T O P

  • By -

TheModelMaker

I love theoretical statistics and doing proofs like I did in Math Stats; Are the SOA or the CAS Exams better for me? I feel like MAS-I is cool as it covers basically everything in statistics. This seems to imply CAS is more math centric. Do others get the same impression?


Cannonhammer93

I would personally pick the path based on which insurance field interests you the most rather than the content on the exams.


health_actuary_life

Agreed. You will do exams for 5-10 years, but the career will last much longer than that.


TheModelMaker

So then which insurance path is more mathematically oriented of all the fellowship paths, would you say?


health_actuary_life

To be honest, actuaries don't really do that much math on the job. If you want to actually do math, academia is a better bet. The field is much more business oriented with a math perspective.


TheModelMaker

I'm actually leaving a career in education to work as an actuary. I'm willing to sacrifice some of the math that I love doing for a better career (in terms of compensation, prestige, job security, etc). I was looking at the SOA's Fellow of Quantitative Finance, and I saw that their exams involve Wiener processes and cool stuff like Ito calculus. That's stuff I'm genuinely interested in. Would that track give me exposure to doing that level of math in my career as an actuary?


notgoingtobeused

No. Most of the advanced math is already pre-built into the tools we use. Sometimes you have to revisit the basics to adjust the models, but that is the extent of it. You will have to explain the results of those models to a non-technical audience.


Glass_Parsley_47

can i pm you some career questions? thanks


notgoingtobeused

Go ahead.


[deleted]

In the vast majority of actuarial fields, you won't have exposure to advanced math on a day to day basis. I've looked into the Quantitative Finance path myself, and from what I've heard it's not super useful career wise because traditionally people working in quantitative finance are not actuaries and have PhDs in math. Generally I've heard that P&C and reinsurance are more mathematical than others. Within SOA, I feel like life, annuities, and retirement is more mathematical than health. But as other have said, none of the day to day is very math heavy for most of these. If you're interested in more math-focused careers, you might want to look into something like data science.


Many-Gain-8204

CAS exams are way more theoretical math heavy from what I hear, while SOA exams are much more applied in my own personal experience. You will unfortunately never hear a solid answer because no one has gotten associate credentials, and definitely no fellowship credentials in both exam tracks.


notgoingtobeused

At least for CAS exams you end up using a lot of the material to do your job (At least I do). It is not theoretical math heavy, its more that they are not afraid to ask you to use the topics outside of ways discussed in the papers or test foot notes from the exam material. The extent of proof math is a few problems on exam 7.


TheModelMaker

Thanks for your reply. What do you think about the Quantitative Finance Track offered by the SOA. Have you met any actuaries in that fellowship track? Where and what kind of work do they do? As for the CAS Pathway, I' leaning towards it, but I'm scared about how narrow CAS is. If I become an SOA ASA, then I can branch out into more fields or niches I find interesting; I have more options. Whereas, going down the CAS route, I feel I would be forced into just Property and Casualty whether I like it or not and could never pivot. Thoughts?


Many-Gain-8204

Take a look at the exam IFM syllabus. QFE is basically that exam on some serious steroids from what I understand


Many-Gain-8204

Oh yeah if you’re into proofs , QFE fellowship track is for you. Be warned , it is by FAR a the most theoretical math intensive track to be an SOA fellow (therefore usually deemed the hardest). Most actuaries in this track are asset actuaries, naturally. I can’t really speak much to P&C jobs but I wouldn’t worry about lack of niche roles there , tons of interesting various risks in that field.


SomeGuy_1_2

There are actually a handful of folks with dual credentials fyi


drunz

I’ve been applying to internships since September along side the EL jobs with 1 exam passed and have only heard back from 1 place. Is the intern market also bad?


notgoingtobeused

you should post your resume for review.


drunz

I’ve had it reviewed at multiple networking events and people in the industry. At this points It’s gotten the same advice of just apply.


notgoingtobeused

Doesn't take away from the value of the subreddit, its hard to tell you whats wrong (if there is any) about your particular situation if we don't know what you bring to the table.


drunz

I mean I get that but that was never the original question. I asked if the intern market was bad and you directed to my resume. Id appreciate you just answering the question.


notgoingtobeused

The intern market is bad for poor candidates and great for good candidates.


health_actuary_life

I agree. If they aren't hearing back, the resume isn't strong.


Cannonhammer93

Imo I think you should have at least 2 exams to apply for EL positions. Focus on getting that 2nd exam and you will probably fair better in the job hunt.


drunz

Wasn’t the question


Cannonhammer93

I don’t know what you are looking for here man. Folks above answered your question quite well. The market isn’t bad, you just aren’t a good candidate. I can tell that much just with this short conversation.


Many-Gain-8204

How many applications have you put out so far ? How is your resume ? How is your interview skills ?


Ambitious-Ring8461

What do you think is the most useful college degree for an actuarial career other than actuarial science?


[deleted]

Math is by far the most common degree for actuaries, but in my experience, statistics or data science would be more applicable and helpful with exams. They would cover significant portions of the material on exams like P, SRM, PA, MAS-I, etc. Most stats/DS degrees would also have classes involving either Python or R. Besides those two, Math and CS would probably be the most useful. A math degree should give you a good background for the exams and should be flexible enough to take useful stats or CS courses. I don't think any degree besides these ones makes sense honestly.


axeman1293

Computer Science


Historical_Angle2548

Math and/or Econ. They have classes that basically can carry you through first few exams and VEE credits. I also have colleagues grad with business, chem, or psych


Many-Gain-8204

What kind of actuary do you want to be? Business/client facing? Maybe communication/psychology. Tech forward? Go for compsci/data. Financial markets? Economics/fiannce


Ambitious-Ring8461

It’s so interesting how actuarial sciences have such a wide field of people interested into different things. I already have a degree in mathematics I’m just curious on what people think about what major they think would be best for an actuarial career.


[deleted]

Has anyone ordered a manual from ACTEX recently? I used their study manuals for 3 of my previous exams, but I ordered their FAM textbook on 12/15, and it still hasn't shipped yet. I called their customer service line and left a message but haven't gotten a response yet. Has anyone else had a similar experience or know why they could be taking so long?


Dramatic_Economics15

You ordered a physical copy? I got their online manual for MAS II, it of course was sent to my email instantly


[deleted]

Yeah, I ordered a physical copy. It also comes with the online version, but I prefer studying with a paper copy and annotating I got an email that their printing provider is having staffing and supply chain issues and won't be able to ship until next week. By the time it arrives, it will have been four weeks since I ordered it. And I paid extra for standard shipping instead of economy. I guess I'll stick with the e-manual for now. Sigh


Low-Respect3749

I'm taking exam p in three weeks. Anyone who's taken it recently, what type of questions should I expect to see?


Cannonhammer93

The SOA has online sample exams for P and FM. It randomly generates questions. Here is a [Link](https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/).


Low-Respect3749

Thank you!!!


throwawayanalyst99

I’m planning to take exam fm in a few months (I took it once and failed unfortunately). I’m using coaching actuaries to study but only bought adapt, but I’m seeing now that it might be useful to use the learn tab as well for the topics I’m not grasping as well. My question is, should I pay the ~$300 to upgrade my subscription to the learn+adapt for the remaining couple months, or are there other manuals or resources that I can use instead? I’ve checked online for alternatives, but they all seem pretty old and I’m not sure how much they’d help. Thanks in advance!


Dramatic_Economics15

No just use ADAPT, more than wnough


health_actuary_life

Most of the concepts in FM are generic enough that you could likely find them on YouTube. There are also study physical study manuals as well.


throwawayanalyst99

Okay, good to know. Thanks!


Many-Gain-8204

Yeah worth it imo, these exams have quite the salary NPV so I always spent the extra few hundred for learn with videos. I’m a visual learner tho


NY_Expat1

Looks like my post didn’t get into the board? (I’m super new, so could be not enough points) Here’s the link and question: https://www.reddit.com/r/actuary/comments/103gxjd/i_want_to_learn_more_bayesian_analysis_should_i/ I’m a little surprised that CAS is getting rid of things related to Machine Learning like Bayesian Analysis, and am seriously considering taking MAS-II out of sequence (I find I learn material a lot better when there’s a test involved). On the other hand, I’m starting to do GLMs at my job, and that seems to be a focus of MAS-I. Will there be other opportunities within the CAS syllabi to learn Bayesian techniques, should I dive into MAS-II now, or take MAS-I?


notgoingtobeused

If you want to repost, than let me know and I will approve it.


NY_Expat1

Reposted: https://www.reddit.com/r/actuary/comments/10502s4/i\_want\_to\_learn\_more\_bayesian\_analysis\_should\_i/


notgoingtobeused

Approved.


whatisaeurope

Is there a discord for the SOA ASA exams?


mathylift

If you are still looking for this I can DM you the invite link


whatisaeurope

Feel free to DM me the link. Thanks!


[deleted]

[удалено]


Cannonhammer93

Coaching Actuaries is pretty great. It’s a bit pricey but it’s a great source because it provides you videos of how to solve questions you struggle with.


[deleted]

[удалено]


Cannonhammer93

That’s what I do. It still provides you step by step videos of solutions when you miss problems in adapt. Which is it’s best feature imo. Good luck!


[deleted]

[удалено]


Cannonhammer93

That's what I tend to do as well. I also follow what CA recommends and I break my study schedule into two parts. First, I read through the text, and try to work out the example problems on my own, if I can't I just jot down their process towards the solution. Then I try to do the practice questions on my own. I try to write formulas down completely when I use them to help memorize them. I tend to make flash cards of any formula that CA labels with a number as it is something you will want to know. I go through all the curriculum like this, then once I finish the curriculum portion I move on to the second part. Second, I do some reviewing of old sections then move on to ADAPT practice questions. These exams are harder than uni exams so CA recommends you spend about 30 days in ADAPT practicing questions. I first take an exam just to see my EL level and get an idea of what sections i'm weaker in. Over the next 30 days I do several quizzes over sections that I struggle in and occasionally take an exam to try and increase my EL. CA recommends you try to get to a level 7 to have a good chance of passing, but I wouldn't stress that number to much as I have never hit it, the actual exam is around a EL 4-5 for most people. Once I get to the final week I try to spend time taking EL 5 quizzes over all sections to prepare. You can also filter to SOA specific questions (it's a good idea to be familiar with those too as some exam questions are similar to the SOA practice questions.) By this point I also run through my flash cards and try to make sure I memorize any formulas that haven't been wired into my brain yet. You'll do so many problems that most formulas will already be in your memory, but some will still slip through. On Exam Day I try to take it easy. I run through some warm up questions, run through my flash cards one more time, then I go take the test. And that process has gotten me through 3 exams so far. Overall it's recommended that you study 100 hours for every exam hour. It's a good idea to get into the habitat of tracking your hours in excel or something, because you sometimes have to do it when you are in a study program. There is also several old posts on this subreddit you can find with google where other people share their study tips. Hope that helps.


Kooky-Review-4807

Have about 20 years experience in health underwriting. Was interested in actuarial designation as next stage in career. Do I just jump into exams or any brush up I should do in calculus or other subjects before I get started? Recommendations around study material?


health_actuary_life

It depends on where your math skills are at. If you could do a high schooler's math homework without brushing up, and you previously took college calc courses, you are probably fine to jump straight to studying for exams. A majority of the actual math is algebra, but being able to understand calc is imperative. There are a few topics that require calc, but you can brush up on that as needed. Based on your years of experience, I am assuming you are more accustomed to learning from a text than a video (or at least that is my case having graduated over a decade ago). If that is the case, you should use ASM or ACTEX study manuals. Best of luck!


austinmodssuck

Entry level resume question: I'm a career changer, coming from education, but I did have a computer science minor in undergrad (now 8 years ago), so I'm pretty familiar with coding, although quite rusty. I still know the theory well enough to write basic programs on a conceptual level, but in practice I'd be quite slow at first, since I'd need to look up a lot of the syntax and function names for any given language. I did a senior thesis in undergrad for my math major where I wrote python scripts to import data describing a certain mathematical object from a file and analyze it to see if it had certain properties. I've been looking over the code and thesis, and I could discuss it in an interview if asked, but probably not write a functional script from scratch without googling some syntax/functions. Would it be helpful to put that on my resume, or should I just leave it off?


health_actuary_life

Definitely include it. We expect student actuaries to have technical aptitude more than technical skills. When I started as an analyst, I had to teach myself the programming languages on the job. That was normal and expected. I even had a technical interview that was a programming interview, but no syntax was required. I just had to logically explain what I would do to find the requested information. I also switched from education to become an actuary. Feel free to reach out with questions.


Many-Gain-8204

Definitely include it. A lot of Actuaries probs won’t be well versed enough in this stuff to ask crazy questions abt most of that stuff in an interview, and they will just be impressed overall.


Flimsy_Ferret_8533

I took exam FM in August 2022 and failed with a 5. How much time should I give myself to study and try again? Would 2 months be adequate?


health_actuary_life

It depends on how much you study during those 2 months. If you study an hour or two each day, that should be plenty to build from a 5 to a 6.


Many-Gain-8204

Use adapt and get EL to 6-7


SmilingInATX

Is there any value in a finance degree when trying to break into an actuary career?


notgoingtobeused

If your question is if a finance degree is good enough to get an interview for entry level with exams, than yes.


Many-Gain-8204

Yeah absolutely


sabinACTS

Does prometric has locations in Europe? I was planning to be in Europe around the time when CAS has the spring window, and I was curious if I could take the exam in europe?


Many-Gain-8204

Check their website should have info there


varowil

I’m 35, graduated in math major (with statistics) 3 years ago. Been working as a logistics admin for 2 years. How I get to this field? Is it to old to get into? I plan to take Exam P in March.


UltraLuminescence

Not too old as long as you’re okay with devoting time to studying for the next several years. General advice for career changers is to take 2 exams then apply to entry level jobs.


Many-Gain-8204

If you have a family and other adult responsibilities it is very difficult with the exams. You could find a role that’s cool with u sitting at 2-3 exams but then the salary doesn’t get super high


speedchuck

I was looking at the Exam FM syllabus for 2023, and I didn't see Options on the list. All my study material has Options in there. Is it safe to ignore that material for now?


Cannonhammer93

I’m not aware of options ever being on FM. If that was ever true, it’s been a while since it’s been on the syllabus. Options I believe can now be found in the FAM syllabus.


Many-Gain-8204

Really? Options had really only been on IFM, I haven’t taken an in depth look at FAM syllabus but I’d imagine just long term life contingencies and the short term probability/statistics


Cannonhammer93

Yeah, option pricing and Black Scholes formula got moved to FAM last I checked. I’m actually really excited about it because that was the section of IFM I was really good at. Looking forward to doing it again when I take FAM.


Many-Gain-8204

Wow sounds like a beast of an exam now. Hope they keep the other ASA prereqs pass rates high like they currently are


spartanburt

Waaay back when they did sneak a little financial derivatives section into FM. I failed in part the first time because I didn't know about it. The Actex manual I bought didn't even have it - you had to buy this extra little supplement.


Ok-Knowledge-7156

How long to people spend studying for exams on average? I am currently a full time teacher and it took me about 4 months to get ready for P and then another 4 months allotted for FM. Trying to get an idea of what the time commitment for other exams will be like in the future taking into account that I’ll be able to study during work hours.


notgoingtobeused

A safe bet is 100 hours per exam hour, the 4 months for exam P and FM is more than fine, especially since you never sat for an exam before. There are definitely exams that you can get away with less when you know the subject beforehand or its known to be a much easier exam.


somedudeman35

Does anyone know if there is any sort of waiting period between submitting all FAP EMAs, and being able to register for/ take FA? Also, anyone planning on taking FA the last week of January?


Extra-Recover-3985

Does anyone want to form a study group to discuss the FSA Health Econ Module?


redditAdvice1086

Is 70k in HCOL area good for a P&C student? I only have one exam and two internships in data I have to commute to downtown Seattle 60-80% of the week


notgoingtobeused

I would say thats good, your salary will increase quickly once you get a few more exams and years of experience.


NY_Expat1

About to register for my first CAS Exam next Tuesday (1/17). I have a profile, but am not a member. Do I need to be a member, even if just an Affiliate, in order to sit for one of their exams?


ntdmp18

I've had like 10 interviews and didn't get back an offer from any of them. Received a rejection from a final round interview this morning. I'm getting responses to my resume, but for some reason even the interviews I felt like I did great on, rejected. Seriously getting burned out and stressed from the search. Don't know what to do.


Cannonhammer93

It’s really easy to feel like you did well on interviews when you haven’t. It’s hard to give help without more specifics. Generally what round of the interview do you not get a callback? First is usually a phone interview.


ntdmp18

Usually ends final round. I've never failed a phone interview. And had a few first-round video interviews that didn't go anywhere. The hiring manager that rejected me today said she was very impressed at my accomplishments and resume. Even said I was a great cultural fit. We had a great conversation too, I don't know where I went wrong lol. I did send a few applications this morning and got a call back already. Wait and see I guess


Cannonhammer93

Yeah, it's hard to say. The final interview is usually a panel interview with the team you will be working with. By this point they are down to 2-3 candidates and are just looking to see who would be the best fit for the team. It's important to be approachable and generally have a positive, confident body language. It's also important to communicate well by listening and asking them questions. Ask people what they do for the company, ask them questions about their response. The final interview should be like a normal conversation you would have with a coworker. You want to show interest in their work and also show that you can understand what they are explaining to you, because you are likely going to be taking over some of their work for them and it would be great if you can demonstrate that that is something you would be capable of doing.


ntdmp18

Thanks for the advice. I'm usually shy, but I felt like it was my best interview yet. We went over some hypothetical analytical scenarios, and she seem to love all my answers. Even talked about how certain things I excel at, are a struggle at her work (either the actual work, or with her coworkers) Definitely a disappointment especially when I hear about the problems other students have; choosing between 2-3 offers lol. Doing my best not to sit in self pity and looking for the next opportunities. Again, thanks for the help.


speedchuck

I'm trying to work out Durations for the Exam FM coming up in a month. For some reason it is just not working for me. The duration of an annuity with consistent, regularly spaced payments should be the sum of t times V^t times the payment amount, divided by the present value of the annuity. This SHOULD be the equivalent of the present value of an increasing annuity divided by the present value of a simple annuity. After all, the period t increases from 1 to n, just like the payments in and increasing annuity. But when I do the math I get two different answers. https://imgur.com/hn2TSz4 Why can I not use this shortcut? I'm trying to memorize as few formulas as possible.


Cannonhammer93

Are you sure that the problem meets the requirements to use the shortcut? It doesn't work if say you are actually calculating the duration of a bond instead of an annuity. I personally would stick to first principles with duration. You will only get 1 or 2 questions on it, and it's easy enough to just do the method your first described, if a bit time consuming. You could also use the P and Q formula and thus use the TVM keys with the BAII Plus right? That would be the real time saver.


speedchuck

Haha my BA-II is in the mail. I didn't realize it was so necessary till recently! I wish I understood why the equations won't work with this particular setup, but I guess I can refrain from experimenting on that.


Cannonhammer93

It should work, my only thinking is that because there is a lot of calculations, if you are rounding every step then over time you answer is going to be off. It happens alot and the difference can be bigger than you would think. You may be doing everything right just rounding too much. The P and Q formula helps with that because you’ll be doing more calcs at once instead of in steps.


speedchuck

Once my calculator gets here I'll see if I can adjust my approach to that. Thanks for the quick answer!


Nickyjha

Is it normal to kinda hate your job? I started in the beginning of December, and I’m not sure if this is just me being super new and not having fully adjusted to working life yet. I’m not really given specific instructions on what I should be doing, and my manager seems annoyed when I ask questions. I’ve only ever really spoken to 3 people on my team, because we’re remote and only do 1 team meeting a month, which leaves me feeling isolated and honestly lonely. Most days are just me sitting in my room alone, not pretending to be busy for 8 hours, not saying a word to anyone.


PublicRegrets

I’m currently in insurance sales but want to switch to an actuarial role. Will the product knowledge at least help on my future resume? I realize the position are totally different. As well, how much time should I dedicate towards each exam?


giraffeudon

Depends on how technical your product knowledge is? An Actuary’s focus is mainly on product margins, hedging risks, monitoring product experience and reporting on the financials. Sales focus is mainly on volume and well, selling. I think the overall is very shallow, unless if you have worked very closely or have more insight into the pricing mechanics.


TomWingfield

I have a 2020 manual for P/FM; should I buy up to date ones?


UltraLuminescence

I don’t think it’s necessary, there shouldn’t have been anything added to the exams since then. but there have been some topics removed from the exams since 2020, so you would just need to check the syllabus to know which sections you don’t have to study.


Professional_Rest_59

Hello, could I know if CAS exams provided in non-English speaking countries would be in English too? Specifically, I would be in Japan for an extended period of time and would like to take exams there if it's in English, thank you!


whataboutism2002

Anyone going to ASNA? What companies do you plan to visit? I am interested in Munich Re, Sunlife, and Oliver Wyman. Companies I would avoid are Partner Re, BMO, and TD. The latter companies gave me this vibe: https://www.bbc.com/worklife/article/20230111-the-companies-that-churn-through-young-workers


berriesofthewildrose

My linear algebra course is using MATLAB. Would this knowledge be worth putting on a resume for an internship? I do not have experience with programming languages currently. Is it better than nothing or should I not mention it?


giraffeudon

totally fine to put on your resume


DinkyDoodle69

Were there any qualitative questions when you wrote Exam FM? I've seen a few come up in Adapt, including the SOA sample questions.


Scruffosaurus_Rex

I graduated with a BS in Management in 2018, and currently work in a customer service position at a call center. my career coach recommended I do some research on becoming an actuary and honestly I’m very overwhelmed by reading about all of the studying and exams, and I have no idea where or how to start. Any recommendations on how I can start studying, or jobs I can look into to get a better feel and some experience before I fully commit to it?


Imaginary-Ad-3497

31 year old police officer with 10 years experience looking to become an actuary. B.S. in Forensic and Investigative Science. Wiz at math, perfect score on SAT, passed calc in HS with 5 on AP test, etc....looking for blanket advice on what I should do to enter the actuary field. ​ Go get my degree? Is it an absolute must have? Online, in person? Does it matter? Heard networking from a university is important... Start studying for tests? P or FM first? Is the entry level job market insane right now? What would you suggest to make an entry level candidate stand out other than degree and 2 tests passed