Actuary Career Guide and Counseling

Question: Actuary...? I am a senior and am looking into pursuing a career as an actuary when i graduate from highschool I was just wondering if anyone here is an actuary and what you suggest as a major.. Actuarial Science/Studies Applied Mathematics Mathematics, general I was told the best to go into by many people was applied mathematics for the sole purpose of failure. If i can't find a job as an actuary i would be well equipped to find a job in a different mathematical field... Just curious on everyones input Also.. is there any colleges that "specialize" in actuaries..

Answer: I agree with whoever told you to get the applied mathematics degree. It's more broad and will offer you more options, even though actuarial science is a hot field. So either way you probably can't go wrong if you're sure that it's what you want to do. The math degree can open doors for you in engineering, computer science, etc. if you choose to do that in the future. Here are lists of colleges that offer actuarial science: http://www.usnews.com/usnews/edu/college… http://www.uscollegesearch.org/actuarial… More info on the field: http://en.wikipedia.org/wiki/Actuarial_s… http://www.bls.gov/oco/ocos041.htm edit: However, if you decide to continue your education past your bachelor's degree in order to become a mathematician (which requires a master's or doctorate), be careful. According to the Bureau of Labor Statistics, jobs for mathematicians are expected to be lower than average, while for actuaries, the growth in job opportunities is expected to be higher than average (see the last link above). Here's the link regarding mathematicians: http://stats.bls.gov/oco/ocos043.htm

Question: How difficult is it to become an actuary? I've attended some college and I'm thinking of going back to pursue a degree in actuarial science. What types of people with what kinds of backgrounds usually become employed in this field? Is there anyone who knows someone who is an actuary or is looking to become an actuary? Any feedback is appreciated.

Answer: Visit www.beanactuary.org and www.dwsimpson.com Most actuaries have math/statistics, finance, or econ degrees, but there are people who have majored in social sciences (this is more rare). Some have specifically actuarial science degrees. If you're serious about being an actuary,get the degree in actuarial science or mathematics and pay strong attention in those probability/statistics/ and mathematical finance courses. Actuaries are business professionals who measure the risk and financial impact of providing insurance or some other financial investment. Mostly work for insurance companies. They tend to work alongside underwriters..etc.. There are many fields, property, casualty....life insurance,...health insurance...pensions (although this latter field is dwindling) The biggest requirement to be a certified actuary is PASSING EXAMS. Depending upon You have to pass 5 exams to be an Associate of Society of Actuaries. They are tough, have pass rates of 33 to 50 percent....they cover topics ranging from probability, mathematical finance, derivate markets, life contingencies.... To then become a fellow, you have to pass like 2 to three more exams after that. The field is very rewarding for those who succeed....actuary is ranked 2 best career in those career rankings like almost every year....it has best balance of work requirements, stress, advancement, and most importantly SALARY!!!! So, if you like math and business and are disciplined enough to study hundreds of hours outside work...then yeah...consider being an actuary.

Question: What kind of courses should I take to become an actuary? I am a freshman, my major right now is undecided. I love math and I know I want to do something with lots of math. I hear that actuary would be a great career for me. I don't want to go to grad school but I want good money and a good job. Right now I'm taking a chemistry class and I hate it. I don't really like science. I'm not so sure about economics but I'm looking into it. My mother says I'll grow to like it but I am struggling. Is it worth taking these classes? What kind of classes should I take? I would love to hear from people who are actuaries.

Answer: My husband is an actuary, and I wish he were a garbage collector. He would have to take lots of showers, but at least he would be home more. He spent half our marriage staying up late studying for those dang actuarial exams, and he is an ASA and an FSA, and though he makes lots of money, his brothers who sell insurance make more! My husband goes to work very, very early in the morning, stays very late at night, and when he retires, he'd better not follow me around the house. I've basically made a life without him, even though we live in the same house. He's never here, and sometimes when he IS here, I wish he weren't. He's always so stressed! I can't stand it anymore. What do you want to know? I'll ask him. He says applied math courses like probability, statistics, numerical analysis, business courses like economics and finance, accounting, and some universities have specific actuarial courses. He said also investments and theory of interest. Also it won't hurt to hone up on spreadsheet applications. But I warn you, it's a very stressful job for you and your spouse. SOOOOOOO, if you want to take nice vacations but have absolutely NO family life, be an actuary. You WILL be married to your job! OH, BTW, sometimes while you're on vacation, they will track you down at Walt Disney World because only YOU can solve the problem at the office! You will have no life! Don't let someone push you into it if it isn't YOUR idea and something you really, really want. Do I sound bitter? I am! From the "Single" Wife! . .

Question: How much does an actuary earn? And what are the different types of actuaries? Only people in the UK please, because I think our salaries are different to the US. And can anyone tell me what each type of actuary does - I was told that some people evaluate the chance of people claiming on insurance then work out how much insurance premiums should cost, but I don't know what other types of actuaries do. Thanks in advance :)

Answer: About actuaries in the UK: http://www.actuaries.org.uk/the_professi… Th actuarial profession: http://www.actuaries.org.uk/the_professi… Wikipedia give a starting salary for a graduate as £25,000-£35,000 and newly qualified actuaries in insurance companies earning £46,000 - £55,000: http://en.wikipedia.org/wiki/Actuary#Rem…

Question: What is the best way for a biologist to become an actuary? I just graduated from college with a biology degree and I am currently in grad school (for biology). I recently found out about actuary science now I'm curious as to what the best way is for proceeding to pursue actuary without having to go through undergraduate course work again. Any ideas?

Answer: Looks like there's an article on this just for people like you! http://www.beanactuary.org/changers/

Question: How hard is it to become an actuary? And what are essential ways to lessen the burden and ease the workload? I am a 17 year old high school senior interested in becoming an actuary and I want to know what I have to endure and how i need to change from now

Answer: An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries have a deep understanding of financial security systems, their reasons for being, their complexity, their mathematics, and the way they work. They should possess the modeling and forecasting ability,and be conversant with convergence of modern financial theory with actuarial science . Actuaries use skills in mathematics, economics, finance, probability and statistics, and business to help businesses assess the risk of certain events occurring, and to formulate policies that minimize the cost of that risk. By dedication and being a workaholic, you can succeed in the profession within 5 years !!

Question: How is actuary job outlook in Australia ? I plan to move to Australia (perth) in July next year. I plan to take two actuary exams before I move there. I am 30 years old. I just want to know if I can find actuary job in Australia. Thanks a lot for the help.

Answer: actuary job? what does that involve? do you mean factory?

Question: Best way to become qualified to be an actuary? I am looking into becoming an actuary, from what I can tell it involves a lot of math/statistics and I have always had a deep enjoyment in anything related to mathematics. I am a senior in high school and am currently trying to make my college decision. Because very few colleges offer an actuarial science program (as far as I can tell) what would be the best route to take? Should I major in Accounting with a minor in either mathematics or statistics? Any and all information would be helpful. Thanks in advance for the advice.

Answer: No -- not accounting. If you want to be an actuary, major in Math taking your advanced classes in applied areas -- including statistics. Take as many electives as possible in economics and finance. Take the basic accounting classes -- but don't major in it.

Question: What should I major in to become an actuary? I currently attend UCI and not sure what I should major in. I was going to major in Business Economics, but I asked that question before and someone said it might not be enough. Also, should I minor in anything? Earlier I asked about what I should minor in with Business Economics but I forgot to state my career objective. If being an actuary doesn't work out I wanted to do business anyway (preferably International Business), hence the potential Business Economics major. Would this be a good backup plan?

Answer: You need to major in actuarial science. If this is not offered, then the closest substitution is majoring in math. Majoring in business is no good. You need to have a super strong math background to be an actuary. Business programs are not math intense at all.

Question: What are the negatives of being an Actuary? I have a degree in math and economics. I'm thinking about the actuary career route. I've only heard the positives of becoming an actuary. Any info would be helpful.

Answer: I have never heard of any negatives except that the work is boring..