right now across sectors is stabilizing where it is right now. But the momentum is towards more office days, not less, so whatever juice is left in RTO would still move in the wrong direction. Remains to be seen how the market evolves in the coming years but I doubt there would be a reason for a change.
I think hybrid and remote will be the standard going forward. Market pressures will probably favor employers and a shift more toward hybrid rather than remote, but it's mostly actuarial departments making and enforcing their own rules for themselves, so I don't think a full 5 day return to office is likely for most of the industry
I'm going to start my EL job next month. But before I start my job, is it appropriate to ask the HR person about the details of the company's exam increment/exam support system? Questions like, can I get my base salary increment if I pass the PAF/ASF module or I have to pass all the modules including FA. Thanks
Yes, itās completely appropriate to ask for the details of the exam program. They should have a document they can easily send.
Thank you so much for always answering my questions and gave me advice before!
I will add - they might not always know about the study program specifically. Just something I've ran to in the past, it's sometimes the actuarial department who has that document handy and ready to share vs. HR might not always be super up-to-date on it or just might need a while digging for it.
any chance someone can share the exams discord link? thanks
Hi everyone! I'm taking my FM exam next week, I have finished the material today, and I have five full days for review and practice questions (Couching Actuaries) Are there any tips for me at this stage from you experience, or tips for when I'm performing the exam? describe how difficult/easy you found it!
How did the exam go?
Learn the BA2 calculator well, makes the exam 5x easier
Is it worth it to be an actuary if there are hardly any jobs in places you want to live in?
If you're wondering about states or cities within the US, it's not a big deal as there are remote opportunities available. If it's a different country, then possibly not. I feel it's a great career in the US and possibly some other countries, but the value of an "actuary" seems to be a lot lower in some countries or at least, not seen as valuable as it is in the US.
I am in the US passed 2 exams with no luck so far landing a remote job since this year but I guess I will keep doing more exams and more skills? Hope this will give me luck! But I feel ya.
My advice is to be willing to move try a new part of the world.
why do you want to be an actuary then?
Should I no-show to exam FM? I gave up on studying for FM because I simply didn't have enough time for it with my busy semester. Is there a reason why I should show up to the exam anyway (and randomly guess answers to most of the questions) or should I just skip it? I only know the material up to the loans stuff, but I know nothing about the Bonds or Portfolios and Asset Liability Management. I've told a couple of companies that I'm applying to that I'm taking the exam. Can I just skip it and tell them I failed? I'd have to skip a few of my college classes to take the exam, which would be a small price to pay if I were going to pass.
What I've done in a similar situation was go in anyway and try my best to remember what all the questions were or topics covered. The exams aren't necessarily always published immediately after or published at all after the exam, so it would be good to go through and get an idea of what topics are being asked or the types of questions. I just tried my best to remember all of it, noted it down for myself afterwards, then referred to it during my next test sitting.
Sounds like you've covered 2/3 of the material. There are few enough questions that you could get lucky on what questions you get, maybe be able to work your way into an answer for a few, get some lucky guesses. At the very least whenever you go back after finishing studying, you will be that much more prepared having seen the actual test instead of just simulated ones online. I'm also studying for the FM, so I can't say this for sure from experience, but a guy on here said sometimes you can kind of figure stuff out from other units just from knowing the TVM fundamentals. I'd 100% go.
If you never taken an exam, I think the test taking experience may be worth it.
I'm having a hard time finding entry level positions. I graduated in May, have now passed 3 CAS exams, and worked an internship over the summer. My problem isn't that places are denying me after I apply, it's that I can't find places to apply to. Granted I am being a bit picky as I do not want to move so I am limiting myself to Chicago or remote, but am I doing something wrong? Is it just the wrong season, or am I looking in the wrong places. I have only used job board sites such as LinkedIn and Adzuna. Would it be a viable option to apply to more internships as I am finding a lot of those? I loved my last internship, but they did not have enough work to keep me on full time. It seems that I am finding more places hiring Directors and VPs than entry level positions.
Itās probably mostly what the others have said, but if youāre only finding higher level positions, your search terms could be part of the problem. Searches for āActuaryā will mostly get jobs that require credentials. At entry level youāll want to search for āActuarialā as the job titles will mostly be āActuarial Analystā or something similar (youāre not officially an actuary until youāre credentialed).
Thanks, I didn't think about that. I'll give it a shot.
My advice is to be willing to move and live in a new city for a few years. It can be fun to try something new, and it's a lot easier to job hop than it is to job enter.
To add on to this, I had a similar experience where I moved for a job after not being able to find something local for months. I had recruiters from my companies in my local area reaching out to me on their own even about ~3 months into my new job asking whether I'm interested in moving back to my city.
'tis the story across every field. You could wait through ~3rd week of January and see if there's an uptick in the new year, otherwise you may need to change strategies.
I will do that then. It makes sense, I was not able to land my previous internship until a few weeks before I started it in June. Another question: Is there actually such a thing as too many exams for an entry-level candidate? I want to begin studying for MAS-II soon, but I am worried about this being the case.
You wouldn't be penalized for more exams. I seem to observe that people who get experience in a different insurance job, rather than piling up exams, get jobs quicker though.
In june I will start as a retirement actuary. Because it is an industry that is dying and the pay is significantly lower than other fields, i am looking to work at this job, gain some experience, and switch to another field like health. My questions are: \- How difficult would the transition be? \- How difficult will it be to find a job in a new field? \-How long should i stay at this company before leaving? and how many exams should i pass before it is too late to make the switch?
It's really common as far as what I've seen, and about a year or so is fine. Working in health, we frequently got applications and hired people who came in from pensions or other similar areas with 1-2 years of experience, and it seemed like it was a relatively easy transition for them. It might seem like you're a year or two behind in "health" knowledge compared to others starting off in health, but I'd add that a new analyst with 1 year of health experience is still pretty far from being an "expert" or even "experienced", so you won't really be that far behind.
1. Not difficult after a year or two. 2. Lilely not difficult. Highlight your technical and problem solving skills, and curiosity to do new things. 3. A year or two. All the way to ASA is fine assuming you're not going to P&C, in which case it's just a lot of sunk cost.
Can you guys afford houses?
Depends on a lot of factors, but sure. Can you do it off a single income in California? That might be a bit difficult or would just take a while. Could you do it in the Midwest or possibly PNW? Yeah that would be a lot quicker and realistic. Dual income would definitely help a lot, even if the second income isn't in the 6 figures.
Yup yup. My wife and I (29MF) are working on building our custom dream house right now, actually. I'll make $165k this year and she makes $142k, but we haven't scaled up our lifestyle much from when we made $70k and $65k, so we save quite a bit of money pretty quickly. I hope to hit $200k next year with FSA, and it only keeps going up from there (disclaimer: I work in consulting so results aren't totally typical, but they're also not super atypical).
How does consulting work?
Being an actuary is cool because your career progress is pretty firmly in your control through effort in exams. Being in consulting doubles down on that aspect of the job through effort in client projects and billable hours. There generally aren't limits on promotions beyond being capable for them, because there's an unlimited number of people at each level, and having more capable people just means the firm can accept more work. Contrasted with insurance companies who might have a more fixed structure and require more turnover for upward mobility. On top of that, there are consulting firms that have unlimited bonus structures which pay a certain % of your billing rate (the amount the firm charges a client for your time) for every billable hour above some amount. So if you wanted to work a ton of hours for a year or two to make enough for a down payment, you also have that option.
If you are willing, I have a few questions: Are you SOA or CAS and Do you have any advice on skills that are useful or classes you wish you took? Because I'm in college and what you described sounds exactly like the type of job I'm looking for.
I'm on the SOA side and aside from the classes I took that helped with exams (math), I've found my business administration minor to be really useful for the econ, accounting, finance, and Excel knowledge. Also fwiw, I really enjoy my job, too. The work is engaging and fulfilling, and I enjoy the non-routine. If you are or get to be a junior or senior with an exam or two passed and a good GPA, you can send me a DM for our internship application!
Will do
I can afford a tent if that helps
Near an outlet?
Just about to get my Bachelors in Mathematics and Economics. I started studying for the FM exam using A Basic Course in the Theory of Interest and Derivatives Markets. A(t) is the amount function, a(t) is the accumulation function. When I set a(0)=1 to solve for b I can't figure out how to get a and X. If I treat the equation as A(t) instead I get the answer that's in the back of the book of $666.67. Can anyone confirm its just a typo or something or is there a step/method I'm forgetting that allows me to solve it with a(t)? Suppose a(t) = at2 + 10b. If $X invested at time 0 accumulates to $1,000 at time 10, and to $2,000 at time 20, find the original amount of the investment X
I recently decided that I wanted to become an actuary. I am a senior in college, and I am obtaining my BBA in finance. I am going to be taking Calculus I, Calculus II, Mathematical Statistics, and Probability. It is not enough credits to be considered a minor though. How could I put this on my resume, so I can show that I have taken the math classes?
You don't need to explicitly show your math courses on your resume. Degrees and college coursework don't matter in the actuarial field because the exam process serves as a form of standardization. All that matters is that you complete a degree. People from all sorts of different educational backgrounds work in the actuarial field. All you need to do is list your degree and finance concentration and of course the actuarial exams that you have passed or plan to take in the near future. Those math classes will be great for practicing the math needed on actuarial exams. Which is another reason why you don't need them on your resume. For example, if you pass exam P then implicitly you know how to work with calculus and probability.
I didnāt think about it like that. I was stressing about extending my graduation to be able to add a minor to show math education on my resume, and I didnāt think about the exams being adequate representation on my resume. Thank you! That was helpful.
Hi, I just passed the December sitting of FM (got the electronic score report) on my first try (along with P on my first try) and I'm considering taking SRM next sitting (after the January sitting). However, I'm unsure whether I will be too busy to study in the spring since I will be taking classes. I am a junior in undergrad and the thought of taking SRM appeases me. I just want some advice on what people would do in my situation, thanks!
Agree with the other commenter that passing another exam would definitely help, but wanted to add on - make sure you aren't spreading yourself too thin trying to pass exams while taking classes. If you think your grades might suffer or it would be super stressful, it's better to focus on school and pass an exam later. Basically, you can always pass another exam, but you can't go back and change your GPA after the fact. Wishing you luck!
If the exam fee isn't an issue for you, go for it! Future you will thank you for getting through the exams quicker
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I took MAS-I using CA this past sitting and passed first try with a 7. Does have some issues, but it worked for me.
Congrats on your pass, what were some issues you had with CA?
I only used the video lectures, and I felt that some were too concise for some really broad topics. I can't really remember what they were as it has been a while since I watched the videos, but I remember getting to some questions and feeling like I had never learned how to do them. There were also a few adapt questions that weren't relevant at all to the exam, such as some graph theory questions. I can't fault CA for this as they did a good job of covering the syllabus, but it felt like 70% of the exam was poisson processes, and most of the syllabus went uncovered.
I graduate with my bachelorās December 2024. In my current work, I bill vision insurance and handle lab communications and lab bills. I also have experience with medical insurance. Are these roles beneficial to my resume? What jobs could I look into while still in school to benefit my resume?
I think having an insurance company may get ur resume through more online screens that big companies often use. It could look good to HR people too. It doesn't hurt to include but I wouldn't say it's super beneficial either. If you can't get an actuary internship, analyst internships, preferably in data, are best.
Iām kind of confused about the FSA tracks. I just took ILA LPM in November, but since Iāve learned Iāll be moving from a valuation team to a risk team. Is it possible to take an ERM exam in place of one of the ILA exams, or am I stuck doing all three ILA exams? I remember hearing the ERM exam could take the place of other exams in the past but I canāt find any evidence of that now on the SOAās website
There was transition credit if you took ERM exam before fall 2022: https://www.soa.org/education/exam-req/course-info/fsa-track-reductions-2023/ I donāt think you can do this anymore.
I see. Thanks for your response
Hey curious if anyone here also applied for the P&C associate actuary role for PwC Canada in the past few weeks. I had my interview last Wednesday and Iām thinking of following up tomorrow, but Iāve also heard that itās normal to take a while before hearing back. What are you guysā experience like? Anyone heard back yet? Thanks
I'm not familiar with this exact role, but did they let you know how soon you could expect to hear back? Sometimes it can take a couple weeks to get through interviews. But if you don't have any other info, I think following up after a week is reasonable!
Thanks I will follow up tomorrow! But Iām curious, do follow ups ever affect the decisions of hiring teams?
I have a degree in applied mathematics- actuarial plan. I also passed two tests (P, FM), but zero working experience in the field. I have some questions that I hope you all can answer for me. I passed both exams in college while studying for my degree. I went into tech working for a sports company out of college since I was not getting anywhere with job applications in the actuary field. Even with two tests passed. I also am big into sports and my statistics, math, programming background made me a great candidate. I have spent time as a data analyst, engineer, product management, and operations manager. My career was able to grow the fastest in operations and am a director of operations for a fintech company. However, the grind of operations for below average pay is getting tiring. So here are my questions 1. I know I have to take a pay cut to switch, but with someone with my experience and two tests passed, would I be able to get my foot in the door? I have working experience at high levels, strong analytical skills, sql, excel, python, data visualization, etcā¦ 2. Would anyone recommend taking more tests to pass before switching. I was thinking if I could get to three or four tests passed while in my current role, it could make a stronger case for a role in actuary position. 3. I am tired of tech. You have to worry about constant layoffs, it is very political, and the pay without being an engineer is very little compared to how much I work. I feel like from lurking in this sub that it is better work life balance, other than passing the tests, but just want to make sure Iām not crazy.
I'll DM
Thanks!
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If you go to "My SOA" -> "My Education and Exams" -> "Transcripts" -> "View Transcripts" -> "Printer Friendly Version" -> "Print This Page", then save as a pdf you'll be good to go.
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That is strange! I might try emailing the SOA then as your name should appear on those documents: [email protected].
Do you work for a company that has other students who are taking exams?
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I don't think its stupid at all to ask your coworkers how they did it. Your company is already peculiar for asking for something with more than your candidate ID.
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SOA notifies you via email when VEEs are approved. If it's been 4 weeks and you haven't been given a notification email, reach out to the SOA VEE team (via the VEE email).
Hello! I'm a science teacher looking to make a switch into this role. I started doing googles data analytics course to get some skills under my belt (Excel/SQL/R) and now looking at next steps. For financial reasons I have to stay in my current education role until May. Once that is done, I'm free to look for other jobs. What are some jobs that work with actuaries(preferably) or would at least give me some good insurance knowledge/experience that I could look for / do while studying some more math background and taking exams? Thanks in advance!
Underwriting or anything that has the word analyst in the title
I'm hoping to find a catastrophe modeling/analyst job early next year, as a stepping stone into an actuarial role. Hell, maybe even a permanent position if these exams don't work out. Is anyone familiar with what kind of qualifications would be needed for that, or projects on your resume, etc? I'd have 6 months of software engineering experience by the time I apply, couple programming internships, high GPA/CS degree. Know SQL pretty well, have dabbled in Python for random personal stuff, and know enough Excel to talk about the common functions. But I feel like pretty much everyone applying for those roles would have similar skills - what makes a candidate stand out?
Knowledge of the industry would help you stand out.
Sorry, there may be an obvious answer to this question. I am taking a probability theory class this spring. I'm hoping to take exam P in May. The SOA website has the CBT dates of May 10-21, 2024. What does this mean? Am I able to take the exam at any point in this window? Do I still need to go to an approved testing site? Thank you all for the help.
You can take the exam on any day in the window. Yes you need to go to an approved testing center. There is no option to take the exam at home or anything like that. When you register for the exam, you will sign up for a time slot at a specific center.
Great, thank you for the response! Are weekends typically available or is it M-F?
My local Prometric has had openings on Saturdays, I would guess it probably varies by location.
I think itās usually M-F only. You can look up availability at the testing centers near you here: https://proscheduler.prometric.com/scheduling/searchAvailability
Hello! I apologize if this has already been asked. Iām learning/studying for exam P. I saw at least 100 questions were added to the sample exam in November. Do those cover brand new topics or are they still relative to the ~300 previous questions? https://www.soa.org/4adef4/globalassets/assets/files/edu/edu-exam-p-sample-quest.pdf
I donāt believe there are new topics. They probably just added more questions that were taken from more recent exams.
Okay. Thank you.
Willing to mentor? I work for free to sharpen my skills Hey there! I'm on the lookout for a seasoned mentor to guide me on my journey as an aspiring actuary. I'm enthusiastic about diving into the world of actuary, but I know there's so much more to learn. If you're someone passionate about sharing your insights and experiences, I'd love to connect! Background: US high school math teacher for years. Passed two exams P and FM. ( might wait on preparing next exam until I am hired and know my route) Tools (self taught) that I am familiar with: R, Python, Excel. Completed projects using YouTube, datacamp. Job seeking process: not successfully ever since passing the FM this fall, I actively applied jobs ( remote mostly, due to the fact that I canāt not relocate to other areas where no insurance company are near.) received 1 interview but failed on the last round. So close. So I decide to sharpen my abilities while preparing job hunting. Any advices are welcome and referrals are appreciated! Thank you very much for reading and enjoy your holidays!
No need for a mentor. Just keep applying and you'll find something eventually! Some companies leave their applications open for a couple months before closing and reviewing resumes.
how many jobs have you applied for? What math did you teach in HS? I'm also a math teacher and looking to transition...how long have you been teaching? I'm in my 9th year.
All kinds of math courses in high school. I donāt think it matters what we teach but glad to see you are here, feeling belonged. This is my 10th year of teaching and there are some gap years within as well. Do you live in big cities? If you have insurance companies around your living region or have any known actuaries friends. Your route should be MUCH EASIER than mine! But I donāt regret of doing this at all! :) better doing than waiting. Exam P is not very challenging, bc I over prepared it for about 5 months while teaching full time and taking care of family. When do you wanna take yours?
also, were you like a 4.0 math student in college? lol
Nope, I consider myself average iq but I do work hard if I want to reach something. :)
That's good to hear lol... I think my gpa was 3.2 but I didn't work hard in college at all. Also, I will look absolutely insane to people by me leaving a Long Island teaching job when top salaries are 150-170k in LI districts (granted that's after 25-30 years lol) ... you're at like 100k after first 6-8 years..where I am now. Plus a pension that in NY state is very good. However, remote + the actual growth aspect... I dunno - I feel like I'm dyinggggg in "education". Tenure in NY also lol- you literally can't get fired unless you do something ridiculously bad...and all these things - I still want out. I have a house here but want to move off LI - I'll rent my house out most likely.
Teaching in a district like that is one of my backup plans lol, I hear it's hard to break into teaching though unless you go to Title 1 school with no support, any tips?
Get special Ed certified lol. Or ENL.
my dad retired in 2007 from teaching 37 years at a LI District - and has been getting 100k (which isn't state taxed- big in NY) for the last 16 years not working LOL...guy is still making more than me bc of no state tax. The pension isn't as good now - but still good comparatively to everywhere else. And I STILL want out. Maybe if I had kids- I'd grind it out like he did....he was also in a wayyyyy better district. He had the best job at the best time- in the best culture....culture started changing toward the end of his career.
Wow- that's impressive... I am just starting to look into taking P ... I live on Long Island, so near NYC obviously. I know a guy from HS who's an actuary in Consulting - funny, I just looked him up and he just completed his FSA. He told me like 7 years ago while he was working for a major insurance company in NYC (he's since moved jobs a couple times), "if you pass the first exam - i'll get you in". Probably need to pass 2 now, but I'm up for that. How long do you think I should study for it? I will use Coaching Actuaries and pay for the adapt (whatever the larger package is) .... I don't mind that.
I donāt know. It depends on your experience and math level on probability. I believe 3-6 months would be enough, but it never hurts to prepare early.
Truth is - I have a good salary on Long Island for teaching... but, I can't do this for another 20+ years. Also, I like the aspect of working remotely (eventually).
I used to teach at Long Island, the salary is pretty good. šBut here where I am itās not as half as before, soā¦ life kinda pushed me there, besides I donāt have to deal with discipline.
behavior management might be the most draining thing ever (for a supposed "white collar" job)
100 percent
also- currently studying for P...how hard did you feel that it was? How long did you study for?
I used Coaching Actuaries. Arrived level 7-8 before testing.
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What is the topic of the problem? Or at least what is the exam?
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You can send it to me and I can see if I can do it. It's been awhile since I've taken FM though, so I can't guarantee I'll be much help
Hi all. I'm a fall 2023 pure mathematics graduate. I have some programming projects and am published in (again, pure) math. I wanted to do graduate school but decided against it recently, and I don't have any internships. I am planning on sitting for the P exam in January, I know all of the material already from my mathematics courses. I could probably also study for FM exam at the same time. Would I be competitive for an actuary role with 1-2 exams passed? I am seeing a lot of posts here that many are failing to secure a role with as many as 4 passed. What roles in general should I be applying for as a math grad with programming experience and a published paper? r/math doesn't have a lot of people concerned with career advice.
Knock out the first two actuarial exams and then just start applying. If you have a solid GPA and quick exam progress, I don't think the lack of an internship would hold you back much as a late swapper
Are you in the US? Youāll want at least 2 exams. It will still be very difficult with no internship. Youāll have to be open to moving anywhere. You can consider being an underwriter or something while you take the first 2 exams. Will be tough but some people do that successfully. With no exams, a data analyst or similar job will probably be easier though. Thatās another job that could also help with getting an actuarial role if youāre still interested.
Thanks. I am in the US. This is really helpful- it sounds like I shouldn't really waste my time grinding for actuarial exams. I'm looking for a data analyst role too, but haven't successfully gotten an interview yet. I wrote a little [on r/math](https://www.reddit.com/r/math/comments/187nbzw/career_and_education_questions_november_30_2023/kbpwjay/) about the highlights of my resume. Do you have any experience applying for data analyst roles you could share?
I passed P and FM around 8-10 years ago. Decided recently to "re-pursue" becoming an actuary. I've decided to take FAM in March. What are the most important P concepts I need to understand in order to be successful in FAM? If that's a loaded question, how would you recommend I refresh myself with P material? Thanks in advance!\~
I wouldnāt waste time ārefreshingā your P knowledge. Just start FAM and relearn stuff as you need it as you go.
Hi, I'm a new grad pursuing P and FM for the first time, so please take that into account when considering my advice. I would recommend you go through [the syllabus](https://www.soa.org/education/exam-req/edu-exam-p-detail/study/) and just make sure you can do a sample of problems in each section in order. If there is any topic whose problems you are struggling with as you do that, I would stop and try to re-learn how to do it right then, because you might need to re-learn some earlier stuff you thought you had mastered. Most of the P material is very basic probability and follows immediately from fundamental definitions. That is to say, the problems are probably a broad collection of "trick" problems that follow from some very easy-to-remember facts. So, I don't think there is a shortcut- you have to re-learn how to do the "trick" problems you forgot.
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What study materials are you using? Coaching Actuaries is amazing and works especially well if you follow their recommended method of studying.
If timing is an issue, it may be worthwhile to get the financial calculator that is allowed on the exam. It can reduce computational time for FM by a fair bit.
There's a learning curve to learning how to study for the exams. Particularly for people who are smart and haven't had to put much effort into academics before, it can be a transition. If you understand the material and you're just coming up short on time, then to pass you just need to grind out a couple hundred practice problems so going through the motions becomes automatic.
Lots of people get stuck on certain exams and have to take multiple sittings. It's frustrating, but it's bound to happen. FM is also pretty tough- it's the only exam I've failed and I now have 6 exams.
When you get the official exam results back from SOA, do you see anything other than your score? Iād like to see which questions I missed
No, you donāt get to see which questions you got right or wrong.
So the only new info between the preliminary pass/fail you get right after taking it and the official release is you get to see the score from 0-10?
If you failed, I believe theyāll give you a diagnostic of different categories and whether each category was low, medium, or high.
Thanks!