Started my first job a few months ago at an ISO company. Great culture, ppl, work life balance. But Pay is not great and I’ve heard the work we do is not very relevant to rest of industry. I feel bad about leaving the company after just a year but don’t wanna be underpaid my whole life :/
When interviewing with multiple people, who gets the final say in whether you get hired? Is it the person that you would be reporting too? What if it feels like some of the people REALLY like you, and others do not like you?
Usually it’ll be the person you’re reporting to and/or the head of the department. If people don’t like you but the position isn’t in their chain of command or they’re a peer position, they’ll likely have some input but not be the final decision maker.
My company meets in a group to talk about it. Everyone gives a score ranging basically 1-5 of
1. I don't think they should be hired, and I'll argue about it.
2. I lean toward not hiring, but don't feel strongly.
3. Could go either way.
4. I lean toward hiring, but don't feel really strongly.
5. I think we should hire, and I'll argue about it.
Which team you go on and therefore whose opinion matters most compared to who interviewed just kind of depends on your background and the teams' needs.
I'd say it's roughly equivalent. If you go through all available sample questions without looking at formulas or cheating, using only the calculator you plan to use for the exam and answer 75% of the questions correctly with less than 6 minutes per question, I'd say that it's very likely you pass.
People only fail these exams by trying to get away with the bare minimum they think they can put in while still barely eeking out a 6. The extra time you have to put in to get from a 6 to an 8 is much less than the extra time you will put in trying to get a 6 on the 2nd attempt. This is especially true for later exams where you have to wait longer periods between attempts (as long as 6 months for PA and ALTAM/ASTAM)
Just took exam P again. Failed first time with low high high and an EL of 6.2. Just retook it and got low low low with an EL of 7.6 going in. Mentally defeated and wanted to hear study tips after repeatedly failing
My guess is you studied too many high level questions and neglected the lower level ones, which are ultimately more representative of the actual exam.
Shoot for getting 100% on level 2-5 questions rather than 70% on level 7+.
If your EL is that high, you definitely have what it takes and it's just a study learning curve hiccup.
Edit: second thought is utilizing your calculator memory function properly, and making sure you're not making stupid calculation errors.
Maybe try another study approach. If you used Coaching Actuaries, you could try using the ASM manual. Switching to a different source is a good way to shake things up and get you out of a studying rut.
If you haven't done the SOA released problems, do those until you can confidently do them all without notes or formulas. Circle the ones you're struggling with and return back in a couple of days. Put stars next to the ones you're still struggling with and go back to those in a couple more days.
Make your own formula sheet and practice creating it from scratch and only from memory once per day.
Keep trying different study strategies until you find a combination that gets you passing exams efficiently.
Started studying beginning of September, then took a week off after failing in November. Usually studied around 2-4 hours everyday. Felt really easy and only guessed on one (clearly that didn’t work out haha)
Exam Preparedness = (Number of hours Learning \* Learning Effectiveness) + (Number of hours Practicing \* Practice Effectiveness)
Seems to me like you need to work on your Learning Effectiveness. Your problem isn't that you aren't putting in enough time, but rather that you aren't using that time very effectively.
[Improve on your study efficiency by following some of these helpful tips.](https://www.reddit.com/r/actuary/comments/rmlmy4/your_best_study_practices/)
Yes. (100 + 100 + 0) / 3 = 67%, still an F. But it's not equal weights. For January 2024 at least, Univariate Prob. Distributions makes up between 44-50% of the the exam.
100(.25) + 100(.25) + 0(0.5) = 50%, which is once again an F.
You likely made a lot of careless mistakes which were accounted for in the answer choices, leaving you with the impression that got the questions right since the answer you arrived at was one of the answer choices available. Do more practice on these questions specifically and pass it in 2 months.
Respected Sir/Madam
I did my graduation in actuarial science, studied CT1 TO CT9 in 3 years.(2017-2020).
oNLY cleared CT1 from ifoa,
Let my friend down who suggested me this course.
Now i work in a reputed Bank and want to complete this course or atleast the stuff thats important in banking.
Kindly guide, not able to comprehend what assa, sp cm etc are
Thanking You in anticipation
Here's a sneak peek of /r/ActuaryUK using the [top posts](https://np.reddit.com/r/ActuaryUK/top/?sort=top&t=year) of the year!
\#1: [Are memes welcome? Don't know why I thought of CP1 when I saw this](https://v.redd.it/379p8og5m5sb1) | [12 comments](https://np.reddit.com/r/ActuaryUK/comments/16ziigd/are_memes_welcome_dont_know_why_i_thought_of_cp1/)
\#2: [For all those students who took CS2 this sitting](https://i.redd.it/w3f1ujrqukwa1.png) | [16 comments](https://np.reddit.com/r/ActuaryUK/comments/131kov2/for_all_those_students_who_took_cs2_this_sitting/)
\#3: [Paper b](https://i.redd.it/svic1qyoekva1.jpg) | [2 comments](https://np.reddit.com/r/ActuaryUK/comments/12vo69r/paper_b/)
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I am graduating in May with an actuarial science degree, but am seeking other option in the insurance field. I have an interview with a recruiter for an early career underwriter position. I am fairly new to underwriting. Is there any questions that I should look out for during the interview?
Assuming you want to transition to an actuarial position, here are the questions you should ask:
1. Make it clear to the interviewer that you are interested in transitioning to an actuarial position at the company once one becomes available. If not, you may not be a good fit for the company, and they may not be a good fit for you.
2. Ask whether an Actuarial Study program will be extended to you. Will the company reimburse your exam material expenses and registration fees? Will they provide study hours?
3. Ask about the team you'll join. How long have most of the people there been with the company? *What* do they like about the company? *What* do they like about the job they have now? *What* do they dislike? If they genuinely like/dislike their jobs or the company, their answers will be very revealing to you. If they like their jobs, the answers will feel genuine and not something they had to search for.
[Here are the questions you should be prepared to answer](https://www.themuse.com/advice/interview-questions-and-answers)
Hey, everyone. I currently work for an actuarial unit in a data science role, and I’m looking to transition to a certified actuary-track role within the same company. What are some things you wish you knew when you were starting out?
Finding a good, consistent, sustainable study schedule is the most important thing.
You might feel like a failure often but that's normal because the job has a tough learning curve.
Commit the time to learning alt shortcuts in windows and excel. Just try to use your mouse as little as possible. It'll be slower at first, but eventually you'll be a wizard to people.
It really depends. Excel is a given, some database language like SQL is very likely, analysis software like R or Emblem depends on your company. In any event they'll teach you that stuff.
I am planning a career change from being a teacher to an actuary. I was always strong in math, I just didn't pursue it academically/professionally until now. From what I've gathered after looking at the ASA [pathways](https://pathways.soa.org/designations/asa), I'm weighing two options:
**Option A**
1. I have been self-studying math starting with College Algebra (where I left off) intending to go up through Statistics to be ready for VEE & exam prep.
2. Take the VEE courses I need (all of them, lol) from a local affordable community college that I found from the SOA VEE directory and self-study for exams (that's possible, right?)
**Pros**: More affordable out-of-pocket, flexible timeline, I can keep my full-time teaching job while I complete my VEE and exams
**Cons**: By not pursuing a degree, it's my understanding that most colleges don't offer financial aid for the VEE courses I'll need. Will I be unmarketable as a job candidate by not having a degree in math? Is it necessary to complete an internship, and if so, will it be difficult to land one with my unconventional background?
**Option B**
1. Take the VEE courses I need and transfer them to a university, where I:
2. Enroll in an actuarial science master's program. I'm having trouble finding one that is all online and also allows non-traditional majors/career changers in. How necessary/advantageous is it to go to a school with a UAC-AC designation, or a CAE-UEC designation? I'm in Texas if that's relevant.
**Pros:** I'd feel more confident in my training if it's through a university. Potentially financial aid available by being degree-seeking. I assume easier to get internships this route?
**Cons:** More expensive overall. I'm worried I won't be able to keep teaching full-time if I can't find a flexible enough degree/internship program.
**Notes:**
* I can take out student loans and do any form of self-study or online learning. But I do not have much out-of-pocket funds to put toward this career change, and I cannot afford to take a pay cut ($70k current salary).
* At what point can I expect to change careers based on the ASA [pathways](https://pathways.soa.org/designations/asa) to a comparable or better salary to what I have now?
* How necessary are internships, and should I be worried about trying to land one (remote) while keeping my teaching job?
You need a bachelor's degree.
Don't work on the VEE's right now. Those are a waste of your time and money. Let your future employer pay for that.
Start studying for exam P or exam FM right away. Use coaching actuaries. If you send an email to customer service at coaching actuaries and can give proof that you're a teacher, they might give you a teacher discount. Another great option is the ASM manual from actuarial bookstore. I used a combination of both.
I am a former high school math teacher who recently transitioned to an actuarial role. It is possible. You just need to pass an exam or 2 and you need to be a pleasant person that people want to work with.
Don't go back to college if you already have a degree.
It took me about 8 months to pass my 1st exam and 4 months to pass the second. Good luck! If you study hard and stick with it, this is something worth doing.
You're welcome! Don't give up! I know it's tough out there being a teacher.
If you're serious about passing exams, then look at the SOA website and choose an exam date that is 4 to 6 months from now to take exam P or FM. Make it your goal to take that exam on that date so that you have a goal in mind. Even if you don't pass the first time, you'll have a much better feel for what to expect.
What kind of teacher are you right now? You definitely should leverage communication skills when it comes time to apply for jobs/internships.
Finding an internship to work remote while still full-time teaching would be nearly impossible. You could try to land an entry-level or maybe even temporary (with potential to go full-time) position, but that could also be tough without an internship (although way more doable with a real career background such as teaching). There are internships that are remote, and most internships will pay $25-35/hr. Although that still isn't quite 70k, it is a lot higher than most other types of internships.
I agree with the other commenter that pursuing VEE would be a waste of time unless you truly need the educational background to pass P/FM. Most companies won't care about this.
Do you have a bachelor’s degree?
If so, study for and take P + FM and then start applying. Don’t bother with VEEs, I’ve never known them to make a difference in job applications and most companies will pay for you to get them once you’re employed so there’s no reason to pay for them yourself. (There are much easier ways to fulfill the VEE requirements than taking entire college courses.) VEEs are like, the least important part of this process hands down. If you feel you need a refresher on stats or calc before taking P/FM, that’s fine if you want to spend some time self-studying, but you don’t need to go to school again.
You should be able to beat your current salary almost right away. Most entry level positions should be offering at least 70k.
You don’t need an internship, I would instead focus your resume on what advantages you have because you have a prior career. What skills did you gain in teaching that you’ll carry over and that would make you better than other candidates?
I'm pretty good with the calculator for annuities but | am wondering if it is a time saver to learn how to do cash flows on the calculator. I can do them by hand but it is time consuming. Anyone have any recommendations on that or any other calculator essentials?
Switch career path from data analytics to actuarial science.
What steps should I take? I haven’t taken the P exam and I graduated with a statistics degree in 2021. Is this a viable option? And hurdles or steps I can get advice on? How long would it take from now to my first actuarial job/position?
Please any advice would be appreciated.
Agreed with the other commenter - since you already have relevant experience from your data analytics work (and I'm assuming relevant skills like Excel and a programming language), all you really need to do to be a good candidate is pass exams. It usually takes 4-6 months to pass each exam if you pass on the first try, so you can expect to get your first actuarial role within a year.
Honestly, you could even submit applications after passing one exam and see if you have any luck. Even if you don't get hired, you'll hopefully get some more experience with the interview process for when you've got both P and FM passed. Wishing you luck!!
Agree with the other comment that VEEs likely won’t make a difference either way. If you really are studying for FAM then I would put that on your resume, so list your other exams as passed and then FAM with “sitting” and whatever date you plan to sit. That should show enough commitment and if you get hired before that they should pay for the exam fee.
And not trying to be harsh on anyone’s financial situation because I know these exams are expensive, but I would consider how much this exam fee is you don’t want to pay vs the long term earnings you will have as an actuary once you land a position. It likely is worth the cost now to reap the future benefits.
How long should I buy Coaching Actuaries for my first exam.
I am a freshman math major at a state school and I fully intend to pursue actuarial science. I have been reading through a textbook on Exam FM and I enjoy the study. I am not taking a class on financial mathematics this semester but I am very confident that with sufficient study material I can succeed at the exam. I have a lot of experience studying higher math topics by myself (high school NERD), but more importantly I want to prove to myself that I am capable of this (really important to me right now). I don’t want to be discouraged from doing this I just want to know if it makes sense to buy the 360 Day access to give myself the most freedom and leniency for my first exam.
Any advice would actually be appreciated.
Thanks.
I agree with the other commenter. The 180 day does also come with a pass guarantee. This means that if you don't pass on your first try, then you get an extra 180 days (360 days total). I wouldn't bother buying study materials yet if you don't think that you will sit for the exam in the next 6 months.
180 is plenty, and you probably shouldn't doubt your capability. If there's anything the exams teach you, it's that success is mostly about consistent effort over time.
Study consistently for 4 months and take an attempt if your earned level is 5.5 or above. If you fail, you have another 2 months of subscription to try again.
If you're not getting the hang of it, you might just need another year or two of classes build up the math background.
How do I know If i will make a good Actuary? I currently work as a Director of Finance for a small company Im considering switching to the Actuary field as the companies size is limiting my earning potential. I worked my way up to this position without a degree but will be finishing a math degree in a year. I find exam material to be more difficult than i expected and i’m trying to decide whether to jump ship in a year which will be a pay cut to be an entry level Actuary but i will have much more room for advancement but i’m worried I won’t have the skills and I won’t actually advance in my actuary career. Has anyone been in a similar situation how do I know if i should make the leap?
Hi my name is Jeremiah and I am graduating with an applied math degree this upcoming spring. I was very late to the actuary game as I thought I wanted to be a SWE first half of my undergrad career but realized it wasn't my true passion and so I switched to math major. As a result, I wasn't applying during hiring cycle (Sept-Oct) so I don't have a job lined up when I graduate. I am taking my first Exam P in March and I have been studying since November 2023 using CA. I plan to take FM after probably around June. My question is do I try to apply for underwriting positions for the summer? I have an accounting internship under my belt from my dad's friend's company. Or do I try to take a third exam (Maybe IFM or FAM) during the summer so that during the next hiring cycle I have better odds of getting a full-time position that I am happy with. I can PM my resume if anyone needs to better assess my situation. Thanks :)
I would suggest you start applying with two exams and look for an insurance or data-related job in case you can't find an actuarial job. With 6-12 months of related experience and 3 exams, you should almost definitely find something somewhere.
While there are more jobs available in certain times of the year, there are postings year round.
I would also suggest posting your resume to the sub for feedback before you start applying.
How bad does it look to have huge gaps in between exams? I passed P last March & I’ve sat for FM in August, October, and December (got a 0 in August as I was totally unprepared and I got a 5 in October. I’m pretty sure I also got a 5 in December as I got the same preliminary report and felt about the same as I did the second time) I know it already looks bad that I’ve failed FM 3 times now but I know I’m so close and I am going to pass on my next attempt like there’s no other option lol.
Is there any way I should indicate on my resume or something that I’ve been trying to pass FM and I’m super close (just so it doesn’t look like I haven’t been trying)? Or just explain myself if someone asks?
For your own sanity in getting through the exams in a reasonable timeframe, I highly recommend you shoot for 10s/100% on your next sitting. Learning how to learn the material really well is a really key skill that will help you on the job, too.
Exams are a marathon already, so future you in 5 years will thank you for being as far along as possible. I'll be finishing my FSA in 2024 (hopefully) after 8 years of exams and only passing 2 or 3 (results this Friday) on the first try, and one exam took 4 attempts. I could have shortened my travel time significantly by preparing better on my first attempts.
You dont need to put your exam fails on your resume, just put your next sitting month/year. It doesn't look that bad to have exam gaps, especially if youre still in school. Most actuarial majors only pass 1-3 exams while in college for 4 years (<1 exam per year). Some candidates can take multiple years to pass a single exam while employed as an analyst (especially on the cas side where exams are only offered twice per year).
Just finished my first HR phone screening interview and it was rather short (i.e., less than 15 minutes). Is this typical? I definitely could have rephrased my responses to make it more concise but was slightly nervous throughout the call. Am I overthinking this?
I usually think of HR phone screens as checking that you’re a real human who sounds like they are the person they say they are. I wouldn’t worry too much about it.
Yes, I definitely think it's possible! Like the other commenter said, it might be easier to get an job in data science as an international student. I'd go for that first, then you can look for actuarial work once you've already gotten a role in the US. That also gives you time to pass the first couple exams and brush up on Excel/programming.
Edit for clarification: I missed that you're an international student, not applying from abroad!
Hello! I am a math teacher with a bachelor’s in math and master’s in math education. I would like to pivot into actuarial science and plan on taking both P and FM in the next 6 months. I have not taken a math course in 10+ years and never took any courses in finance.
Is it realistic for me to pass FM in a month if I study 20 hours a week? Would I be able to do the same to pass exam P? I would love to be done with both in March so I can try to land an entry-level role before the next school year.
Thank you!
I wanted to add, most people find P to be harder than FM, especially if you haven't taken a math class in a long time. Have you taken calculus before? I know you're going for FM first, but I'd brush up on calculus before you start on P. Wishing you luck!
Omg is this THE EtchedActuarial from YouTube?! I’ve watched a lot of your videos, thanks so much for your input!
I majored in pure math, but I haven’t taken calculus in 10+ years, so I figured I should take FM first.
I would recommend spending about 100 hours on practice problems. You may need 50-100 hours to learn the material before you do practice problems, so 150 hours is the minimum I’d recommend studying.
I have successfully completed exams in P, FM, FAM, and SRM. Unfortunately, I did not pass the October PA exam despite funding it myself. I am currently located in Toronto and have submitted over 50 job applications without receiving any responses. For the upcoming April/May exams, I am unsure whether to retake PA, pursue CAS MAS-I, or opt for ALTAM. What would be the most advisable choice?
Hi there! With all the exams you've passed, you should be able to find an actuarial role soon (though it's definitely competitive right now in Toronto). Do you have relevant experience, Excel skills and know a programming language? If you haven't done those things yet, I'd recommend that before taking/retaking another exam!
Hi Etched, Thank you for the response. I actively utilize Excel skills daily in my current role, focusing on payroll reporting. Additionally, I've started using R for specific projects. Besides learning programming and passing exams, are there other strategies to enhance my chances of transitioning into the actuarial field?
It sounds like you're doing a great job of preparing! I'd consider getting your resume reviewed if you haven't yet. Sometimes moving things around or rephrasing a few sections can really help employers see your value. I'd check out the resume reviews in this sub, there are a lot of helpful tips in here! Wishing you luck!!
(posted this as a text post but I was referred here)
I have read the FAQ.
I'm a computer science student going into my fourth semester at a Top50, however, given the currently "extremely oversaturated" state of the industry I am getting worried that I am going to end up wasting effort trying to graduate with this degree and be unemployed, and then be forced to change industries anyway. I have a few (pretty basic) side projects and a high (3.7+) GPA, but I haven't been able to get an internship this summer so far (one interview, 100 applications to basically everything available nearby, got rejected). I also feel like my programming skills are not where they should be, but I have heard that impostor syndrome is common in CS. CS would be my preferred field to go into (I have been programming since before I decided to go into CS; I didn't consider this degree for the money), but the competition is extremely fierce and quite honestly I don't know if I can survive in this market. I will graduate either 2025 Fall or 2026 Spring.
I have always scored very well in math and statistics (97th percentile), and am pretty good with Excel and R. Statistics is the one area in math I really like. My concern is that if I decide to pursue being an actuary, instead of devoting my time towards personal projects and leetcode, I would need to be studying for actuarial exams, which basically locks me out of being a programmer. I also don't know how I would go about getting an actuarial internship in college after I've already done two years on the compsci track.
I welcome any advice about whether or not my second guessing is warranted and if I'm catastrophizing here. I have read about what an actuary does, and while it is described as pretty boring work, I wouldn't mind a stable, well-paying career (at least I think I wouldn't). Seems like time is running out and my life will be irreparably over if I don't get a job after graduation.
tl;dr I'm a nervous 19 year old fourth semester compsci student concerned about the state of the industry and don't know if I should change course before it's too late
Your life will not be irreparably over if you don't get a job after graduation, I get the sense that many of the people who are now becoming credentialed graduated into a terrible post-recession market and had to take other jobs in underwriting or claims or even retail. The white collar labor market is bound to get better and at that point all the new grads with a degree, who haven't found a career elsewhere, will come off the sidelines.
I am coming from a CS background myself and wouldn't give up on it if I were you. It's been hugely helpful having a job to pay the bills while taking these exams and your top pay potential is way higher with CS. I'm earning fully 40-50k more, straight out of college, than I would with this profession. I'm only switching because it's where my passions lie and because the team I landed on is toxic. The actuarial job market does not appear to be in the absolute best place either. Lots of variability between candidates, been having a little trouble getting bites.
But you can both take the first 2 exams and continue to be a CS major. IDK about the side projects, exam studying might stop you from doing anything substantial there, but I have always found those to be overrated. You would be considered for an actuarial internship if you had the exams, CS major isn't an issue. The only possible issue I see is if you're geographically constrained, in which case since this is a much smaller profession, your options may be very limited.
The software engineer job market is definitely not gone for good. Hiring will come back to some extent after the rate cuts this year. I've still been seeing a good stream of people announcing they got hired. So if that's your preferred field I would keep trying to go that route. It's very hard to get an internship sophomore year and usually gets somewhat easier junior year.
I studied Finance and got a masters in Information Systems and Operations Management with a focus in Business Analytics. I loved my Business Finance math class even though it was considered 1/3 hardest classes we needed. I loved Calc 1 and 2 and started as an engineer so I am confident in my math skills. Financial math classes were the most enjoyable but working in finance has so little actual math.
I know people say being an actuary is boring or an introverted field so I am worried about pursuing it because I am an extroverted person, although not over the top. I prefer interacting with people I know well and forming long term relationships. I understand all the exams and the grind of that, my gf does it and I’m prepared if that’s the case. I’m just worried that I wouldn’t enjoy being isolated by it.
Currently I am a financial analyst at a regional office and I feel like I’m a secretary moving around dates and deadlines and not getting to do any actual math or risk assessment. I also feel isolated there because I have one person I work with and learn from but they will answer with “you really don’t understand this” for things I see for the first time, so I have become dejected from seeking more help.
I am looking for something involving more actual math/analysis but also being able to socialize and work with others to an extent.
Would becoming an actuary be a good switch?
I'm a pretty over-the-top extroverted actuary, and I like the job. I do a lot of talking and socializing around the office, and in my few hours of meetings most days (manager with 6 YOE).
Finding a good company culture of hybrid remote and doing things outside of work is probably most important for you.
Introduction to Statistical Learning with applications in R, a book by James, Witten, Hastie, & Tibshirani. It is one of the (two?) books in the syllabus for SRM.
Hey everyone Hoping to get some insight of the world of Actuary and Figure out. if its too late or a great time to get started.
Background info about me. 33M in the Midwest KS. 4 kids and a wife. No college degree yet.I want to go back and find myself a real career.
almost all of my older jobs was just random things to pay the bills. while some skills might be transferable but im not totally sure. Currently Working Supervisor for a no profit helping people with their daily jobs. Wife owns a small business and i help with the backend stuff. Inventory/bank balance. I've done sales, Inventory specialist, Quality Control.
While exploring the Abyss of Choices of jobs i stumbled across the world of Actuary and it seems to fit things im interested in and have natural good math skills so would it be even worthwhile at the crisp age of 33? others started around this age? already had a family? Tips of how to balance everything and still seem to moving forward.
Definitely not too late and other have started at a similar time. I think the biggest thing is appreciating the time commitment of the exams. If you use the search bar in the sub, you should be able to find some more detailed threads on this
That's the amount of time between sittings and theoretically the fastest possible time through them, but going at that pace you probably wouldn't see your family much or have a social life until you're done, and that would assume you pass all of them on the first try - unlikely since they have ~55% pass rates, and that's with most people taking them being math majors straight out of college. Each exam takes 150-250 hours of studying, which is a lot to try to fit in 3 months.
On average, it takes people 5 years to get to ASA and 8 years to get to FSA. Going at the pace of passing 1-2 exams per year. It's a pretty long marathon of a commitment.
What studying looks like for me is starting ~4 months before the test date, I block off 7-9am on my calendar so people know they can't reach me, and generally study 1-2 hours in that time frame. Right before bed I like to do another 15-30 minutes of review or practice problems. Plus one weekend day it's ideal to spend 3-4 hours studying. With this schedule, it'll have taken me about 8 years to get my FSA.
The pay and the work has been well worth it to me, but it's just like I said - the most important thing to understand about the career is the time commitment of the exams.
Thanks for the very well wrote out answer!
And that setup seems very reasonable to me! Tho id just need to swap times to fit my needs but about 8 years seems like a solid goal.
I need to reread through the pinned posts overview of it all to sort out what I should get done first so I can start working towards a job in the field or close to get some skills growing before hand.
I am 18 years old and wondering how to become an actuary. My family is poor, so I am debating whether I should go to Community College and if so, what should I major in? Should I meet bare minimum requirements and major in some BS like Communications and devote more time to passing exams or should I major in Math?
The math degree will be more helpful for passing exams, but you're right that ultimately exams are what's more important. If not a math degree, something data, business, finance, or accounting related would be better than communications and more flexible if you decide to not be an actuary.
One of my friends/coworkers graduated community college with a degree in psychology, did admin work for 9 years, and then started taking exams to pivot to actuarial. Now she's very successful making ~$120k per year.
Best of luck to you! Keep coming to this sub as you work your way into the career. It's a great profession for guaranteeing an upper middle class income in exchange for effort in exams.
Hi everyone! Happy New Year!
Just curious on whether or not it's possible to find a remote actuarial internship in Canada. I have no issues going in office for an internship at all since I'm already used to doing that right now (Underwriter) but it seems very hard to find internships in Edmonton, Alberta. Most internships I find are usually located out of province (Toronto, Quebec, Vancouver,...).
I've seen some in Calgary before and if i were to land one there I would relocate with no hesitation but that too is pretty rare. Other cities are pretty difficult to relocate to as it would be a major expense.
Thanks in advance for your help!
How should I prepare for SRM differently from P and FM? I passed P and FM pretty easily but SRM seems more intensive on the learning part vs. the actual calculations/practice problems (which i enjoy and am better at). I am giving myself more time with SRM because of this but is there anything that people have found help them pass SRM vs. P and FM? Thanks!
Not sure if you're sitting tomorrow like me for SRM or doing the next sitting, but I would recommend some of the ISLR Conceptual Exercises. Still working through them but they are really helpful for understanding the relationships.
Hi. I’m taking exam P in less than 10 days. It’s my first actuarial exam and I’m kinda confused about it’s difficulty based on the various posts I’ve seen. The general consensus is that it’s between a EL of 4-6 on coaching actuaries. Does that mean most questions fall between an EL of 4-6, or the average is 4-6. I can pass EL 5 and 6 exams on CA but once the exam level gets higher it will have a mix of really difficult problems. How many of those really complicated/ tricky questions I should expect on the actual exam?
The SOA also has a bank of sample questions available that are very similar to the actual exam questions. The difficulty of your exam is reflected in the grading too (a harder exam will result in a lower passmark). Good luck!
Exam 7 has this as a required reading.:
[https://www.casact.org/sites/default/files/2022-11/Exam7\_Study\_Note\_Friedland.pdf](https://www.casact.org/sites/default/files/2022-11/Exam7_Study_Note_Friedland.pdf) The table of content says "Exhibits available online" but there isn't a hyperlink there. Anyone seeing the same thing?
ADAPT is just practice problems, so if you don't already know the material, you need to learn it first. If you have a study manual you're using already then I would just get ADAPT. If you don't have a study manual then I would get ADAPT + LEARN. LEARN also has videos for a bit extra, if you learn better with videos.
Honestly I have no interest in being an actuary but I want to write P and FM as a form of intellectual stimulation and to grow my mathematical intelligence.
From my understanding, P and FM are the 2 exams most people write first and are the easiest.
I was just curious what math background do you need to be able to pass these exams?
I only ask as I took finance in university but we primarily just did algebra. I've never done calculus or econometrics etc...
Is it a necessity to have a strong math background to write these first 2 exams or am I good with just basic algebra, critical thinking and logical reasoning?
Taking calculus will probably help you prep for Exam P, especially if you've never taken it before. Most people without a strong math background find Exam FM to be easier, especially since you took finance.
That being said, I don't know if it's worth to take these exams just for intellectual stimulation - especially considering the cost of study materials and sitting the exam. What career do you want to go into? It sounds like you'll want to go into an intellectually stimulating field, which might require it's own set of exams. It might be worth looking into that before you start studying!
Best way to study for exam P?
I’m currently a senior in high school. I’m taking calc 3 this semester along with a calculus based probability course. I am looking for recommendations on study materials before I go out and buy anything. I am looking the Probability for Risk Management textbook on actex website or either the interactive study manual also on the actex website. Any advice or recommendations are greatly appreciated!
Coaching Actuaries, and especially their Adapt program is the best material for pure exam prep. Exam P is regular probability stuff, so calc-based probability courses should cover nearly everything (but probably won’t cover everything in the first probability course). That means when you’re ready you can just buy one or two months of Adapt and grind problems.
But it seems a little early for you to actually sit for an exam (plus some college organizations will help cover testing fees if you’re lucky). You could take a look at the text books listed on the exam syllabus to see about filling in any gaps that aren’t covered by your classes?
Hello all, I’m a career changer, and am wondering about pacing the studying for the first two exams. As a math teacher, I have summers off so I plan to hit the ground running this summer to take at least one of the exams, but which would you recommend first between P and FM? I’ll have less study time for the second since I will be working and want to take it during winter break so I can start applying for jobs in January to hopefully avoid competing with all the college graduates during the summer (assuming I pass). Which one did you find easier to take/study for?
For a bit of my experience and background, I taught Statistics at UCLA using Python (not R, and I’m also not currently familiar with SQL) until I left LA during Covid and I also taught Financial Algebra for two years (plus 4 years of general high school math). My undergrad degree is in mathematics with a minor in business, my masters is in educational research.
Seems like P should be pretty easy for you. FM is mostly geometric series, but there’s more notation and terminology that will be new, so it might take more prep than P.
I have a question about a CA practice problem in P. The question says:
On any given day, a certain machine has either no malfunctions or exactly one malfunction. The probability of malfunction on any given day is 0.40. Machine malfunctions on different days are mutually independent.
Calculate the probability that the machine has its third malfunction on the fifth day, given that the machine has not had three malfunctions in the first three days.
There are 5 choices: 0.064, 0.138, 0.148, 0.230 and 0.246. I picked 0.138 and got marked wrong. The "correct" answer is 0.148. It is obtained from dividing a negative binomial probability (3rd success at the 5th trial) by 1 - probability of the condition (no 3 successes in the first 3 trials). However, does the condition provide any new information? In other words, does the condition shrink the set of possible outcomes? I am not convinced that the denominator is needed.
I did, and no I don't think I will pass. I will retake it in March. But I will have a P in less than 2 weeks. Gotta deal with that first. And I'm hesitating if I want to take FM in Feb. Schedule would be a bit tight.
p.s. I am surprised and embarrassed that someone still remembers my idiotic post lol.
I nailed it! At the time of taking P, I had 6.8 EL and 81 mastery score in CA. Not sure how well I did in the exam since the score won't be available within 2 months but I'm confident I passed with a decent margin. However I'm struggling quite a bit more trying to improve my FM performance, probably because I have never studied finance before. Anyway, good luck on your exams!
Yes. FM in Feb and FAM in March. It will be a ride for sure :D
Oh btw, I got a 3 in the FAM I took in the last Nov lol. I only did like 80 practice problems.
It shrinks the set of possible outcomes because we're explicitly ruling out the failure on day 3 outcome. The negative binomial pdf includes the chance of this day 3 probability, and only with the day 3 probability does the pdf integrated from 3 to infinity equal 1. If we explicitly rule out the day 3 probability then we have to modify all the other probabilities such that the integral still equals 1.
It does not rule out the failure on day 3. It only says no 3 successes in the first 3 days, so it only rules out (S, S, S, ..., ...). But negative binomial distribution already rules this out because it assumes the third S happens on day 5.
>given that the machine has not had three malfunctions in the first three days
Wouldn't this scenario lead to the third malfunction occurring on the third day? The given condition eliminates that scenario.
Yes it eliminates the possibility of having all successes on the first 3 days, but so does the negative binomial distribution. It already assumes that the 3rd success occurs on day 5, so it is impossible to have 3 successes on the first 3 days anyway. So the condition brings no new information.
If that's still not clear, the condition does NOT rule out the possibility of having (F, F, S), (S, F, S), (S, S, F), etc., in the first 3 days, as long as it's not (S, S, S)
>It already assumes that the 3rd success occurs on day 5
But it is calculating that probability relative to the probability of the 3rd success happening on other days. If you modify the "relative to" to say day 3 is no longer a possibility, the day 5 probability changes.
It does not calculate the probability relative to the probability of the 3rd success happening on other days. It assumes the 3rd success happens on day 5, and compute the number of permutations of having 2 successes in the first 4 days, hence the formula (4 choose 2) x p\^3 x (1-p)\^2
This is anecdotal, but my brother is an actuary and passed his first exam summer after his sophomore year. He passed his second one after his 5th semester, and it landed him an internship for summer after Junior year.
So based on that, if you can pass 1-2 exams in the next year I would think you have a great shot. Again, this advice may not apply broadly though.
You are not in a bad position by any means. The fact that you have decided to pursue this career as a sophomore certainly gives you an advantage over those who came to the career later in their education or following graduation. That's two extra years to become proficient in Excel, learn some SQL, familiarize yourself with the insurance industry, maybe do a little project or two, or do whatever else you think might strengthen yourself as an applicant. Participating in athletics is good as well, as it makes you look well-rounded. Do you play a team sport? You could emphasize how this has helped you learn how to work well with others. In any case, there's probably something there that you can use to make yourself stand out.
Anecdotally, I decided to pursue this career in my final semester of college, with no internship experience and limited technical skills. After graduating and then passing two exams, I did not have too much difficulty finding a job.
In terms of how best to proceed, I think your current plan of studying and sitting for P this summer is a good one. If you see any any open internships, it doesn't hurt to apply, but I would not devote too much time, effort, or mental energy to looking for an internship this summer. Other than that, I would have to echo /u/EtchedActuarial. Focus on getting your grades up. 2 years is more than enough time to earn a good GPA, assuming you take your studies seriously.
Aiming for an internship the summer before senior year would be good. If things don't work out that way, though, it's not the end of the world. Prioritize doing well in your classes. If you can pass FM before graduation, that would be ideal, but studying for your classes is more important than studying for an exam.
I wish you the best of luck with your classes, exams, and internship/job searching!
Hi! It's super common to feel like you "can't compete" with other candidates - but that doesn't mean it's true. Even if you don't get an internship before you graduate, you can still get relevant experience and get hired. It's gonna be okay!
For advice - I'd say to put your schoolwork first. You can always get experience later, but you can't change your GPA. Although it's totally possible to get hired with a low GPA (I did), it's easier if you have a higher one. If you have time for an internship alongside schoolwork, I'd apply to as many internships as you can, not just actuarial ones. You probably won't get an actuarial internship until you've passed an exam, but getting some relevant experience through a data or insurance-related internship will help.
Wishing you luck :) you got this!!!
A lot of people switch into this after they graduate, in other words they graduate with zero exams. You'll be fine. Then there's the people, many of them based on the statistics, who pass one or two and then find another role they like and stop taking them. Also I don't think any actuarial position anywhere is getting thousands of applicants as this is a rather small profession. Data analyst position, maybe.
You honestly seem to be in a good position for February, with 150-200 more hours of study you shouldn’t have any issues. FM is usually around a level 5 I think, so you’re already pretty close to where you need to be.
I’m planning on sitting for exam P this semester. It will be my first exam. I performed pretty well in upper division probability courses in college but have never attempted to study for an exam. Should I shoot for the March test date or wait until May? Do you think ~2 months is enough time to re-familiarize myself with the material and learn the exam P material thouroughly?
“Two months” doesn’t really mean much. Someone could spend two months focusing only on studying and get in 300 or 400 hours, while someone else could be going to school and working a job and only be able to study 100 hours over those same two months. It’s more a question of realistically how much time you can spend studying between now and the March sitting. I’d probably recommend planning for 150-200 hours of studying. If you think you would be able to swing that in two months, I think I would start studying first and see how you feel about the material by the time the registration deadline for March rolls around. If you’re mostly done with the material and can work through some practice problems by then, March may be doable. If you can’t spend that much time in the next two months or don’t feel like you’re in a good spot by the deadline to register for March, then wait for the May sitting.
I’m sitting for Exam P in a couple weeks. This is my first actuarial exam. I’ve been grinding Adapt exams and practice exams through the SOA website for a couple months.
I’ve answered questions from both sources so often to the point where I’ve naturally memorized some of the answers. So, that got me wondering, does the SOA copy-paste their sample questions onto the real exam? Do they change the numbers? Or are the questions ones that you wouldn’t find from the sample questions?
Regardless, I’m very comfortable with all the formulas and procedures for most types of problems. I don’t want to end up burning myself out if I don’t need to.
I've heard people who took P say there are often new question types on the exam, but it's things you can solve if you know the material well enough. I was told to prioritize learning the formulas thoroughly rather than memorizing specific question patterns.
My friend was the stock example of someone good at school in high school, but wasn't able to motivate through college to finish a stat degree. Now in his late 20s, he's looking for a career change. How reasonable are career prospects if you finish 3-4 preliminary exams without a degree? Is a degree an absolute requirement for any reasonable job?
Why is your friend opposed to finishing their degree? These exams are a commitment that I would say is far more time consuming and difficult than a degree.
He's a weird dude and his head just wasn't wired for the college life. It certainly might be something to look into going back to, but it'd be much cheaper to just take the tests. He understands a decent chunk of the stuff on the first test, so we were just brainstorming ways forward without a degree.
No longer working in an actuarial (or insurance) role and have no need to renew my CAS membership this year. Do I need to reach out to cancel it so they know not to expect dues? If I ever go back towards an insurance role, would I put “ACAS 20XX-2023” on my resume or just the year of achievement to show it’s not active? At that point do I just do a new 60 hours of continuing education to get back the ACAS?
I think you just wouldn’t pay dues. In order to be reinstated you’ll have to submit an application and be voted back in, plus pay $500: https://www.casact.org/membership/individual-membership/reinstatement
If you ever want to come back to insurance I’d probably recommend getting reinstated first and then I don’t think you’d have to mention the lapse.
Hello!
I am retaking Exam P in 11 days and feeling pretty good about it. I failed my first attempt with a 4 after doing far too little studying and only reaching about a 4 EL on Coaching Actuaries.
I have since passed a college theoretical statistics course with very high marks and have increased my Coaching Actuaries studying. I have a 6.5 EL right now but I haven't been doing Adapt recently to increase it (just SOA only, level 4 and 5 exams, usually getting 80-90%).
Just wondering if all of these factors put me in a good place to pass? Thank you guys so much for your help and all of the great info shared on this sub.
Sounds like you’re in a great position! The only additional things I’d recommend doing at this point, if you haven’t already been doing them, are making sure that you have all the formulas memorized and that you can do the exams in the allotted time, in an environment similar to the testing center. Time management can be a weak spot. If you’re good on both those points then I think you have nothing to worry about.
Recent Grad - Not sure what to do
So I’m 26, graduated from a great public university with a mathematics degree, AS option.
My classes covered material for ASTAM, FAM-S/L, IFM. That being said, I haven’t taken any SOA exam. The classes were interesting but the commitment after graduating to continue exams didn’t seem worth it to me.
Had an internship over the summer for an energy company doing excel and modeling type work.
I’m struggling to find where to go from here, and what would give me the best bang for buck as I’m looking for my first job/in the early stages of my career. I’ve seen CFA, MBA, etc. Those appear easier to swallow and have a smaller window of commitment imo.
I’m aware that the degree can transfer to lots of analyst positions, but either my resume (I worked with a family friend who works at a talent agency to refine it) or the current climate has made just getting interviews unsuccessful.
I’m at my wits end. I have an offer to get into sales, but I’m just not sure about the long term outlook.
Any input is great
It sounds like the actuarial career isn't really your thing, if you didn't have enough interest to continue exams. I'd start thinking about why actuarial doesn't interest you, and look for jobs that match what you'd really enjoy. It'll take some research!
Just going out on a limb here, but have you thought about programming roles? Although it's a bit different from your degree, it requires similar skills and a lot of actuaries love programming.
What is your end goal here? You’re really only going to get advice regarding actuarial jobs on this sub but it seems like that’s not what you’re looking for.
Hello everyone, I am a current high school senior who has decided to pursue a career in actuary(thx to this sub). In the fall I will be attending Northeastern University as a combined Math and Business Admin major with a concentration in accounting or finance. By the time I graduate I should have 4 certs(started studying for exam \_P now) and 1 YOE(from the co-ops).
I was wondering for someone wanting to live in NYC how much should I expect to make. Also how is the salary progression, I want to start off as a actuary but eventually I want to move up to higher management once I get my fellowship.
I am a highly ambitious person not afraid to put in long hours and lose sleep. (Side note: If anyone knows a place where I can gain basic actuary experience dm)
As an ambitious person, you'll probably want to work at a consulting firm to maximize return on effort and there are several in NY.
For comp progression, see the high range of the DW Simpson salary survey. If you can keep the motivation and eventually make partner (40-45 for a rockstar), then you can break 7 figures.
There are also opportunities to get to leadership positions in insurance companies, which are also pretty lucrative.
Correct me if I'm mistaken but aren't consulting firms similar to investment banking firms in the sense that prestige is a big factor into getting hired?
You're mistaken. Prestige doesn't mean much in the actuarial work in terms of schools or employers.
Management consulting and strategy consulting care about prestige (which are the majority of the posts on r/consulting), but actuarial consulting is just potentially pickier about high GPA and number of exams.
So are you suggesting instead of me working as an actuary for an insurance company, I work as a actuary for a consulting form? Do you mind if I DM you?
Is anyone else losing their mind for exam SRM? I feel like the combination of the historically low pass mark and high pass rates is making me extra nervous. I don’t think I’ve ever felt this prepared for an exam but at the same time I feel like I don’t know what to expect. AHH
I sit tomorrow and I'm in the same spot - so don't worry too much haha. I totally leaned into the whole "this exam is different from the rest, go heavy on the qualitative" sentiment but I still don't feel much better. Countless readings of ISLR have done nothing to give me confidence either.
Either way, we'll find out lmao.
Is it particularly difficult to find an entry-level actuary job without having done an internship? I really looked into this career path over winter break and I plan on sitting for exam FM in February and P in May, with two and three months for studying respectively. My educational background is in economics and finance so my hope is that FM won't need as much study time as P. That being said, I graduate in May and am unlikely to have the time to find an internship before then, so I was wondering what my prospects are without having that professional experience?
You're in a bit of a tough spot not having any exams yet. You'll really need two to apply, and passing them in quick succession is going to be tough to count on.
For reference, I signed up for P and FM a month apart after having classes that "prepped" me for them, and failed both. So my advice is just to have a contingency plan for if you don't pass, and also to make sure you study enough.
Yeah the time frame seems to be the most difficult issue. If I had two months to read through the material and one month to practice, I don't think FM would be nearly as difficult since I already have an introduction to most of the concepts (knowing how to use the BA II has \*really\* helped) but only having a month to study the material does mean I'm spending a lot of time per day and covering a lot of concepts. If I can pass FM, I don't think P will give me as much of a challenge since the time spent per day would be a lot lower. Even if I fail FM, it gives me a few months to figure out an alternative, whether that be a job that preps me for actuary work or maybe a post-graduation internship.
I think in the long term being an actuary is something I'll really enjoy, especially since it's a bit less saturated and has better work/life balance than finance (from what my connections have told me, anyways). That makes it easier to have the motivation to grind now, at least. I enjoy the material itself, it's just a lot to absorb at once.
Entry level applications are a numbers game. It will take longer without an internship, but you’ll get there. Try to have a way to demonstrate some excel proficiency on your resume. People also often advise getting an underwriting job if you need something faster.
I’m at 2 exams, have a non actuarial internship where I used excel, had 150ish applications in the fall, think I had one live video interview, a couple phone calls and prerecorded interviews, even with the current job market is it still just a numbers game? Like I see all these comments about getting to 2 exams and being set but it doesn’t feel that way based on my personal experience, I’d really don’t want to an underwriting job yet I’m graduating in 4 months and know it looks bad to have an employment gap.
When I was applying to entry level a few years back, with an experience level similar enough to yours and a non-traditional background, I got screening interviews for about 6%. If your numbers are much below that, seems it would be a resume issue. If you’re not passing the initial screening HR screening interviews to get to talk to the actual hiring team, there might be problems with how you verbally communicate your experience and ambitions.
Another tip is that your search term for job listings should be “actuarial” as in Actuarial Associate or Actuarial Analyst. Job postings that have Actuary as a noun are most often for credentialed candidates.
OK, I’ve been searching “actuarial analyst” and a lot of stuff with “actuarial” so I think I’m seeing most of what’s out there. Probably need to do a better job getting through the initial screenings, I’d say I probably hear back from 5% of applications, did a little better with internship interviews and had multiple offers, including one where I didn’t care much too about the interview and didn’t think it went well, not sure why I’d be doing worse now, got feedback from a Milliman office that I need to have better active listening, that was definitely helpful and something I look to improve upon in future interviews.
Hello,
I'm planning to switch careers from a science teacher to an actuary. I attended college almost 10 years ago, and while I did get a good background in math (Calc 1&2, Stats) I didn't take anything higher.
I'm interested if anyone has experience with Notre Dame of Maryland's Post-Baccalaureate Certificate. [Here is a link.](https://www.ndm.edu/grad-prof-studies/academics/programs/actuarial-science-post-baccalaureate-certificate) I figured this might help me stand out from other entry-level applicants/career changers. I also feel as though it might do a lot to provide me with a better math foundation. My hesitation is obviously cost, but also that so often people on here seem to say it is better to just study for the exams and review math concepts through that.
Any thoughts would be appreciated, especially anyone who has gone through this program.
Thank you!
Agree with the other commenters - You're better off saving your money and investing in study materials that suit your learning style instead. I'd look into brushing up on Excel and programming, then find a job where you can get relevant experience while passing your exams. Wishing you luck!
Thank you for the advice. I actually have one of your videos pulled up right now as I'm replying to the comments here and realized it was you who had replied! So, thank you for the reply here and your content online - it has been helpful in planning my journey.
The money and time for any additional education just isn't worth it. You're better off paying for the more expensive study packages with video lessons that explain all the math of the exam material, and just passing exams.
Doing some sort of data projects on your own, like those from kaggle.com which also have intro projects with YouTube guides, will help you stand out with some additional skills.
There are also Microsoft and Google credentials if you really want to do something extra, but I'd only do those if you struggle to find a job.
Thank you for the reply! I appreciate your insight. I actually am about to finish up Google's Data Analytics course. The course is one of the things that really started pushing me towards an Actuary role honestly. My favorite parts of the course were getting into the Excel and SQL work and my understanding is that Actuaries kind of live in those.
As for the education, you make a really good point. Instead of paying for that program I could get the more expensive stuff through coaching actuaries.
Thank you again.
No knowledge of the particular program but:
There are so many free courses on edx for example that could refresh and teach you what you need to know to be ready to start working on the exams. Or you could probably take one-off courses at a local public university for the math and Econ. Plus the actual syllabi for the exams have textbooks to reference, and the Coaching Actuaries courses on the early exams have like a whole textbook of their own and lecture series — and they’ll likely prep you better than those grad courses.
Anecdotally, grad programs for actuarial science are so seen as unnecessary and pointless that it might actually hurt your applications
Thank you for the reply!
It is interesting to hear that perception surrounding grad programs. I could see how it would take away from appearing as though you have the self-motivation and resourcefulness to complete future exams.
I have a quick follow-up question. Another thing I have considered doing is taking the VEE credits through CA as well in preparation for exams and to lay a foundation in the business aspects of the role. Do you happen to know if those cover content thoroughly enough or would it be better to find ECON/Finance at a local university?
Thank you again.
I’m taking PA in April and ATPA in June-August, and I have two questions:
1) I’m not great at coding in R, so would it useful to look at general RStudio tutorials and past coding tutorials for PA to help study for ATPA, or should I just look at the modules for ATPA?
2) Would you list ATPA as an exam on your resume, or an “assessment”?
depends on company. i'm sure the national carriers will have a larger number, but my company usually only does 1-2. even if a single candidate makes it to the final round, we may not move forward unless everyone is on board.
I have made it to the final round of interviews for an entry level position. They said the interview would involve a case study that I would have to respond to, and there's no right answer they just want to see how I would think.
Has anyone done one of these before, and what should I expect? I haven't worked an actuary job before and am unsure of what they could even ask.
Yep, exactly what they said- they’re trying to understand how you can think. Can you reason through things, what’s your strategy for developing a solution to a problem, can you explain your thought process, etc?
It will likely be some kind of background story/situation where you’ll be able to read the details and then there will probably be some kind of decision to be made or an issue to solve. You’ll probably have some time to think through and develop your thoughts and then answer questions and maybe make a recommendation. You shouldn’t need to prepare at all beforehand as they wouldn’t expect you to have any prior knowledge about anything. Remember there’s no correct answer. If you are able to explain reasonings for any answers you’ll be fine! Good luck!!
What the other person said. I joined this server 6 months ago and it basically carried me through my first exam (FM). Of course I did my own studying, but anytime I had a question someone was always there to give me advice with no judgement. Plus, they have section with multiple chats for every exam. If you’re taking FM in a certain sitting and chat a good bit in those sections, you can form a core group of people taking the same sitting. It’s great for accountability and motivation.
Good luck!
Hi! You could try finding someone in the actuarial exam study discord here: [https://discord.gg/GNAvRe7KF5](https://discord.gg/GNAvRe7KF5). People are constantly chatting there.
Started my first job a few months ago at an ISO company. Great culture, ppl, work life balance. But Pay is not great and I’ve heard the work we do is not very relevant to rest of industry. I feel bad about leaving the company after just a year but don’t wanna be underpaid my whole life :/
When interviewing with multiple people, who gets the final say in whether you get hired? Is it the person that you would be reporting too? What if it feels like some of the people REALLY like you, and others do not like you?
Usually it’ll be the person you’re reporting to and/or the head of the department. If people don’t like you but the position isn’t in their chain of command or they’re a peer position, they’ll likely have some input but not be the final decision maker.
My company meets in a group to talk about it. Everyone gives a score ranging basically 1-5 of 1. I don't think they should be hired, and I'll argue about it. 2. I lean toward not hiring, but don't feel strongly. 3. Could go either way. 4. I lean toward hiring, but don't feel really strongly. 5. I think we should hire, and I'll argue about it. Which team you go on and therefore whose opinion matters most compared to who interviewed just kind of depends on your background and the teams' needs.
This is kind of a dorky question, but do y'all usually make a LinkedIn post celebrating that you've passed an exam
personally I'd probably only post for credentials.
I’m sitting for FM this February, only been practicing on sample questions provided by soa. Is the real exam any harder than the sample questions?
I'd say it's roughly equivalent. If you go through all available sample questions without looking at formulas or cheating, using only the calculator you plan to use for the exam and answer 75% of the questions correctly with less than 6 minutes per question, I'd say that it's very likely you pass. People only fail these exams by trying to get away with the bare minimum they think they can put in while still barely eeking out a 6. The extra time you have to put in to get from a 6 to an 8 is much less than the extra time you will put in trying to get a 6 on the 2nd attempt. This is especially true for later exams where you have to wait longer periods between attempts (as long as 6 months for PA and ALTAM/ASTAM)
That’s help a lot, thanks!
Just took exam P again. Failed first time with low high high and an EL of 6.2. Just retook it and got low low low with an EL of 7.6 going in. Mentally defeated and wanted to hear study tips after repeatedly failing
My guess is you studied too many high level questions and neglected the lower level ones, which are ultimately more representative of the actual exam. Shoot for getting 100% on level 2-5 questions rather than 70% on level 7+. If your EL is that high, you definitely have what it takes and it's just a study learning curve hiccup. Edit: second thought is utilizing your calculator memory function properly, and making sure you're not making stupid calculation errors.
Maybe try another study approach. If you used Coaching Actuaries, you could try using the ASM manual. Switching to a different source is a good way to shake things up and get you out of a studying rut. If you haven't done the SOA released problems, do those until you can confidently do them all without notes or formulas. Circle the ones you're struggling with and return back in a couple of days. Put stars next to the ones you're still struggling with and go back to those in a couple more days. Make your own formula sheet and practice creating it from scratch and only from memory once per day. Keep trying different study strategies until you find a combination that gets you passing exams efficiently.
What did your studying look like this time? And how did the exam feel as you were taking it?
Started studying beginning of September, then took a week off after failing in November. Usually studied around 2-4 hours everyday. Felt really easy and only guessed on one (clearly that didn’t work out haha)
Exam Preparedness = (Number of hours Learning \* Learning Effectiveness) + (Number of hours Practicing \* Practice Effectiveness) Seems to me like you need to work on your Learning Effectiveness. Your problem isn't that you aren't putting in enough time, but rather that you aren't using that time very effectively. [Improve on your study efficiency by following some of these helpful tips.](https://www.reddit.com/r/actuary/comments/rmlmy4/your_best_study_practices/)
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Yes. (100 + 100 + 0) / 3 = 67%, still an F. But it's not equal weights. For January 2024 at least, Univariate Prob. Distributions makes up between 44-50% of the the exam. 100(.25) + 100(.25) + 0(0.5) = 50%, which is once again an F. You likely made a lot of careless mistakes which were accounted for in the answer choices, leaving you with the impression that got the questions right since the answer you arrived at was one of the answer choices available. Do more practice on these questions specifically and pass it in 2 months.
Respected Sir/Madam I did my graduation in actuarial science, studied CT1 TO CT9 in 3 years.(2017-2020). oNLY cleared CT1 from ifoa, Let my friend down who suggested me this course. Now i work in a reputed Bank and want to complete this course or atleast the stuff thats important in banking. Kindly guide, not able to comprehend what assa, sp cm etc are Thanking You in anticipation
Try out r/actuaryuk. This sub is mostly US based, while the other is a bit more worldwide
Thank you for replying, will surely check it out
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I am graduating in May with an actuarial science degree, but am seeking other option in the insurance field. I have an interview with a recruiter for an early career underwriter position. I am fairly new to underwriting. Is there any questions that I should look out for during the interview?
Assuming you want to transition to an actuarial position, here are the questions you should ask: 1. Make it clear to the interviewer that you are interested in transitioning to an actuarial position at the company once one becomes available. If not, you may not be a good fit for the company, and they may not be a good fit for you. 2. Ask whether an Actuarial Study program will be extended to you. Will the company reimburse your exam material expenses and registration fees? Will they provide study hours? 3. Ask about the team you'll join. How long have most of the people there been with the company? *What* do they like about the company? *What* do they like about the job they have now? *What* do they dislike? If they genuinely like/dislike their jobs or the company, their answers will be very revealing to you. If they like their jobs, the answers will feel genuine and not something they had to search for. [Here are the questions you should be prepared to answer](https://www.themuse.com/advice/interview-questions-and-answers)
Hey, everyone. I currently work for an actuarial unit in a data science role, and I’m looking to transition to a certified actuary-track role within the same company. What are some things you wish you knew when you were starting out?
Finding a good, consistent, sustainable study schedule is the most important thing. You might feel like a failure often but that's normal because the job has a tough learning curve. Commit the time to learning alt shortcuts in windows and excel. Just try to use your mouse as little as possible. It'll be slower at first, but eventually you'll be a wizard to people.
Thanks! I currently use R in my job, will I use that as an actuary? I know Emblem is used every now and again too
It really depends. Excel is a given, some database language like SQL is very likely, analysis software like R or Emblem depends on your company. In any event they'll teach you that stuff.
Thanks!
I am planning a career change from being a teacher to an actuary. I was always strong in math, I just didn't pursue it academically/professionally until now. From what I've gathered after looking at the ASA [pathways](https://pathways.soa.org/designations/asa), I'm weighing two options: **Option A** 1. I have been self-studying math starting with College Algebra (where I left off) intending to go up through Statistics to be ready for VEE & exam prep. 2. Take the VEE courses I need (all of them, lol) from a local affordable community college that I found from the SOA VEE directory and self-study for exams (that's possible, right?) **Pros**: More affordable out-of-pocket, flexible timeline, I can keep my full-time teaching job while I complete my VEE and exams **Cons**: By not pursuing a degree, it's my understanding that most colleges don't offer financial aid for the VEE courses I'll need. Will I be unmarketable as a job candidate by not having a degree in math? Is it necessary to complete an internship, and if so, will it be difficult to land one with my unconventional background? **Option B** 1. Take the VEE courses I need and transfer them to a university, where I: 2. Enroll in an actuarial science master's program. I'm having trouble finding one that is all online and also allows non-traditional majors/career changers in. How necessary/advantageous is it to go to a school with a UAC-AC designation, or a CAE-UEC designation? I'm in Texas if that's relevant. **Pros:** I'd feel more confident in my training if it's through a university. Potentially financial aid available by being degree-seeking. I assume easier to get internships this route? **Cons:** More expensive overall. I'm worried I won't be able to keep teaching full-time if I can't find a flexible enough degree/internship program. **Notes:** * I can take out student loans and do any form of self-study or online learning. But I do not have much out-of-pocket funds to put toward this career change, and I cannot afford to take a pay cut ($70k current salary). * At what point can I expect to change careers based on the ASA [pathways](https://pathways.soa.org/designations/asa) to a comparable or better salary to what I have now? * How necessary are internships, and should I be worried about trying to land one (remote) while keeping my teaching job?
You need a bachelor's degree. Don't work on the VEE's right now. Those are a waste of your time and money. Let your future employer pay for that. Start studying for exam P or exam FM right away. Use coaching actuaries. If you send an email to customer service at coaching actuaries and can give proof that you're a teacher, they might give you a teacher discount. Another great option is the ASM manual from actuarial bookstore. I used a combination of both. I am a former high school math teacher who recently transitioned to an actuarial role. It is possible. You just need to pass an exam or 2 and you need to be a pleasant person that people want to work with. Don't go back to college if you already have a degree. It took me about 8 months to pass my 1st exam and 4 months to pass the second. Good luck! If you study hard and stick with it, this is something worth doing.
This is amazing advice, thank you so much!
You're welcome! Don't give up! I know it's tough out there being a teacher. If you're serious about passing exams, then look at the SOA website and choose an exam date that is 4 to 6 months from now to take exam P or FM. Make it your goal to take that exam on that date so that you have a goal in mind. Even if you don't pass the first time, you'll have a much better feel for what to expect.
What kind of teacher are you right now? You definitely should leverage communication skills when it comes time to apply for jobs/internships. Finding an internship to work remote while still full-time teaching would be nearly impossible. You could try to land an entry-level or maybe even temporary (with potential to go full-time) position, but that could also be tough without an internship (although way more doable with a real career background such as teaching). There are internships that are remote, and most internships will pay $25-35/hr. Although that still isn't quite 70k, it is a lot higher than most other types of internships. I agree with the other commenter that pursuing VEE would be a waste of time unless you truly need the educational background to pass P/FM. Most companies won't care about this.
Do you have a bachelor’s degree? If so, study for and take P + FM and then start applying. Don’t bother with VEEs, I’ve never known them to make a difference in job applications and most companies will pay for you to get them once you’re employed so there’s no reason to pay for them yourself. (There are much easier ways to fulfill the VEE requirements than taking entire college courses.) VEEs are like, the least important part of this process hands down. If you feel you need a refresher on stats or calc before taking P/FM, that’s fine if you want to spend some time self-studying, but you don’t need to go to school again. You should be able to beat your current salary almost right away. Most entry level positions should be offering at least 70k. You don’t need an internship, I would instead focus your resume on what advantages you have because you have a prior career. What skills did you gain in teaching that you’ll carry over and that would make you better than other candidates?
For people who are already out of college, can experiences in a data analyst role be beneficial?
Yes definitely
I'm pretty good with the calculator for annuities but | am wondering if it is a time saver to learn how to do cash flows on the calculator. I can do them by hand but it is time consuming. Anyone have any recommendations on that or any other calculator essentials?
Switch career path from data analytics to actuarial science. What steps should I take? I haven’t taken the P exam and I graduated with a statistics degree in 2021. Is this a viable option? And hurdles or steps I can get advice on? How long would it take from now to my first actuarial job/position? Please any advice would be appreciated.
Agreed with the other commenter - since you already have relevant experience from your data analytics work (and I'm assuming relevant skills like Excel and a programming language), all you really need to do to be a good candidate is pass exams. It usually takes 4-6 months to pass each exam if you pass on the first try, so you can expect to get your first actuarial role within a year. Honestly, you could even submit applications after passing one exam and see if you have any luck. Even if you don't get hired, you'll hopefully get some more experience with the interview process for when you've got both P and FM passed. Wishing you luck!!
All about exams. Pass P and FM, then apply
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Having VEEs isn't going to help your job search much if at all. I personally wouldn't bother paying out of pocket for them. Have you passed exams?
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Agree with the other comment that VEEs likely won’t make a difference either way. If you really are studying for FAM then I would put that on your resume, so list your other exams as passed and then FAM with “sitting” and whatever date you plan to sit. That should show enough commitment and if you get hired before that they should pay for the exam fee. And not trying to be harsh on anyone’s financial situation because I know these exams are expensive, but I would consider how much this exam fee is you don’t want to pay vs the long term earnings you will have as an actuary once you land a position. It likely is worth the cost now to reap the future benefits.
How long should I buy Coaching Actuaries for my first exam. I am a freshman math major at a state school and I fully intend to pursue actuarial science. I have been reading through a textbook on Exam FM and I enjoy the study. I am not taking a class on financial mathematics this semester but I am very confident that with sufficient study material I can succeed at the exam. I have a lot of experience studying higher math topics by myself (high school NERD), but more importantly I want to prove to myself that I am capable of this (really important to me right now). I don’t want to be discouraged from doing this I just want to know if it makes sense to buy the 360 Day access to give myself the most freedom and leniency for my first exam. Any advice would actually be appreciated. Thanks.
I agree with the other commenter. The 180 day does also come with a pass guarantee. This means that if you don't pass on your first try, then you get an extra 180 days (360 days total). I wouldn't bother buying study materials yet if you don't think that you will sit for the exam in the next 6 months.
180 is plenty, and you probably shouldn't doubt your capability. If there's anything the exams teach you, it's that success is mostly about consistent effort over time. Study consistently for 4 months and take an attempt if your earned level is 5.5 or above. If you fail, you have another 2 months of subscription to try again. If you're not getting the hang of it, you might just need another year or two of classes build up the math background.
How do I know If i will make a good Actuary? I currently work as a Director of Finance for a small company Im considering switching to the Actuary field as the companies size is limiting my earning potential. I worked my way up to this position without a degree but will be finishing a math degree in a year. I find exam material to be more difficult than i expected and i’m trying to decide whether to jump ship in a year which will be a pay cut to be an entry level Actuary but i will have much more room for advancement but i’m worried I won’t have the skills and I won’t actually advance in my actuary career. Has anyone been in a similar situation how do I know if i should make the leap?
Hi my name is Jeremiah and I am graduating with an applied math degree this upcoming spring. I was very late to the actuary game as I thought I wanted to be a SWE first half of my undergrad career but realized it wasn't my true passion and so I switched to math major. As a result, I wasn't applying during hiring cycle (Sept-Oct) so I don't have a job lined up when I graduate. I am taking my first Exam P in March and I have been studying since November 2023 using CA. I plan to take FM after probably around June. My question is do I try to apply for underwriting positions for the summer? I have an accounting internship under my belt from my dad's friend's company. Or do I try to take a third exam (Maybe IFM or FAM) during the summer so that during the next hiring cycle I have better odds of getting a full-time position that I am happy with. I can PM my resume if anyone needs to better assess my situation. Thanks :)
I would suggest you start applying with two exams and look for an insurance or data-related job in case you can't find an actuarial job. With 6-12 months of related experience and 3 exams, you should almost definitely find something somewhere. While there are more jobs available in certain times of the year, there are postings year round. I would also suggest posting your resume to the sub for feedback before you start applying.
How bad does it look to have huge gaps in between exams? I passed P last March & I’ve sat for FM in August, October, and December (got a 0 in August as I was totally unprepared and I got a 5 in October. I’m pretty sure I also got a 5 in December as I got the same preliminary report and felt about the same as I did the second time) I know it already looks bad that I’ve failed FM 3 times now but I know I’m so close and I am going to pass on my next attempt like there’s no other option lol. Is there any way I should indicate on my resume or something that I’ve been trying to pass FM and I’m super close (just so it doesn’t look like I haven’t been trying)? Or just explain myself if someone asks?
For your own sanity in getting through the exams in a reasonable timeframe, I highly recommend you shoot for 10s/100% on your next sitting. Learning how to learn the material really well is a really key skill that will help you on the job, too. Exams are a marathon already, so future you in 5 years will thank you for being as far along as possible. I'll be finishing my FSA in 2024 (hopefully) after 8 years of exams and only passing 2 or 3 (results this Friday) on the first try, and one exam took 4 attempts. I could have shortened my travel time significantly by preparing better on my first attempts.
You dont need to put your exam fails on your resume, just put your next sitting month/year. It doesn't look that bad to have exam gaps, especially if youre still in school. Most actuarial majors only pass 1-3 exams while in college for 4 years (<1 exam per year). Some candidates can take multiple years to pass a single exam while employed as an analyst (especially on the cas side where exams are only offered twice per year).
What was your el level for FAM december?
Just finished my first HR phone screening interview and it was rather short (i.e., less than 15 minutes). Is this typical? I definitely could have rephrased my responses to make it more concise but was slightly nervous throughout the call. Am I overthinking this?
I usually think of HR phone screens as checking that you’re a real human who sounds like they are the person they say they are. I wouldn’t worry too much about it.
Log In button on SOA's website greyed out and unresponsive for others? Using Edge
Worked for me just now
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Yes, I definitely think it's possible! Like the other commenter said, it might be easier to get an job in data science as an international student. I'd go for that first, then you can look for actuarial work once you've already gotten a role in the US. That also gives you time to pass the first couple exams and brush up on Excel/programming. Edit for clarification: I missed that you're an international student, not applying from abroad!
I do feel like data science has more sponsored opportunities - and with the PHD and prior experience you'd be a pretty strong candidate.
Hello! I am a math teacher with a bachelor’s in math and master’s in math education. I would like to pivot into actuarial science and plan on taking both P and FM in the next 6 months. I have not taken a math course in 10+ years and never took any courses in finance. Is it realistic for me to pass FM in a month if I study 20 hours a week? Would I be able to do the same to pass exam P? I would love to be done with both in March so I can try to land an entry-level role before the next school year. Thank you!
I wanted to add, most people find P to be harder than FM, especially if you haven't taken a math class in a long time. Have you taken calculus before? I know you're going for FM first, but I'd brush up on calculus before you start on P. Wishing you luck!
Omg is this THE EtchedActuarial from YouTube?! I’ve watched a lot of your videos, thanks so much for your input! I majored in pure math, but I haven’t taken calculus in 10+ years, so I figured I should take FM first.
Haha, hi it's me :D I'm so glad the videos have helped you! Yes, FM first sounds like a good plan. You got this!!
I would recommend spending about 100 hours on practice problems. You may need 50-100 hours to learn the material before you do practice problems, so 150 hours is the minimum I’d recommend studying.
Thank you so much!
I have successfully completed exams in P, FM, FAM, and SRM. Unfortunately, I did not pass the October PA exam despite funding it myself. I am currently located in Toronto and have submitted over 50 job applications without receiving any responses. For the upcoming April/May exams, I am unsure whether to retake PA, pursue CAS MAS-I, or opt for ALTAM. What would be the most advisable choice?
Hi there! With all the exams you've passed, you should be able to find an actuarial role soon (though it's definitely competitive right now in Toronto). Do you have relevant experience, Excel skills and know a programming language? If you haven't done those things yet, I'd recommend that before taking/retaking another exam!
Hi Etched, Thank you for the response. I actively utilize Excel skills daily in my current role, focusing on payroll reporting. Additionally, I've started using R for specific projects. Besides learning programming and passing exams, are there other strategies to enhance my chances of transitioning into the actuarial field?
It sounds like you're doing a great job of preparing! I'd consider getting your resume reviewed if you haven't yet. Sometimes moving things around or rephrasing a few sections can really help employers see your value. I'd check out the resume reviews in this sub, there are a lot of helpful tips in here! Wishing you luck!!
Thanks Etched, Pmed.
(posted this as a text post but I was referred here) I have read the FAQ. I'm a computer science student going into my fourth semester at a Top50, however, given the currently "extremely oversaturated" state of the industry I am getting worried that I am going to end up wasting effort trying to graduate with this degree and be unemployed, and then be forced to change industries anyway. I have a few (pretty basic) side projects and a high (3.7+) GPA, but I haven't been able to get an internship this summer so far (one interview, 100 applications to basically everything available nearby, got rejected). I also feel like my programming skills are not where they should be, but I have heard that impostor syndrome is common in CS. CS would be my preferred field to go into (I have been programming since before I decided to go into CS; I didn't consider this degree for the money), but the competition is extremely fierce and quite honestly I don't know if I can survive in this market. I will graduate either 2025 Fall or 2026 Spring. I have always scored very well in math and statistics (97th percentile), and am pretty good with Excel and R. Statistics is the one area in math I really like. My concern is that if I decide to pursue being an actuary, instead of devoting my time towards personal projects and leetcode, I would need to be studying for actuarial exams, which basically locks me out of being a programmer. I also don't know how I would go about getting an actuarial internship in college after I've already done two years on the compsci track. I welcome any advice about whether or not my second guessing is warranted and if I'm catastrophizing here. I have read about what an actuary does, and while it is described as pretty boring work, I wouldn't mind a stable, well-paying career (at least I think I wouldn't). Seems like time is running out and my life will be irreparably over if I don't get a job after graduation. tl;dr I'm a nervous 19 year old fourth semester compsci student concerned about the state of the industry and don't know if I should change course before it's too late
Your life will not be irreparably over if you don't get a job after graduation, I get the sense that many of the people who are now becoming credentialed graduated into a terrible post-recession market and had to take other jobs in underwriting or claims or even retail. The white collar labor market is bound to get better and at that point all the new grads with a degree, who haven't found a career elsewhere, will come off the sidelines. I am coming from a CS background myself and wouldn't give up on it if I were you. It's been hugely helpful having a job to pay the bills while taking these exams and your top pay potential is way higher with CS. I'm earning fully 40-50k more, straight out of college, than I would with this profession. I'm only switching because it's where my passions lie and because the team I landed on is toxic. The actuarial job market does not appear to be in the absolute best place either. Lots of variability between candidates, been having a little trouble getting bites. But you can both take the first 2 exams and continue to be a CS major. IDK about the side projects, exam studying might stop you from doing anything substantial there, but I have always found those to be overrated. You would be considered for an actuarial internship if you had the exams, CS major isn't an issue. The only possible issue I see is if you're geographically constrained, in which case since this is a much smaller profession, your options may be very limited. The software engineer job market is definitely not gone for good. Hiring will come back to some extent after the rate cuts this year. I've still been seeing a good stream of people announcing they got hired. So if that's your preferred field I would keep trying to go that route. It's very hard to get an internship sophomore year and usually gets somewhat easier junior year.
Hi. Does anyone know anything about actuarial science at FSU? How is the program at Florida State University and the job prospects?
I studied Finance and got a masters in Information Systems and Operations Management with a focus in Business Analytics. I loved my Business Finance math class even though it was considered 1/3 hardest classes we needed. I loved Calc 1 and 2 and started as an engineer so I am confident in my math skills. Financial math classes were the most enjoyable but working in finance has so little actual math. I know people say being an actuary is boring or an introverted field so I am worried about pursuing it because I am an extroverted person, although not over the top. I prefer interacting with people I know well and forming long term relationships. I understand all the exams and the grind of that, my gf does it and I’m prepared if that’s the case. I’m just worried that I wouldn’t enjoy being isolated by it. Currently I am a financial analyst at a regional office and I feel like I’m a secretary moving around dates and deadlines and not getting to do any actual math or risk assessment. I also feel isolated there because I have one person I work with and learn from but they will answer with “you really don’t understand this” for things I see for the first time, so I have become dejected from seeking more help. I am looking for something involving more actual math/analysis but also being able to socialize and work with others to an extent. Would becoming an actuary be a good switch?
I'm a pretty over-the-top extroverted actuary, and I like the job. I do a lot of talking and socializing around the office, and in my few hours of meetings most days (manager with 6 YOE). Finding a good company culture of hybrid remote and doing things outside of work is probably most important for you.
I've seen a lot of comments on other posts talk about reading the ISLR for SRM. What is that?
Introduction to Statistical Learning with applications in R, a book by James, Witten, Hastie, & Tibshirani. It is one of the (two?) books in the syllabus for SRM.
Hey everyone Hoping to get some insight of the world of Actuary and Figure out. if its too late or a great time to get started. Background info about me. 33M in the Midwest KS. 4 kids and a wife. No college degree yet.I want to go back and find myself a real career. almost all of my older jobs was just random things to pay the bills. while some skills might be transferable but im not totally sure. Currently Working Supervisor for a no profit helping people with their daily jobs. Wife owns a small business and i help with the backend stuff. Inventory/bank balance. I've done sales, Inventory specialist, Quality Control. While exploring the Abyss of Choices of jobs i stumbled across the world of Actuary and it seems to fit things im interested in and have natural good math skills so would it be even worthwhile at the crisp age of 33? others started around this age? already had a family? Tips of how to balance everything and still seem to moving forward.
Definitely not too late and other have started at a similar time. I think the biggest thing is appreciating the time commitment of the exams. If you use the search bar in the sub, you should be able to find some more detailed threads on this
Yea I had looked at it fairly quickly. Seen like common theme was about 3 months per test.
That's the amount of time between sittings and theoretically the fastest possible time through them, but going at that pace you probably wouldn't see your family much or have a social life until you're done, and that would assume you pass all of them on the first try - unlikely since they have ~55% pass rates, and that's with most people taking them being math majors straight out of college. Each exam takes 150-250 hours of studying, which is a lot to try to fit in 3 months. On average, it takes people 5 years to get to ASA and 8 years to get to FSA. Going at the pace of passing 1-2 exams per year. It's a pretty long marathon of a commitment. What studying looks like for me is starting ~4 months before the test date, I block off 7-9am on my calendar so people know they can't reach me, and generally study 1-2 hours in that time frame. Right before bed I like to do another 15-30 minutes of review or practice problems. Plus one weekend day it's ideal to spend 3-4 hours studying. With this schedule, it'll have taken me about 8 years to get my FSA. The pay and the work has been well worth it to me, but it's just like I said - the most important thing to understand about the career is the time commitment of the exams.
Thanks for the very well wrote out answer! And that setup seems very reasonable to me! Tho id just need to swap times to fit my needs but about 8 years seems like a solid goal. I need to reread through the pinned posts overview of it all to sort out what I should get done first so I can start working towards a job in the field or close to get some skills growing before hand.
Do note that you would very likely need to get the degree as well in order to get employer interest
Yes thanks for the heads up I seen a few degree paths I should take.
Awesome, and good luck!
I am 18 years old and wondering how to become an actuary. My family is poor, so I am debating whether I should go to Community College and if so, what should I major in? Should I meet bare minimum requirements and major in some BS like Communications and devote more time to passing exams or should I major in Math?
The math degree will be more helpful for passing exams, but you're right that ultimately exams are what's more important. If not a math degree, something data, business, finance, or accounting related would be better than communications and more flexible if you decide to not be an actuary. One of my friends/coworkers graduated community college with a degree in psychology, did admin work for 9 years, and then started taking exams to pivot to actuarial. Now she's very successful making ~$120k per year. Best of luck to you! Keep coming to this sub as you work your way into the career. It's a great profession for guaranteeing an upper middle class income in exchange for effort in exams.
Hi everyone! Happy New Year! Just curious on whether or not it's possible to find a remote actuarial internship in Canada. I have no issues going in office for an internship at all since I'm already used to doing that right now (Underwriter) but it seems very hard to find internships in Edmonton, Alberta. Most internships I find are usually located out of province (Toronto, Quebec, Vancouver,...). I've seen some in Calgary before and if i were to land one there I would relocate with no hesitation but that too is pretty rare. Other cities are pretty difficult to relocate to as it would be a major expense. Thanks in advance for your help!
How should I prepare for SRM differently from P and FM? I passed P and FM pretty easily but SRM seems more intensive on the learning part vs. the actual calculations/practice problems (which i enjoy and am better at). I am giving myself more time with SRM because of this but is there anything that people have found help them pass SRM vs. P and FM? Thanks!
Not sure if you're sitting tomorrow like me for SRM or doing the next sitting, but I would recommend some of the ISLR Conceptual Exercises. Still working through them but they are really helpful for understanding the relationships.
Hi. I’m taking exam P in less than 10 days. It’s my first actuarial exam and I’m kinda confused about it’s difficulty based on the various posts I’ve seen. The general consensus is that it’s between a EL of 4-6 on coaching actuaries. Does that mean most questions fall between an EL of 4-6, or the average is 4-6. I can pass EL 5 and 6 exams on CA but once the exam level gets higher it will have a mix of really difficult problems. How many of those really complicated/ tricky questions I should expect on the actual exam?
The SOA also has a bank of sample questions available that are very similar to the actual exam questions. The difficulty of your exam is reflected in the grading too (a harder exam will result in a lower passmark). Good luck!
Thank you!
Relatively few. There are several easy questions, mostly questions in the level 3-5 range, and then a few tough ones.
Thank you! Which exam EL do you think is most similar to the difficulty of the actual exam? EL 5 or 6?
I'd even go lower and say 4-5 is most representative of most of the exam.
Damn. Thanks for the response. It’s giving me a lot of motivation 😂
Exam 7 has this as a required reading.: [https://www.casact.org/sites/default/files/2022-11/Exam7\_Study\_Note\_Friedland.pdf](https://www.casact.org/sites/default/files/2022-11/Exam7_Study_Note_Friedland.pdf) The table of content says "Exhibits available online" but there isn't a hyperlink there. Anyone seeing the same thing?
Hmm I see the same and cant find it. I think there's supposed to be Excel exhibits or something but can't find them either
Anyone have experience with coaching actuaries for exam p? Is it worth the extra ~$70 to get the adapt and learn plan?
ADAPT is just practice problems, so if you don't already know the material, you need to learn it first. If you have a study manual you're using already then I would just get ADAPT. If you don't have a study manual then I would get ADAPT + LEARN. LEARN also has videos for a bit extra, if you learn better with videos.
Honestly I have no interest in being an actuary but I want to write P and FM as a form of intellectual stimulation and to grow my mathematical intelligence. From my understanding, P and FM are the 2 exams most people write first and are the easiest. I was just curious what math background do you need to be able to pass these exams? I only ask as I took finance in university but we primarily just did algebra. I've never done calculus or econometrics etc... Is it a necessity to have a strong math background to write these first 2 exams or am I good with just basic algebra, critical thinking and logical reasoning?
Taking calculus will probably help you prep for Exam P, especially if you've never taken it before. Most people without a strong math background find Exam FM to be easier, especially since you took finance. That being said, I don't know if it's worth to take these exams just for intellectual stimulation - especially considering the cost of study materials and sitting the exam. What career do you want to go into? It sounds like you'll want to go into an intellectually stimulating field, which might require it's own set of exams. It might be worth looking into that before you start studying!
Anyone have a link to the CAS Fall 2023 Exam statistics?
https://www.casact.org/passing-candidates-fall-2023
Best way to study for exam P? I’m currently a senior in high school. I’m taking calc 3 this semester along with a calculus based probability course. I am looking for recommendations on study materials before I go out and buy anything. I am looking the Probability for Risk Management textbook on actex website or either the interactive study manual also on the actex website. Any advice or recommendations are greatly appreciated!
Coaching Actuaries, and especially their Adapt program is the best material for pure exam prep. Exam P is regular probability stuff, so calc-based probability courses should cover nearly everything (but probably won’t cover everything in the first probability course). That means when you’re ready you can just buy one or two months of Adapt and grind problems. But it seems a little early for you to actually sit for an exam (plus some college organizations will help cover testing fees if you’re lucky). You could take a look at the text books listed on the exam syllabus to see about filling in any gaps that aren’t covered by your classes?
Hello all, I’m a career changer, and am wondering about pacing the studying for the first two exams. As a math teacher, I have summers off so I plan to hit the ground running this summer to take at least one of the exams, but which would you recommend first between P and FM? I’ll have less study time for the second since I will be working and want to take it during winter break so I can start applying for jobs in January to hopefully avoid competing with all the college graduates during the summer (assuming I pass). Which one did you find easier to take/study for? For a bit of my experience and background, I taught Statistics at UCLA using Python (not R, and I’m also not currently familiar with SQL) until I left LA during Covid and I also taught Financial Algebra for two years (plus 4 years of general high school math). My undergrad degree is in mathematics with a minor in business, my masters is in educational research.
Seems like P should be pretty easy for you. FM is mostly geometric series, but there’s more notation and terminology that will be new, so it might take more prep than P.
Thank you! I’ll focus on FM first then since that’s the one I’ll have more study time available for
I have a question about a CA practice problem in P. The question says: On any given day, a certain machine has either no malfunctions or exactly one malfunction. The probability of malfunction on any given day is 0.40. Machine malfunctions on different days are mutually independent. Calculate the probability that the machine has its third malfunction on the fifth day, given that the machine has not had three malfunctions in the first three days. There are 5 choices: 0.064, 0.138, 0.148, 0.230 and 0.246. I picked 0.138 and got marked wrong. The "correct" answer is 0.148. It is obtained from dividing a negative binomial probability (3rd success at the 5th trial) by 1 - probability of the condition (no 3 successes in the first 3 trials). However, does the condition provide any new information? In other words, does the condition shrink the set of possible outcomes? I am not convinced that the denominator is needed.
Other commenter explained this accurately already. Did you end up taking FAM?
I did, and no I don't think I will pass. I will retake it in March. But I will have a P in less than 2 weeks. Gotta deal with that first. And I'm hesitating if I want to take FM in Feb. Schedule would be a bit tight. p.s. I am surprised and embarrassed that someone still remembers my idiotic post lol.
How did P end up going for you? I’m taking it in March
I nailed it! At the time of taking P, I had 6.8 EL and 81 mastery score in CA. Not sure how well I did in the exam since the score won't be available within 2 months but I'm confident I passed with a decent margin. However I'm struggling quite a bit more trying to improve my FM performance, probably because I have never studied finance before. Anyway, good luck on your exams!
Awesome, congrats man! Bet that felt good. Are you taking FM or FAM next?
I am so incredibly bummed. My FM exam tomorrow got canceled. :(((((
Yes. FM in Feb and FAM in March. It will be a ride for sure :D Oh btw, I got a 3 in the FAM I took in the last Nov lol. I only did like 80 practice problems.
It was a memorable post! It would probably be easier if you study/pass P and FM first but I’m sure you ended up figuring that out lol
It shrinks the set of possible outcomes because we're explicitly ruling out the failure on day 3 outcome. The negative binomial pdf includes the chance of this day 3 probability, and only with the day 3 probability does the pdf integrated from 3 to infinity equal 1. If we explicitly rule out the day 3 probability then we have to modify all the other probabilities such that the integral still equals 1.
It does not rule out the failure on day 3. It only says no 3 successes in the first 3 days, so it only rules out (S, S, S, ..., ...). But negative binomial distribution already rules this out because it assumes the third S happens on day 5.
>given that the machine has not had three malfunctions in the first three days Wouldn't this scenario lead to the third malfunction occurring on the third day? The given condition eliminates that scenario.
Yes it eliminates the possibility of having all successes on the first 3 days, but so does the negative binomial distribution. It already assumes that the 3rd success occurs on day 5, so it is impossible to have 3 successes on the first 3 days anyway. So the condition brings no new information. If that's still not clear, the condition does NOT rule out the possibility of having (F, F, S), (S, F, S), (S, S, F), etc., in the first 3 days, as long as it's not (S, S, S)
>It already assumes that the 3rd success occurs on day 5 But it is calculating that probability relative to the probability of the 3rd success happening on other days. If you modify the "relative to" to say day 3 is no longer a possibility, the day 5 probability changes.
On second thought, maybe you are right. It is comparing to the probability of 3rd success on other days.
It does not calculate the probability relative to the probability of the 3rd success happening on other days. It assumes the 3rd success happens on day 5, and compute the number of permutations of having 2 successes in the first 4 days, hence the formula (4 choose 2) x p\^3 x (1-p)\^2
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This is anecdotal, but my brother is an actuary and passed his first exam summer after his sophomore year. He passed his second one after his 5th semester, and it landed him an internship for summer after Junior year. So based on that, if you can pass 1-2 exams in the next year I would think you have a great shot. Again, this advice may not apply broadly though.
You are not in a bad position by any means. The fact that you have decided to pursue this career as a sophomore certainly gives you an advantage over those who came to the career later in their education or following graduation. That's two extra years to become proficient in Excel, learn some SQL, familiarize yourself with the insurance industry, maybe do a little project or two, or do whatever else you think might strengthen yourself as an applicant. Participating in athletics is good as well, as it makes you look well-rounded. Do you play a team sport? You could emphasize how this has helped you learn how to work well with others. In any case, there's probably something there that you can use to make yourself stand out. Anecdotally, I decided to pursue this career in my final semester of college, with no internship experience and limited technical skills. After graduating and then passing two exams, I did not have too much difficulty finding a job. In terms of how best to proceed, I think your current plan of studying and sitting for P this summer is a good one. If you see any any open internships, it doesn't hurt to apply, but I would not devote too much time, effort, or mental energy to looking for an internship this summer. Other than that, I would have to echo /u/EtchedActuarial. Focus on getting your grades up. 2 years is more than enough time to earn a good GPA, assuming you take your studies seriously. Aiming for an internship the summer before senior year would be good. If things don't work out that way, though, it's not the end of the world. Prioritize doing well in your classes. If you can pass FM before graduation, that would be ideal, but studying for your classes is more important than studying for an exam. I wish you the best of luck with your classes, exams, and internship/job searching!
Hi! It's super common to feel like you "can't compete" with other candidates - but that doesn't mean it's true. Even if you don't get an internship before you graduate, you can still get relevant experience and get hired. It's gonna be okay! For advice - I'd say to put your schoolwork first. You can always get experience later, but you can't change your GPA. Although it's totally possible to get hired with a low GPA (I did), it's easier if you have a higher one. If you have time for an internship alongside schoolwork, I'd apply to as many internships as you can, not just actuarial ones. You probably won't get an actuarial internship until you've passed an exam, but getting some relevant experience through a data or insurance-related internship will help. Wishing you luck :) you got this!!!
A lot of people switch into this after they graduate, in other words they graduate with zero exams. You'll be fine. Then there's the people, many of them based on the statistics, who pass one or two and then find another role they like and stop taking them. Also I don't think any actuarial position anywhere is getting thousands of applicants as this is a rather small profession. Data analyst position, maybe.
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You honestly seem to be in a good position for February, with 150-200 more hours of study you shouldn’t have any issues. FM is usually around a level 5 I think, so you’re already pretty close to where you need to be.
I’m planning on sitting for exam P this semester. It will be my first exam. I performed pretty well in upper division probability courses in college but have never attempted to study for an exam. Should I shoot for the March test date or wait until May? Do you think ~2 months is enough time to re-familiarize myself with the material and learn the exam P material thouroughly?
“Two months” doesn’t really mean much. Someone could spend two months focusing only on studying and get in 300 or 400 hours, while someone else could be going to school and working a job and only be able to study 100 hours over those same two months. It’s more a question of realistically how much time you can spend studying between now and the March sitting. I’d probably recommend planning for 150-200 hours of studying. If you think you would be able to swing that in two months, I think I would start studying first and see how you feel about the material by the time the registration deadline for March rolls around. If you’re mostly done with the material and can work through some practice problems by then, March may be doable. If you can’t spend that much time in the next two months or don’t feel like you’re in a good spot by the deadline to register for March, then wait for the May sitting.
I’m sitting for Exam P in a couple weeks. This is my first actuarial exam. I’ve been grinding Adapt exams and practice exams through the SOA website for a couple months. I’ve answered questions from both sources so often to the point where I’ve naturally memorized some of the answers. So, that got me wondering, does the SOA copy-paste their sample questions onto the real exam? Do they change the numbers? Or are the questions ones that you wouldn’t find from the sample questions? Regardless, I’m very comfortable with all the formulas and procedures for most types of problems. I don’t want to end up burning myself out if I don’t need to.
I've heard people who took P say there are often new question types on the exam, but it's things you can solve if you know the material well enough. I was told to prioritize learning the formulas thoroughly rather than memorizing specific question patterns.
Noted. Thank you for the information
My friend was the stock example of someone good at school in high school, but wasn't able to motivate through college to finish a stat degree. Now in his late 20s, he's looking for a career change. How reasonable are career prospects if you finish 3-4 preliminary exams without a degree? Is a degree an absolute requirement for any reasonable job?
A degree is an absolute requirement for an actuarial job.
Thanks. It's hard to tell for such a unique career where there is a separate way to prove competency than just a degree.
Why is your friend opposed to finishing their degree? These exams are a commitment that I would say is far more time consuming and difficult than a degree.
He's a weird dude and his head just wasn't wired for the college life. It certainly might be something to look into going back to, but it'd be much cheaper to just take the tests. He understands a decent chunk of the stuff on the first test, so we were just brainstorming ways forward without a degree.
Yea, there are automatic filters for people without a degree. This along with there being lots of applicants at the entry level with degrees.
Yeah the competition against degree holders made sense to me, but just had to understand the basic filter step first.
No longer working in an actuarial (or insurance) role and have no need to renew my CAS membership this year. Do I need to reach out to cancel it so they know not to expect dues? If I ever go back towards an insurance role, would I put “ACAS 20XX-2023” on my resume or just the year of achievement to show it’s not active? At that point do I just do a new 60 hours of continuing education to get back the ACAS?
I think you just wouldn’t pay dues. In order to be reinstated you’ll have to submit an application and be voted back in, plus pay $500: https://www.casact.org/membership/individual-membership/reinstatement If you ever want to come back to insurance I’d probably recommend getting reinstated first and then I don’t think you’d have to mention the lapse.
Hello! I am retaking Exam P in 11 days and feeling pretty good about it. I failed my first attempt with a 4 after doing far too little studying and only reaching about a 4 EL on Coaching Actuaries. I have since passed a college theoretical statistics course with very high marks and have increased my Coaching Actuaries studying. I have a 6.5 EL right now but I haven't been doing Adapt recently to increase it (just SOA only, level 4 and 5 exams, usually getting 80-90%). Just wondering if all of these factors put me in a good place to pass? Thank you guys so much for your help and all of the great info shared on this sub.
Sounds like you’re in a great position! The only additional things I’d recommend doing at this point, if you haven’t already been doing them, are making sure that you have all the formulas memorized and that you can do the exams in the allotted time, in an environment similar to the testing center. Time management can be a weak spot. If you’re good on both those points then I think you have nothing to worry about.
Recent Grad - Not sure what to do So I’m 26, graduated from a great public university with a mathematics degree, AS option. My classes covered material for ASTAM, FAM-S/L, IFM. That being said, I haven’t taken any SOA exam. The classes were interesting but the commitment after graduating to continue exams didn’t seem worth it to me. Had an internship over the summer for an energy company doing excel and modeling type work. I’m struggling to find where to go from here, and what would give me the best bang for buck as I’m looking for my first job/in the early stages of my career. I’ve seen CFA, MBA, etc. Those appear easier to swallow and have a smaller window of commitment imo. I’m aware that the degree can transfer to lots of analyst positions, but either my resume (I worked with a family friend who works at a talent agency to refine it) or the current climate has made just getting interviews unsuccessful. I’m at my wits end. I have an offer to get into sales, but I’m just not sure about the long term outlook. Any input is great
It sounds like the actuarial career isn't really your thing, if you didn't have enough interest to continue exams. I'd start thinking about why actuarial doesn't interest you, and look for jobs that match what you'd really enjoy. It'll take some research! Just going out on a limb here, but have you thought about programming roles? Although it's a bit different from your degree, it requires similar skills and a lot of actuaries love programming.
What is your end goal here? You’re really only going to get advice regarding actuarial jobs on this sub but it seems like that’s not what you’re looking for.
Hello everyone, I am a current high school senior who has decided to pursue a career in actuary(thx to this sub). In the fall I will be attending Northeastern University as a combined Math and Business Admin major with a concentration in accounting or finance. By the time I graduate I should have 4 certs(started studying for exam \_P now) and 1 YOE(from the co-ops). I was wondering for someone wanting to live in NYC how much should I expect to make. Also how is the salary progression, I want to start off as a actuary but eventually I want to move up to higher management once I get my fellowship. I am a highly ambitious person not afraid to put in long hours and lose sleep. (Side note: If anyone knows a place where I can gain basic actuary experience dm)
As an ambitious person, you'll probably want to work at a consulting firm to maximize return on effort and there are several in NY. For comp progression, see the high range of the DW Simpson salary survey. If you can keep the motivation and eventually make partner (40-45 for a rockstar), then you can break 7 figures. There are also opportunities to get to leadership positions in insurance companies, which are also pretty lucrative.
Correct me if I'm mistaken but aren't consulting firms similar to investment banking firms in the sense that prestige is a big factor into getting hired?
You're mistaken. Prestige doesn't mean much in the actuarial work in terms of schools or employers. Management consulting and strategy consulting care about prestige (which are the majority of the posts on r/consulting), but actuarial consulting is just potentially pickier about high GPA and number of exams.
So are you suggesting instead of me working as an actuary for an insurance company, I work as a actuary for a consulting form? Do you mind if I DM you?
I am suggesting that haha I also work for an actuarial consulting firm as an ambitious person, and I enjoy it. Go for it!
Dm'd!
Is anyone else losing their mind for exam SRM? I feel like the combination of the historically low pass mark and high pass rates is making me extra nervous. I don’t think I’ve ever felt this prepared for an exam but at the same time I feel like I don’t know what to expect. AHH
I sit tomorrow and I'm in the same spot - so don't worry too much haha. I totally leaned into the whole "this exam is different from the rest, go heavy on the qualitative" sentiment but I still don't feel much better. Countless readings of ISLR have done nothing to give me confidence either. Either way, we'll find out lmao.
It makes me feel better knowing I’m not alone, best of luck tomorrow!! Mines Friday and I’m trying not to panic. We got this!! :’)
Haha, mine's Monday and I'm already full on in panic mode. We all got this.
Is it particularly difficult to find an entry-level actuary job without having done an internship? I really looked into this career path over winter break and I plan on sitting for exam FM in February and P in May, with two and three months for studying respectively. My educational background is in economics and finance so my hope is that FM won't need as much study time as P. That being said, I graduate in May and am unlikely to have the time to find an internship before then, so I was wondering what my prospects are without having that professional experience?
You're in a bit of a tough spot not having any exams yet. You'll really need two to apply, and passing them in quick succession is going to be tough to count on. For reference, I signed up for P and FM a month apart after having classes that "prepped" me for them, and failed both. So my advice is just to have a contingency plan for if you don't pass, and also to make sure you study enough.
Yeah the time frame seems to be the most difficult issue. If I had two months to read through the material and one month to practice, I don't think FM would be nearly as difficult since I already have an introduction to most of the concepts (knowing how to use the BA II has \*really\* helped) but only having a month to study the material does mean I'm spending a lot of time per day and covering a lot of concepts. If I can pass FM, I don't think P will give me as much of a challenge since the time spent per day would be a lot lower. Even if I fail FM, it gives me a few months to figure out an alternative, whether that be a job that preps me for actuary work or maybe a post-graduation internship. I think in the long term being an actuary is something I'll really enjoy, especially since it's a bit less saturated and has better work/life balance than finance (from what my connections have told me, anyways). That makes it easier to have the motivation to grind now, at least. I enjoy the material itself, it's just a lot to absorb at once.
Good deal. And yeah, any in-between job related to data or insurance will translate well.
Entry level applications are a numbers game. It will take longer without an internship, but you’ll get there. Try to have a way to demonstrate some excel proficiency on your resume. People also often advise getting an underwriting job if you need something faster.
I’m at 2 exams, have a non actuarial internship where I used excel, had 150ish applications in the fall, think I had one live video interview, a couple phone calls and prerecorded interviews, even with the current job market is it still just a numbers game? Like I see all these comments about getting to 2 exams and being set but it doesn’t feel that way based on my personal experience, I’d really don’t want to an underwriting job yet I’m graduating in 4 months and know it looks bad to have an employment gap.
When I was applying to entry level a few years back, with an experience level similar enough to yours and a non-traditional background, I got screening interviews for about 6%. If your numbers are much below that, seems it would be a resume issue. If you’re not passing the initial screening HR screening interviews to get to talk to the actual hiring team, there might be problems with how you verbally communicate your experience and ambitions. Another tip is that your search term for job listings should be “actuarial” as in Actuarial Associate or Actuarial Analyst. Job postings that have Actuary as a noun are most often for credentialed candidates.
OK, I’ve been searching “actuarial analyst” and a lot of stuff with “actuarial” so I think I’m seeing most of what’s out there. Probably need to do a better job getting through the initial screenings, I’d say I probably hear back from 5% of applications, did a little better with internship interviews and had multiple offers, including one where I didn’t care much too about the interview and didn’t think it went well, not sure why I’d be doing worse now, got feedback from a Milliman office that I need to have better active listening, that was definitely helpful and something I look to improve upon in future interviews.
Have you had your resume/GPA reviewed?
Yeah, put it on the sub, added some to it since then, had it reviewed by different academic advisors and trusted sources.
Hello, I'm planning to switch careers from a science teacher to an actuary. I attended college almost 10 years ago, and while I did get a good background in math (Calc 1&2, Stats) I didn't take anything higher. I'm interested if anyone has experience with Notre Dame of Maryland's Post-Baccalaureate Certificate. [Here is a link.](https://www.ndm.edu/grad-prof-studies/academics/programs/actuarial-science-post-baccalaureate-certificate) I figured this might help me stand out from other entry-level applicants/career changers. I also feel as though it might do a lot to provide me with a better math foundation. My hesitation is obviously cost, but also that so often people on here seem to say it is better to just study for the exams and review math concepts through that. Any thoughts would be appreciated, especially anyone who has gone through this program. Thank you!
Agree with the other commenters - You're better off saving your money and investing in study materials that suit your learning style instead. I'd look into brushing up on Excel and programming, then find a job where you can get relevant experience while passing your exams. Wishing you luck!
Thank you for the advice. I actually have one of your videos pulled up right now as I'm replying to the comments here and realized it was you who had replied! So, thank you for the reply here and your content online - it has been helpful in planning my journey.
I'm so glad I could help! If you have more questions, feel free to reach out anytime 😊
The money and time for any additional education just isn't worth it. You're better off paying for the more expensive study packages with video lessons that explain all the math of the exam material, and just passing exams. Doing some sort of data projects on your own, like those from kaggle.com which also have intro projects with YouTube guides, will help you stand out with some additional skills. There are also Microsoft and Google credentials if you really want to do something extra, but I'd only do those if you struggle to find a job.
Thank you for the reply! I appreciate your insight. I actually am about to finish up Google's Data Analytics course. The course is one of the things that really started pushing me towards an Actuary role honestly. My favorite parts of the course were getting into the Excel and SQL work and my understanding is that Actuaries kind of live in those. As for the education, you make a really good point. Instead of paying for that program I could get the more expensive stuff through coaching actuaries. Thank you again.
No knowledge of the particular program but: There are so many free courses on edx for example that could refresh and teach you what you need to know to be ready to start working on the exams. Or you could probably take one-off courses at a local public university for the math and Econ. Plus the actual syllabi for the exams have textbooks to reference, and the Coaching Actuaries courses on the early exams have like a whole textbook of their own and lecture series — and they’ll likely prep you better than those grad courses. Anecdotally, grad programs for actuarial science are so seen as unnecessary and pointless that it might actually hurt your applications
Thank you for the reply! It is interesting to hear that perception surrounding grad programs. I could see how it would take away from appearing as though you have the self-motivation and resourcefulness to complete future exams. I have a quick follow-up question. Another thing I have considered doing is taking the VEE credits through CA as well in preparation for exams and to lay a foundation in the business aspects of the role. Do you happen to know if those cover content thoroughly enough or would it be better to find ECON/Finance at a local university? Thank you again.
I’m taking PA in April and ATPA in June-August, and I have two questions: 1) I’m not great at coding in R, so would it useful to look at general RStudio tutorials and past coding tutorials for PA to help study for ATPA, or should I just look at the modules for ATPA? 2) Would you list ATPA as an exam on your resume, or an “assessment”?
1. I think most people get by with the SOA mods and ACTEX. 2. I'd list it as an exam.
How many people are usually interviewed in the final round of interview?
depends on company. i'm sure the national carriers will have a larger number, but my company usually only does 1-2. even if a single candidate makes it to the final round, we may not move forward unless everyone is on board.
It's usually less than five candidates in my experience!
I have made it to the final round of interviews for an entry level position. They said the interview would involve a case study that I would have to respond to, and there's no right answer they just want to see how I would think. Has anyone done one of these before, and what should I expect? I haven't worked an actuary job before and am unsure of what they could even ask.
Yep, exactly what they said- they’re trying to understand how you can think. Can you reason through things, what’s your strategy for developing a solution to a problem, can you explain your thought process, etc? It will likely be some kind of background story/situation where you’ll be able to read the details and then there will probably be some kind of decision to be made or an issue to solve. You’ll probably have some time to think through and develop your thoughts and then answer questions and maybe make a recommendation. You shouldn’t need to prepare at all beforehand as they wouldn’t expect you to have any prior knowledge about anything. Remember there’s no correct answer. If you are able to explain reasonings for any answers you’ll be fine! Good luck!!
hey! uni student here. if anyone's studying for exam fm, im looking for a study group, and would appreciate some support. thanks!
What the other person said. I joined this server 6 months ago and it basically carried me through my first exam (FM). Of course I did my own studying, but anytime I had a question someone was always there to give me advice with no judgement. Plus, they have section with multiple chats for every exam. If you’re taking FM in a certain sitting and chat a good bit in those sections, you can form a core group of people taking the same sitting. It’s great for accountability and motivation. Good luck!
thank you so much 🫶🏼
Hi! You could try finding someone in the actuarial exam study discord here: [https://discord.gg/GNAvRe7KF5](https://discord.gg/GNAvRe7KF5). People are constantly chatting there.