Tell Me About Being an Actuary

[XChamp]

I graduated from school this past May with a BS in physics and a minor in math. I've basically played poker the past months but now I'm looking to start a career. If this is out of topic I am sorry.

Someone mentioned being an actuary to me and so far it looks very interesting. I figure there might be some people on these boards that knows a lot about the profession. What are the pay and hours like? What is the actual work like? The exams? Any info would really help me. Thanks a lot.

*edit- grammar, punctuation

[mittman84]

I am a junior in college, and am 9 credit hours short of getting a bachellors degree in actuarial science. Have you had a lot of statistics/probability? The first exam is on probability and it would be hard to get an actuarial job without atleast one exam past. From every thing I have heard it is a good job, and is always in the top 5 raked jobs. The pay is above average but nothing exceptional straight out of school, but if you pass all the exams you can make in the range of $300K. Ive heard the hours are roughly 40 per week, sometimes more, but you have to put in several hours a week outside of work to study for future exams. I am also majoring in economics with a finance minor, and have recently decided that I don't think I would enjoy working as an actuary for the next 40 years, and have decided to go to graduate school to get a Ph.D. in economics and become a professor. That is because of personal preferance, but comparing a job as an actuary to other office jobs, being an actuary is an excelent choice. I asked this same question a month or two ago and got a few responces here (http://forumserver.twoplustwo.com/showthreaded.php?Cat=0&Board=probability&Number=37 17389&Searchpage=1&Main=3717389&Words=+mittman84&t opic=&Search=true#Post3717389), so there are some actuaries in this board who might be able to help you understand the work life more.

[XChamp]

I took a course on probability and statistics this past spring. I looked at the first exam here (http://www.beanactuary.org/exams/pdf/P-09-05ques.pdf) and it looks exactly like the final for my class (which I did well on). So, the first exam does not intimidate me. However, I have never taken an econ/business/accounting type class. Will this hurt me a great deal?

[mittman84]

I have also gone though that practice test. Make sure you know how to do the problems in the middle and end. The first 1/3 of that test is very simple, while the second part is more difficult. If you are going to spent the $175 to take the first exam I would buy this. (http://www.actexmadriver.com/productdetails.cfm?PC=1135)
It is the best study book on the market and the one my university uses. To tell you the truth I don't know what all of the future exams cover. The first two are over probability and financial mathmatics (stuff I learned in my Finance 332, and 442 courses).
EDIT: if you want to take the first exam in February, the due date is Dec 15th. The application must be recieved by the 15th so you would have to fill it out and overnight it to them tomorrow. exam 1 info (http://www.beanactuary.com/exams/prob_exam.cfm)

[XChamp]

yikes thanks for the advice about that February exam!

[LearnedfromTV]

Are you interested in insurance or pensions? I work for a pensions consulting firm and could give you info about that.

[XChamp]

Yes, I would be interested in that. Any info would be great, because I've been looking at engineering type positions the past month or so and not only do they not seem too interesting but the employers don't seem too interested in me also...

[MisterJed]

http://www.actuarialoutpost.com/actuarial_discussion_forum/

I'm studying to be an actuary too. These forums have a lot of good information, especially in their FAQ's. They also have good exam advice.

[KenProspero]

It's kind of like being an accountant, but not as exciting.

[mosdef]

[ QUOTE ]
However, I have never taken an econ/business/accounting type class. Will this hurt me a great deal?

[/ QUOTE ]

I left graduate school with no econ/business/accounting classes. If you work hard, this won't hurt you.

You will almost certainly not get a job with at least one exam passed. Several people (especially in Canada) leave undergraduate with 3-5 exams finished. It's a very competitive job market.