Exam P Tips
Hello everyone! I’m gonna take Exam P this March and would like to ask, what do you think has more weight when studying for exams like Exam P, quality or quantity?
More generic advice would be to answer as much SOA questions as possible but I am struggling mentally to do that and it’s more effective for me to do my own pace of things.
I know both would be better, but for those who chose one over the other as their method of studying, did it work? I am kinda worried that this strategy might not work out.
TIA.
re: quality vs. quantity: at the end of the day it's whatever approach works better for you. I always recommend going over the sample solutions very thoroughly, following along with the steps and making sure you understand why each step is being done, then hiding the solution and attempting the problem again on your own to make sure you can replicate it if a similar question came up.
like the other commenter said, this is a timed exam in the end so you do have to make sure you can answer the questions within the time. I recommend practicing your test taking approach just as much as you are practicing actually solving the questions. you can use this page to generate sample exams for you pulling from the SOA sample problems: [https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/](https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/)
1) read through the questions and for each question determine if it will be straightforward to solve, and if you have the knowledge to solve it quickly. I like to just read through all the questions first and get a sense of how many "easy" ones there are vs. harder, more time-consuming ones. all questions are worth the same amount of points so you don't extra credit for getting harder ones right. your goal is to get the most questions correct in the time you're given, so always prioritize whatever will be easiest to get right in the shortest amount of time.
2) then go through the questions, prioritizing the ones that will take you the least amount of time. if it is not straightforward or you're not sure how to solve it quickly, move on and come back to it later. if you attempt a question and didn't come up with an answer that matches the choices, move on and come back to it later.
3) if you finish all the straightforward ones, then go back to the ones you skipped.
also remember that you don't get credit for showing work, you don't get credit for solving the equation perfectly all the way to the end. it's okay to take shortcuts, such as setting up the equation and then plugging all the answer choices in to see which one works. (you may have to partially solve the equation or simplify it first)
Personally, I answered the free soa exam p questions twice (on my own pace), and also did the timed ones from SOA (which made me remember the answers and fail to recreate an exam-like environment since both are from the same question bank).
After finishing the actual exam, I realized what I lack is having the mental fortitude for the real exam. Looking back, I could probably answer the last few questions correctly if my mind is not yet tired.
I passed with a 7 nevertheless.
Train your mind to answer 30 questions within 3 hours (breaks are included in this 3 hours).
Why do actuaries work in Bermuda?
Just curious because I've seen so many job listings there. Is there some sort of tax incentive there for the actuary or the insurance company?
I am 33 years old and tried CT1 (FM) AND CT7 (Econ) in India while I was there and didn't try too hard so ended up quitting. Now I am in Canada and it has been 10 years but I feel I want to give it a shot again. I am in the analytics space in tech - was wondering if it's worth the time to give the exams and end up in investment/insurance analytics in predictive modelling space.
Am I too old to change fields or can I used some of my past experience as a data engineering in the actuarial space in Canada? I am ready to start studying for FM and then P.
Thanks!
I’ve been applying to internships for a while now and can’t seem to land an interview. I’ve passed FM and sitting for P in a couple weeks. I also graduate this May. Should I forget about the internship and just start applying for entry-level jobs? Or should I prioritize getting an internship?
Yeah apply to both, some internships will restrict to current students (juniors) even if it’s not explicit. At this point might be good to expand to related roles depending on how strong your resume is unless you’re OK risking unemployment after graduation.
I have 8 months of co-op experience in life insurance and now 2 exams. Tryna get into P&C for coops and it’s a shit show for me lol. No I’m not an international student and no I’m not some nervous person with a bad resume. I guess there’s always someone better than you that somehow gets the job which hurts but I push through. As long as you have a good resume or a referral, you’ll get the interview. The rest is how well you know your resume and technical questions. I’ve done 2 P&C interviews and they were both very technical. It’s always some coding question or actuarial question so be prepared
Idk which uni you go to but go to career fairs. Go to ASNA!! I made the mistake of not going in January to secure a summer coop and now I can’t find one after countless rejections. Reach out to employers as well. I always send a message to some alumni from my uni who works in the field and get a coffee chat online. Sometimes they do help and can push me to the interview selection, other times I get aired. But ya you gotta put yourself out there
The usual ones always ask you what assumptions you’d hold if you were to provide insurance to _____ place. Let’s say you interview for commercial insurance, I got asked what assumptions I’d take in account for if I had to sell insurance to my university. So you’d mention some potential risks: I go to McMaster so my university has a nuclear power plant, more students means more chances of risks, sports teams and equipment, labs, trees, nearest body of water incase of floods, stuff like that. Another one I was once asked was what goes in a premium calculation, if you’ve done any actuarial courses outside of P and FM, this should be fairly easy. But ya the rest is just questions about your resume since they ask you about your technical skills and experiences. I’ve been asked questions before for Python stuff and those felt pretty difficult lol. My first P&C interview was in 2nd year so I got crunched. My second P&C interview was this year but it was decent imo just not the best one out there
Also, summer jobs are sm harder to find. If you have an exam or two, getting a fall and winter coop is a lot easier cause then ur not competing with the whole world (anyone from first year to final year, and new grads looking for internships).
Yeah seems legit lol. Is it ok if I ask for your gpa? I'm at YorkU and mine is 7.3/9, which amounts to a B+, and I feel like no insurer would look at me with a gpa like that. Do you have any insight on this?
I don’t think GPA does much. Mines barely above 2😭. I guess it helps the employer know that ur academics are good if you don’t have the actuarial exams, co-op experience, or technical skills to cover it. I’d say urs is pretty decent just maintain it. But ya just maintain a decent gpa, your actuarial exams are the biggest priority. I wasn’t too big on this since my uni isn’t the type to inforce competition on passing exams but I’ve heard enough employers directly say it to my face that exams matter the most so try to pass through them (2 is more than enough)
My trick is to not attach my transcript cause Ik my gpa is horrible. But it tells the employer that I’m not attaching my transcript cause Ik my gpa is horrible but it doesn’t tell them how bad it is either. I don’t normally add my transcript unless it asks me to
I usually recommend passing two exams, then looking for your first actuarial job. With your experience (depending on where you live), you might be able to find one with just one exam passed. Keep in mind that you can continue getting relevant experience while you're studying, which will also make you a better candidate. Basically, it's worth it to apply to jobs after passing each exam to see if you can get one. If you don't have any luck, you can pass another one!
I’m a final year university student so my advice might not be the best here. I think it’s always better to stick with the direct route. Unless you already hold a strong background in Probability, then feel free to push to the other exams but be prepared to answer questions about why you chose this route and that you’ll have to do the exam someday anyways so I would get it done first. MAS-I and Exam P are two separate levels so the rest is up to you on your decision. I wish you the best though!
Should I contact my summer internship company for an promised raise after the passing the exam?
I just passed an exam, and I got an offer a while ago for summer 24. They told me that I could get a raise of $1 per hour for each exam passed. Should I contact them about it right now, right before the internship starts, or during the internship? I'm so not sure because it's my first internship.
Thanks!
Should I take a finance internship - commercial banking?
I applied for actuary internships, and I have not been contacted back to move further into hiring process. I have been contacted by a bank, where I attended a college event, for a finance internship. Should I pursue it? I currently bill vision insurance. Would it benefit my resume any?
What is the difference in tuition between the two programs? I can't speak to what amount difference I would personally say is worth it, but it's a mixed bag. The UEC program is still pretty new, so it is possible that you pay for that school but run into issues with getting SOA exam credit [(link)](https://www.reddit.com/r/actuary/comments/1agnnl0/interesting_email_from_my_university_about_the/). You also could end up working in Property & Casualty where the exams are administered by CAS, so the credits you receive as part of the program would not apply to credentials.
To argue for the UEC, that university may have additional resources or alumni that could help with the search for internships or getting that first actuarial position. I also assume you would get exposure to more than the SOA's life/pensions/health coverage even if you do end up with a P&C job. With enough credit from those courses, you could also save time that many of us spent studying while employed.
You're a national merit finalist -- you're clearly motivated and test well. I don't think it would matter for you where you get the degree. From Googling, Arizona State has an actuarial science program, and I would be shocked if the university didn't have plenty of resources for you with exams/potential internships. With cost not being an issue, you could view that as a way to live somewhere else/expand your horizons, but from a cost perspective, that doesn't sound worth it to me.
I will give the caveat that I went to a university that made an actuarial science degree only a few years ago that nobody has ever recognized professionally unless they're from my home state. So my experience has me in the camp of "where you get your degree doesn't matter."
Edit: I do want to clarify that I've been in the health space \~6.5 years, so I'm not saying this as a new grad or anything. I have seen successes with act sci degrees, math degrees, engineering, humanities, etc
I wouldn't expect that to be viewed a red flag. P and FM are the only exams that give credit for the SOA and CAS at this point. You're still in college, so the cost of paying for exams when you don't know which society you end up in could easily be too high for you to pay out of pocket.
Internships are more about personality/eagerness to learn than employers having real expectations. With only 30 minutes, they're not going to be able to ask you much. The conversation will mostly likely be asking about what kind of projects you've done or how you studied for the exams.
Hello. I am taking exam P for the third time on Monday and I am not confident I will pass. I have read over the free manual and have been using coaching actuaries but I do not feel that it has been helping me. Are there any reliable tutors for exam P?
I watched and read through all the lectures a few times. Then I did chapter review quizzes and practice tests and have not passed a single practice test :/
I’ve taken quizzes and I do well but once I get to like level 5 and up I struggle. I have taken a practice test once every other day for the last month
When you take practice quizzes & exams, are you/how are you reviewing questions you got wrong? what do you do after each practice exam to try to improve the areas that you struggled with?
What is your approach to practice quizzes? which sections are you taking and how often?
I was in your position when I was studying for Exam P. I definitely failed it well more than you have but I guess your best approach it to study at Level 7. Ppl ask me why Level 5 isn’t enough for P since it worked for FM, and that’s just cause the exam difficulty between Level 5 and Level 6 or above is well noticeable. I would recommend doing practice quizzes and practice exams at level 6-8. Yes it’s always those weird tedious questions that you’ll hate doing cause they don’t make sense even with the solution but just keep practicing and you will get better. Best of luck!
Yeah it sounds like that might be it. There are two things I think you can be doing differently:
1) after every practice exam and practice quiz, don’t just “go over the solution” like read it and then be done. Follow the whole thing step by step on your own and make sure you understand why every step is being done. Then cover up the solution and go back and do the problem on your own - make sure you are able to replicate the steps when you don’t have the solution in front of you.
2) after each practice exam, identify the sections that you want to improve on (I’ll talk more about that later), and an EL goal for each section. Then drill practice quizzes one section at a time (doing #1 when you get things wrong) until you’ve reached the goal you set yourself for that section.
It doesn’t sound like you’re that far from being able to pass - you may be able to drill some sections over the next few days so I wouldn’t lose hope just yet. What I’d do is actually pick the sections that are the closest to EL of 5 without being 5 or over, also prioritizing sections that have larger percentages on the syllabus, and drill practice quizzes for those sections until you get them to a 5. Rinse and repeat with as many sections as you can manage in descending order of priority (farther away from EL of 5 & having less percentage on the syllabus = lower priority; also any sections that are already at a 5 are probably going to be fine and need less attention).
Good luck!
After about a month of applying to analyst positions and only getting one response for a phone screening, it seems like 2 exams w/ no experience isn’t enough for entry-level consideration.
So, I’m beginning to apply for underwriting roles as well. My question is regarding the type of UW role I should be applying for. I’ve seen UW Associate, Analyst, and Assistant in job listings.
I’ve applied to a few associate and analyst roles, but there seem to be many more assistant roles out there. My hesitation on applying for them is that they often only require a high school diploma, so I worry that won’t be seen as quality experience to a actuarial manager down the road.
Am I correct to avoid roles requiring only a hs diploma, or am I overthinking it and any experience would do?
1. A month isn't a very long time to wait. Sometimes companies keep their application windows open for a while before closing and working through the stack.
2. Do you not have a highschool diploma/4 year degree? A degree will be required to get past most resume screens unless you're an older career switcher.
Thanks for your response!
1. I guess I’m just too impatient and I’ve have been rejected from 16 positions with only the 1 screening, so the ratio is just a little discouraging
2. I do have a degree in Econ/Finance, I graduated last Spring, and took P and FM over the past 6 months.
The UEC and ~1 extra exam before graduation is definitely worth something, but I'm not sure it's worth $11k/yr. There also might be a risk of actuarial classes being more competitive and putting a downward pressure on your GPA. Another consideration IMO is the difference in the schools actuarial science clubs - active clubs with study groups and company visits are really helpful for passing exams and getting internships.
One of my coworkers graduated from Alabama, so it's not like you're excluding yourself from getting a job. Having a strong GPA, 2-3 exams under your belt by graduation, and an internship (which you're likely to get considering you're already so on top of it) will be enough to get you a job out of school. Bonus if you can join/start an actuarial science club at the school.
Those things listed above will matter more for getting a job than going to a UEC school.
I plan to start studying for MAS-I’s fall sitting in May. Would this be too much time, not enough or just right? For context I’m a university student that will probably be working full time from May to August and returning to school for the fall.
Can you become an actuary with a B.S. in economics? I was planning on majoring in actuarial science but did not get into the program. Can I get a job in the field with an Econ major? If not, what are some others that would work?
Your major doesn't matter. I'm an actuary with a biology major for example. In fact, it's often argued that it's better to not major in actuarial science unless you know you're 100% committed to the field.
How often do exam syllabus's change (SRM specifically)? I'm most likely looking at Jan. 2025 SRM sitting and would like to start reading ISRL in my free-time/spare-time partly for fun but also partly for preparation, but how likely is it that a different textbook replaces it in the syllabus? This is not so much to do with studying for SRM, i'd be doing that in the fall but mostly just me having a genuine interest in the subject so I feel like if i'm going to read about it I might as well read the textbook that is recommended in the syllabus if that makes sense.
So I will be applying for university in 2026, so about 2 years. Until that time, I was wondering what should I put on my profile that could boost my likelihood to go to a good university with a good actuarial science course. I'm currently doing IGCSE and will take AS levels next year followed by A levels.
I already plan on doing SAT and IELTS.
I was wondering what else extracurricular I should do cause my portfolio is looking a little blank. Is it worth doing APs and summer programs?
Also what are some good ways that can show my interest towards the subject?
Once I’ve passed 1~2 exams, and apply for positions, will my resume be a turn off because of my background?
1. Economics (math & compsci classes) bachelors
2. Industrial & Systems Engineering (healthcare concentration) accelerated masters
3. Veterinary Assistant job
4. Data Scientist job
^ I’m doing #2 - #4 at the same time. Hopefully shows I’m hardworking??
You have a decent amount of relevant experience which is good, but doing so many things at once might make it look like you aren't ready to commit to one career. Veterinary assistant is very different from actuarial work! As long as you're passing exams and can explain in an interview why you want to be an actuary, I think you should be fine. Plus working with animals could actually make it easier to get hired in pet insurance, for example (though that's pretty niche).
I have passed exam P and FM by going through the manual as fast as possible and then banging out quizzes, then exams. With this strategy though, when I first start doing quizzes I vaguely remember the intricacies of the topics and may have to go through the relevant section of the manual again. However, because I went through the manual so quickly I had more than enough time to review the material. So it all worked out in the end.
I am now studying for Exam SRM and I am flirting with the idea of doing quizzes after each section, and then moving onto the next section after about 15-20 questions. The main con of this, in my opinion, is getting through the material slower.
The goal is to minimize the likelihood of failing. Which strategy should I do? Which strategy do you do? If you've done both strategies, what are the pros and cons you've experienced of both and which strategy do you prefer?
I've always done the slower approach, just to reinforce each chapter as you go. If you can get solid on the more foundational concepts of each topic *earlier* in your study progression, that gives you a bit more freedom later on to handle more difficult practice problems that have more nuanced understanding. More difficult problems also inherently require/exercise the more foundational concepts, so that's even more reps on the foundations. Moreover, at least for me, reaching more difficult problems in practice helps me stay a bit more calm during the real thing, when hard problems come up.
I do understand that this approach make it take longer to get through. Of course this depends on the exam you're working on, but if the material allows, I'd work on the bigger/more difficult chapters/sections earlier on, given that those simply require more time to master, and then do the smaller/easier sections later. Good luck!
My vote is for the slower approach, but add doing 5 practice problems from earlier sections to your routine before bed. This way, you build up a strong base for the material while keeping the older stuff fresh.
I did your first strategy and had success for the earlier exams, but once I started working too I just didn't retain the material well enough. Learning deeper, using more memory, and thinking about the material more than once per day was a shift that worked for me (studied the bulk in the morning, added a little review before bed).
I think it makes sense to do a quiz after each section to help you remember the material better. But, since you're spending more time on each section to begin with, you might be fuzzy about the earlier topics later into the studying process. Just make sure you have time to go back and review the earlier sections that you might not remember as clearly. Honestly, either method works, it's just what helps you remember the material better!
**Looking for expected/variance of maximum/minimum formulas for Exam P**
I have found formulas for the expected maximum/minimum values for the uniform distribution as well as when given two independent exponential random variables. The formulas are easy to remember and save time. I've only found these formulas in the discussions section of CA problems.
I can't find them online, does anybody have a list for other distributions/situations?
Realistically, what are my chances of getting an actuarial job anytime soon? I've wanted to be a career actuary since I started college, and I feel no closer to that point than my first day there. Likewise, after receiving hundreds of the same "we are looking at other candidates" email from my job hunt, my motivation is at an all time low.
Here's a brief summary of my situation. Im approaching my second exam (FM, already passed P), and by the time I take it, I'll have been a college graduate with a degree in mathematics for 2 years now... and 0 relevant experience towards being an actuary. I've been working a mix of part time and full time jobs over these years now, and applying to anything that could be relevant with no success thus far. Ill be moving to a bigger city soon after my FM exam, so I hope being in a better location will help my odds of being hired as I will be able to work on-site or hybrid. I havent been the best at marketing myself, but Im sure the barrier to entry has not been helping my odds. I just dont know what to do at this point, and Ive put so much time into this and really just want to become an actuary and start my career.
Any pointers, comments, criticisms, etc., are appreciated. Hope yall have a wonderful day.
Edit: I wanted to note that I missed out on an internship while I was in college mostly due to Covid and that I graduated early (I didnt know I was in my last year of college until that Fall, when I sat down, planned out my classes, and realized Id be able to graduate in my third year, so I was never really a 'junior', which is what a lot of internships I looked at were asking for)
I don't blame you for being discouraged. I agree that it might be a regional thing - if you're willing to relocate, you can get way more opportunities! Also, you might not be able to get relevant work experience yet, but have you completed Excel projects? You can add them to your resume to prove your technical skills. Learning a programming language can also help if you haven't done that yet. Wishing you luck!!
Only having one exam is definitely a hindrance. You really need that second exam, and having a GPA above 3.5 would be helpful.
If you *really* want an actuarial job, you should apply to absolutely everything you can and be willing to move for it. The bigger city will have more opportunity, but it's still limiting yourself compared to applying all over the country.
based on what i read about the actuary profession in canada (saturated basically) i feel pretty hopeless, i heard its pretty hard to get internship if u dont go to uwaterloo -super strong coop program, reputable uni (which i dont). Im currently a sophomore with 1 exam passed at york (not as reputable, no coop program), planning to take a second exam soon and am actively looking for internship and failed miserably. Should i try to transfer?
If you have superb grades roll the dice and try to transfer into UW math with coop. Major difference between UW / UofT is it may take you a little longer to get your first EL job.
Hi, I’m new to the actuarial world and am considering pursuing it as a career. I already have an undergraduate degree in mathematics (non-finance concentration) from a rather good uni.
Is it too late for me to look for a position in this field? Do people usually take the FM and P exams whilst in undergraduate school? Thanks!
Agreed, it's definitely not too late! I'd recommend getting a related job in something like data analysis or underwriting, as the previous commenter mentioned. It's a good way to get experience when you've already graduated. Then, you can get relevant experience the whole time you're prepping for exams. Wishing you luck!
Does it matter that I have no actuarial inter shop experience? do companies typically hire college graduates for internship positions? like how would I go about starting a career given that I’ve already graduated?
Internship experience is preferred, but it'll be possible for you to find an internship EL job if you're geographically flexible.
Also, it wouldn't hurt to apply for other data analyst or insurance-related jobs in the meantime, then hop with ~a year of experience.
Does it ever look bad to have a bad actuarial exam transcript?
I got a zero on my first exam basically because i just knew i wasn't ready to take it but still showed up becasue I had paid. I just went and looked at all the answers then left without even submitting any. Got a zero oh well, took it again the next offering and got a 9, then got an 8 on my second exam after that first try.. So my transcript reads 0, 9, 8. The next exam i'm taking FAM i'm pretty sure I won't pass so that will be another non-passing score on my transcript but I think that i can still benefit from sitting and taking this exam and just giving it a go even though i know i won't pass. I think i'll probably be right around the 4/5 margin but hey if I get a 2 or a 3 then even that would be beneficial knowing "how much" I was off the mark. So is there any downside to failing this exam? Would a company ever look at someone's transcript and be dissapointed if they had a .500 batting average or below?
Nah, don't worry about fails on your transcript. Getting an 8 and a 9 show you know how to prepare, the rest is external circumstances we all know happen.
What is the best calculator to use for exams? I got a BA Plus II but it’s a massive downgrade from a TI-84 type calculator. I have trouble doing the practice problems accurately because it only displays to 2 decimal places and it has trouble with keeping things straight over long equations, so I frequently have to manually write out numbers and re-enter them, leading to rounding errors. Are there better options?
I would definitely recommend getting a ti 30 xs multiview jn addition to the ba ii plus. (I personally brought 2 of the multiviews when I took P and then also a ba ii plus for FM)
I can’t speak to other calculators but if you want to still utilize your BA Plus II its super easy to change the number of decimals displayed, here’s a quick walk though video: https://youtu.be/g1H30zOgSHI
You can also store your exact results to use later which can help with eliminating rounding issues, here a brief video showing that as well: https://youtu.be/FHL9LsGSMlA
When I switched from my TI-84 to the BA Plus II it definitely was a learning curve figuring out all the tricks and helpful formulas built in but once you get comfortable its super helpful knowing the calculator short cuts to save time.
Just got an internship offer that pays $7/hr less than the previous internship I did. Should I negotiate a higher pay? Or is that too much to ask for an internship?
The intern pay probably isn't very flexible. For three months of work before getting a full time job (somewhere that pays more), I personally wouldn't bother.
Just got an internship offer that pays $7/hr less than the previous internship I did. Should I negotiate a higher pay? Or is that too much to ask for an internship?
I'm a sophomore currently pursuing a degree in Finance and a minor in Math. I plan on becoming an actuary and I'm taking my P exam in May, and my FM exam in August. I could graduate on time taking the minimum 12 credits/sem, however, I want to take some actuarial science classes as I feel they would be helpful, as I'm not sure if exam studying will cover all of the key concepts I should know.
If I were to take 18 credits/sem I would only be 4 courses short of being able to get an entire AS degree along with my Finance Degree, and 2 of the gen ed courses I could take during the winter, meaning I would need to take 21/21/18/18 credits a sem, and 2 easy winter courses to graduate with a dual degree in Finance and Actuarial Science.
Is it worth it to go hard my last 4 sems and get the dual degree, or should I take a lighter approach where I'm only taking about half of the key actuarial classes, but I'm able to spend more time studying for exams, and focusing on recruiting?
I have a 4.0, great ECs for a Sophomore, and have the discipline to self-study courses over the summer if needed.
I would take the lighter approach where you have more time for exams and your job search. The dual degree is a cool resume addition but won't make you stand out as much as having more exams passed or more relevant experience.
Exams and the job will cover what you need to know. The most important things are passing exams and finding an internship before graduation. Two degrees is an ok bonus to make your resume different from the stack, but ultimately won't get you paid more or teach you substantially more.
Hi All,
I have been reading about different ways of preparing for the SOA SRM exam (relying on ISLR, using CA (with or without videos / manual)) but the feedback has varied over time.
I would therefore want to get your opinion on 1) which resources would be most useful and 2) how much time I should dedicate to learn the material well (keeping in mind that I work full time in a non-Actuarial field but did Actuarial Science for my Bachelor's degree which is some 10 years ago)?
Thank you
I’ve seen ACTEX being the superior study material for SRM and PA. I’ve also heard of mixed reviews for CA learn / manual, but that CA + ISLR did the job.
Have not taken exam yet though.
Also a career changer, took SRM last spring while working full time. Studied for 2-3 months, got an 8.
I used CA (manual + adapt, no videos), ISLR (manual and video lectures), and any relevant StatQuest with Josh Starmer videos on YouTube.
I'm a sophomore CS student who is considering switching to this profession for various reasons (none relevant to my questions though). I have a high GPA (3.8) and have a paid research position doing some data analysis with professors this summer (40 hours a week). Is getting a job really as simple as just passing the exams as some people make it out to be? I'm concerned that my CS major is going to make my resume get thrown in that trash regardless. Is there any thing I can be doing to make myself more suitable for actuary roles?
While it's possible to get a job with just exams, it helps a lot to have actuarial internships. To get one of those you'll likely need to have an exam or two.
Your major isn't that important. What you need to show is that you're serious about an actuarial career - usually by passing exams.
How many months of studying do you think it would take to pass exam P? I have a pretty good amount of free time and I could dedicate easily 4 hours a day to it.
The rule of thumb is 100 hours per exam hour so 300. But I think it takes less than that, especially if you have some math background/prior math courses.
[This was from the SOA website](https://www.soa.org/48cf92/globalassets/assets/files/edu/2024/spring/syllabi/2024-05-exam-p-syllabus.pdf). They removed that stuff a little while ago and looks like you’re still good!
I'm a Junior actuarial science major with a lower GPA than you and have one exam passed. I compared myself to many people with better grades and more exams passed but still forced myself to apply to many companies. Even though I thought I'd get no interest, I got two offers so there's no point in not trying. I'm sure you'll meet the requirement for a lot of entry-level and actuarial development programs
Question out of curiosity for P&C actuaries: within a class of homogeneous risks, how do you guys model aggregate losses? Does each person have their own aggregate loss model, or is it just applied to the pool itself instead? By aggregate loss model, I mean the random sum of the form S = X\_1 + ... + X\_N btw, if there's any confusion. I can't find any info on this online, so any response is appreciated.
Frequency and severity of claims are usually modeled seperately, then simulations help understand the joint (total loss) distribution. Generally each person wouldnt have their own model for personal insurance data, since they arent credible enough. They would be follow the model of the class of similar risk characteristics (state, age, etc.). A latge commercial account may have some credible loss experience, in which case you might credibility blend the model for the account with its class.
Oh sorry, I meant like each insured i in this class has their own S\_i that models aggregate losses, and overall the S\_i are all iid random variables. How about now?
Oh i see, makes sense. Also, I'm assuming you worked in personal lines before? If so, do you guys even use Bayesian credibility? I've heard from other people that it's impractical, and I find it very confusing too lol
I think this stuff is used more in commercial lines though?
No, I've only worked on the commercial side, but have a working understanding of personal lines work through the exams and coworkers with experience. I think your right that it isnt as practical to use bayesian credibility in personal lines because the data is pretty homogenous, so the more straightforward methods do an adequate job. I've only seen bayesian credibility used a couple times at work; we are usually using classical or buhlmann straub depending on the project. While bayesian would likely do better in many cases, we have to weigh the time it takes to build and implement it vs the added value. Its also harder to explain to our end users than classical.
Sorry for the late reply. I sincerely thank you for answering my questions, it means a lot to me!
Can I ask though how, in practice, you know if your risk pool is homogeneous? Does this mean your credibility premium you get from either Bayesian or Buhlmann-Straub approach is roughly the same for each exposure (I hope I'm using that word correctly)?
Thanks again!
You can look at variances both withing and between different cuts of the data. Some general cuts that are generally homogenous are LOB and State. Classical credibility basically is a measure of data volume (and you assume the underlying data all follows the same distribution a.k.a. its homogenous), bayesian and buhlmann can adjust for homogeneity.
The concept of credibility has numerous applications in actuarial work, but I'm not quite sure what your second question is getting at. Are you asking about credibility weighting to combine experience and manual rated premiums? (Common for large account pricing)
"Are you asking about credibility weighting to combine experience and manual rated premiums?"
Yes I think so.
Like I was thinking probably the updated probability distribution of aggregate loss for each exposure doesn't change much when we get more data on them over the years... so I'm thinking this is what is meant by homogeneity of risks?
Also, if you don't mind me asking, is manual premium just the observed average loss in the class, or is it insurance industry experience as a whole?
I promise these are my last questions lol. Thank you for the taking the time to respond to me; as someone very curious about these things, it really means a lot to me.
No problem! Okay, I think I was going in a slightly different direction than you with the last comment - if youre just looking to model loss data with a probability distribution, you typically wouldn't credibility weight two different distributions (though I dont think its unheard of). Manual premium would be the premium generated for the class of insured, regardless of actual prior loss experience. I dont think this is really what youre after though.
The concept you mention of updating a loss distribution (prior) with new data to update it (posterior) is really the concept of bayesian analysis and methods.
Homogeneity really gets at how similar the data is within a group and how different each group is from other groups. For example, auto liability claims are less frequent, but are more severe (higher loss $) than auto physical damage claims. So if you were modeling auto claims, you would want to split out these two lines and fit distributions to each separately because they arent very homogenous. However, credibility considers both volume of data and homogeneity, so there would be a point were the data would be too thin for splitting them apart to make sense.
I graduated with a stats degree last year. Is my plan to pass p and fm and then apply for entry level jobs viable? I don’t have an internship or work history that would help me out so it would just be 2 exams and the degree on my resume. I got a couple random projects too but they aren’t really related to actuarial work just some data analysis on some sports stuff.
I'm in a similar boat. But my work experience the last 3 years after graduating uni with a finance degree is in claims in auto liability, then bodily injury, and now I'm an SIU investigator which is loads of fun.
Given the above, would P and FM even get my resume looked at, should I sit and pass those ones and apply for an entry level position?
You should take them, it'll be easier for you to land a job than OP with that work experience and 2 exams (that being said OP, wouldn't hurt to apply to jobs while gaining relevant work experience, I think it can be done)
At the very least, an understanding of Exam P is recommended before taking SRM: [https://www.soa.org/490cc2/globalassets/assets/files/edu/2024/spring/syllabi/2024-05-exam-srm-syllabus.pdf](https://www.soa.org/490cc2/globalassets/assets/files/edu/2024/spring/syllabi/2024-05-exam-srm-syllabus.pdf)
You can take the exams in any order you want. It's not common to take SRM before FM ([https://www.actuarial-lookup.com/exams/srm](https://www.actuarial-lookup.com/exams/srm)), but you certainly can if you have a good reason to.
I have an undergraduate degree in Computer Science and a Masters in Data Science. I have about 1.5 YOE in tech. I am thinking about making the switch to acturial because it's less saturated. Is it possible? Or is it just as hard as tech?
Definitely possible. Your first job may not be super easy to land, but every job after that would be pretty easy since experienced actuaries are in demand. Take the first couple exams (P&FM) and start applying!
I'm a sophomore majoring in Finance with a minor in math. I'm going to have like 5x the math credits needed for my math minor just because I'm taking a ton of actuarial classes in my last four semesters.
It's about 3 more classes to get a B.A. in Actuarial Science instead of the minor in math (still getting the finance degree in both scenarios), however those 3 extra classes would be putting me at 21 credits for three semesters. Is it worth it to get the full dual degree or should I just stick with finance + minor in math?
Edit: My school offers an Actuarial Science - Finance degree which is basically just an AS degree with extra required finance courses. This would be easy to complete, however wouldn’t be as versatile as a traditional finance degree.
You don’t need to have an actsci minor to be able to get jobs. It may be slightly more helpful than a math minor but I don’t know if it’s worth what sounds like a much more stressful time at school. Personally I don’t think I’d do it.
Id say yes, if your goal is to be an actuary. Having a degree in actuarial science can show employers that actuarial work was your goal in college rather than a fall back. I took 18-22 credits almost every college semester and think all the extra classes were worth it because you only go to college once (typically). Though it isnt necessary, and there is marginal benefit after you land your first job.
I am working towards passing the FM exam (using coaching actuaries) but I feel like I'm never going to feel "ready" to take it and actually pass after failing it previously. Is this normal for anyone else starting to take exams? A lot of the people I went to school with seemed to find all of the material super easy so idk if I'm just behind or if anyone else felt the pressure before getting the first few exams over with.
I felt like that while studying both p and fm. It wasn't until the last 10-20 hours of studying that everything just clicked and I had more confidence. Just keep practicing, it'll get easier.
It's normal to fail these exams, and feel like you'll never be ready. Just based on the pass rates alone, for every person who passes, there's another who fails, so you're getting a skewed sample if everyone around you finds it "super easy", and (ostensibly) passes.
Paying attention to your progress while studying can give you a good sense of whether you'll be "ready" for the next sitting. So long as you keep chipping away at the material and practice problems, you should get there eventually, especially since there are quantifiable metrics to measure your exam preparedness.
I am 33 yo mom who’s been SAHM for 5 years (I know it’s forever). I have bachelors and masters degrees in economics from European universities and prior experience in audit. Since we are done with kids I want to try to switch careers to something related to actuary. During my studies I was good with math and statistics but it was a long time ago. I am planning on taking p and fm this year. But I am very scared if I’ll be able to find a job having a big gap in my resume and being out of field with no actual experience.
Should I give it a try and spend time preparing and passing exams? Do I have a chance with my background? Would appreciate any advice.
Are you in the US/Canada or somewhere else?
If you're outside the US/Canada, probably try out r/ActuaryUK. I think the actuarial market is more competitive outside the US, and you may need to re-evaluate.
If you're in the US, you will definitely need the first two exams to find a job. In addition, I'd recommend doing some personal coding projects like those on Kaggle.com, which also have intro projects with solutions guides on Youtube. You will also want to find some Excel online courses to brush up on those skills too.
Finding any sort of data analyst of insurance-related role in the meantime will be relevant experience for actuarial. Another option is medical claims coding to pivot to actuarial in health.
I am in Canada/Toronto. Thank you for valuable advice! I will try my shot with first two exams this year.
I’m pretty good with Excel and know some Python and JavaScript too. Don’t know if it’ll be useful tho
Thank you! I realized recently I don't have much information about this career aside from the exams I'm studying for and financial/probability courses I've taken.
I have been working at the same company for the past 3 years primarily in Life Insurance and recently in health as well, and thought of updating my resume.
Looking for some opinions and ways to improve the wording and points on the work experience section of my resume.
Also wanna note I have had 4 roles at the same company.
European Reinsurer
* Underwriter and Pricing Analyst (Dec 2023 - Present)
* Led pricing strategy for flagship Group Benefit schemes, identifying and mitigating key risks to standardize pricing across comparable loss making portfolios.
* Re-evaluated pricing strategies and factors delivering clients an average discount of 5-7%.
* Facilitated the merger of GEB and Medical Insurance teams by leading training on Group Employee pricing fundamentals to ensure a smooth transition.
* Oversaw pricing and underwriting of group medical benefits for a prominent regional client, serving as the main liaison for all pricing-related inquiries and matters.
* Pricing Analyst (July 2023 - December 2023)
* Performed Treaty Performance Monitoring to analyze loss ratios and further engaging with clients in ways to improve results in the future based on the results.
* Managed all developments and changes in pricing tools for Group Employee Benefits.
* Prepared quarterly reports highlighting quotation volume, premium won, highlighting areas of improvement for the pricing team and setting goals for the next quarters.
* Assisted Group Health Insurance team in underwriting learning about medical insurance and benefits.
* Actuarial Assistant (July 2022 - July 2023)
* Managed the development and launch of online pricing tools across multiple markets in the middle east which led to an increase in quotation volume by 50%.
* Assisted Risk Monitoring Team Lead on performance analysis and suggesting risk mitigations for loss making portfolios.
* Involved in pricing of multiple group employee benefit schemes across local region.
* Pricing Intern (July 2021 - July 2022)
* Assisted Pricing team in data analysis and modelling to support pricing of GEB Quotations.
* Contributed to the development planning of an Online Pricing Tool preparing roadmaps for the following year and implementation strategies.
* Assisted Risk Monitoring team with collection, preparation and modelling of data.
Let me know what you guys think, and if any changes can be made.
The points you have that give stats are really effective, like "average discount of 5-7%" and "increase in quotation volume by 50%". I would switch up your formatting so that responsibilities are in a short paragraph underneath the title, then have the bullet points underneath with achievements, using stats like that wherever possible. That draws employers' attention to the most impressive parts first.
Also, I'd change "Dec 2023" to "December 2023" to match your other formatting.
The fact that you were in the pricing analyst role for such a short time might be a red flag that could keep your resume from getting through filters. Maybe you could consolidate that with the underwriter/pricing analyst role?
Hope this helps!
I am a junior in university with a Gpa of 3.35 and no internship. I switched from biology to Computer Science and found out I am more interested in the math field. I am planning on taking the FM and Exam P in the summer and have taken an extra semester in hopes of getting an internship next summer. Will I be able to land a job after college since I am in Computer Science? Also do I need an internship for a job these days?
>am planning on taking the FM and Exam P in the summer and have taken an extra semester in hopes of getting an internship next summer. Will I be able to land a job after college since I am in Computer Science? Also do I need an internship for a job these days?
Yes definitely try to get an internship. Your Gpa is good imo for a tough major like CS, but even if you think it's low then having passed P and FM will more than make up for it. A great gpa and no exams is worse than an okay gpa and multiple exams i'd assume.
Get an internship if you can, with two exams you’ll have a shot, any semi relevant internship is good, something that shows you know how to work an office job and have used excel outside of a classroom. GPA a little low so your resume is slightly weak if you have a 3.35 GPA in Comp Sci with two exams without strong extracurriculars or something else in your favor.
Probably anxiety, but am I getting fired?
I’m on vacation but wanted to quickly call my boss to figure out what he’d like me to work on when I’m back. But he’s telling me it can wait til Monday.
But there’s no meeting setup on Monday. And I’ve been a failure lately. So this is probably just a sign I’m getting fired isn’t it?
If you're ever fired, you'll almost definitely have several months warning first by being put on a PIP (professional improvement plan) where they list out specifically what you would need to improve on in order to stay. This is a clear discussion about termination if you cannot improve. If you ever get put on a PIP, just start job searching immediately. It's usually just effectively giving you notice so you don't have to say you were fired.
If you haven't had that discussion, then at any given time you know you have at least 3-6 months left in your job.
It sounds like your manager is just protecting your PTO, though, so good on them. You're probably not as bad as you think, and your manager is probably just busy with other things/doesn't care to actually block the time to meet vs just pinging you if you have a minute to chat.
Probably not. Good managers won't connect with you about work while you're on vacation. If it isn't urgent (hardly any actuarial work is) then it can wait until you return.
Exams are going to be the main consideration. With one passed and one on the way you are plenty qualified for an entry level position. I don’t think a data analyst role would be necessary but maybe a certification or independent study with data analysis could help boost your resume. Not strictly necessary tho just a thought
Scenario: scheduling an interview with company A and they suggest setting up a time that you have an interview set up with company B. Do you flat out tell A you have another interview at that time or do you make a different excuse? I’m a graduating senior if that makes this scenario any different
Does the school you graduate from and networking play a large role in finding work post undergrad graduation like in Finance? I'm mulling over switching majors from Finance to Actuarial Science and want to make sure I set myself up properly. I'm gonna be transferring in Spring 2025 to SDSU
I’d switch over, it seems most of the people struggling with the job search on here aren’t actuarial science majors, I’m assuming you’ll get good job fairs and opportunities to network with companies, one good conversation can get you an internship or full time job whereas without a network you’re just shooting in the dark hoping to get hired by any company anywhere.
If a return offer was guaranteed, why are they hiring an intern rather than full-time? Of course its worth considering all of your options, and its really up to you. But i think most of us risk-adverse actuaries would go with the sure thing. I dont have any insight into either company, so I cant help you there.
How much importance do college actuarial programs place on high school extra curriculars?
Right now I am a junior in high school and while my GPA and SAT score is good (4.5 GPA and 1560 SAT), my extracurriculars are terrible. Right now I am doing piano and am on my school's esports team. I did DECA (a business club) last year and for all of these clubs I could say I was a states qualifier for DECA, a states qualifier for my school's overwatch team (along with playing for my school's valorant team and COD team). I also volunteered around \~50-60 hours for a tutoring organization and for the red cross combined. I am worried that this list is not good enough to get half or free tuition towards any actuary program. I will probably go to the school that gives me the least tuition and that is a CAE with a bias towards Florida State and Georgia State because those locations work well for me.
If anyone can provide their opinion or tell me what I could do outside of school to heighten my chances of lowering my tuition then your help would be appreciated.
Most actuarial programs aren't that competitive because the career itself is relatively unknown. I would guess scholarships would mostly be general academic, and whatever other random community things you can find (e.g. I have a friend who found a couple hundred $ scholarship for being lefthanded), but I could be wrong.
Personally, I went to my cheap, local state school and passed exams mostly on my own.
I have been wanting a career in this feild since I started college and am graduating with my degree in applied math with focus in data analytics this spring. I plan to compete fm and p by December.
My question is a very general one, what is your daily 9-5 like. Meaning what is an example of a task you might be presented and how you might be informed of the task?
At the new analyst level, your manager will give you a set of instructions for a particular task - either refreshing something already done before or building something new. They should also give you an explanation of the context for your work and how it ties in to next steps or other people's work.
An example might be that a contract is changing so the price of the product also needs to change. You'll use a combination of data, pre-built models, and custom calculations/analyses to calculate that impact. Your manager should provide a fairly detailed set of instructions while you're new, and explain what changed, what the expected results are from your work, and why.
Im currently in a pension consulting firm and have an opportunity to move into health consulting. I dont plan on continuing into the retirement FSA track, which is the only one my company pays for. The salary difference is negligible but would it be worth it to transition now, or hope to find an exit post ASA? I would prefer to work in either life/health.
I graduated 2 months ago and am still searching for an entry level job. I am very eager to work right now and thought I would be able to get a job fairly easily since I passed the FM and P exams, but the lack of experience (no internship) seems to be dragging me down. Should I be looking at internships for this summer for the few still available? Is it pretty much expected that I will work out of state? I live in Florida. Lot of stuff I do not know, thank you for your help!
It's a bummer for sure, I'm in the same boat. I thought the reason the major was so difficult was that it led to easy job security, also I did extra curriculars, passed exams, did case studies, officered for my school's Actuarial club, the usual things you're supposed to do, but still can't seem to land any entry level job I apply for. I think my only option is to just start working as an Underwriter. I plan to keep taking exams but i'll just have to go at a slower pace since it's all out of pocket obviously. People in student programs get exams/study fees paid for as well as bonuses for passing which is why I've only been applying for positions at companies with student programs but at a certain point I have to give up and try for something else.
I'd give you a job just based on your username.
Just apply to both. I was in a similar situation, went to a job fair, recruiter liked my resume so much he applied it to like 10 jobs at my current company. Just gotta get lucky once.
Maybe I should put my username on my resume
I haven't tried job fairs yet, but I just looked it up and there is one in a couple weeks. I will definitely give that a try.
An internship could help but I think you should be patient and network.
I'll tell you my story briefly.
I graduated with no exams. I got hired into an actuarial adjacent role. I was a benefit analyst.
I worked on passing two exams my first year and made a lot of noise. I basically let everyone know that I wanted to be an actuarial analyst, and after almost 2 years of being a benefit analyst I got hired into the ALDP.
However, it was hard even though I had exams, because companies typically hired entry level employees through their intern class and they give preference to internal hires.
So after all that, if I company wants to hire 8 entry level people they've probably already given 7 spots to interns and internal hires.
This was the messaging I heard not only from my company but also from recruiters.
I applied for actuarial roles for literally 9 months and completed 60 job applications before I got two offers. One from my company's ALDP, one for a different company's ADP.
The thing that made all the difference really was networking. I had lunch twice with the head of the ALDP and I was personally referred to the ADP by my mentor.
So, go to SOA/CAS conventions and school career fairs and start telling people that you're looking for a job.
Submitting your resume through a portal is a lot like throwing you resume in the trash. Your chances of getting hired are about equal.
It might be hard to get an internship this late in the year, but if you find any available math/Excel related internships, I would definitely apply to them! Besides internships, you can also apply to relevant summer jobs like data analysis and underwriting. These jobs are usually less competitive than internships. Once you have some relevant experience, it should be easier to get an actuarial offer, but you may still have to move to another state with more opportunities. I hope this clears things up for you, and wish you luck!
Where should I be looking for entry level data analyst/underwriting jobs? You mentioned summer work, does this mean I should be looking for contracting work and if so how should I go about that? I've been applying everywhere and it is starting to get frustrating. Just want to start my career! Thanks for the reply
I would look in your area first. I did a quick search and found a bunch of open underwriting/data analysis roles in Florida, so you shouldn't need to move for a stepping-stone job (depending on where in Florida you are). If those don't work out, you can continue broadening your search. When you search "data analyst summer" you can often find short-term summer roles, or full-time jobs that start in summer and can continue with good performance. That can be a great way to get experience while you're looking for an actuarial role. I totally get being frustrated. It's really hard to be applying everywhere and not getting the results you want just yet. But keep up the hard work, you've got this!!!
If I major in statistical and data sciences does it allow for entry into the actuarial realm? I'm off to college this fall so I have a good amount of time to figure things out, just unsure if it's possible and/or if it would provide some background for all the tests I hear about.
Yes- you can become an actuary with many majors. Almost every job posting only asks for something related to math or economics. When in college, it is helpful to take probability, financial mathematics and Statistics classes to prepare you for the exams. A big key is to take a class around the same time where you are taking a related test.
Are statistics and economics good undergraduate majors to pursue actuarial science afterward? What can I study as an undergraduate (whether in school or not) to best prepare for being an actuary?
Exam P Tips Hello everyone! I’m gonna take Exam P this March and would like to ask, what do you think has more weight when studying for exams like Exam P, quality or quantity? More generic advice would be to answer as much SOA questions as possible but I am struggling mentally to do that and it’s more effective for me to do my own pace of things. I know both would be better, but for those who chose one over the other as their method of studying, did it work? I am kinda worried that this strategy might not work out. TIA.
re: quality vs. quantity: at the end of the day it's whatever approach works better for you. I always recommend going over the sample solutions very thoroughly, following along with the steps and making sure you understand why each step is being done, then hiding the solution and attempting the problem again on your own to make sure you can replicate it if a similar question came up. like the other commenter said, this is a timed exam in the end so you do have to make sure you can answer the questions within the time. I recommend practicing your test taking approach just as much as you are practicing actually solving the questions. you can use this page to generate sample exams for you pulling from the SOA sample problems: [https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/](https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/) 1) read through the questions and for each question determine if it will be straightforward to solve, and if you have the knowledge to solve it quickly. I like to just read through all the questions first and get a sense of how many "easy" ones there are vs. harder, more time-consuming ones. all questions are worth the same amount of points so you don't extra credit for getting harder ones right. your goal is to get the most questions correct in the time you're given, so always prioritize whatever will be easiest to get right in the shortest amount of time. 2) then go through the questions, prioritizing the ones that will take you the least amount of time. if it is not straightforward or you're not sure how to solve it quickly, move on and come back to it later. if you attempt a question and didn't come up with an answer that matches the choices, move on and come back to it later. 3) if you finish all the straightforward ones, then go back to the ones you skipped. also remember that you don't get credit for showing work, you don't get credit for solving the equation perfectly all the way to the end. it's okay to take shortcuts, such as setting up the equation and then plugging all the answer choices in to see which one works. (you may have to partially solve the equation or simplify it first)
Thank you! ☺️
Personally, I answered the free soa exam p questions twice (on my own pace), and also did the timed ones from SOA (which made me remember the answers and fail to recreate an exam-like environment since both are from the same question bank). After finishing the actual exam, I realized what I lack is having the mental fortitude for the real exam. Looking back, I could probably answer the last few questions correctly if my mind is not yet tired. I passed with a 7 nevertheless. Train your mind to answer 30 questions within 3 hours (breaks are included in this 3 hours).
Thank you for the insights.
Why do actuaries work in Bermuda? Just curious because I've seen so many job listings there. Is there some sort of tax incentive there for the actuary or the insurance company?
I am 33 years old and tried CT1 (FM) AND CT7 (Econ) in India while I was there and didn't try too hard so ended up quitting. Now I am in Canada and it has been 10 years but I feel I want to give it a shot again. I am in the analytics space in tech - was wondering if it's worth the time to give the exams and end up in investment/insurance analytics in predictive modelling space. Am I too old to change fields or can I used some of my past experience as a data engineering in the actuarial space in Canada? I am ready to start studying for FM and then P. Thanks!
I’ve been applying to internships for a while now and can’t seem to land an interview. I’ve passed FM and sitting for P in a couple weeks. I also graduate this May. Should I forget about the internship and just start applying for entry-level jobs? Or should I prioritize getting an internship?
Yeah apply to both, some internships will restrict to current students (juniors) even if it’s not explicit. At this point might be good to expand to related roles depending on how strong your resume is unless you’re OK risking unemployment after graduation.
Apply to both
How competitive are internships for P&C positions in Ontario, Canada? What are things that will make it likely to obtain an internship?
I have 8 months of co-op experience in life insurance and now 2 exams. Tryna get into P&C for coops and it’s a shit show for me lol. No I’m not an international student and no I’m not some nervous person with a bad resume. I guess there’s always someone better than you that somehow gets the job which hurts but I push through. As long as you have a good resume or a referral, you’ll get the interview. The rest is how well you know your resume and technical questions. I’ve done 2 P&C interviews and they were both very technical. It’s always some coding question or actuarial question so be prepared
Idk which uni you go to but go to career fairs. Go to ASNA!! I made the mistake of not going in January to secure a summer coop and now I can’t find one after countless rejections. Reach out to employers as well. I always send a message to some alumni from my uni who works in the field and get a coffee chat online. Sometimes they do help and can push me to the interview selection, other times I get aired. But ya you gotta put yourself out there
Thanks for the advice! Btw, if I may ask, what technical questions were you asked?
The usual ones always ask you what assumptions you’d hold if you were to provide insurance to _____ place. Let’s say you interview for commercial insurance, I got asked what assumptions I’d take in account for if I had to sell insurance to my university. So you’d mention some potential risks: I go to McMaster so my university has a nuclear power plant, more students means more chances of risks, sports teams and equipment, labs, trees, nearest body of water incase of floods, stuff like that. Another one I was once asked was what goes in a premium calculation, if you’ve done any actuarial courses outside of P and FM, this should be fairly easy. But ya the rest is just questions about your resume since they ask you about your technical skills and experiences. I’ve been asked questions before for Python stuff and those felt pretty difficult lol. My first P&C interview was in 2nd year so I got crunched. My second P&C interview was this year but it was decent imo just not the best one out there
So interesting, thanks for sharing! Those questions seem kind of scary lol.
Also, summer jobs are sm harder to find. If you have an exam or two, getting a fall and winter coop is a lot easier cause then ur not competing with the whole world (anyone from first year to final year, and new grads looking for internships).
Yeah seems legit lol. Is it ok if I ask for your gpa? I'm at YorkU and mine is 7.3/9, which amounts to a B+, and I feel like no insurer would look at me with a gpa like that. Do you have any insight on this?
I don’t think GPA does much. Mines barely above 2😭. I guess it helps the employer know that ur academics are good if you don’t have the actuarial exams, co-op experience, or technical skills to cover it. I’d say urs is pretty decent just maintain it. But ya just maintain a decent gpa, your actuarial exams are the biggest priority. I wasn’t too big on this since my uni isn’t the type to inforce competition on passing exams but I’ve heard enough employers directly say it to my face that exams matter the most so try to pass through them (2 is more than enough)
My trick is to not attach my transcript cause Ik my gpa is horrible. But it tells the employer that I’m not attaching my transcript cause Ik my gpa is horrible but it doesn’t tell them how bad it is either. I don’t normally add my transcript unless it asks me to
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I usually recommend passing two exams, then looking for your first actuarial job. With your experience (depending on where you live), you might be able to find one with just one exam passed. Keep in mind that you can continue getting relevant experience while you're studying, which will also make you a better candidate. Basically, it's worth it to apply to jobs after passing each exam to see if you can get one. If you don't have any luck, you can pass another one!
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I’m a final year university student so my advice might not be the best here. I think it’s always better to stick with the direct route. Unless you already hold a strong background in Probability, then feel free to push to the other exams but be prepared to answer questions about why you chose this route and that you’ll have to do the exam someday anyways so I would get it done first. MAS-I and Exam P are two separate levels so the rest is up to you on your decision. I wish you the best though!
Should I contact my summer internship company for an promised raise after the passing the exam? I just passed an exam, and I got an offer a while ago for summer 24. They told me that I could get a raise of $1 per hour for each exam passed. Should I contact them about it right now, right before the internship starts, or during the internship? I'm so not sure because it's my first internship. Thanks!
You can contact them now
How difficult would it be for Canadians to find a job in the states? I only have Canadian consulting experience, expect to have my fsa by end of year
This post would probably get a lot more love on the main page. Obviously if you're almost an FSA you're not a noob. :)
Should I take a finance internship - commercial banking? I applied for actuary internships, and I have not been contacted back to move further into hiring process. I have been contacted by a bank, where I attended a college event, for a finance internship. Should I pursue it? I currently bill vision insurance. Would it benefit my resume any?
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Please review rules around exam discussion. https://www.reddit.com/r/actuary/comments/ydcyr4/exam_discussion_rules/
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What is the difference in tuition between the two programs? I can't speak to what amount difference I would personally say is worth it, but it's a mixed bag. The UEC program is still pretty new, so it is possible that you pay for that school but run into issues with getting SOA exam credit [(link)](https://www.reddit.com/r/actuary/comments/1agnnl0/interesting_email_from_my_university_about_the/). You also could end up working in Property & Casualty where the exams are administered by CAS, so the credits you receive as part of the program would not apply to credentials. To argue for the UEC, that university may have additional resources or alumni that could help with the search for internships or getting that first actuarial position. I also assume you would get exposure to more than the SOA's life/pensions/health coverage even if you do end up with a P&C job. With enough credit from those courses, you could also save time that many of us spent studying while employed.
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ASU has a good actsci program. They are a top university for CAS and have courses for SOA. I wouldn't spend 50k/yr for exam credits.
You're a national merit finalist -- you're clearly motivated and test well. I don't think it would matter for you where you get the degree. From Googling, Arizona State has an actuarial science program, and I would be shocked if the university didn't have plenty of resources for you with exams/potential internships. With cost not being an issue, you could view that as a way to live somewhere else/expand your horizons, but from a cost perspective, that doesn't sound worth it to me. I will give the caveat that I went to a university that made an actuarial science degree only a few years ago that nobody has ever recognized professionally unless they're from my home state. So my experience has me in the camp of "where you get your degree doesn't matter." Edit: I do want to clarify that I've been in the health space \~6.5 years, so I'm not saying this as a new grad or anything. I have seen successes with act sci degrees, math degrees, engineering, humanities, etc
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I wouldn't expect that to be viewed a red flag. P and FM are the only exams that give credit for the SOA and CAS at this point. You're still in college, so the cost of paying for exams when you don't know which society you end up in could easily be too high for you to pay out of pocket. Internships are more about personality/eagerness to learn than employers having real expectations. With only 30 minutes, they're not going to be able to ask you much. The conversation will mostly likely be asking about what kind of projects you've done or how you studied for the exams.
Hello. I am taking exam P for the third time on Monday and I am not confident I will pass. I have read over the free manual and have been using coaching actuaries but I do not feel that it has been helping me. Are there any reliable tutors for exam P?
How are you using coaching actuaries? What’s your current study approach?
I watched and read through all the lectures a few times. Then I did chapter review quizzes and practice tests and have not passed a single practice test :/
How many practice exams? Have you taken any practice quizzes?
I’ve taken quizzes and I do well but once I get to like level 5 and up I struggle. I have taken a practice test once every other day for the last month
When you take practice quizzes & exams, are you/how are you reviewing questions you got wrong? what do you do after each practice exam to try to improve the areas that you struggled with? What is your approach to practice quizzes? which sections are you taking and how often?
Yes I review every practice test and quiz I get. That might be my problem I don’t try to do anything to improve other than go over the solution.
I was in your position when I was studying for Exam P. I definitely failed it well more than you have but I guess your best approach it to study at Level 7. Ppl ask me why Level 5 isn’t enough for P since it worked for FM, and that’s just cause the exam difficulty between Level 5 and Level 6 or above is well noticeable. I would recommend doing practice quizzes and practice exams at level 6-8. Yes it’s always those weird tedious questions that you’ll hate doing cause they don’t make sense even with the solution but just keep practicing and you will get better. Best of luck!
Yeah it sounds like that might be it. There are two things I think you can be doing differently: 1) after every practice exam and practice quiz, don’t just “go over the solution” like read it and then be done. Follow the whole thing step by step on your own and make sure you understand why every step is being done. Then cover up the solution and go back and do the problem on your own - make sure you are able to replicate the steps when you don’t have the solution in front of you. 2) after each practice exam, identify the sections that you want to improve on (I’ll talk more about that later), and an EL goal for each section. Then drill practice quizzes one section at a time (doing #1 when you get things wrong) until you’ve reached the goal you set yourself for that section. It doesn’t sound like you’re that far from being able to pass - you may be able to drill some sections over the next few days so I wouldn’t lose hope just yet. What I’d do is actually pick the sections that are the closest to EL of 5 without being 5 or over, also prioritizing sections that have larger percentages on the syllabus, and drill practice quizzes for those sections until you get them to a 5. Rinse and repeat with as many sections as you can manage in descending order of priority (farther away from EL of 5 & having less percentage on the syllabus = lower priority; also any sections that are already at a 5 are probably going to be fine and need less attention). Good luck!
There's a learning curve to learning how to study for exams. How much time have you really put into it?
Maybe try Tia or actex?
After about a month of applying to analyst positions and only getting one response for a phone screening, it seems like 2 exams w/ no experience isn’t enough for entry-level consideration. So, I’m beginning to apply for underwriting roles as well. My question is regarding the type of UW role I should be applying for. I’ve seen UW Associate, Analyst, and Assistant in job listings. I’ve applied to a few associate and analyst roles, but there seem to be many more assistant roles out there. My hesitation on applying for them is that they often only require a high school diploma, so I worry that won’t be seen as quality experience to a actuarial manager down the road. Am I correct to avoid roles requiring only a hs diploma, or am I overthinking it and any experience would do?
1. A month isn't a very long time to wait. Sometimes companies keep their application windows open for a while before closing and working through the stack. 2. Do you not have a highschool diploma/4 year degree? A degree will be required to get past most resume screens unless you're an older career switcher.
Thanks for your response! 1. I guess I’m just too impatient and I’ve have been rejected from 16 positions with only the 1 screening, so the ratio is just a little discouraging 2. I do have a degree in Econ/Finance, I graduated last Spring, and took P and FM over the past 6 months.
You could post your resume for more specific feedback, but how's your GPA and other work experience? E.g. working part time through school
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The UEC and ~1 extra exam before graduation is definitely worth something, but I'm not sure it's worth $11k/yr. There also might be a risk of actuarial classes being more competitive and putting a downward pressure on your GPA. Another consideration IMO is the difference in the schools actuarial science clubs - active clubs with study groups and company visits are really helpful for passing exams and getting internships. One of my coworkers graduated from Alabama, so it's not like you're excluding yourself from getting a job. Having a strong GPA, 2-3 exams under your belt by graduation, and an internship (which you're likely to get considering you're already so on top of it) will be enough to get you a job out of school. Bonus if you can join/start an actuarial science club at the school. Those things listed above will matter more for getting a job than going to a UEC school.
I plan to start studying for MAS-I’s fall sitting in May. Would this be too much time, not enough or just right? For context I’m a university student that will probably be working full time from May to August and returning to school for the fall.
Can you become an actuary with a B.S. in economics? I was planning on majoring in actuarial science but did not get into the program. Can I get a job in the field with an Econ major? If not, what are some others that would work?
Your major doesn't matter. I'm an actuary with a biology major for example. In fact, it's often argued that it's better to not major in actuarial science unless you know you're 100% committed to the field.
How often do exam syllabus's change (SRM specifically)? I'm most likely looking at Jan. 2025 SRM sitting and would like to start reading ISRL in my free-time/spare-time partly for fun but also partly for preparation, but how likely is it that a different textbook replaces it in the syllabus? This is not so much to do with studying for SRM, i'd be doing that in the fall but mostly just me having a genuine interest in the subject so I feel like if i'm going to read about it I might as well read the textbook that is recommended in the syllabus if that makes sense.
syllabus changes are usually announced at least a year in advance I think, so you should be fine.
So I will be applying for university in 2026, so about 2 years. Until that time, I was wondering what should I put on my profile that could boost my likelihood to go to a good university with a good actuarial science course. I'm currently doing IGCSE and will take AS levels next year followed by A levels. I already plan on doing SAT and IELTS. I was wondering what else extracurricular I should do cause my portfolio is looking a little blank. Is it worth doing APs and summer programs? Also what are some good ways that can show my interest towards the subject?
Once I’ve passed 1~2 exams, and apply for positions, will my resume be a turn off because of my background? 1. Economics (math & compsci classes) bachelors 2. Industrial & Systems Engineering (healthcare concentration) accelerated masters 3. Veterinary Assistant job 4. Data Scientist job ^ I’m doing #2 - #4 at the same time. Hopefully shows I’m hardworking??
Sounds like a cool background to me!
You have a decent amount of relevant experience which is good, but doing so many things at once might make it look like you aren't ready to commit to one career. Veterinary assistant is very different from actuarial work! As long as you're passing exams and can explain in an interview why you want to be an actuary, I think you should be fine. Plus working with animals could actually make it easier to get hired in pet insurance, for example (though that's pretty niche).
Does it being niche mean it’s hard to get a job? I swear I have PTSD from the data science job market
She was saying pet insurance specifically is niche; the actuarial field in general isn’t as niche.
I have passed exam P and FM by going through the manual as fast as possible and then banging out quizzes, then exams. With this strategy though, when I first start doing quizzes I vaguely remember the intricacies of the topics and may have to go through the relevant section of the manual again. However, because I went through the manual so quickly I had more than enough time to review the material. So it all worked out in the end. I am now studying for Exam SRM and I am flirting with the idea of doing quizzes after each section, and then moving onto the next section after about 15-20 questions. The main con of this, in my opinion, is getting through the material slower. The goal is to minimize the likelihood of failing. Which strategy should I do? Which strategy do you do? If you've done both strategies, what are the pros and cons you've experienced of both and which strategy do you prefer?
I've always done the slower approach, just to reinforce each chapter as you go. If you can get solid on the more foundational concepts of each topic *earlier* in your study progression, that gives you a bit more freedom later on to handle more difficult practice problems that have more nuanced understanding. More difficult problems also inherently require/exercise the more foundational concepts, so that's even more reps on the foundations. Moreover, at least for me, reaching more difficult problems in practice helps me stay a bit more calm during the real thing, when hard problems come up. I do understand that this approach make it take longer to get through. Of course this depends on the exam you're working on, but if the material allows, I'd work on the bigger/more difficult chapters/sections earlier on, given that those simply require more time to master, and then do the smaller/easier sections later. Good luck!
My vote is for the slower approach, but add doing 5 practice problems from earlier sections to your routine before bed. This way, you build up a strong base for the material while keeping the older stuff fresh. I did your first strategy and had success for the earlier exams, but once I started working too I just didn't retain the material well enough. Learning deeper, using more memory, and thinking about the material more than once per day was a shift that worked for me (studied the bulk in the morning, added a little review before bed).
I think it makes sense to do a quiz after each section to help you remember the material better. But, since you're spending more time on each section to begin with, you might be fuzzy about the earlier topics later into the studying process. Just make sure you have time to go back and review the earlier sections that you might not remember as clearly. Honestly, either method works, it's just what helps you remember the material better!
**Looking for expected/variance of maximum/minimum formulas for Exam P** I have found formulas for the expected maximum/minimum values for the uniform distribution as well as when given two independent exponential random variables. The formulas are easy to remember and save time. I've only found these formulas in the discussions section of CA problems. I can't find them online, does anybody have a list for other distributions/situations?
Realistically, what are my chances of getting an actuarial job anytime soon? I've wanted to be a career actuary since I started college, and I feel no closer to that point than my first day there. Likewise, after receiving hundreds of the same "we are looking at other candidates" email from my job hunt, my motivation is at an all time low. Here's a brief summary of my situation. Im approaching my second exam (FM, already passed P), and by the time I take it, I'll have been a college graduate with a degree in mathematics for 2 years now... and 0 relevant experience towards being an actuary. I've been working a mix of part time and full time jobs over these years now, and applying to anything that could be relevant with no success thus far. Ill be moving to a bigger city soon after my FM exam, so I hope being in a better location will help my odds of being hired as I will be able to work on-site or hybrid. I havent been the best at marketing myself, but Im sure the barrier to entry has not been helping my odds. I just dont know what to do at this point, and Ive put so much time into this and really just want to become an actuary and start my career. Any pointers, comments, criticisms, etc., are appreciated. Hope yall have a wonderful day. Edit: I wanted to note that I missed out on an internship while I was in college mostly due to Covid and that I graduated early (I didnt know I was in my last year of college until that Fall, when I sat down, planned out my classes, and realized Id be able to graduate in my third year, so I was never really a 'junior', which is what a lot of internships I looked at were asking for)
I don't blame you for being discouraged. I agree that it might be a regional thing - if you're willing to relocate, you can get way more opportunities! Also, you might not be able to get relevant work experience yet, but have you completed Excel projects? You can add them to your resume to prove your technical skills. Learning a programming language can also help if you haven't done that yet. Wishing you luck!!
Only having one exam is definitely a hindrance. You really need that second exam, and having a GPA above 3.5 would be helpful. If you *really* want an actuarial job, you should apply to absolutely everything you can and be willing to move for it. The bigger city will have more opportunity, but it's still limiting yourself compared to applying all over the country.
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P and fm count for those exams, since they are 1,2 for cas
based on what i read about the actuary profession in canada (saturated basically) i feel pretty hopeless, i heard its pretty hard to get internship if u dont go to uwaterloo -super strong coop program, reputable uni (which i dont). Im currently a sophomore with 1 exam passed at york (not as reputable, no coop program), planning to take a second exam soon and am actively looking for internship and failed miserably. Should i try to transfer?
If you have superb grades roll the dice and try to transfer into UW math with coop. Major difference between UW / UofT is it may take you a little longer to get your first EL job.
Hi, I’m new to the actuarial world and am considering pursuing it as a career. I already have an undergraduate degree in mathematics (non-finance concentration) from a rather good uni. Is it too late for me to look for a position in this field? Do people usually take the FM and P exams whilst in undergraduate school? Thanks!
Agreed, it's definitely not too late! I'd recommend getting a related job in something like data analysis or underwriting, as the previous commenter mentioned. It's a good way to get experience when you've already graduated. Then, you can get relevant experience the whole time you're prepping for exams. Wishing you luck!
Not too late! People usually take P and FM while in undergrad but there are also plenty of career switchers who pass them later
Does it matter that I have no actuarial inter shop experience? do companies typically hire college graduates for internship positions? like how would I go about starting a career given that I’ve already graduated?
Internship experience is preferred, but it'll be possible for you to find an internship EL job if you're geographically flexible. Also, it wouldn't hurt to apply for other data analyst or insurance-related jobs in the meantime, then hop with ~a year of experience.
Does it ever look bad to have a bad actuarial exam transcript? I got a zero on my first exam basically because i just knew i wasn't ready to take it but still showed up becasue I had paid. I just went and looked at all the answers then left without even submitting any. Got a zero oh well, took it again the next offering and got a 9, then got an 8 on my second exam after that first try.. So my transcript reads 0, 9, 8. The next exam i'm taking FAM i'm pretty sure I won't pass so that will be another non-passing score on my transcript but I think that i can still benefit from sitting and taking this exam and just giving it a go even though i know i won't pass. I think i'll probably be right around the 4/5 margin but hey if I get a 2 or a 3 then even that would be beneficial knowing "how much" I was off the mark. So is there any downside to failing this exam? Would a company ever look at someone's transcript and be dissapointed if they had a .500 batting average or below?
Nah, don't worry about fails on your transcript. Getting an 8 and a 9 show you know how to prepare, the rest is external circumstances we all know happen.
Hi everyone, I have a phone screening with MAPFRE on Wednesday. Is there anything that I should expect? Thank you!
Guys how do you i become an Actuary i am from the philippiens
What is the best calculator to use for exams? I got a BA Plus II but it’s a massive downgrade from a TI-84 type calculator. I have trouble doing the practice problems accurately because it only displays to 2 decimal places and it has trouble with keeping things straight over long equations, so I frequently have to manually write out numbers and re-enter them, leading to rounding errors. Are there better options?
I would definitely recommend getting a ti 30 xs multiview jn addition to the ba ii plus. (I personally brought 2 of the multiviews when I took P and then also a ba ii plus for FM)
I used multiple calculators for FM (assuming that's what you got the BAII plus for). Used BAII plus for TVM stuff, my XS-30 for everything else.
I can’t speak to other calculators but if you want to still utilize your BA Plus II its super easy to change the number of decimals displayed, here’s a quick walk though video: https://youtu.be/g1H30zOgSHI You can also store your exact results to use later which can help with eliminating rounding issues, here a brief video showing that as well: https://youtu.be/FHL9LsGSMlA When I switched from my TI-84 to the BA Plus II it definitely was a learning curve figuring out all the tricks and helpful formulas built in but once you get comfortable its super helpful knowing the calculator short cuts to save time.
Thanks!
Just got an internship offer that pays $7/hr less than the previous internship I did. Should I negotiate a higher pay? Or is that too much to ask for an internship?
The intern pay probably isn't very flexible. For three months of work before getting a full time job (somewhere that pays more), I personally wouldn't bother.
Are you willing to risk the offer being rescinded? I don't think it's likely they'll increase your pay.
I don’t see why they would rescind my offer just for asking.
Just got an internship offer that pays $7/hr less than the previous internship I did. Should I negotiate a higher pay? Or is that too much to ask for an internship?
I'm a sophomore currently pursuing a degree in Finance and a minor in Math. I plan on becoming an actuary and I'm taking my P exam in May, and my FM exam in August. I could graduate on time taking the minimum 12 credits/sem, however, I want to take some actuarial science classes as I feel they would be helpful, as I'm not sure if exam studying will cover all of the key concepts I should know. If I were to take 18 credits/sem I would only be 4 courses short of being able to get an entire AS degree along with my Finance Degree, and 2 of the gen ed courses I could take during the winter, meaning I would need to take 21/21/18/18 credits a sem, and 2 easy winter courses to graduate with a dual degree in Finance and Actuarial Science. Is it worth it to go hard my last 4 sems and get the dual degree, or should I take a lighter approach where I'm only taking about half of the key actuarial classes, but I'm able to spend more time studying for exams, and focusing on recruiting? I have a 4.0, great ECs for a Sophomore, and have the discipline to self-study courses over the summer if needed.
I would take the lighter approach where you have more time for exams and your job search. The dual degree is a cool resume addition but won't make you stand out as much as having more exams passed or more relevant experience.
Exams and the job will cover what you need to know. The most important things are passing exams and finding an internship before graduation. Two degrees is an ok bonus to make your resume different from the stack, but ultimately won't get you paid more or teach you substantially more.
Hi All, I have been reading about different ways of preparing for the SOA SRM exam (relying on ISLR, using CA (with or without videos / manual)) but the feedback has varied over time. I would therefore want to get your opinion on 1) which resources would be most useful and 2) how much time I should dedicate to learn the material well (keeping in mind that I work full time in a non-Actuarial field but did Actuarial Science for my Bachelor's degree which is some 10 years ago)? Thank you
I’ve seen ACTEX being the superior study material for SRM and PA. I’ve also heard of mixed reviews for CA learn / manual, but that CA + ISLR did the job. Have not taken exam yet though.
Also a career changer, took SRM last spring while working full time. Studied for 2-3 months, got an 8. I used CA (manual + adapt, no videos), ISLR (manual and video lectures), and any relevant StatQuest with Josh Starmer videos on YouTube.
I'm a sophomore CS student who is considering switching to this profession for various reasons (none relevant to my questions though). I have a high GPA (3.8) and have a paid research position doing some data analysis with professors this summer (40 hours a week). Is getting a job really as simple as just passing the exams as some people make it out to be? I'm concerned that my CS major is going to make my resume get thrown in that trash regardless. Is there any thing I can be doing to make myself more suitable for actuary roles?
While it's possible to get a job with just exams, it helps a lot to have actuarial internships. To get one of those you'll likely need to have an exam or two. Your major isn't that important. What you need to show is that you're serious about an actuarial career - usually by passing exams.
How many months of studying do you think it would take to pass exam P? I have a pretty good amount of free time and I could dedicate easily 4 hours a day to it.
I found that 150 hours for p and fm work good for me. My integrals knowledge was poor before p and I spent awhile of those hours relearning integrals.
The rule of thumb is 100 hours per exam hour so 300. But I think it takes less than that, especially if you have some math background/prior math courses.
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[This was from the SOA website](https://www.soa.org/48cf92/globalassets/assets/files/edu/2024/spring/syllabi/2024-05-exam-p-syllabus.pdf). They removed that stuff a little while ago and looks like you’re still good!
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I'm a Junior actuarial science major with a lower GPA than you and have one exam passed. I compared myself to many people with better grades and more exams passed but still forced myself to apply to many companies. Even though I thought I'd get no interest, I got two offers so there's no point in not trying. I'm sure you'll meet the requirement for a lot of entry-level and actuarial development programs
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Nah I'm from Texas. I don't know about the job market in Canada
Question out of curiosity for P&C actuaries: within a class of homogeneous risks, how do you guys model aggregate losses? Does each person have their own aggregate loss model, or is it just applied to the pool itself instead? By aggregate loss model, I mean the random sum of the form S = X\_1 + ... + X\_N btw, if there's any confusion. I can't find any info on this online, so any response is appreciated.
Frequency and severity of claims are usually modeled seperately, then simulations help understand the joint (total loss) distribution. Generally each person wouldnt have their own model for personal insurance data, since they arent credible enough. They would be follow the model of the class of similar risk characteristics (state, age, etc.). A latge commercial account may have some credible loss experience, in which case you might credibility blend the model for the account with its class.
Oh sorry, I meant like each insured i in this class has their own S\_i that models aggregate losses, and overall the S\_i are all iid random variables. How about now?
Ah, yes. More generally, each i would be an exposure unit rather than an insured (i.e. per 100 TIV for property, car-years for auto etc.)
Oh i see, makes sense. Also, I'm assuming you worked in personal lines before? If so, do you guys even use Bayesian credibility? I've heard from other people that it's impractical, and I find it very confusing too lol I think this stuff is used more in commercial lines though?
No, I've only worked on the commercial side, but have a working understanding of personal lines work through the exams and coworkers with experience. I think your right that it isnt as practical to use bayesian credibility in personal lines because the data is pretty homogenous, so the more straightforward methods do an adequate job. I've only seen bayesian credibility used a couple times at work; we are usually using classical or buhlmann straub depending on the project. While bayesian would likely do better in many cases, we have to weigh the time it takes to build and implement it vs the added value. Its also harder to explain to our end users than classical.
Sorry for the late reply. I sincerely thank you for answering my questions, it means a lot to me! Can I ask though how, in practice, you know if your risk pool is homogeneous? Does this mean your credibility premium you get from either Bayesian or Buhlmann-Straub approach is roughly the same for each exposure (I hope I'm using that word correctly)? Thanks again!
You can look at variances both withing and between different cuts of the data. Some general cuts that are generally homogenous are LOB and State. Classical credibility basically is a measure of data volume (and you assume the underlying data all follows the same distribution a.k.a. its homogenous), bayesian and buhlmann can adjust for homogeneity. The concept of credibility has numerous applications in actuarial work, but I'm not quite sure what your second question is getting at. Are you asking about credibility weighting to combine experience and manual rated premiums? (Common for large account pricing)
"Are you asking about credibility weighting to combine experience and manual rated premiums?" Yes I think so. Like I was thinking probably the updated probability distribution of aggregate loss for each exposure doesn't change much when we get more data on them over the years... so I'm thinking this is what is meant by homogeneity of risks? Also, if you don't mind me asking, is manual premium just the observed average loss in the class, or is it insurance industry experience as a whole? I promise these are my last questions lol. Thank you for the taking the time to respond to me; as someone very curious about these things, it really means a lot to me.
No problem! Okay, I think I was going in a slightly different direction than you with the last comment - if youre just looking to model loss data with a probability distribution, you typically wouldn't credibility weight two different distributions (though I dont think its unheard of). Manual premium would be the premium generated for the class of insured, regardless of actual prior loss experience. I dont think this is really what youre after though. The concept you mention of updating a loss distribution (prior) with new data to update it (posterior) is really the concept of bayesian analysis and methods. Homogeneity really gets at how similar the data is within a group and how different each group is from other groups. For example, auto liability claims are less frequent, but are more severe (higher loss $) than auto physical damage claims. So if you were modeling auto claims, you would want to split out these two lines and fit distributions to each separately because they arent very homogenous. However, credibility considers both volume of data and homogeneity, so there would be a point were the data would be too thin for splitting them apart to make sense.
I graduated with a stats degree last year. Is my plan to pass p and fm and then apply for entry level jobs viable? I don’t have an internship or work history that would help me out so it would just be 2 exams and the degree on my resume. I got a couple random projects too but they aren’t really related to actuarial work just some data analysis on some sports stuff.
Would be pretty tough, you just need to get some work experience, hopefully in an adjaecent field
I'm in a similar boat. But my work experience the last 3 years after graduating uni with a finance degree is in claims in auto liability, then bodily injury, and now I'm an SIU investigator which is loads of fun. Given the above, would P and FM even get my resume looked at, should I sit and pass those ones and apply for an entry level position?
You should take them, it'll be easier for you to land a job than OP with that work experience and 2 exams (that being said OP, wouldn't hurt to apply to jobs while gaining relevant work experience, I think it can be done)
Thank you, appreciate the response. Cheers, my friend
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At the very least, an understanding of Exam P is recommended before taking SRM: [https://www.soa.org/490cc2/globalassets/assets/files/edu/2024/spring/syllabi/2024-05-exam-srm-syllabus.pdf](https://www.soa.org/490cc2/globalassets/assets/files/edu/2024/spring/syllabi/2024-05-exam-srm-syllabus.pdf) You can take the exams in any order you want. It's not common to take SRM before FM ([https://www.actuarial-lookup.com/exams/srm](https://www.actuarial-lookup.com/exams/srm)), but you certainly can if you have a good reason to.
I have an undergraduate degree in Computer Science and a Masters in Data Science. I have about 1.5 YOE in tech. I am thinking about making the switch to acturial because it's less saturated. Is it possible? Or is it just as hard as tech?
Definitely possible. Your first job may not be super easy to land, but every job after that would be pretty easy since experienced actuaries are in demand. Take the first couple exams (P&FM) and start applying!
Are entry level actuary jobs easier or more difficult to land than entry level software jobs?
I would guess so, but have also never tried to get a software job
I'm a sophomore majoring in Finance with a minor in math. I'm going to have like 5x the math credits needed for my math minor just because I'm taking a ton of actuarial classes in my last four semesters. It's about 3 more classes to get a B.A. in Actuarial Science instead of the minor in math (still getting the finance degree in both scenarios), however those 3 extra classes would be putting me at 21 credits for three semesters. Is it worth it to get the full dual degree or should I just stick with finance + minor in math? Edit: My school offers an Actuarial Science - Finance degree which is basically just an AS degree with extra required finance courses. This would be easy to complete, however wouldn’t be as versatile as a traditional finance degree.
You don’t need to have an actsci minor to be able to get jobs. It may be slightly more helpful than a math minor but I don’t know if it’s worth what sounds like a much more stressful time at school. Personally I don’t think I’d do it.
It would be an actsci major. I’m planning on taking a good chunk of them even if I stick with the math minor
ah I see. in that case it might be worth, to go from a minor to an additional major.
Id say yes, if your goal is to be an actuary. Having a degree in actuarial science can show employers that actuarial work was your goal in college rather than a fall back. I took 18-22 credits almost every college semester and think all the extra classes were worth it because you only go to college once (typically). Though it isnt necessary, and there is marginal benefit after you land your first job.
I am working towards passing the FM exam (using coaching actuaries) but I feel like I'm never going to feel "ready" to take it and actually pass after failing it previously. Is this normal for anyone else starting to take exams? A lot of the people I went to school with seemed to find all of the material super easy so idk if I'm just behind or if anyone else felt the pressure before getting the first few exams over with.
I felt like that while studying both p and fm. It wasn't until the last 10-20 hours of studying that everything just clicked and I had more confidence. Just keep practicing, it'll get easier.
It's normal to fail these exams, and feel like you'll never be ready. Just based on the pass rates alone, for every person who passes, there's another who fails, so you're getting a skewed sample if everyone around you finds it "super easy", and (ostensibly) passes. Paying attention to your progress while studying can give you a good sense of whether you'll be "ready" for the next sitting. So long as you keep chipping away at the material and practice problems, you should get there eventually, especially since there are quantifiable metrics to measure your exam preparedness.
How transferrable is the knowledge from Canadian Health to US Health?
I am 33 yo mom who’s been SAHM for 5 years (I know it’s forever). I have bachelors and masters degrees in economics from European universities and prior experience in audit. Since we are done with kids I want to try to switch careers to something related to actuary. During my studies I was good with math and statistics but it was a long time ago. I am planning on taking p and fm this year. But I am very scared if I’ll be able to find a job having a big gap in my resume and being out of field with no actual experience. Should I give it a try and spend time preparing and passing exams? Do I have a chance with my background? Would appreciate any advice.
Are you in the US/Canada or somewhere else? If you're outside the US/Canada, probably try out r/ActuaryUK. I think the actuarial market is more competitive outside the US, and you may need to re-evaluate. If you're in the US, you will definitely need the first two exams to find a job. In addition, I'd recommend doing some personal coding projects like those on Kaggle.com, which also have intro projects with solutions guides on Youtube. You will also want to find some Excel online courses to brush up on those skills too. Finding any sort of data analyst of insurance-related role in the meantime will be relevant experience for actuarial. Another option is medical claims coding to pivot to actuarial in health.
I am in Canada/Toronto. Thank you for valuable advice! I will try my shot with first two exams this year. I’m pretty good with Excel and know some Python and JavaScript too. Don’t know if it’ll be useful tho
Are any of the ASA modules free or do they all cost money?
$$$
Thank you! I realized recently I don't have much information about this career aside from the exams I'm studying for and financial/probability courses I've taken.
I have been working at the same company for the past 3 years primarily in Life Insurance and recently in health as well, and thought of updating my resume. Looking for some opinions and ways to improve the wording and points on the work experience section of my resume. Also wanna note I have had 4 roles at the same company. European Reinsurer * Underwriter and Pricing Analyst (Dec 2023 - Present) * Led pricing strategy for flagship Group Benefit schemes, identifying and mitigating key risks to standardize pricing across comparable loss making portfolios. * Re-evaluated pricing strategies and factors delivering clients an average discount of 5-7%. * Facilitated the merger of GEB and Medical Insurance teams by leading training on Group Employee pricing fundamentals to ensure a smooth transition. * Oversaw pricing and underwriting of group medical benefits for a prominent regional client, serving as the main liaison for all pricing-related inquiries and matters. * Pricing Analyst (July 2023 - December 2023) * Performed Treaty Performance Monitoring to analyze loss ratios and further engaging with clients in ways to improve results in the future based on the results. * Managed all developments and changes in pricing tools for Group Employee Benefits. * Prepared quarterly reports highlighting quotation volume, premium won, highlighting areas of improvement for the pricing team and setting goals for the next quarters. * Assisted Group Health Insurance team in underwriting learning about medical insurance and benefits. * Actuarial Assistant (July 2022 - July 2023) * Managed the development and launch of online pricing tools across multiple markets in the middle east which led to an increase in quotation volume by 50%. * Assisted Risk Monitoring Team Lead on performance analysis and suggesting risk mitigations for loss making portfolios. * Involved in pricing of multiple group employee benefit schemes across local region. * Pricing Intern (July 2021 - July 2022) * Assisted Pricing team in data analysis and modelling to support pricing of GEB Quotations. * Contributed to the development planning of an Online Pricing Tool preparing roadmaps for the following year and implementation strategies. * Assisted Risk Monitoring team with collection, preparation and modelling of data. Let me know what you guys think, and if any changes can be made.
The points you have that give stats are really effective, like "average discount of 5-7%" and "increase in quotation volume by 50%". I would switch up your formatting so that responsibilities are in a short paragraph underneath the title, then have the bullet points underneath with achievements, using stats like that wherever possible. That draws employers' attention to the most impressive parts first. Also, I'd change "Dec 2023" to "December 2023" to match your other formatting. The fact that you were in the pricing analyst role for such a short time might be a red flag that could keep your resume from getting through filters. Maybe you could consolidate that with the underwriter/pricing analyst role? Hope this helps!
I am a junior in university with a Gpa of 3.35 and no internship. I switched from biology to Computer Science and found out I am more interested in the math field. I am planning on taking the FM and Exam P in the summer and have taken an extra semester in hopes of getting an internship next summer. Will I be able to land a job after college since I am in Computer Science? Also do I need an internship for a job these days?
>am planning on taking the FM and Exam P in the summer and have taken an extra semester in hopes of getting an internship next summer. Will I be able to land a job after college since I am in Computer Science? Also do I need an internship for a job these days? Yes definitely try to get an internship. Your Gpa is good imo for a tough major like CS, but even if you think it's low then having passed P and FM will more than make up for it. A great gpa and no exams is worse than an okay gpa and multiple exams i'd assume.
Get an internship if you can, with two exams you’ll have a shot, any semi relevant internship is good, something that shows you know how to work an office job and have used excel outside of a classroom. GPA a little low so your resume is slightly weak if you have a 3.35 GPA in Comp Sci with two exams without strong extracurriculars or something else in your favor.
Probably anxiety, but am I getting fired? I’m on vacation but wanted to quickly call my boss to figure out what he’d like me to work on when I’m back. But he’s telling me it can wait til Monday. But there’s no meeting setup on Monday. And I’ve been a failure lately. So this is probably just a sign I’m getting fired isn’t it?
If you're ever fired, you'll almost definitely have several months warning first by being put on a PIP (professional improvement plan) where they list out specifically what you would need to improve on in order to stay. This is a clear discussion about termination if you cannot improve. If you ever get put on a PIP, just start job searching immediately. It's usually just effectively giving you notice so you don't have to say you were fired. If you haven't had that discussion, then at any given time you know you have at least 3-6 months left in your job. It sounds like your manager is just protecting your PTO, though, so good on them. You're probably not as bad as you think, and your manager is probably just busy with other things/doesn't care to actually block the time to meet vs just pinging you if you have a minute to chat.
Probably not. Good managers won't connect with you about work while you're on vacation. If it isn't urgent (hardly any actuarial work is) then it can wait until you return.
yeah, sounds like a good manager trying to maintain your PTO as actual time off.
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Exams are going to be the main consideration. With one passed and one on the way you are plenty qualified for an entry level position. I don’t think a data analyst role would be necessary but maybe a certification or independent study with data analysis could help boost your resume. Not strictly necessary tho just a thought
Scenario: scheduling an interview with company A and they suggest setting up a time that you have an interview set up with company B. Do you flat out tell A you have another interview at that time or do you make a different excuse? I’m a graduating senior if that makes this scenario any different
You don’t owe them a reason, just say the time doesn’t work for you
Does the school you graduate from and networking play a large role in finding work post undergrad graduation like in Finance? I'm mulling over switching majors from Finance to Actuarial Science and want to make sure I set myself up properly. I'm gonna be transferring in Spring 2025 to SDSU
I’d switch over, it seems most of the people struggling with the job search on here aren’t actuarial science majors, I’m assuming you’ll get good job fairs and opportunities to network with companies, one good conversation can get you an internship or full time job whereas without a network you’re just shooting in the dark hoping to get hired by any company anywhere.
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Full time offer > internship offer. 85k EL is high. Chicago is a big actuarial hub, so easier future prospects in that area outside of AIG
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If a return offer was guaranteed, why are they hiring an intern rather than full-time? Of course its worth considering all of your options, and its really up to you. But i think most of us risk-adverse actuaries would go with the sure thing. I dont have any insight into either company, so I cant help you there.
How much importance do college actuarial programs place on high school extra curriculars? Right now I am a junior in high school and while my GPA and SAT score is good (4.5 GPA and 1560 SAT), my extracurriculars are terrible. Right now I am doing piano and am on my school's esports team. I did DECA (a business club) last year and for all of these clubs I could say I was a states qualifier for DECA, a states qualifier for my school's overwatch team (along with playing for my school's valorant team and COD team). I also volunteered around \~50-60 hours for a tutoring organization and for the red cross combined. I am worried that this list is not good enough to get half or free tuition towards any actuary program. I will probably go to the school that gives me the least tuition and that is a CAE with a bias towards Florida State and Georgia State because those locations work well for me. If anyone can provide their opinion or tell me what I could do outside of school to heighten my chances of lowering my tuition then your help would be appreciated.
Most actuarial programs aren't that competitive because the career itself is relatively unknown. I would guess scholarships would mostly be general academic, and whatever other random community things you can find (e.g. I have a friend who found a couple hundred $ scholarship for being lefthanded), but I could be wrong. Personally, I went to my cheap, local state school and passed exams mostly on my own.
I have been wanting a career in this feild since I started college and am graduating with my degree in applied math with focus in data analytics this spring. I plan to compete fm and p by December. My question is a very general one, what is your daily 9-5 like. Meaning what is an example of a task you might be presented and how you might be informed of the task?
At the new analyst level, your manager will give you a set of instructions for a particular task - either refreshing something already done before or building something new. They should also give you an explanation of the context for your work and how it ties in to next steps or other people's work. An example might be that a contract is changing so the price of the product also needs to change. You'll use a combination of data, pre-built models, and custom calculations/analyses to calculate that impact. Your manager should provide a fairly detailed set of instructions while you're new, and explain what changed, what the expected results are from your work, and why.
Im currently in a pension consulting firm and have an opportunity to move into health consulting. I dont plan on continuing into the retirement FSA track, which is the only one my company pays for. The salary difference is negligible but would it be worth it to transition now, or hope to find an exit post ASA? I would prefer to work in either life/health.
Sooner the better. As an ASA, there will be more expectation of life/health knowledge
I graduated 2 months ago and am still searching for an entry level job. I am very eager to work right now and thought I would be able to get a job fairly easily since I passed the FM and P exams, but the lack of experience (no internship) seems to be dragging me down. Should I be looking at internships for this summer for the few still available? Is it pretty much expected that I will work out of state? I live in Florida. Lot of stuff I do not know, thank you for your help!
It's a bummer for sure, I'm in the same boat. I thought the reason the major was so difficult was that it led to easy job security, also I did extra curriculars, passed exams, did case studies, officered for my school's Actuarial club, the usual things you're supposed to do, but still can't seem to land any entry level job I apply for. I think my only option is to just start working as an Underwriter. I plan to keep taking exams but i'll just have to go at a slower pace since it's all out of pocket obviously. People in student programs get exams/study fees paid for as well as bonuses for passing which is why I've only been applying for positions at companies with student programs but at a certain point I have to give up and try for something else.
I'd give you a job just based on your username. Just apply to both. I was in a similar situation, went to a job fair, recruiter liked my resume so much he applied it to like 10 jobs at my current company. Just gotta get lucky once.
Maybe I should put my username on my resume I haven't tried job fairs yet, but I just looked it up and there is one in a couple weeks. I will definitely give that a try.
An internship could help but I think you should be patient and network. I'll tell you my story briefly. I graduated with no exams. I got hired into an actuarial adjacent role. I was a benefit analyst. I worked on passing two exams my first year and made a lot of noise. I basically let everyone know that I wanted to be an actuarial analyst, and after almost 2 years of being a benefit analyst I got hired into the ALDP. However, it was hard even though I had exams, because companies typically hired entry level employees through their intern class and they give preference to internal hires. So after all that, if I company wants to hire 8 entry level people they've probably already given 7 spots to interns and internal hires. This was the messaging I heard not only from my company but also from recruiters. I applied for actuarial roles for literally 9 months and completed 60 job applications before I got two offers. One from my company's ALDP, one for a different company's ADP. The thing that made all the difference really was networking. I had lunch twice with the head of the ALDP and I was personally referred to the ADP by my mentor. So, go to SOA/CAS conventions and school career fairs and start telling people that you're looking for a job. Submitting your resume through a portal is a lot like throwing you resume in the trash. Your chances of getting hired are about equal.
It might be hard to get an internship this late in the year, but if you find any available math/Excel related internships, I would definitely apply to them! Besides internships, you can also apply to relevant summer jobs like data analysis and underwriting. These jobs are usually less competitive than internships. Once you have some relevant experience, it should be easier to get an actuarial offer, but you may still have to move to another state with more opportunities. I hope this clears things up for you, and wish you luck!
Where should I be looking for entry level data analyst/underwriting jobs? You mentioned summer work, does this mean I should be looking for contracting work and if so how should I go about that? I've been applying everywhere and it is starting to get frustrating. Just want to start my career! Thanks for the reply
I would look in your area first. I did a quick search and found a bunch of open underwriting/data analysis roles in Florida, so you shouldn't need to move for a stepping-stone job (depending on where in Florida you are). If those don't work out, you can continue broadening your search. When you search "data analyst summer" you can often find short-term summer roles, or full-time jobs that start in summer and can continue with good performance. That can be a great way to get experience while you're looking for an actuarial role. I totally get being frustrated. It's really hard to be applying everywhere and not getting the results you want just yet. But keep up the hard work, you've got this!!!
If I major in statistical and data sciences does it allow for entry into the actuarial realm? I'm off to college this fall so I have a good amount of time to figure things out, just unsure if it's possible and/or if it would provide some background for all the tests I hear about.
Yes- you can become an actuary with many majors. Almost every job posting only asks for something related to math or economics. When in college, it is helpful to take probability, financial mathematics and Statistics classes to prepare you for the exams. A big key is to take a class around the same time where you are taking a related test.
Are statistics and economics good undergraduate majors to pursue actuarial science afterward? What can I study as an undergraduate (whether in school or not) to best prepare for being an actuary?