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Location: Stuck on the East Coast, hoping to head West
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Is anyone here an actuary? How competitive is this field? Is the salary truly between 150,000-250,000? I'm considering a career change and I'm looking for a challenge. How long does it generally take to pass the exams?
Is anyone here an actuary? How competitive is this field? Is the salary truly between 150,000-250,000? I'm considering a career change and I'm looking for a challenge. How long does it generally take to pass the exams?
I was thinking about it few years ago but decided to stay @ my Accounting field. From my understanding, actuary exam is harder than CPA exam.
Are you good at math? What is your undergraduate/graduate major under? I check out a few job postings and here are their requirements:
#1) Actuarial Analyst-Entry: The qualified candidate must have: a minimum of an undergraduate degree in Mathematics, Statistics, Actuarial Science or related discipline; completion of at least one actuarial exam with intent to attain actuarial accreditation...
#2) Associate Actuary: Undergraduate Degree or 4+ years of comparable work experience, educational concentration in Actuarial Sciences preferred
#3) Associate Actuary: ASA (investment track is preferred) with a minimum of 1-3 years asset or investment related experience. Any ESG or stochastic modeling experience would be a plus. Knowledge of fixed-income securities, equity and/or derivatives. Some knowledge of STAT, GAAP and insurance products is preferred
· Advanced degree in mathematics, financial engineering, computer science or related quantitative field is preferred
Job postings for an actuary, yeah, that's helpful. Because you know, it's not like one can just find job postings anywhere.
Anywhoo, I'm not an actuary...sorry. But I have worked with them about 6 years ago. Salary varies with the years of experience, types of certifications, the employer, and what you would do in the field.
I'll say this however, they all had a good income. It is a challenge so if you are good at logic, analytical thinking, and are in the mathematics major of undergrad degrees, I personally would absolutely consider it. It's not simple and easy work and there are bunches of certifications to attain but it's something that can make you a very nice living. It should be of no surprise that within 3-5 yrs of experience and a certification or two, you'll be in the 6 figures.
Well, that's why i asked OP what's his/her undergraduate/graduate major. It seems like many of the job posting for Associate Actuary required/preferred a degree in math or Actuarial Science.
I always check out job posting within my field to determine what's potential employers are looking for as well as what kind of qualifications my competitors might have.
Is anyone here an actuary? How competitive is this field? Is the salary truly between 150,000-250,000? I'm considering a career change and I'm looking for a challenge. How long does it generally take to pass the exams?
It's somewhat competitive, but not to the extent that many are.
Salaries for entry level are going to be closer to the 85-100 range, 150-200 is going to be a pricing director/VP type position.
The exams? Well... how smart are you? varies all over the place. I've seen 10 months, I've seen 13 years.
It's somewhat competitive, but not to the extent that many are.
Salaries for entry level are going to be closer to the 85-100 range, 150-200 is going to be a pricing director/VP type position.
The exams? Well... how smart are you? varies all over the place. I've seen 10 months, I've seen 13 years.
OP, PM me if you wish. I'm an actuary and done with exams.
No, entry level is not 85-100, not even close, more like 50-60, see link below though you are right about 150-200 for director if you don't include bonus.
The exams are tough and the competition is pretty brutal. 95%+ got at least 700 on the math SAT with median probably around 750. Average time to complete exams is around 8-10 years. I made it through in about that long so I would say anyone can do it
This field is full of very smart people. I went to an Ivy League school and I would say the average actuary is on par with the average student at my alma mater.
I was an actuary for a short period. The income range you mention is for someone with 5-10 years of experience and not entry level. The exams are a bit rough, but not too hard to conquer if you have a solid foundation of college-level math.
I'm not an actuary anymore because I learned I can make similar money working in a field that I enjoy more (tech).
Location: Stuck on the East Coast, hoping to head West
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Thanks for all of the responses. My background: BS in accounting and bus admin, CPA, background in insurance admin (not related to actuarial work) and taxation.
I have no idea if I'm smart enough to pass the exams. I've always done well in math and, when in school, was in the gifted programs. FWIW, I studied and passed the CPA exam in 2010 in my spare time (while holding down 1 f/t time, sometimes working a part-time job and raising my family).
The accounting field has been good for me, but I'm so tired of the sales aspect (and, yeah, if you're a CPA you are always selling yourself and your services) and dealing with that infamous revenue agency. At the same time, I don't want to start all over again, either. Decisions, decisions.
Is anyone here an actuary? How competitive is this field? Is the salary truly between 150,000-250,000? I'm considering a career change and I'm looking for a challenge. How long does it generally take to pass the exams?
My wife is an actuary. The salary is high, but what you're quoting is on the higher end of someone with full certification. Entry level is probably more in the 50-75k range.
From what I've seen of her, I wouldn't say it's the most challenging career out there and that's probably a good thing. Challenging in my mind means stressful, like an assistant professor struggling to get grants and tenure, someone in a startup looking to make it their next funding round, or a work-you-to-death consultant, I-Banker, attorney, or medical resident.
It's steady work that requires intelligence and organization. My wife actually thought the day-to-day work at her last company wasn't challenging enough (i.e. it was too easy) and made a switch to a more demanding firm. She does 80 hour weeks during her two month busy season now, but it's much closer to 40 during most of the year.
The exams are a challenge. There are 10 exams and if you time it right and pass every one on the first try, you can do two a year and be done in five years. That is aggressive and almost everyone will fail at least one exam, usually one of the more advanced exams taken later on. They're generally offered twice a year and you'll want to take one at a time, because you will need to study pretty hard. I'm not sure how exams you'll need to land a job, but most companies expect you to be taking exams while you're employed and will give you reasonable accommodation to study during work time (and sometimes a nice bonus when you pass).
After the first few exams you'll find that there are actually two certifying bodies, the https://www.casact.org/ and the SOA - Society of Actuaries that give different high-level exams (but share lower level ones). They generally cover different types of insurance, so depending on your interests.
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