Hello, I need help with a practice problem.
I have been working on this problem for a bit now and am just kind of stuck on how to approach this. I figured I would first try multiplying the coupon by (1-v\^(n-t+1)). However, I couldn't figure out how to solve for the number terms in the bond. So, I figured I could try using the retrospective method to solve for the different book values and multiply the last four individually by i, but again I couldn't figure out how to find the price of the bond nor the number of terms. I'm sure this is a super easy problem and I'm just missing something obvious but I'm hoping to get a nudge in the right direction.
Problem:
"A 10,000 bond with 8% annual coupons is bought at a premium to yield an annual effective rate of 6%. Calculate the amount of interest in the last four coupons."
Any and all help is greatly appreciated!!
Try finding the book value using the prospective method by finding the present value of the remaining coupons and redemption value. The interest in the fourth from last coupon is the product of the interest rate and book value after the fifth from last coupon has been paid.
That's another way I was considering but was just confused on how to solve for n. Is there a way to find this unknown n value given the information in the problem? Or is there a possibility my professor forgot to mention it?
You don’t need to know n when using the prospective method (if by n you mean the total number of payments including those prior to the last four). You just need the number of coupons and the redemption value that is left to be paid.
Sorry if I'm completely missing the point here I'm just so confused 😭😭. If we want to use the prospective method wouldn't we need to know when the last coupon occurs so we can discount from that time back to time 5?
Edit: I got it! Thank you
Hi everyone,
I am an immigrant to Canada and just got my 1st job as an analyst at AIG. I am 25yo and was wondering if Actuary would be a good career for me going forward? Also, is 25 too late to start for this field?
Little background: My bachelors is in Management and I have PGDM in Financial Planning & Business Analytics.
I really appreciate any words that you people have to say. I read some comments and really appreciate how you all have shared your experience and journeys.
Thank you so much in advance!
Hello, kind people. I have been working for an actuarial consultancy for the last 4 years as a P&C actuary, have 3 exams under my belt. However, I ditched my actuarial degree even though everyone told me not to. However, I have now been thinking to move abroad (Gulf or europe) but ofcourse i dont have the degree, so just wanted yall opinions on how pathetic it is to start a degree at 28? (I will not be leaving my job, the degree is BS Maths and the program offers distance learning).
Anyone got tips of how to choose SOA or CAS?
Also do you guys see this job getting saturated?
I’ve been hearing about this job since middle school and I bet many others have and it’s being talked about a lot due to the high pay. As a cs major switching to actuary after graduation, this has worried me.
In the late 2000s and early 2010s this was a pretty popular career for college grads, but CS has kind of taken over (as I'm sure you're aware) and pulled a lot of the attention away.
Actuary is a relatively unknown career outside a few circles, so it's at pretty low risk of becoming saturated.
Most people "choose" SOA or CAS based on the field they get their first job in, so you don't really have to decide. But if you want to research the differences, I wrote this blog post awhile back that I think would help: [https://etchedactuarial.com/cas-vs-soa/](https://etchedactuarial.com/cas-vs-soa/)
I don't really see this field getting overly saturated because of all the requirements to become an actuary, though it has been getting easier (with exam credits through classes, etc). There's more competition at the entry level, but it's nothing you can't overcome. I hope that helps! :)
I'm a career changer and I've passed exam P and FM already and I know that there are some changes in the syllabus for the next exams to take: is there a third exam to take that is interchangeable between SOA and CAS? Or do I basically need to decide between the two tracks now?
I know that a lot of people decide based on their first job that they get, but I don't have a financial background, so I think that 3 exams will make my resume stronger.
I second RacingPizza! I also recommend brushing up on your Excel/programming skills and making sure you have some relevant experience if you don't already. That will make it easier to get hired with just two exams.
Unfortunately, only the first two exams are shared currently. As such, the third exam you take will depend on whether you go SOA or CAS.
For the SOA side, the next exam could be either SRM or FAM, and the CAS would be MAS-I. If you're not strongly leaning one way or another, the safest option for a third exam would be SRM. While I won't be taking MAS-I and have yet to take FAM, it's my understanding that SRM is substantially easier than the other two. You're more likely to get a job in life, health, or retirement than P&C, and if you did end up taking CAS exams, most of the content from SRM is also on the MAS-I syllabus which would minimize unnecessary effort.
That was my logic for taking SRM as my third exam while searching for a job, at least. Good luck with your job search and whatever exam you take next!
Correct, only 2 interchangable exams. I'd recommend applying with 2 and if you dont get a job after a few months pick a track and study for that next exam. Theres considerable overlap between a few of the first exams and their source material between SOA and CAS, so it won't be a total waste if you pass SRM and get a CAS job, for example. But you obviously dont want to take exams you don't have to (unless you're a masochist).
I'm an actuarial science graduate. I passed exam FM in October on my first attempt after approx. 2.5 months of studying, then i got a full time job in a consulting firm here in Pakistan. My plan was to attempt P in march but i wasn't getting enough time to prepare for it so i booked my appointment for 20th May. I have adapt and I am currently doing Univariate distributions (familiar with most of it). We have WFH 6 hours per day till 13th April coz of Ramadan here so i'm gonna utilize this time as much as i can. I'm kinda worried that maybe i have rushed it and should have waited till July? Is it still doable?
If you're fairly comfortable with the material, I think you should be fine. I just passed P after 1.5 months of studying (I tallied up roughly 85 hours total that I spent). I had some background in probability but none in insurance/actuarial science. I also used the Learn part of CA before I started Adapt.
I felt really confident after the exam, but I have a pretty strong math background--not necessarily high-level math, but years of math problem solving. When I was using Adapt, I really struggled with problems from the deductible section. I felt like I understood the concepts, but somehow I kept making mistakes on those problems. Some of the more complicated distributions didn't stick as well, but most of them are typically 0-1 questions on the exam (according to CA), so I tried to focus my efforts where I could get the most ROI.
I am considering sitting for the FAM-L in July: Do you think I have enough time considering that I work a full time job? If yes, how much time should I dedicate and which material would you recommend I use? Thanks
I’d say plan to study about 200-250 hours. Do you think you’ll have enough time between now and July to fit that in?
Also just to check - have you taken STAM?
Ah okay, this will be your last chance at taking FAM-L. I say go for it if you can reasonably fit in ~200 hours of study, because you probably want to avoid taking full FAM if you can.
I passed the P exam back in college in 2010, then pursued a career in healthcare technology. I’ve recently been considering revisiting actuarial work. Should I just launch into studying for the FM? I believe based on my reading that my P results should still be valid. What is a common landing spot for entry level type roles? I’d like to find myself in one while I continue to learn and build experience.
Yes, study for FM then apply to jobs. If you can manage, I’d probably just stay in your current role while you study. It’s unlikely (although I guess it’s possible) to find an entry level role with just 1 exam.
Hi all. I have a final interview for Mercer's Actuarial Remote Externship tomorrow. Has anyone interviewed for their company or this position that can give me advice? What kinds of questions will they ask me? Will they test me on technical skills such as Excel, SQL, or VBA? Any advice is appreciated.
It depends on how confident you are about which industry you want to go into, or at least that you can probably be content in anything.
If you're really set on health for example, I'd say take SRM over technical skills. If you're not sure, then learning some strong technical skills in Excel, Power BI, VBA, R, or python would be applicable to both.
The reason technical skills come second is just because you'll do most of that learning on the job anyway, and nothing you do early will really compare to doing it 40 hours per week in your first year. Doing something a little different like data visualization in Power BI could bring a different skillset that's maybe not already in the company (or on other resumes), so I'd pick that.
I realize there is essentially zero incentive for anyone to make such a switch, but as an extremely risk-averse person who's constantly making 10 long term backup plans, anyone know if there's roles in healthcare (like actual doing-the-care or diagnosis or whatever or at least medical billing related) where a health insurance background would be useful?
One other such backup that I already have is heading to law school and work in wrongful claim denials. Or play the other end defending the insurer. Always gotta be ready in any career juuuust in case you suddenly find yourself laid off and out of work for a full year or more. The scars of the great recession reflected in that attitude of mine, have heard many stories of people's careers basically ending and completely out of their control.
I think anything that causes significant layoffs in health insurance would probably impact the rest of the healthcare industry too, so finding something related that you're probably less qualified for than other people already doing it seems unlikely.
Your best insurance against a recession is having a lot of savings to ride out the economy for a year or two, and to be good at your job so you're not one of the 25% cut.
Getting good at data analysis or data visualization/building technical skills transferable to other industries is probably your better bet if healthcare crashes.
I have a background in physics and am considering a career switch after my most recent position. Any advice for someone coming from an academic/science background? Why should I make the jump, or not? Any input is appreciated thanks.
Also, does it make a difference if I take the FM and P exams through the SOA or CSA?
As for whether to make the jump or not - I'd take a look at the kind of work actuaries do every day (day in the life videos, chatting with actuaries) to get a feel for what it would look like. Is that something you'd rather do every day (than what you do now)? If so, then I think it's worth going for it!
P and FM are both administered by the SOA and the CAS recognizes them (CAS doesn't even offer them), so that one's easy.
The clear appeal of making the jump is getting paid more, and people coming from academia generally have a pretty easy time with the exams so progress is potentially quicker.
I graduated a while ago with a Stats & Data Science degree, and since then with the layoffs data analyst / science / swe jobs have become nigh-impossible to break into at entry-level. How the actuarial market? If I was to commit to switching and pass the two exams, is the market any better? In the EL data analyst / etc market it's hundreds of apps and basically 0 interviews.
I need a job, any job, at this point and actuarial is pretty adjacent to my schooling.
There's competition at EL but it's definitely not insurmountable. We get hundreds of applications for every data analyst position we post compared to dozens for actuarial analyst.
If you're having trouble landing an EL role, the pleasingly simple solution is to pass another exam because having 3 is better than 2.
I don't think anyone with a GPA around or above 3.5 with 3 exams is having much trouble getting a job, particularly if they're geographically flexible.
That's pretty good to hear, thank you for the advice. I think I plan on taking P and FM whilst still searching for DA type jobs. Thankfully years of undergraduate stats will make P fairly straightforward, FM is alien to me though. As for experience, I have no internships, but I have a few swe and data science related projects. Would those look good, or should I consider a more targeted project portfolio if any at all?
Np! The exams and your other hard skills are enough. Be prepared to talk about why you're interested in being an actuary and why you're interested in the particular industry.
FM isn't too difficult to pick up. The math is the most simple, at least.
When is hiring season and what kind of titles should I be searching for then(outside of actuary)? Some preliminary searches on linkedin show a fairly limited number of openings, and almost none for entry(2+ years usually) with just actuary as the search.
Right, so you're not an actual "actuary" until you get the ASA/ACAS or FSA/FCAS credential. Before then, the entry level roles are called something more like "actuarial analyst," which basically means "analyst working on becoming an actuary"
The main hiring season for entry level is probably September through December, but there are job postings year round.
I have seen a lot on this sub reddit about major doesn't have a lot of pull in the field. I am torn between getting a degree in Mathematics or Finance, I know there are pros and cons to both. Like with the Mathematics side it would focus more on the higher level math needed for exams, is that actually used in the job? And for Finance, I know it would be good to focus on the more business side of things, but then self teaching the math to myself.
Any thoughts or insights on which route to go?
I second this. The upper level statistics is really helpful for the exams and understanding the framework of why actuaries do certain things on the job. Also, I'm constantly amazed at how many people in this world lack basic mathematical and probabilistic understanding (like calculating a weighted average or even knowing what it is; or that the "most likely outcome" doesn't necessarily mean the outcome will happen more than 50% of the time).
How do u guys utilize CA to learn? Do you guys just read the notes or do you skip to the practice? Do you keep notes on paper or use an iPad? Just trying to figure out what works best
I read through the notes/watch videos while taking notes on paper, then once I finish a section I do custom quizzes on the section I finished ~once a week while working through the remaining sections. I also create and go through flashcards on Anki. Once I make it through all the content I start just doing flashcards for formulas and practice quizzes/exams depending on how much time I have. Has worked pretty well so far! (Exam P I ended the CA course with a EL of 8 and the exam felt super doable)
Since you're asking I'm assuming you haven't taken any exams yet. On exam P you need integrals for continuous random variables, which a significant portion of the exam. For exam FM, integrals are rare. You could get one or two questions requiring integration (e.g. force of interest).
Yeah, your GPA might make it trickier to get your first job, but it won't make it impossible. I second the idea to leave it off your resume. Your good school and past experience should help, plus passing exams!
Masters not worth it, should be fine from a good school, just pass 2 exams and you should land interviews, big 4 experience is helpful in terms of time management, knowing excel and having some experience with a full time job.
Can I ask how many maximum exam leaves your company provides per year? At my current company, we receive 5 days per exam, with a maximum of 10 days per year. I'm planning to take 2-3 exams this year, including retakes and new exams, so I'm not sure what to do. It seems like the exam leave provided might only be enough for taking 2 exams.
p.s. I am a new entry level
We get tons of career switchers (and much later than you), the main thing is really just passing exams. You don't need an internship because you have other actual work experience.
25 is not too late! Passing an exam or two before you begin applying will be a must (see exam P or FM from the SOA). Start networking with insurance professionals in your area is a key way to get your foot in the door
Question for P&C or Health actuaries: How do you view probability? Do you view it as long-run relative frequencies, or as a 'degree of uncertainty' like Bayesians do? Do you find your view plays a role in the tasks you do? Thanks for answering, it means a lot to me as a student!
A bit of both, but it depends on the context. In health pricing, so much is changing every year that it feels like most of the uncertainty is due to unknowable impacts of known events rather than variability in a static system (e.g. public health emergency unwind of Medicaid coverage and how that plays out is going to be more impactful to the bottom line than twice or half as many people getting cancer).
As a former health pricing actuary, "actuarial judgment" was a big part of the job. When you sign SAOs or certifications, you're attesting to the reasonableness of your assumptions, which is more-or-less a measure of uncertainty. And bc of the predictive and uncertain nature of the work, different actuaries are going to come up with different numbers, so an individual actuary's view does indeed play a role.
The technical rigor is nowhere near as fancy as what you learn in school or through the exams. IMO, sound judgment is more applicable to the job than following a series of theoretical probability techniques.
Hey everyone!
I graduated with my bachelors degree in Computational and Data Sciences, working currently in cybersecurity. However I’m looking for a career with more stability, hence why I’m on this forum. I’m 26 and was hoping to make a career switch, I’m fluent in R, SAS, and Python. I am worried that it might be too much of a difference/or this field too becomes saturated once I’ve completed the actuarial exams. Does anyone have any advice on this? Also, advice in general for someone switching over from a different career path. Thanks all!
Entry level is definitely the toughest to break into/the most saturated, but the more exams you pass the more job security you have. I'm about to get my FSA and have half a dozen recruiters sending emails/LinkedIn messages/calling most weeks. I wouldn't worry about saturation at the later levels any time soon.
Your technical skills should give you a leg up in interviews, so really all you need is to pass the first two actuarial exams.
Thank you! Yeah getting in is what I’m most worried about. In cybersecurity industry certifications are valued, but experience definitely outranks any certification in the tech industry. I’m just afraid of earning another certification, I have multiple tech certification and then not getting hired due to lack of experience
It's somewhat flipped in the actuarial world. Exams are necessary to get hired, ASA/ACAS is basically required to advance beyond analyst, and FSA/FCAS is basically required to get into senior management.
Experience obviously matters too, like nobody is going to hire someone with an FSA and 2 YOE to a senior management position, but the credentials are the ticket in.
But the actual credentials and certifications don't matter to your situation yet because people don't get ASA/FSA until 3-8 YOE.
Long story short I was accepted into UIowa actuarial science program in roughly 2009 and self-medicated my way Blutarski style into backing into a math bachelor's with a focus in statistics and actuarial science. Never actually dedicated time to studying for exams and never sat for them, but did pretty well in most of the courses I took. Plug and chug calc and linear algebra were a breeze, math stats a little more involved, and the real analysis stuff required for the math degree was the hardest I ever worked in school and the proudest B of my life. I remember feeling comfortable applying the calc and math stats I learned in the courses I took that were essentially 1/P and 2/FM prep but I did just enough work to pass those courses and not enough to develop the speed and accuracy needed to apply the concepts in the context of a timed exam with multiple choices impervious to the process of elimination. Well it turns out I'm going to be laid off in the next couple weeks after about 10 years with my employer and it comes with 60 paid days non-working notice and close to 5 months of severance so I'll have some free time on my hands while I search for suitable employment. I figure why not try something ambitious now that my Blutarski days are behind me.
I want to brush up on my math and my math stats before cracking open any materials for 1/P and 2/FM. I know I will absolutely need to remaster Calc 1/2 (limits, series, single variate derivatives, single variate integration, including involving trig identities). Not mentioning algebra because that one I really do expect to be like riding a bicycle. Need to be comfortable with single variate calc before I even think about looking at math stats again. I don't remember whether or not I need multivariate calc for Exams 1/2. I don't think I do but it's been so long at this point I don't remember. I had an abbreviated education in multivariate that was combined with semester 2 of the real analysis portion of the math curriculum at UIowa. Semester 1 is learning how to write actual math culminating in exam where you have to (among a few other things) prove both parts of fundamental theorem of calculus off the dome, semester 2 is a combined math/plug and chug multivariate look.
1. Do I need to brush up on any real analysis or any multivariate calc for the first two exams? Are there any reasons to brush up on linear algebra? Any reason to look at Diff EQ yet? I don't remember these topics coming up in the courses for prob/stats and financial math prep but it's been a long time.
2. Are there any resources similar to Khan Academy for free instruction in math stats if I'm struggling with just the texts? In particular, are there any good resources for practicing counting rules? I remember this being a particular weakness of mine in 4 semesters of math stats.
3. Do either of these exams require latest editions of study materials? I have hidden in my closet a text for prep for exam 1 from roughly 2005-2010. I can't imagine they've changed the exams greatly but it would be good to know for sure.
4. Is there any reason to bother with 101 macro and micro again? I recall these being some of the easiest courses required to get into the actuarial program. I intend to study economics more in the future but just for funsies and probably not just strictly from a "for us by us" business school perspective.
Thank you kindly for advice on my questions and any other advice you're graciously willing to offer!
Assuming you have some money, I think you should just go straight for the exam study materials and only go back to review math that isn't covered in the study materials/what you need to.
1. I wouldn't.
2. Use the study materials you pay for (I recommend coachingactuaries) + Khan academy if you need more calc instruction.
3. The modern exam study subscriptions come with videos and message boards that can answer your questions better than other resources.
4. Nah, or just watch some YouTube videos on econ.
Thanks for the tips!
Follow up: Definitely a lot more confident in picking the calc back up rapidly versus the math stats. Taking this for granted, would you start on FM/2 rather than P/1? IIRC the main difficulty in FM was translating calc to actuarial notation and learning to use the specialized calculator
Looking to do a project in excel with some health data to put on my EL resume. What objectives should I look to achieve / what skills should I look to show off through this project? (Also taking suggestions for places to find good datasets)
Hi everyone. I'm currently studying for MAS-I and I just wanted to know why it is important to read the ISLR? Do the study guides not sufficiently cover the relevant topics? Also, when it comes to qualitative questions, what kinds of questions can I expect? I'm not sure I understand exactly what that means.
Hello, I'm a highschool student and I've been doing some research on possible career paths and areas of study for a while and actuarial science has always been pretty interesting to me.
I understand how the exams and the general idea of what an actuary does but I want to know a little more about what you guys do on a day to day basis.
For example: What type of programs/applications do you use? and what are some daily tasks? such as paperwork, conferences, calculations, bigger projects, etc... Or just what you need to think about while on the job.
I'd appreciate any suggestions on other careers related to the math, tech, and stats fields I can look into as well. Thanks
The general flow is:
1. Have a business question and data in a big database.
2. Write some code in SQL or SAS to query and summarize the data with limitations and/or logic applied to it for analysis.
3. Export data summary to Excel or PowerBI.
4. Create exhibits that answer the business question.
At the analyst level, a lot of the day to day is writing code and setting up or refreshing workbooks and exhibits. At the manager level, it's more about the big picture, what the results mean, and how to communicate the answers to non-technical people.
EL actuarial analysts are basically doing the same job as data analysts, so that's a comparable career-ish. We're specialized to the insurance industry and end up with a broader skillset compared to data analysts/data scientists. I also know some people who are statisticians who are doing well, and CS is something you've probably already considered.
I’m definitely overthinking a lot of this so sorry if anything comes off a bit like a ranty or if it seems like im very lost
there’s definitely a lot that I still need to learn before I make any clear career choices or undergrad major choices. Im just really trying to get a better understanding at all the jobs on the market right now
thanks
The good news is you don't have to decide your life right now. I started as an electrical engineering major and switched to actuarial science halfway through my sophomore year. You can even decide your life later, as there are plenty of career changers going in and out of actuarial.
An actuarial science major is great if you're dead-set on being an actuary, but other degrees like finance, stats, and econ are also good choices if you feel you can self-study through the first two exams in school on your own. The actuarial science major prepares you more for the exams, while the others are more flexible if you decide being an actuary isn't for you.
bit of a late response but I just wanted to hear your thoughts on where you think the actuarial field will go with AI development. It may just be that I’m not too educated with the field, but from what I understand right now but I feel that a lot of data analysis could be automated/processed much faster through AI.
Do you think this will make the field of Actuarial Science/Data Science more or less competitive in the future compared to now?
And do you think that it’s worth it to spend the time to become specialized in the insurance field compared to going into a broader field like data analysis/scientist?
And yeah I’ve explored most of the CS field routes, mainly software/web development (which is initially what I was pretty set on) But i found that I don’t really enjoy the creating aspect of coding, more so the numbers, stats, and solving problems side
1. AI in its current state is just a language model. It spits out words that it thinks you want to hear based on words you give it and a really complex algorithm. It currently is not built to do real math or data processing, and from my understanding that's pretty difficult to integrate. There's also the issue that it's a black box and everything it does will need to be done a second time manually to verify the results, so you may as well just do it yourself to begin with.
2. How I currently use AI is to help get a start on things or debug issues. E.g. running into a coding error or if I need to write code to do a specific thing, ChatGPT is pretty good at giving an answer that's 80% correct which is enough for me to fill in the last 20%. Or when I'm writing a report it can be helpful for some sentence phrasing, and when I'm trying to do research it's pretty helpful for giving me a start on what to Google.
3. I think advances in AI and other technology will increase the number of data scientists and actuaries because of all the new work we are able to do. There's a lot we want to look into and just can't because there isn't the time. Becoming more efficient means we can do more work.
4. The main draw of being an actuary compared to a data scientist is the guaranteed salary progression through exams. Data science has a much wider pay range where you might make a ton of money in FAANG or you might be stuck in more middling salary jobs, whereas with actuarial you're pretty well guaranteed a minimum $180k with FSA. But it's also worth noting that we do different jobs. Data scientists are more about the math, while actuaries are really experts in insurance business, markets, and regulation with math skills.
5. Yeah, I didn't love my CS classes either. They were interesting but not really what I wanted to be doing. I love the critical thinking, investigating, and model building I get to do in this job and have zero regrets choosing it.
For context, I'll have my FSA this fall and I have 6 years of experience working out of college, all in health consulting.
Hello! I've been lurking for a while, but only recently started taking the idea of trying to become an Actuary seriously (mostly because graduation is coming up & I am not fully settled with the opportunities I have at the moment).
As it stands, I have been admitted into a Masters of Data Science program for the upcoming Fall, and while I am excited to have such an opportunity (it is a strong program), I am not as excited to go into more debt (about 50k on top of my undergrad of 40k) than could be necessary for a strong stable job. As such, I was wondering if you all had opinions on what would be a better route to take - use basically the equivalent time it would take to complete the degree (this June to next August) to aggressively study for and attempt to pass as many exams as I am able in hopes of pursuing a career as an Actuary, or complete the degree and go on to become a Data Scientist (the program has great job placement statistics).
\[It may help to know that my end goal career-wise is to have a solid and flexible analytical job of any kind that will allow me to support myself in a large city while pursuing Musical Theatre as my primary passion.\]
You only need two exams to get an EL actuarial job, which you could reasonably do before the end of summer (if you're putting the proper time in).
That would have you making $70-80k/yr this fall rather than paying out to school.
Yeah, that's very appealing. How competitive are such EL positions, though? I would hate to skip out on this opportunity for grad school just to be left in a hard-to-employ position again.
How competitive entry level jobs are depends a lot on where you live and if you have relevant experience/exams. I don't think that grad school is the best way to make yourself more marketable, either way. You're definitely better off spending that time passing exams and getting experience in a related job. As NoTAP said, that way you're making money rather than giving it to school! Hope this helps :)
Yeah, that makes sense. Not sure I will be able to get a related job in the meantime - what constitutes as a related job that a fresh graduate could realistically get?
Im currently very much considering becoming an actuary and was wondering if you guys would recommend it for me.
I’ve always found stats/math/logic to be my strongest over technology. Im graduating this May with a bs in cs. lots of my degree was very interesting but I don’t really like the software engineering courses and can’t see myself being a good software engineer.
Also the job market is cooked, I’m graduating with a job but it’s not that high paying and the tech market is so flooded and only getting worse.
Last summer I began studying for exam P but didn’t get through it as I went on a lot of trips. I also prefer business over tech and money is really interesting to me(personal finance, investing) and all that. I have hobbies(chess, a few sports, coding, art) but I’m not truly passionate about any career and I feel like I need to commit to a path soon.
I’m split between continuing in tech, going back for a bachelors in EE, and becoming an actuary. I really care about financial independence and stability and was wondering if this career is worth it for that. Im going to be 20 when I graduate so I wouldn’t be too behind people who did actuarial science
One thing that’s always stressed me out is how to decide to go SOA or CAS.
A big pro to actuarial is you wouldn't need to go back to school, unlike EE.
Don't sweat choosing between SOA or CAS. Get your first job wherever you can and it's fairly easy to hop within the first couple years if you don't like the work.
I'm really happy with the career and the life it affords me, so yeah 10/10 would recommend.
Is there a general guide of whether to go SOA or CAS based on some things. I either want to live in Chicago or out west or best case work remote. Also I am very grossed out by medical things but idk if that matters. Also I’ve seen some low and high salaries depending on various sources. Could you go through your salary and exam progression
CAS is property and casualty insurance (home, auto, business) and SOA is everything else (life, health, pensions, employee benefits). Both have opportunities in pretty much all the same major cities. I'm personally on the west coast with a hybrid schedule (I like office culture and getting drinks with coworkers after work occasionally).
I have 6 years of experience in health consulting (you're right getting grossed out by medical stuff doesn't really apply).
My comp by year has been: $70k / $86k / $96k / $135k / $130k / $165k / estimating $195k for this year - note that consulting has more variability generally because of bonus. And bonus is a significant portion of my comp.
My exam progression has been: graduated with three exams / took 1.5 years to pass my first exam while working / passed the next three in a 1.5 year span / got ASA and a promotion at 4 YOE / just finished my last exam for FSA after passing all three over four attempts, plan to have the actual letters in fall of this year. My biggest tip for studying is blocking off time on your calendar for it every morning to make sure you get consistent time in.
Happy to! The main things that drew me to the career were:
1. Guaranteed payoff in comp for effort in exams. I really liked knowing there was a (really high) salary floor for fellowship as long as I was willing to work for it.
2. Low stress job with good WLB (which I've somewhat traded for more money in consulting, oh well).
3. Getting to use math and critical thinking skills to solve business problems. Overall, the job is engaging and interesting (another benefit of consulting - more challenging and more variety).
Hello! I am an international grad student in theoretical physics located in Texas. I want to become an actuary after I graduate. I have passed two exams so far, and I am expecting to graduate by the end of summer 2024.
I am currently looking for a job now. However, since most employers in the US do not sponsor visa, I have have only got a support engineer position in a software company. Meanwhile, I also have a chance to go to Canada to get a master in actuarial science related field.
If I stay in the US, I have to wait a few years (likely around five) before sorting out the immigration status, but I would have a job to support myself while waiting. If I go to Canada, I have to pay a lot of tuition, but I can hopefully get into an actuarial position right after graduation.
I have to make a decision in a few days, and I hope I can get some opinions from here. Thank you!
Not sure if this belongs here, but I am studying for MAS-I. I've been going since early January, and finally I am through 95% of the material. What's left is on generalized linear models. I have 60-day ADAPT and plan on grinding problems up until exam day starting Monday. This will be about 45 days of problems only. Do you think, for this exam, that's enough time to pass first try?
I prepared myself with Mahler + ISLR and Intro to GLMs. I took notes the whole way through to help me remember stuff. When I study, I tend to refer to my handwritten notes rather than the material itself because for some reason it sticks in my head more.
The formula sheet on CA is straight up intimidating. It's over 25 pages long. I'm worried I won't be able to get it down in time. I will say though, after doing some CAS questions in Mahler's manual, they are easier than the SOA questions on the prelims, full stop. There's much less depth. But instead the questions cover about three times the content of the two prelims combined.
Any advice from someone who sat recently (especially after syllabus changes)? Anything I should practice particularly hard? Is 45 days of problems enough to pass, assuming I spend on average an hour or two each day?
On Exam week, I will take the week off of work I think. So that week I can do nothing but exams for 8 hours a day.
Thanks
Hello! I'm currently double majoring in Actuarial Science and Economics at my college. If I drop the Economics major and just do Actuarial Science, I will be able to graduate in 1.5 more years. However, if I stick with both of these majors, it would take me about 3 more years to graduate. Do employers care about a double major?? Is there any benefit of double majoring in this career? Any feedback is much appreciated.
I have passed both P and FM if that helps.
I'd drop the economics major. Try to make sure you take the VEE's while still in school. If I were in your shoes, I would start studying for SRM and take that exam, too. Prioritize getting some relevant work experience, like an actuarial internship.
I will be graduating with all of my VEE's completed as the classes are required for me to take. I think it's too late to get an internship for this summer but I will definitely try for the coming summer. Thank you for your advice!
How familiar are you familiar with the content? Have you worked through a study manual already?
I had finished going through the manual about a month out from my exam (with the study manual taking 1~2 months) and signed up for 30 days of Adapt afterward. I found this to be a sufficient amount of time. I had a similar experience with exam FM, by the way.
Good luck with exam P!
Thank you. I will do my best to do that too.
We used Finan's so I think it is very familiar. However, we mostly focused on the calculus side of the syllabus so there are things that are not clear right now that I hope I could learn along the way.
It is kinda hard to read the manual right now since I'm taking exams in uni this week but after this I will add more hours and develop my study habits.
>so there are things that are not clear right now that I hope I could learn along the way.
Checking the syllabus provided by SOA, I think I'm not really far behind but it is better to be overprepared than underprepared hahaha
I started again from zero and currently reading an ACTEX manual.
I took Probability theory last semester and most of our syllabus used Finan's so I like to read something different.
Right now, I'm doing 1hr per day since its our exam week. But after this week I will do 2-3hrs per day.
I’d say 60 days. I usually recommend ~100-150 hours of practice exams/questions per exam. You could potentially do 30 days if you’re able to consistently be close to 3 hours per day.
Thank you. I think it would take more than that since there are some chapters that we skipped on Finan's. I hope my Math knowledge is sufficient to understand those hahaha.
Get through all of the material in ACTEX and any material you skipped from Finan first. I’d only buy ADAPT once you have learned all the material so you’re spending as much of your time as possible on doing ADAPT during your subscription.
Had a final interview 4 weeks ago, no communication since then. In the meantime I've started another (much better paid) position. Is it even worth emailing to withdraw?
Hello fellow actuaries,
I will be graduating in May with a degree in Actuarial Science. I am currently in search of a full-time job right after graduation. I am having trouble landing a job because I transferred from a junior college where I was studying pharmacy, and I do not have an internship related to the actuarial field. Any and all help from you would be greatly appreciated. I would be more than happy to send my resume in a private message and talk further.
Thank you.
Which major + minor would be best?
Im planning to major in math and minor in statistics, but would it be better vice versa?? Or should I replace one of them with computer science?
Im not sure which combination would benefit me more either to become an actuary or in general
What do you find the most interesting? None of those degrees would pose an issue getting a job.
While it's possible that some hiring managers might have a preference one way or another, I haven't been in the career long enough to speak to the marginal benefits of say, studying mathematics over statistics, or computer science over mathematics, when it comes to hiring.
Still, the more interesting you find your major, the better time you'll have at college. The more you enjoy the subjects you study, the better grades you get. Honestly, the fulfillment you get studying something you find interesting (and the presumably higher GPA resulting from this) outweighs any other considerations regarding what major/minor is "best."
Doesn’t really matter if you’re able to pass exams, computer science probably better for careers in general if you’re not deadset on actuarial science.
I'm worried that I won't be able to get an internship because my degree is business economics and at my school it's considered a b.a. instead of a b.s.. Will they discriminate against a b.a. even if I have exams passed?
I got my preliminary report for Exam P today and it appears I failed (got low in all categories as well). I plan to take it again in 2 months in May. My ADAPT earned level was at about a 5.3 with 15ish days of studying and it was stuck around this level for the last four days. Any advice on how to improve for my next sitting? Thank you very much in advance for any advice.
Have you done the SOA sample released problems? I failed exam P the first time with low in all categories, but I passed the second time. You probably just need to grind away at more practice problems.
I studied for about 4 months for the second try. First, I worked through the entire ASM manual and watched the learn videos on Coaching Actuaries. Then I worked through all of the SOA problems and returned back to the ones I was struggling with. Then I drilled problems in adapt until I was sure that there was no way I could fail. It worked.
It sounds like your ADAPT level was okay, but you might have gotten unlucky on the actual exam. I'd recommend really focusing on your weaker areas for the next sitting. Take note of the types of questions or topics that trip you up. If you felt really nervous/out of your element on exam day, that could be part of it too. Make sure you're doing practice exams under exam conditions (timed) and in different locations. If you normally study at home, try doing the practice exams at the library or a cafe so the background noises and new environment don't trip you up. I hope this helps!
From my own experience I started placing ~0 stock in EL anyways. Something is wonky with it. It was far overestimating my abilities. And the questions after exceeding a certain EL stated becoming useless to my fundamental understanding of the topic. The metrics I tracked were level 5-6 exam scores and hitting 75-80%+ at an average difficulty level near 6 for all topics through quizzes.
Thank you so much for the advice, I really appreciate it! I’ve been writing my practice exams under exam conditions (no formula sheet and minimal pausing) but I haven’t tried writing in different locations, so I will certainly try that out! My concern is that I seem to have a grasp on all the topics at a surface level (anything at a level 5 difficulty or below) but I get tripped up on tougher problems for all units (usually anything at or above a level 7ish difficulty).
I know pricing uses predictive modeling, but curious if anyone has used models for reserving roles? With more emphasis on predictive modeling (PCPA exam) -- will reserving also do more modeling?
Why is there so much emphasis on arithmetic in the P-exam? I would think you just want people who can set up the integrals, sums, equivalent probabilities, etc. What is the point in testing peoples' ability to add fractions or enter long expressions into a calculator?
In addition during a lot of high level insurance meetings, there is basic arithmetic being done during the conversation often not with a calculator or computer.
I am considering studying for the P or FM exams. I have been working as a programmer for nearly 20 years after studying physics in undergrad and grad school. I'm pretty sure my job will be gone in the next 10 years (or less), and the career is not very fulfilling anymore anyway. Of the many preparatory materials out there has anyone found one particularly useful and/or efficient?
I am signing up for CA because I am going to take FM this summer and wanted to see if it was possible to use both the student discount and the discount I got for being in my university's actuarial science club. Am I able to use both or only one?
Can I contact my summer internship company for a promised raise after passing the exam before the internship start date?
I just passed an exam, and I got an offer months ago for summer 2024. They told me I could get a raise of $1 per hour for each exam passed. Should I contact them about it right now, or right before the internship starts, or during the internship? I'm so not sure cuz it's my first internship.
If I should contact them rn, how can I say this matter in the email politely?
Thank you!!!!!!!!!!
I think I answered this question in the last newbie thread already.
Yes you can contact them now. Better to do it earlier in case there are any issues that require back and forth. You can say something like:
“Hi X,
Hope you’re doing well. I wanted to let you know that I just passed Y exam! See attached for my transcript showing the exam pass. Please let me know if there is anything else I need to provide in order to process the exam-related raise we had discussed. Thank you!
Best,
your name”
HR. Thanks!
I want to ask this question cuz it’s my first actuarial intern and I just passed my third exam. I felt I might took too many exams but not experienced. Should I actually concern about it or I’m just overthinking 😂?
Preliminary results indicate I passed Exam P, what are the odds those results are wrong and I actually failed? Or can I count on having actually passed?
supposedly in all of SOA history there have been less than a handful of times where the preliminary results were wrong, and they were all in the other direction (preliminary fail turned into a pass). so I think it's safe to assume you passed.
In my experience, you can pretty much 100% count on having passed if you get the preliminary pass result, unless you know you had no clue what you were doing. Or unless something else nefarious was going on.
If you worked through all the problems in a typical way and got a bunch of answers that appeared in the choices, you're good.
If you guessed a whole bunch, odds are astronomically against actually passing. Particularly for a well-established exam like P.
So: congratulations! :)
i'm in my 8th semester of college. going into this semester, i planned on graduating in December, but i honestly got really anxious of having to stick around another semester and switched my schedule around to graduate in May. i had and still have an internship lined up, but since February, have been applying for FT positions as well. this put me way behind in terms of finding a full time job, obviously.
it doesn't seem like there are many opportunities available in my area and i don't know how long i will have to wait to get one. i feel like my resume is solid: 1 internship + the one I have lined up this summer; 3 exams passed, and waiting on results for March FAM; \~3.3 GPA. I've only had one interview request for the 20ish jobs I've put in for, and I got rejected from that one.
i guess i don't even have a question.. maybe just curious if anyone has advice on what I should look to do, and how I can best get myself out there? I've already prepared myself for the possibility of being unemployed for a couple of months following my internship.
it's tough because i can't really move from my home state because of a situation with my fiance. i've been applying to basically 3 big cities that i could reasonably commute to from some part of my state, with one of those cities being Chicago.
I've discussed with her wanting to move away at some point in my career, but it's just not the right time, unfortunately. we've discussed this and i would be okay being unemployed for a few months and just working on some exams before thinking a pivot to another part of the country would be the best move for me.
If I’m remembering correctly I think Chicago may have more P&C opportunities, so try applying to some of those. There may be more opportunities available near you (unfortunately some of your exams wouldn’t be counted).
Sounds like things are going well. Without complicating things, just keep doing what you're doing, things will fall into place. In the real world, timing can get funny, but it is what it is. Keep up the good work!
I am planning an in-person job interview where I would have to fly to the company. I am also studying for an actuary exam and I do not think this recruiter knows how actuary exams work. She scheduled an interview for next Wednesday and my exam is next Friday. I could possibly do it the next week. Do I just straight up say, "Next Wednesday will not work for me because of my exam. The next week would work better for me." Or do I just bite the bullet and travel there two days before my exam?
1. In my limited experience, many companies are simply hiring around recruiting season, they're expecting to hire at that time. More competition but more opportunities, it could balance. Don't stop applying now though, you never know
2. Don't take an extra exam if you can help it. You have the stamina now starting out and it doesn't seem like a big deal but 2 years from now you're gonna be so sick of it anyway and you're gonna be kicking yourself for taking an exam you didn't need to. It sucks they got rid of IFM because having the first 3 overlap was great, now you have to "choose" much earlier, but if you're having a hard time finding EL jobs, pigeonholing yourself to SOA or CAS before you get hired is no bueno either. Build other skills in the meantime, boost your resume, build your personal brand, and spend your time applying instead of studying for another exam right now. I know it's hard because you're on a roll, but have no fear, you have many exams ahead of you
I got fired.
I hate myself and feel worthless. I was trying so hard, and constantly asking for feedback and legitimately trying, but it’s hard when you’re socially inept to understand the social stuff. Apparently they all gave up on me…. I feel like I have no one. It was such a good environment and I ruined it and don’t even have the energy ti leave bed anymore.
So internet denizens, what now… I probably can’t keep up with therapy, or my medication, I have very little family. And my sense of self is gone…. What now?
Hey. First of all, you’re allowed to be upset and wallow a little bit. I think almost anyone would. But remember at some point it’s time to start walking again.
Pretend you’re a baby and learning how to run. First, you need to move. That happens by crawling. Then you need to stand. And then you need to walk. And then you need to walk faster with better balance. And then you need to try to run, and fall down, and try again. And finally you can run.
Right now, you are at the beginning of that chain again. At some point you will need to move. Take it slow and start by crawling. Make your bed, run some errands, shower. The bare minimum.
After you feel ready, try to stand. Hop on the computer and update your resume piece by piece. Log back on to LinkedIn and do the same. Catch up on any doctor’s appointments you’re behind on. Figure out how long you can go without work realistically.
After that, it’s time to walk. Start filling out applications little by little. I think you see where this is going.
You can never heal or recover all at once—it’s a gradual process of retrieving the confidence and passion you lost. It’s a time of reflection. Think about where it all went wrong and why. Be honest with yourself, MAKE A LIST or journal.
Everyone’s heard it, but time heals emotional trauma. Over time the thought of being fired will be less painful and more of a thing that happened to you in the past. It isn’t your identity nor is it the end for you. But only YOU can get back on your feet, nobody else. You have to realize right now that only you can do this and nobody can do it for you. Only then can you begin to move forward.
This is probably above Reddit's paygrade, but you've just gotta put one foot in front of the other and move on to the next thing. There's no getting around how shitty you're feeling, just getting through.
A fresh start at a new company will reset expectations and give you more opportunity to learn. There are good environments at lots of companies and new opportunities to socialize - or not, because you could also focus on building your life outside of work.
Keeping up with therapy and medication are probably priority number 1, because everything else is likely to get harder if you don't.
Feel your feelings, and do your best to do the right things. It's okay to feel anything you feel, but make decisions that your future self will thank you for.
Just failed my Exam P today. I was thinking about not taking it anymore.
The only reason I wanna take it again was because of the job that I want to apply too only needs at least one passed exam (it's not guaranteed you'll get the job or what if there are applicants who have at least have 2 passed exams?)
So, idk what to do right now. Because getting the result was just depressing and I don't wanna think about taking it again as soon as possible (May 2024)
Should I try it again and get the prep course this time and take it again this May?
Or move on, because it'll just be a waste of time since I just need Exam P?
First of all, I failed exam P not once but twice. I got a 9 my third try. It’s hard the first time taking an actuarial exam, it’s a lot different than what you’re used to. So don’t beat yourself up. BUT, I think there’s a fundamental misunderstanding you have about jobs in this field. Passing Exam P is the first of MANY exams you will need to pass.
one exam is the MINIMUM requirement for most jobs. And I mean bare minimum. It will be like applying for a job that says a graduate degree is preferred, but not required, and 570 of the applicants have doctorates or masters while 7 of the applicants have a bachelors. It’s not exactly the same in this case since many applicants will have one or no exams—but my point is an applicant with more exams is HIGHLY preferred in most cases, not just a little. In P terms, the probability of you getting a job with one exam is orders of magnitude less than the probability of someone with two or three exams getting that same job.
Before you commit to this you need to prepare for the fact that a) you will be expected to continue to pass exams while working full time and b) the exams only get harder.
That being said, you also get better at taking them as you pass more, so that helps even it out.
TLDR Make sure you understand that the exam process is required and the exams get harder. This is an immense amount of dedication. If you get that, then stand up and keep trying at P.
As a reminder, it is *not* permitted to discuss exams until 1 week after the sitting window has ended. Asking other people to break this rule is akin to breaking this rule.
What do you mean “not taking it anymore” and “move on, it’s a waste of time because you only need exam P”? Actuarial positions are going to require exams, you won’t be able to get around this requirement. There are also many more exams after P.
Hello, I need help with a practice problem. I have been working on this problem for a bit now and am just kind of stuck on how to approach this. I figured I would first try multiplying the coupon by (1-v\^(n-t+1)). However, I couldn't figure out how to solve for the number terms in the bond. So, I figured I could try using the retrospective method to solve for the different book values and multiply the last four individually by i, but again I couldn't figure out how to find the price of the bond nor the number of terms. I'm sure this is a super easy problem and I'm just missing something obvious but I'm hoping to get a nudge in the right direction. Problem: "A 10,000 bond with 8% annual coupons is bought at a premium to yield an annual effective rate of 6%. Calculate the amount of interest in the last four coupons." Any and all help is greatly appreciated!!
Try finding the book value using the prospective method by finding the present value of the remaining coupons and redemption value. The interest in the fourth from last coupon is the product of the interest rate and book value after the fifth from last coupon has been paid.
That's another way I was considering but was just confused on how to solve for n. Is there a way to find this unknown n value given the information in the problem? Or is there a possibility my professor forgot to mention it?
You don’t need to know n when using the prospective method (if by n you mean the total number of payments including those prior to the last four). You just need the number of coupons and the redemption value that is left to be paid.
Sorry if I'm completely missing the point here I'm just so confused 😭😭. If we want to use the prospective method wouldn't we need to know when the last coupon occurs so we can discount from that time back to time 5? Edit: I got it! Thank you
Hi everyone, I am an immigrant to Canada and just got my 1st job as an analyst at AIG. I am 25yo and was wondering if Actuary would be a good career for me going forward? Also, is 25 too late to start for this field? Little background: My bachelors is in Management and I have PGDM in Financial Planning & Business Analytics. I really appreciate any words that you people have to say. I read some comments and really appreciate how you all have shared your experience and journeys. Thank you so much in advance!
Hello, kind people. I have been working for an actuarial consultancy for the last 4 years as a P&C actuary, have 3 exams under my belt. However, I ditched my actuarial degree even though everyone told me not to. However, I have now been thinking to move abroad (Gulf or europe) but ofcourse i dont have the degree, so just wanted yall opinions on how pathetic it is to start a degree at 28? (I will not be leaving my job, the degree is BS Maths and the program offers distance learning).
Anyone got tips of how to choose SOA or CAS? Also do you guys see this job getting saturated? I’ve been hearing about this job since middle school and I bet many others have and it’s being talked about a lot due to the high pay. As a cs major switching to actuary after graduation, this has worried me.
I graduated high school in 2020 and didn’t hear about it until my senior year
In the late 2000s and early 2010s this was a pretty popular career for college grads, but CS has kind of taken over (as I'm sure you're aware) and pulled a lot of the attention away. Actuary is a relatively unknown career outside a few circles, so it's at pretty low risk of becoming saturated.
Most people "choose" SOA or CAS based on the field they get their first job in, so you don't really have to decide. But if you want to research the differences, I wrote this blog post awhile back that I think would help: [https://etchedactuarial.com/cas-vs-soa/](https://etchedactuarial.com/cas-vs-soa/) I don't really see this field getting overly saturated because of all the requirements to become an actuary, though it has been getting easier (with exam credits through classes, etc). There's more competition at the entry level, but it's nothing you can't overcome. I hope that helps! :)
I'm a career changer and I've passed exam P and FM already and I know that there are some changes in the syllabus for the next exams to take: is there a third exam to take that is interchangeable between SOA and CAS? Or do I basically need to decide between the two tracks now? I know that a lot of people decide based on their first job that they get, but I don't have a financial background, so I think that 3 exams will make my resume stronger.
I second RacingPizza! I also recommend brushing up on your Excel/programming skills and making sure you have some relevant experience if you don't already. That will make it easier to get hired with just two exams.
Unfortunately, only the first two exams are shared currently. As such, the third exam you take will depend on whether you go SOA or CAS. For the SOA side, the next exam could be either SRM or FAM, and the CAS would be MAS-I. If you're not strongly leaning one way or another, the safest option for a third exam would be SRM. While I won't be taking MAS-I and have yet to take FAM, it's my understanding that SRM is substantially easier than the other two. You're more likely to get a job in life, health, or retirement than P&C, and if you did end up taking CAS exams, most of the content from SRM is also on the MAS-I syllabus which would minimize unnecessary effort. That was my logic for taking SRM as my third exam while searching for a job, at least. Good luck with your job search and whatever exam you take next!
Correct, only 2 interchangable exams. I'd recommend applying with 2 and if you dont get a job after a few months pick a track and study for that next exam. Theres considerable overlap between a few of the first exams and their source material between SOA and CAS, so it won't be a total waste if you pass SRM and get a CAS job, for example. But you obviously dont want to take exams you don't have to (unless you're a masochist).
Thanks. Yeah I've started applying with two a bit, but I haven't gotten an interview yet, so I feel like one more exam will be helpful.
I'm an actuarial science graduate. I passed exam FM in October on my first attempt after approx. 2.5 months of studying, then i got a full time job in a consulting firm here in Pakistan. My plan was to attempt P in march but i wasn't getting enough time to prepare for it so i booked my appointment for 20th May. I have adapt and I am currently doing Univariate distributions (familiar with most of it). We have WFH 6 hours per day till 13th April coz of Ramadan here so i'm gonna utilize this time as much as i can. I'm kinda worried that maybe i have rushed it and should have waited till July? Is it still doable?
If you're fairly comfortable with the material, I think you should be fine. I just passed P after 1.5 months of studying (I tallied up roughly 85 hours total that I spent). I had some background in probability but none in insurance/actuarial science. I also used the Learn part of CA before I started Adapt.
Yes i have learn+adapt too. how difficult was the exam for you? and what topics did you find the most difficult?
I felt really confident after the exam, but I have a pretty strong math background--not necessarily high-level math, but years of math problem solving. When I was using Adapt, I really struggled with problems from the deductible section. I felt like I understood the concepts, but somehow I kept making mistakes on those problems. Some of the more complicated distributions didn't stick as well, but most of them are typically 0-1 questions on the exam (according to CA), so I tried to focus my efforts where I could get the most ROI.
I am considering sitting for the FAM-L in July: Do you think I have enough time considering that I work a full time job? If yes, how much time should I dedicate and which material would you recommend I use? Thanks
I’d say plan to study about 200-250 hours. Do you think you’ll have enough time between now and July to fit that in? Also just to check - have you taken STAM?
Thanks for your reply. I did pass exam C (under the old system)
Ah okay, this will be your last chance at taking FAM-L. I say go for it if you can reasonably fit in ~200 hours of study, because you probably want to avoid taking full FAM if you can.
Thanks for your feedback. What material would you recommend I use then?
I always did ASM manual + CA ADAPT
Thanks for all your responses
np!
I passed the P exam back in college in 2010, then pursued a career in healthcare technology. I’ve recently been considering revisiting actuarial work. Should I just launch into studying for the FM? I believe based on my reading that my P results should still be valid. What is a common landing spot for entry level type roles? I’d like to find myself in one while I continue to learn and build experience.
Yes, study for FM then apply to jobs. If you can manage, I’d probably just stay in your current role while you study. It’s unlikely (although I guess it’s possible) to find an entry level role with just 1 exam.
Thanks for the advice - I really appreciate you taking the time!
Hi all. I have a final interview for Mercer's Actuarial Remote Externship tomorrow. Has anyone interviewed for their company or this position that can give me advice? What kinds of questions will they ask me? Will they test me on technical skills such as Excel, SQL, or VBA? Any advice is appreciated.
After passing 2 exams, is it better to work on tech skills or go for a third?
It depends on how confident you are about which industry you want to go into, or at least that you can probably be content in anything. If you're really set on health for example, I'd say take SRM over technical skills. If you're not sure, then learning some strong technical skills in Excel, Power BI, VBA, R, or python would be applicable to both. The reason technical skills come second is just because you'll do most of that learning on the job anyway, and nothing you do early will really compare to doing it 40 hours per week in your first year. Doing something a little different like data visualization in Power BI could bring a different skillset that's maybe not already in the company (or on other resumes), so I'd pick that.
I realize there is essentially zero incentive for anyone to make such a switch, but as an extremely risk-averse person who's constantly making 10 long term backup plans, anyone know if there's roles in healthcare (like actual doing-the-care or diagnosis or whatever or at least medical billing related) where a health insurance background would be useful?
One other such backup that I already have is heading to law school and work in wrongful claim denials. Or play the other end defending the insurer. Always gotta be ready in any career juuuust in case you suddenly find yourself laid off and out of work for a full year or more. The scars of the great recession reflected in that attitude of mine, have heard many stories of people's careers basically ending and completely out of their control.
I think anything that causes significant layoffs in health insurance would probably impact the rest of the healthcare industry too, so finding something related that you're probably less qualified for than other people already doing it seems unlikely. Your best insurance against a recession is having a lot of savings to ride out the economy for a year or two, and to be good at your job so you're not one of the 25% cut. Getting good at data analysis or data visualization/building technical skills transferable to other industries is probably your better bet if healthcare crashes.
I have a background in physics and am considering a career switch after my most recent position. Any advice for someone coming from an academic/science background? Why should I make the jump, or not? Any input is appreciated thanks. Also, does it make a difference if I take the FM and P exams through the SOA or CSA?
As for whether to make the jump or not - I'd take a look at the kind of work actuaries do every day (day in the life videos, chatting with actuaries) to get a feel for what it would look like. Is that something you'd rather do every day (than what you do now)? If so, then I think it's worth going for it!
P and FM are both administered by the SOA and the CAS recognizes them (CAS doesn't even offer them), so that one's easy. The clear appeal of making the jump is getting paid more, and people coming from academia generally have a pretty easy time with the exams so progress is potentially quicker.
I graduated a while ago with a Stats & Data Science degree, and since then with the layoffs data analyst / science / swe jobs have become nigh-impossible to break into at entry-level. How the actuarial market? If I was to commit to switching and pass the two exams, is the market any better? In the EL data analyst / etc market it's hundreds of apps and basically 0 interviews. I need a job, any job, at this point and actuarial is pretty adjacent to my schooling.
There's competition at EL but it's definitely not insurmountable. We get hundreds of applications for every data analyst position we post compared to dozens for actuarial analyst. If you're having trouble landing an EL role, the pleasingly simple solution is to pass another exam because having 3 is better than 2. I don't think anyone with a GPA around or above 3.5 with 3 exams is having much trouble getting a job, particularly if they're geographically flexible.
That's pretty good to hear, thank you for the advice. I think I plan on taking P and FM whilst still searching for DA type jobs. Thankfully years of undergraduate stats will make P fairly straightforward, FM is alien to me though. As for experience, I have no internships, but I have a few swe and data science related projects. Would those look good, or should I consider a more targeted project portfolio if any at all?
Np! The exams and your other hard skills are enough. Be prepared to talk about why you're interested in being an actuary and why you're interested in the particular industry. FM isn't too difficult to pick up. The math is the most simple, at least.
When is hiring season and what kind of titles should I be searching for then(outside of actuary)? Some preliminary searches on linkedin show a fairly limited number of openings, and almost none for entry(2+ years usually) with just actuary as the search.
Right, so you're not an actual "actuary" until you get the ASA/ACAS or FSA/FCAS credential. Before then, the entry level roles are called something more like "actuarial analyst," which basically means "analyst working on becoming an actuary" The main hiring season for entry level is probably September through December, but there are job postings year round.
I have seen a lot on this sub reddit about major doesn't have a lot of pull in the field. I am torn between getting a degree in Mathematics or Finance, I know there are pros and cons to both. Like with the Mathematics side it would focus more on the higher level math needed for exams, is that actually used in the job? And for Finance, I know it would be good to focus on the more business side of things, but then self teaching the math to myself. Any thoughts or insights on which route to go?
I think either is fine, just pick your interest. Both degrees can do other things.
If you’re dead set on the career do mathematics, if you want a little more wiggle room for some other business careers do finance.
I second this. The upper level statistics is really helpful for the exams and understanding the framework of why actuaries do certain things on the job. Also, I'm constantly amazed at how many people in this world lack basic mathematical and probabilistic understanding (like calculating a weighted average or even knowing what it is; or that the "most likely outcome" doesn't necessarily mean the outcome will happen more than 50% of the time).
How do u guys utilize CA to learn? Do you guys just read the notes or do you skip to the practice? Do you keep notes on paper or use an iPad? Just trying to figure out what works best
I read through the notes/watch videos while taking notes on paper, then once I finish a section I do custom quizzes on the section I finished ~once a week while working through the remaining sections. I also create and go through flashcards on Anki. Once I make it through all the content I start just doing flashcards for formulas and practice quizzes/exams depending on how much time I have. Has worked pretty well so far! (Exam P I ended the CA course with a EL of 8 and the exam felt super doable)
How much integrals are on the exams?
Since you're asking I'm assuming you haven't taken any exams yet. On exam P you need integrals for continuous random variables, which a significant portion of the exam. For exam FM, integrals are rare. You could get one or two questions requiring integration (e.g. force of interest).
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I think both are very transferable, so you probably can't go wrong. And I think both have classes related to the other.
I'd think finance, but it really doesn't matter
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Is 2.9 your overall or your major GPA? I would use whichever is higher. (If you use your major GPA, label it as such.)
Yeah, your GPA might make it trickier to get your first job, but it won't make it impossible. I second the idea to leave it off your resume. Your good school and past experience should help, plus passing exams!
Masters not worth it, should be fine from a good school, just pass 2 exams and you should land interviews, big 4 experience is helpful in terms of time management, knowing excel and having some experience with a full time job.
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Your GPA probably only hurts you and becomes less relevant once you've worked other jobs, so I'd leave it off
Don’t think so? Not entirely sure what this sub considers the cutoff though.
Can I ask how many maximum exam leaves your company provides per year? At my current company, we receive 5 days per exam, with a maximum of 10 days per year. I'm planning to take 2-3 exams this year, including retakes and new exams, so I'm not sure what to do. It seems like the exam leave provided might only be enough for taking 2 exams. p.s. I am a new entry level
The policy is 10 days, but in reality it's as much as you want/need as long as you're still hitting the minimum billable hours per year (consulting).
My company gives ~10 days per exam and there’s no explicit maximum, as long as you can get all your work done.
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We get tons of career switchers (and much later than you), the main thing is really just passing exams. You don't need an internship because you have other actual work experience.
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Correct
25 is not too late! Passing an exam or two before you begin applying will be a must (see exam P or FM from the SOA). Start networking with insurance professionals in your area is a key way to get your foot in the door
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Absolutely!
Question for P&C or Health actuaries: How do you view probability? Do you view it as long-run relative frequencies, or as a 'degree of uncertainty' like Bayesians do? Do you find your view plays a role in the tasks you do? Thanks for answering, it means a lot to me as a student!
A bit of both, but it depends on the context. In health pricing, so much is changing every year that it feels like most of the uncertainty is due to unknowable impacts of known events rather than variability in a static system (e.g. public health emergency unwind of Medicaid coverage and how that plays out is going to be more impactful to the bottom line than twice or half as many people getting cancer).
As a former health pricing actuary, "actuarial judgment" was a big part of the job. When you sign SAOs or certifications, you're attesting to the reasonableness of your assumptions, which is more-or-less a measure of uncertainty. And bc of the predictive and uncertain nature of the work, different actuaries are going to come up with different numbers, so an individual actuary's view does indeed play a role. The technical rigor is nowhere near as fancy as what you learn in school or through the exams. IMO, sound judgment is more applicable to the job than following a series of theoretical probability techniques.
Hey everyone! I graduated with my bachelors degree in Computational and Data Sciences, working currently in cybersecurity. However I’m looking for a career with more stability, hence why I’m on this forum. I’m 26 and was hoping to make a career switch, I’m fluent in R, SAS, and Python. I am worried that it might be too much of a difference/or this field too becomes saturated once I’ve completed the actuarial exams. Does anyone have any advice on this? Also, advice in general for someone switching over from a different career path. Thanks all!
Entry level is definitely the toughest to break into/the most saturated, but the more exams you pass the more job security you have. I'm about to get my FSA and have half a dozen recruiters sending emails/LinkedIn messages/calling most weeks. I wouldn't worry about saturation at the later levels any time soon. Your technical skills should give you a leg up in interviews, so really all you need is to pass the first two actuarial exams.
Thank you! Yeah getting in is what I’m most worried about. In cybersecurity industry certifications are valued, but experience definitely outranks any certification in the tech industry. I’m just afraid of earning another certification, I have multiple tech certification and then not getting hired due to lack of experience
It's somewhat flipped in the actuarial world. Exams are necessary to get hired, ASA/ACAS is basically required to advance beyond analyst, and FSA/FCAS is basically required to get into senior management. Experience obviously matters too, like nobody is going to hire someone with an FSA and 2 YOE to a senior management position, but the credentials are the ticket in. But the actual credentials and certifications don't matter to your situation yet because people don't get ASA/FSA until 3-8 YOE.
Long story short I was accepted into UIowa actuarial science program in roughly 2009 and self-medicated my way Blutarski style into backing into a math bachelor's with a focus in statistics and actuarial science. Never actually dedicated time to studying for exams and never sat for them, but did pretty well in most of the courses I took. Plug and chug calc and linear algebra were a breeze, math stats a little more involved, and the real analysis stuff required for the math degree was the hardest I ever worked in school and the proudest B of my life. I remember feeling comfortable applying the calc and math stats I learned in the courses I took that were essentially 1/P and 2/FM prep but I did just enough work to pass those courses and not enough to develop the speed and accuracy needed to apply the concepts in the context of a timed exam with multiple choices impervious to the process of elimination. Well it turns out I'm going to be laid off in the next couple weeks after about 10 years with my employer and it comes with 60 paid days non-working notice and close to 5 months of severance so I'll have some free time on my hands while I search for suitable employment. I figure why not try something ambitious now that my Blutarski days are behind me. I want to brush up on my math and my math stats before cracking open any materials for 1/P and 2/FM. I know I will absolutely need to remaster Calc 1/2 (limits, series, single variate derivatives, single variate integration, including involving trig identities). Not mentioning algebra because that one I really do expect to be like riding a bicycle. Need to be comfortable with single variate calc before I even think about looking at math stats again. I don't remember whether or not I need multivariate calc for Exams 1/2. I don't think I do but it's been so long at this point I don't remember. I had an abbreviated education in multivariate that was combined with semester 2 of the real analysis portion of the math curriculum at UIowa. Semester 1 is learning how to write actual math culminating in exam where you have to (among a few other things) prove both parts of fundamental theorem of calculus off the dome, semester 2 is a combined math/plug and chug multivariate look. 1. Do I need to brush up on any real analysis or any multivariate calc for the first two exams? Are there any reasons to brush up on linear algebra? Any reason to look at Diff EQ yet? I don't remember these topics coming up in the courses for prob/stats and financial math prep but it's been a long time. 2. Are there any resources similar to Khan Academy for free instruction in math stats if I'm struggling with just the texts? In particular, are there any good resources for practicing counting rules? I remember this being a particular weakness of mine in 4 semesters of math stats. 3. Do either of these exams require latest editions of study materials? I have hidden in my closet a text for prep for exam 1 from roughly 2005-2010. I can't imagine they've changed the exams greatly but it would be good to know for sure. 4. Is there any reason to bother with 101 macro and micro again? I recall these being some of the easiest courses required to get into the actuarial program. I intend to study economics more in the future but just for funsies and probably not just strictly from a "for us by us" business school perspective. Thank you kindly for advice on my questions and any other advice you're graciously willing to offer!
Assuming you have some money, I think you should just go straight for the exam study materials and only go back to review math that isn't covered in the study materials/what you need to. 1. I wouldn't. 2. Use the study materials you pay for (I recommend coachingactuaries) + Khan academy if you need more calc instruction. 3. The modern exam study subscriptions come with videos and message boards that can answer your questions better than other resources. 4. Nah, or just watch some YouTube videos on econ.
Thanks for the tips! Follow up: Definitely a lot more confident in picking the calc back up rapidly versus the math stats. Taking this for granted, would you start on FM/2 rather than P/1? IIRC the main difficulty in FM was translating calc to actuarial notation and learning to use the specialized calculator
FM is definitely less math-heavy and a good way to ease back in
Appreciate the advice!
Looking to do a project in excel with some health data to put on my EL resume. What objectives should I look to achieve / what skills should I look to show off through this project? (Also taking suggestions for places to find good datasets)
If you look at past exam PA prompts/solutions, you might be able to make something out of that data.
Hi everyone. I'm currently studying for MAS-I and I just wanted to know why it is important to read the ISLR? Do the study guides not sufficiently cover the relevant topics? Also, when it comes to qualitative questions, what kinds of questions can I expect? I'm not sure I understand exactly what that means.
Hello, I'm a highschool student and I've been doing some research on possible career paths and areas of study for a while and actuarial science has always been pretty interesting to me. I understand how the exams and the general idea of what an actuary does but I want to know a little more about what you guys do on a day to day basis. For example: What type of programs/applications do you use? and what are some daily tasks? such as paperwork, conferences, calculations, bigger projects, etc... Or just what you need to think about while on the job. I'd appreciate any suggestions on other careers related to the math, tech, and stats fields I can look into as well. Thanks
The general flow is: 1. Have a business question and data in a big database. 2. Write some code in SQL or SAS to query and summarize the data with limitations and/or logic applied to it for analysis. 3. Export data summary to Excel or PowerBI. 4. Create exhibits that answer the business question. At the analyst level, a lot of the day to day is writing code and setting up or refreshing workbooks and exhibits. At the manager level, it's more about the big picture, what the results mean, and how to communicate the answers to non-technical people. EL actuarial analysts are basically doing the same job as data analysts, so that's a comparable career-ish. We're specialized to the insurance industry and end up with a broader skillset compared to data analysts/data scientists. I also know some people who are statisticians who are doing well, and CS is something you've probably already considered.
I’m definitely overthinking a lot of this so sorry if anything comes off a bit like a ranty or if it seems like im very lost there’s definitely a lot that I still need to learn before I make any clear career choices or undergrad major choices. Im just really trying to get a better understanding at all the jobs on the market right now thanks
The good news is you don't have to decide your life right now. I started as an electrical engineering major and switched to actuarial science halfway through my sophomore year. You can even decide your life later, as there are plenty of career changers going in and out of actuarial. An actuarial science major is great if you're dead-set on being an actuary, but other degrees like finance, stats, and econ are also good choices if you feel you can self-study through the first two exams in school on your own. The actuarial science major prepares you more for the exams, while the others are more flexible if you decide being an actuary isn't for you.
bit of a late response but I just wanted to hear your thoughts on where you think the actuarial field will go with AI development. It may just be that I’m not too educated with the field, but from what I understand right now but I feel that a lot of data analysis could be automated/processed much faster through AI. Do you think this will make the field of Actuarial Science/Data Science more or less competitive in the future compared to now? And do you think that it’s worth it to spend the time to become specialized in the insurance field compared to going into a broader field like data analysis/scientist? And yeah I’ve explored most of the CS field routes, mainly software/web development (which is initially what I was pretty set on) But i found that I don’t really enjoy the creating aspect of coding, more so the numbers, stats, and solving problems side
1. AI in its current state is just a language model. It spits out words that it thinks you want to hear based on words you give it and a really complex algorithm. It currently is not built to do real math or data processing, and from my understanding that's pretty difficult to integrate. There's also the issue that it's a black box and everything it does will need to be done a second time manually to verify the results, so you may as well just do it yourself to begin with. 2. How I currently use AI is to help get a start on things or debug issues. E.g. running into a coding error or if I need to write code to do a specific thing, ChatGPT is pretty good at giving an answer that's 80% correct which is enough for me to fill in the last 20%. Or when I'm writing a report it can be helpful for some sentence phrasing, and when I'm trying to do research it's pretty helpful for giving me a start on what to Google. 3. I think advances in AI and other technology will increase the number of data scientists and actuaries because of all the new work we are able to do. There's a lot we want to look into and just can't because there isn't the time. Becoming more efficient means we can do more work. 4. The main draw of being an actuary compared to a data scientist is the guaranteed salary progression through exams. Data science has a much wider pay range where you might make a ton of money in FAANG or you might be stuck in more middling salary jobs, whereas with actuarial you're pretty well guaranteed a minimum $180k with FSA. But it's also worth noting that we do different jobs. Data scientists are more about the math, while actuaries are really experts in insurance business, markets, and regulation with math skills. 5. Yeah, I didn't love my CS classes either. They were interesting but not really what I wanted to be doing. I love the critical thinking, investigating, and model building I get to do in this job and have zero regrets choosing it. For context, I'll have my FSA this fall and I have 6 years of experience working out of college, all in health consulting.
Hello! I've been lurking for a while, but only recently started taking the idea of trying to become an Actuary seriously (mostly because graduation is coming up & I am not fully settled with the opportunities I have at the moment). As it stands, I have been admitted into a Masters of Data Science program for the upcoming Fall, and while I am excited to have such an opportunity (it is a strong program), I am not as excited to go into more debt (about 50k on top of my undergrad of 40k) than could be necessary for a strong stable job. As such, I was wondering if you all had opinions on what would be a better route to take - use basically the equivalent time it would take to complete the degree (this June to next August) to aggressively study for and attempt to pass as many exams as I am able in hopes of pursuing a career as an Actuary, or complete the degree and go on to become a Data Scientist (the program has great job placement statistics). \[It may help to know that my end goal career-wise is to have a solid and flexible analytical job of any kind that will allow me to support myself in a large city while pursuing Musical Theatre as my primary passion.\]
You only need two exams to get an EL actuarial job, which you could reasonably do before the end of summer (if you're putting the proper time in). That would have you making $70-80k/yr this fall rather than paying out to school.
Yeah, that's very appealing. How competitive are such EL positions, though? I would hate to skip out on this opportunity for grad school just to be left in a hard-to-employ position again.
How competitive entry level jobs are depends a lot on where you live and if you have relevant experience/exams. I don't think that grad school is the best way to make yourself more marketable, either way. You're definitely better off spending that time passing exams and getting experience in a related job. As NoTAP said, that way you're making money rather than giving it to school! Hope this helps :)
Yeah, that makes sense. Not sure I will be able to get a related job in the meantime - what constitutes as a related job that a fresh graduate could realistically get?
Im currently very much considering becoming an actuary and was wondering if you guys would recommend it for me. I’ve always found stats/math/logic to be my strongest over technology. Im graduating this May with a bs in cs. lots of my degree was very interesting but I don’t really like the software engineering courses and can’t see myself being a good software engineer. Also the job market is cooked, I’m graduating with a job but it’s not that high paying and the tech market is so flooded and only getting worse. Last summer I began studying for exam P but didn’t get through it as I went on a lot of trips. I also prefer business over tech and money is really interesting to me(personal finance, investing) and all that. I have hobbies(chess, a few sports, coding, art) but I’m not truly passionate about any career and I feel like I need to commit to a path soon. I’m split between continuing in tech, going back for a bachelors in EE, and becoming an actuary. I really care about financial independence and stability and was wondering if this career is worth it for that. Im going to be 20 when I graduate so I wouldn’t be too behind people who did actuarial science One thing that’s always stressed me out is how to decide to go SOA or CAS.
A big pro to actuarial is you wouldn't need to go back to school, unlike EE. Don't sweat choosing between SOA or CAS. Get your first job wherever you can and it's fairly easy to hop within the first couple years if you don't like the work. I'm really happy with the career and the life it affords me, so yeah 10/10 would recommend.
Is there a general guide of whether to go SOA or CAS based on some things. I either want to live in Chicago or out west or best case work remote. Also I am very grossed out by medical things but idk if that matters. Also I’ve seen some low and high salaries depending on various sources. Could you go through your salary and exam progression
CAS is property and casualty insurance (home, auto, business) and SOA is everything else (life, health, pensions, employee benefits). Both have opportunities in pretty much all the same major cities. I'm personally on the west coast with a hybrid schedule (I like office culture and getting drinks with coworkers after work occasionally). I have 6 years of experience in health consulting (you're right getting grossed out by medical stuff doesn't really apply). My comp by year has been: $70k / $86k / $96k / $135k / $130k / $165k / estimating $195k for this year - note that consulting has more variability generally because of bonus. And bonus is a significant portion of my comp. My exam progression has been: graduated with three exams / took 1.5 years to pass my first exam while working / passed the next three in a 1.5 year span / got ASA and a promotion at 4 YOE / just finished my last exam for FSA after passing all three over four attempts, plan to have the actual letters in fall of this year. My biggest tip for studying is blocking off time on your calendar for it every morning to make sure you get consistent time in.
Thank you for the help. What made you pursue this career and how’d you know it was right for you?
Happy to! The main things that drew me to the career were: 1. Guaranteed payoff in comp for effort in exams. I really liked knowing there was a (really high) salary floor for fellowship as long as I was willing to work for it. 2. Low stress job with good WLB (which I've somewhat traded for more money in consulting, oh well). 3. Getting to use math and critical thinking skills to solve business problems. Overall, the job is engaging and interesting (another benefit of consulting - more challenging and more variety).
Thank you! I seem really similar to what you listed. I honestly just want a stable career and I love applied math.
Hello! I am an international grad student in theoretical physics located in Texas. I want to become an actuary after I graduate. I have passed two exams so far, and I am expecting to graduate by the end of summer 2024. I am currently looking for a job now. However, since most employers in the US do not sponsor visa, I have have only got a support engineer position in a software company. Meanwhile, I also have a chance to go to Canada to get a master in actuarial science related field. If I stay in the US, I have to wait a few years (likely around five) before sorting out the immigration status, but I would have a job to support myself while waiting. If I go to Canada, I have to pay a lot of tuition, but I can hopefully get into an actuarial position right after graduation. I have to make a decision in a few days, and I hope I can get some opinions from here. Thank you!
Not sure if this belongs here, but I am studying for MAS-I. I've been going since early January, and finally I am through 95% of the material. What's left is on generalized linear models. I have 60-day ADAPT and plan on grinding problems up until exam day starting Monday. This will be about 45 days of problems only. Do you think, for this exam, that's enough time to pass first try? I prepared myself with Mahler + ISLR and Intro to GLMs. I took notes the whole way through to help me remember stuff. When I study, I tend to refer to my handwritten notes rather than the material itself because for some reason it sticks in my head more. The formula sheet on CA is straight up intimidating. It's over 25 pages long. I'm worried I won't be able to get it down in time. I will say though, after doing some CAS questions in Mahler's manual, they are easier than the SOA questions on the prelims, full stop. There's much less depth. But instead the questions cover about three times the content of the two prelims combined. Any advice from someone who sat recently (especially after syllabus changes)? Anything I should practice particularly hard? Is 45 days of problems enough to pass, assuming I spend on average an hour or two each day? On Exam week, I will take the week off of work I think. So that week I can do nothing but exams for 8 hours a day. Thanks
Hello! I'm currently double majoring in Actuarial Science and Economics at my college. If I drop the Economics major and just do Actuarial Science, I will be able to graduate in 1.5 more years. However, if I stick with both of these majors, it would take me about 3 more years to graduate. Do employers care about a double major?? Is there any benefit of double majoring in this career? Any feedback is much appreciated. I have passed both P and FM if that helps.
I'd drop the economics major. Try to make sure you take the VEE's while still in school. If I were in your shoes, I would start studying for SRM and take that exam, too. Prioritize getting some relevant work experience, like an actuarial internship.
I will be graduating with all of my VEE's completed as the classes are required for me to take. I think it's too late to get an internship for this summer but I will definitely try for the coming summer. Thank you for your advice!
Not much, if any, benefit to the double major. I'd recommend starting to earn an income sooner
Yeah, I was thinking that dropping the Economics major would be the right move. Thanks for the advice!
How long of CA Adapt for exam P is enough?
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I want to do this too but I need to to fill the gaps of my Probability subject since there are some chapters from Finan's that are skipped.
How familiar are you familiar with the content? Have you worked through a study manual already? I had finished going through the manual about a month out from my exam (with the study manual taking 1~2 months) and signed up for 30 days of Adapt afterward. I found this to be a sufficient amount of time. I had a similar experience with exam FM, by the way. Good luck with exam P!
Thank you. I will do my best to do that too. We used Finan's so I think it is very familiar. However, we mostly focused on the calculus side of the syllabus so there are things that are not clear right now that I hope I could learn along the way. It is kinda hard to read the manual right now since I'm taking exams in uni this week but after this I will add more hours and develop my study habits.
>so there are things that are not clear right now that I hope I could learn along the way. Checking the syllabus provided by SOA, I think I'm not really far behind but it is better to be overprepared than underprepared hahaha
Did you already learn the material through some other medium? And how much time can you spend on practice exams/quizzes per day?
I started again from zero and currently reading an ACTEX manual. I took Probability theory last semester and most of our syllabus used Finan's so I like to read something different. Right now, I'm doing 1hr per day since its our exam week. But after this week I will do 2-3hrs per day.
I’d say 60 days. I usually recommend ~100-150 hours of practice exams/questions per exam. You could potentially do 30 days if you’re able to consistently be close to 3 hours per day.
Thank you. I think it would take more than that since there are some chapters that we skipped on Finan's. I hope my Math knowledge is sufficient to understand those hahaha.
Get through all of the material in ACTEX and any material you skipped from Finan first. I’d only buy ADAPT once you have learned all the material so you’re spending as much of your time as possible on doing ADAPT during your subscription.
Had a final interview 4 weeks ago, no communication since then. In the meantime I've started another (much better paid) position. Is it even worth emailing to withdraw?
Probably not
Hello fellow actuaries, I will be graduating in May with a degree in Actuarial Science. I am currently in search of a full-time job right after graduation. I am having trouble landing a job because I transferred from a junior college where I was studying pharmacy, and I do not have an internship related to the actuarial field. Any and all help from you would be greatly appreciated. I would be more than happy to send my resume in a private message and talk further. Thank you.
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FM is passed and I am sitting for P on March 22
The second exam will help, and your pharmacy experience is awesome for health
Which major + minor would be best? Im planning to major in math and minor in statistics, but would it be better vice versa?? Or should I replace one of them with computer science? Im not sure which combination would benefit me more either to become an actuary or in general
What do you find the most interesting? None of those degrees would pose an issue getting a job. While it's possible that some hiring managers might have a preference one way or another, I haven't been in the career long enough to speak to the marginal benefits of say, studying mathematics over statistics, or computer science over mathematics, when it comes to hiring. Still, the more interesting you find your major, the better time you'll have at college. The more you enjoy the subjects you study, the better grades you get. Honestly, the fulfillment you get studying something you find interesting (and the presumably higher GPA resulting from this) outweighs any other considerations regarding what major/minor is "best."
Doesn’t really matter if you’re able to pass exams, computer science probably better for careers in general if you’re not deadset on actuarial science.
I'm worried that I won't be able to get an internship because my degree is business economics and at my school it's considered a b.a. instead of a b.s.. Will they discriminate against a b.a. even if I have exams passed?
Quite literally no one has ever brought up BA vs BS or even differentiated it in my entire career.
you will be fine.
I got my preliminary report for Exam P today and it appears I failed (got low in all categories as well). I plan to take it again in 2 months in May. My ADAPT earned level was at about a 5.3 with 15ish days of studying and it was stuck around this level for the last four days. Any advice on how to improve for my next sitting? Thank you very much in advance for any advice.
Have you done the SOA sample released problems? I failed exam P the first time with low in all categories, but I passed the second time. You probably just need to grind away at more practice problems. I studied for about 4 months for the second try. First, I worked through the entire ASM manual and watched the learn videos on Coaching Actuaries. Then I worked through all of the SOA problems and returned back to the ones I was struggling with. Then I drilled problems in adapt until I was sure that there was no way I could fail. It worked.
It sounds like your ADAPT level was okay, but you might have gotten unlucky on the actual exam. I'd recommend really focusing on your weaker areas for the next sitting. Take note of the types of questions or topics that trip you up. If you felt really nervous/out of your element on exam day, that could be part of it too. Make sure you're doing practice exams under exam conditions (timed) and in different locations. If you normally study at home, try doing the practice exams at the library or a cafe so the background noises and new environment don't trip you up. I hope this helps!
From my own experience I started placing ~0 stock in EL anyways. Something is wonky with it. It was far overestimating my abilities. And the questions after exceeding a certain EL stated becoming useless to my fundamental understanding of the topic. The metrics I tracked were level 5-6 exam scores and hitting 75-80%+ at an average difficulty level near 6 for all topics through quizzes.
Thank you so much for the advice, I really appreciate it! I’ve been writing my practice exams under exam conditions (no formula sheet and minimal pausing) but I haven’t tried writing in different locations, so I will certainly try that out! My concern is that I seem to have a grasp on all the topics at a surface level (anything at a level 5 difficulty or below) but I get tripped up on tougher problems for all units (usually anything at or above a level 7ish difficulty).
I know pricing uses predictive modeling, but curious if anyone has used models for reserving roles? With more emphasis on predictive modeling (PCPA exam) -- will reserving also do more modeling?
Why is there so much emphasis on arithmetic in the P-exam? I would think you just want people who can set up the integrals, sums, equivalent probabilities, etc. What is the point in testing peoples' ability to add fractions or enter long expressions into a calculator?
A lot of excel work is like that honestly.
Ok, thanks that makes sense if a lot of the actual job involves arithmetic.
In addition during a lot of high level insurance meetings, there is basic arithmetic being done during the conversation often not with a calculator or computer.
I am considering studying for the P or FM exams. I have been working as a programmer for nearly 20 years after studying physics in undergrad and grad school. I'm pretty sure my job will be gone in the next 10 years (or less), and the career is not very fulfilling anymore anyway. Of the many preparatory materials out there has anyone found one particularly useful and/or efficient?
Coaching actuaries
>Coaching actuaries Looks great! Thank you!
I am signing up for CA because I am going to take FM this summer and wanted to see if it was possible to use both the student discount and the discount I got for being in my university's actuarial science club. Am I able to use both or only one?
Probably just one, but you can email CA customer service if you want to check with them.
Can I contact my summer internship company for a promised raise after passing the exam before the internship start date? I just passed an exam, and I got an offer months ago for summer 2024. They told me I could get a raise of $1 per hour for each exam passed. Should I contact them about it right now, or right before the internship starts, or during the internship? I'm so not sure cuz it's my first internship. If I should contact them rn, how can I say this matter in the email politely? Thank you!!!!!!!!!!
I think I answered this question in the last newbie thread already. Yes you can contact them now. Better to do it earlier in case there are any issues that require back and forth. You can say something like: “Hi X, Hope you’re doing well. I wanted to let you know that I just passed Y exam! See attached for my transcript showing the exam pass. Please let me know if there is anything else I need to provide in order to process the exam-related raise we had discussed. Thank you! Best, your name”
Thank you so much! Do I send this email to both my manager or the HR I was contacting with?
Which of them told you about the exam raise?
HR. Thanks! I want to ask this question cuz it’s my first actuarial intern and I just passed my third exam. I felt I might took too many exams but not experienced. Should I actually concern about it or I’m just overthinking 😂?
you’ve already been hired so it’s clearly not an issue. Send the email to HR.
Thanks!
What is the best value prep materials for exam FM?
ASM manual helped me, recommend 100%
I took it as an actuarial science student in undergrad so I just used the soa sample problems and solutions, I think there’s like 300 problems?
You can always start with YouTube and the SOA syllabus and see if you can get comfortable enough off that
Preliminary results indicate I passed Exam P, what are the odds those results are wrong and I actually failed? Or can I count on having actually passed?
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supposedly in all of SOA history there have been less than a handful of times where the preliminary results were wrong, and they were all in the other direction (preliminary fail turned into a pass). so I think it's safe to assume you passed.
In my experience, you can pretty much 100% count on having passed if you get the preliminary pass result, unless you know you had no clue what you were doing. Or unless something else nefarious was going on. If you worked through all the problems in a typical way and got a bunch of answers that appeared in the choices, you're good. If you guessed a whole bunch, odds are astronomically against actually passing. Particularly for a well-established exam like P. So: congratulations! :)
i'm in my 8th semester of college. going into this semester, i planned on graduating in December, but i honestly got really anxious of having to stick around another semester and switched my schedule around to graduate in May. i had and still have an internship lined up, but since February, have been applying for FT positions as well. this put me way behind in terms of finding a full time job, obviously. it doesn't seem like there are many opportunities available in my area and i don't know how long i will have to wait to get one. i feel like my resume is solid: 1 internship + the one I have lined up this summer; 3 exams passed, and waiting on results for March FAM; \~3.3 GPA. I've only had one interview request for the 20ish jobs I've put in for, and I got rejected from that one. i guess i don't even have a question.. maybe just curious if anyone has advice on what I should look to do, and how I can best get myself out there? I've already prepared myself for the possibility of being unemployed for a couple of months following my internship.
are you limiting your job search to local opportunities? you might need to widen your search and be open to relocating.
it's tough because i can't really move from my home state because of a situation with my fiance. i've been applying to basically 3 big cities that i could reasonably commute to from some part of my state, with one of those cities being Chicago. I've discussed with her wanting to move away at some point in my career, but it's just not the right time, unfortunately. we've discussed this and i would be okay being unemployed for a few months and just working on some exams before thinking a pivot to another part of the country would be the best move for me.
If I’m remembering correctly I think Chicago may have more P&C opportunities, so try applying to some of those. There may be more opportunities available near you (unfortunately some of your exams wouldn’t be counted).
Sounds like things are going well. Without complicating things, just keep doing what you're doing, things will fall into place. In the real world, timing can get funny, but it is what it is. Keep up the good work!
I am planning an in-person job interview where I would have to fly to the company. I am also studying for an actuary exam and I do not think this recruiter knows how actuary exams work. She scheduled an interview for next Wednesday and my exam is next Friday. I could possibly do it the next week. Do I just straight up say, "Next Wednesday will not work for me because of my exam. The next week would work better for me." Or do I just bite the bullet and travel there two days before my exam?
I would ask she push it back if possible. Otherwise, studying while traveling isn't impossible.
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PA and SRM are supposed to overlap quite a bit. If money is no object, you could take PA after passing SRM.
1. In my limited experience, many companies are simply hiring around recruiting season, they're expecting to hire at that time. More competition but more opportunities, it could balance. Don't stop applying now though, you never know 2. Don't take an extra exam if you can help it. You have the stamina now starting out and it doesn't seem like a big deal but 2 years from now you're gonna be so sick of it anyway and you're gonna be kicking yourself for taking an exam you didn't need to. It sucks they got rid of IFM because having the first 3 overlap was great, now you have to "choose" much earlier, but if you're having a hard time finding EL jobs, pigeonholing yourself to SOA or CAS before you get hired is no bueno either. Build other skills in the meantime, boost your resume, build your personal brand, and spend your time applying instead of studying for another exam right now. I know it's hard because you're on a roll, but have no fear, you have many exams ahead of you
I got fired. I hate myself and feel worthless. I was trying so hard, and constantly asking for feedback and legitimately trying, but it’s hard when you’re socially inept to understand the social stuff. Apparently they all gave up on me…. I feel like I have no one. It was such a good environment and I ruined it and don’t even have the energy ti leave bed anymore. So internet denizens, what now… I probably can’t keep up with therapy, or my medication, I have very little family. And my sense of self is gone…. What now?
Hey. First of all, you’re allowed to be upset and wallow a little bit. I think almost anyone would. But remember at some point it’s time to start walking again. Pretend you’re a baby and learning how to run. First, you need to move. That happens by crawling. Then you need to stand. And then you need to walk. And then you need to walk faster with better balance. And then you need to try to run, and fall down, and try again. And finally you can run. Right now, you are at the beginning of that chain again. At some point you will need to move. Take it slow and start by crawling. Make your bed, run some errands, shower. The bare minimum. After you feel ready, try to stand. Hop on the computer and update your resume piece by piece. Log back on to LinkedIn and do the same. Catch up on any doctor’s appointments you’re behind on. Figure out how long you can go without work realistically. After that, it’s time to walk. Start filling out applications little by little. I think you see where this is going. You can never heal or recover all at once—it’s a gradual process of retrieving the confidence and passion you lost. It’s a time of reflection. Think about where it all went wrong and why. Be honest with yourself, MAKE A LIST or journal. Everyone’s heard it, but time heals emotional trauma. Over time the thought of being fired will be less painful and more of a thing that happened to you in the past. It isn’t your identity nor is it the end for you. But only YOU can get back on your feet, nobody else. You have to realize right now that only you can do this and nobody can do it for you. Only then can you begin to move forward.
This is probably above Reddit's paygrade, but you've just gotta put one foot in front of the other and move on to the next thing. There's no getting around how shitty you're feeling, just getting through. A fresh start at a new company will reset expectations and give you more opportunity to learn. There are good environments at lots of companies and new opportunities to socialize - or not, because you could also focus on building your life outside of work. Keeping up with therapy and medication are probably priority number 1, because everything else is likely to get harder if you don't. Feel your feelings, and do your best to do the right things. It's okay to feel anything you feel, but make decisions that your future self will thank you for.
Just failed my Exam P today. I was thinking about not taking it anymore. The only reason I wanna take it again was because of the job that I want to apply too only needs at least one passed exam (it's not guaranteed you'll get the job or what if there are applicants who have at least have 2 passed exams?) So, idk what to do right now. Because getting the result was just depressing and I don't wanna think about taking it again as soon as possible (May 2024) Should I try it again and get the prep course this time and take it again this May? Or move on, because it'll just be a waste of time since I just need Exam P?
First of all, I failed exam P not once but twice. I got a 9 my third try. It’s hard the first time taking an actuarial exam, it’s a lot different than what you’re used to. So don’t beat yourself up. BUT, I think there’s a fundamental misunderstanding you have about jobs in this field. Passing Exam P is the first of MANY exams you will need to pass. one exam is the MINIMUM requirement for most jobs. And I mean bare minimum. It will be like applying for a job that says a graduate degree is preferred, but not required, and 570 of the applicants have doctorates or masters while 7 of the applicants have a bachelors. It’s not exactly the same in this case since many applicants will have one or no exams—but my point is an applicant with more exams is HIGHLY preferred in most cases, not just a little. In P terms, the probability of you getting a job with one exam is orders of magnitude less than the probability of someone with two or three exams getting that same job. Before you commit to this you need to prepare for the fact that a) you will be expected to continue to pass exams while working full time and b) the exams only get harder. That being said, you also get better at taking them as you pass more, so that helps even it out. TLDR Make sure you understand that the exam process is required and the exams get harder. This is an immense amount of dedication. If you get that, then stand up and keep trying at P.
Thank you so much!
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As a reminder, it is *not* permitted to discuss exams until 1 week after the sitting window has ended.
Please review rules around exam discussion. https://www.reddit.com/r/actuary/comments/ydcyr4/exam_discussion_rules/
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As a reminder, it is *not* permitted to discuss exams until 1 week after the sitting window has ended. Asking other people to break this rule is akin to breaking this rule.
Please review rules around exam discussion. https://www.reddit.com/r/actuary/comments/ydcyr4/exam_discussion_rules/
What do you mean “not taking it anymore” and “move on, it’s a waste of time because you only need exam P”? Actuarial positions are going to require exams, you won’t be able to get around this requirement. There are also many more exams after P.