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You don't need an MS in actuarial science. That education mostly serves two purposes:
1) To prepare one for the exams.
2) To be recruited from the program into an entry level position
#2 may seem good but it’s not as great as it seems. The entry level position is just to provide some sustenance until one passes the first couple of exams (I think there are something like 7 exams but can’t remember exactly). It is good in terms of getting some experience on the books but unless that person passes those exams their careers will be stunted and go nowhere. So it’s really more about the exams than the experience at the early stages. See what I mean? Who cares if you’re recruited into a professional entry level position if you can’t get higher than that position? You have a strong math base – that’s what you need. Build and draw on that to prepare for the exams. Many (dare I say most) actuaries have a BS in math because it’s such a good base. The field and exams are more practical in nature (rather than theoretical). And my guess is that you’ll find a decent number of former math (or other quantitative field) teachers in the field.
So, to answer your question about how I recommend going about it, pass those first couple of exams and join one of the professional associations. You can take a look at orgs in your area and their postings for actuaries too. Typically, orgs recruit out of college but career switchers aren’t an immediate no. Many do recommend an internship to gain some experience and make yourself more marketable so you can consider that but if you have a job, it may be a better idea to stick with it and pay for the exams yourself (many orgs pay for exams and even set aside study time). And don’t neglect smaller firms that may give a talented career switcher closer consideration than a new grad. If you’re not 60, the experience you gained from teaching and just life is valuable and smaller firms don’t have the same type of “this is how we’ve always done it” recruiting mentality, and can turn the ship easier. Breadth of experience with smaller firms can be larger and therefore more beneficial as well.
The exams are tough but if you have an analytical and logical mind and enjoy those things, it’ll be challenging but with a dose of fun. Lots of studying of probability. But again, many people enjoy probability and find it interesting, I do. There are free sample exams on line to give you a sense of things, but take those with a grain of salt. If you have an aptitude and interest in logic, probability, etc. I would absolutely do much more research into the possibility of actuarial science. Mathematics is a very strong base for that field and the most valuable predictor of success and thereby most desired requirement is passing the exams, rather than an MS in the Actuarial Science. I wholeheartedly encourage you to look more deeply.
It would have been my area of choice had I not been diverted into another field. I’m not complaining but I think I may (may!) have been happier and better off being an actuary. I remember the tests were pretty killer though. Much harder than tests of other professional areas (CPA, Internal Audit, etc.). Don’t be scared off by that. If one has that aptitude and puts their nose to the grindstone for a while, they can be at 200k+ in 7-10 years.
Best of luck with whatever you decide.
Thank you for your insightful response. As for the "professional entry level job" with no advancement potential: I wouldn't mind that. After all, isn't that what I have now with teaching? A professional entry level job with no advancement potential? We haven't received raises in FOUR YEARS. I didn't earn a single dime more for completing my Masters of education with a 3.92 GPA and extra credits above the degree's requirements. I don't see the lack of advancement potential of one to be any worse than the other, honestly, except that if I were to take an entry level actuary job, I would not have mounds and mounds of boring paperwork to grade each and every day of the school year. I literally feel like the true definition of a modern-day indentured servant with my teaching job, except for the fact that while indentured servants had their living quarters covered by the work they did, my job doesn't even pay me enough to adequately stay afloat with my modest mortgage + other house bills.
Also, as for my ex-teacher, current-actuary colleague: I do know for a fact that he passed all of his actuary exams. That might be why he waited a little bit before leaving teaching, to make sure he was moving into something that offered much higher pay potential. I recall him telling us about this, and another math teacher commenting that the exams were too hard for her (so it's probable that she's plotting her next career move too, as it seems all of us math teachers are doing!).
I also know of another colleague who was also a math teacher but quit with very short notice (let's just say the district royally pissed him off), less than a year before finishing his Masters in statistics. He worked a long-term temp teaching position for a charter school network up until a month before he finished his degree. Soon after he received his degree, he got a statistics job but he told me that it was only contract/temp and "the pay was not great," i.e. the same as he made when he was a teacher for my school district. He said it usually takes around a year of proving yourself at the contract jobs before you get a permanent position with much higher pay opportunities. In my opinion I don't think that's such a bad deal, to start off with a salary that's no worse than I'm currently making! At least with a same-pay statistics job, I'd be getting entry level experience + no more crazy anxiety-inducing paperwork to grade every day. But I do know that this guy didn't work the temp statistics job until after he'd completed his degree, which is why I'm leery about my possible "success" at securing something. And if you've guessed, I'm not a very confident person. *blushes*
G-fused says it well. You absolutely don't need another degree to break into the actuarial field. Pass two exams and then start applying for jobs right away. In your cover letter, explain why you want to switch career and highlight your math and communication skills. If you can use your friend who became an actuary as a referral, it would be even easier to break into the field. If you end up getting interviews, make sure you convince the interviewers you are interested in the industry, have plans to stay in the career and eventually acquire your fellowship.
There is more competition in some geographical areas than others. Some companies only want to recruit entry-levels that are straight out of school, but there are plenty of companies out there that welcome career changers as well.
Besides actuarial, other careers you might want to consider include statistician/data scientist (more technical than actuarial), programmer (more technical as well; apparently you need to know programming languages), portfolio manager (need to know investments theory and face clients), financial research analyst (need to know mathematical and financial research). There are so many opportunities out there. You just need to know what you want to do with your life. I can say more if you have something more specific in mind.
I definitely had a clear idea of what I wanted to do, and it didn't work out, okay? I wanted to work in the healthcare field, in a big science lab and then pursuing medical school. In reality, I was unable to do that because: 1, I was financial ruins after college (in fact, my college wouldn't even award me my degree until more than a year after I'd completed my coursework, since I owed tuition money that I was unable to afford with only menial part-time jobs and ineligibility for financial aide beyond a small Stafford loan). 2, I struggled immensely to find any type of hospital or lab job whatsoever, especially right after college when I didn't have a diploma to show, due to owing my college money. I became so frustrated by it all, that I decided to forget my dream of working at a hospital lab and instead look at administrative assistant jobs, office management jobs, insurance jobs, etc.
I want to become either an actuary or a statistician. I realize that I need specialized schooling for that, which I do not have with my "career student" math degree. I'm not one of those kids who "still doesn't know what she wants to do"; more like, I'm done being super specific and picky because I do not feel that I can afford to be picky, in these economic times and especially after all the struggles I had in the job market during college, after college, and again when I got laid off in the recession. Again, the lack of job market stability is exactly why I became a teacher, after spending six years after college working in other fields. Also, have you considered that my small liberal arts undergrad college didn't offer much in the way of specialized majors with a specific focus or internships for that matter? For example, biology is a top major at my undergrad college yet they didn't even offer a BS for biology, only a BA (at least when I went there), and an internship wasn't even a requirement, so they really didn't do much at all to help us find one. Maybe my college's degrees are "career student" degrees...or "degree mill" degrees, as one student who transferred out of my college called it in hindsight.
How do you become unable to pay your tuition? You could always get student loans or am I mistaken? An anyways, if statistics interests you - a BSc in Math is a good start. You can get into the field of stats/computer science that is hot these days - "big data". Good luck.
Thank you for your insightful response. As for the "professional entry level job" with no advancement potential: I wouldn't mind that. After all, isn't that what I have now with teaching? A professional entry level job with no advancement potential? We haven't received raises in FOUR YEARS. I didn't earn a single dime more for completing my Masters of education with a 3.92 GPA and extra credits above the degree's requirements. I don't see the lack of advancement potential of one to be any worse than the other, honestly, except that if I were to take an entry level actuary job, I would not have mounds and mounds of boring paperwork to grade each and every day of the school year. I literally feel like the true definition of a modern-day indentured servant with my teaching job, except for the fact that while indentured servants had their living quarters covered by the work they did, my job doesn't even pay me enough to adequately stay afloat with my modest mortgage + other house bills.
Also, as for my ex-teacher, current-actuary colleague: I do know for a fact that he passed all of his actuary exams. That might be why he waited a little bit before leaving teaching, to make sure he was moving into something that offered much higher pay potential. I recall him telling us about this, and another math teacher commenting that the exams were too hard for her (so it's probable that she's plotting her next career move too, as it seems all of us math teachers are doing!).
I also know of another colleague who was also a math teacher but quit with very short notice (let's just say the district royally pissed him off), less than a year before finishing his Masters in statistics. He worked a long-term temp teaching position for a charter school network up until a month before he finished his degree. Soon after he received his degree, he got a statistics job but he told me that it was only contract/temp and "the pay was not great," i.e. the same as he made when he was a teacher for my school district. He said it usually takes around a year of proving yourself at the contract jobs before you get a permanent position with much higher pay opportunities. In my opinion I don't think that's such a bad deal, to start off with a salary that's no worse than I'm currently making! At least with a same-pay statistics job, I'd be getting entry level experience + no more crazy anxiety-inducing paperwork to grade every day. But I do know that this guy didn't work the temp statistics job until after he'd completed his degree, which is why I'm leery about my possible "success" at securing something. And if you've guessed, I'm not a very confident person. *blushes*
Main point: You do not need other than what you already have to begin building an actuarial science career.
So if that’s a direction you potentially want to head towards, then move ahead. You have no excuses or reasons not to, other than anxiety. Forget this guy that you know and that guy that you know. Your education is more than a sound base and your experience (although not direct) is not horrible. It’s been my experience that most industries and careers appreciate people who were teachers. The challenges and experiences gained from that type of job is recognized.
You have a former colleague who’s an actuary? Great, contact him immediately and talk to him. That’s a no brainer. Research the field on line too and see what it takes. Don’t be scared off by the requirements. It’s a career development path, not a job.
If it all sounds good, take the first couple of exams and pass them. You should then be in a good position for interviews and your former colleague will most definitely have information about what, where, etc. You don’t need to pass all the exams. Only the first couple. You can’t even take the later ones until you have some work experience. Actuaries are very involved in the field and have a good pulse on what’s going on in all aspects from entry level to the highest professional level. It’s one of the fields that is very transparent and provides a clear path. Our former colleague may have a good sense of where you should focus now and as you progress. He’s a valuable contact, buy him lots of coffee/lunches and many thank you cards.
From what you said in your posts, I think you’re in a very good position to make a transition. What I have trouble understanding is your admission of having a lack of confidence...that’s atypical of a teacher. Goes without saying but I’ll say it anyway - you need to build that up.
Why be leery? You don’t have to quit your teaching job in order to research another field, talk to people about it, and study and take some exams. The investment is time and money towards the exam fee and study materials. Low risk, potentially high return. And while researching, take a look at how much actuaries make. It’s a good field. Not easy but mentally stimulating/challenging, well paying, excellent growth potential, and high demand. You want to do something else, an investment of your time will be made somewhere. Decide where by researching and talking to people in the field. Then commit and don’t waffle.
I’m in healthcare analytics btw (since you mentioned healthcare).
I have a Computer Science degree and advanced education afterwards. In my humble opinion, some of the best computer scientists came from the fields of math and physics. You can always teach yourself the basics and enter this field. However, something tells me you are not so inclined... Generally people who just get degrees without a clear idea of what they want to do with themselves is what I call "career students" - these folks generally don't make out well in the workforce.
I was going to suggest something similar.
I have an E.E. degree, and find that some of the best engineering workers come from math and physics backgrounds. Not all of them have engineering degrees. Sometimes, a degree in math and/or physics will impress engineering recruiters more than just your typical engineering degree.
I am a former math teacher turned computer programmer. Wasn't an easy transition. I did return to grad school to complete a few software development courses.
FYI...your masters in education won't mean much outside of education. Trust me.
Here are some other suggestions for possible career transition. The top three can pay very well for the right company.
How do you become unable to pay your tuition? You could always get student loans or am I mistaken?
Yes, you are very mistaken. I come from a family of five children, a late stay-at-home mother, and a self-employed carpenter father. Because my father was self-employed and built his own house from scratch, the government consistently judged my father's income to deem me ineligible for financial aide grants. The only financial aide I was able to get on my own was a Stafford loan, which only paid up to $5500 per year at the time, which didn't cover much, even with an academic scholarship from the college covering a portion of my tuition. My parents refused to cosign addition student loans because they didn't believe in the idea of getting into debt for college; in fact, it took a lot of convincing for my parents to even see college to be worthwhile for me. (I'm the first in my direct family line to go to college) Ironically as a result of my parents not wanting me to "get into debt for college," I still ended up with debt at the end...debt that was directly with the college, which was much more detrimental than pay-by-the-month student loan payments would have been, and which hindered my ability to walk in my graduation ceremony or to receive my diploma on time. (I was mortified to miss out on an important milestone like my college graduation, which is probably why I insisted on walking in my Masters graduation ceremony 11 years later, become a total Grad-zilla lol, even when it meant spending time and money attending graduation that probably would have been better spent elsewhere)
College isn't easy for everyone to pay for and/or acquire loans for. For those of us who aren't either wealthy and/or fitting into the cookie cutter definition of "financially disadvantaged"/poor, and do not have the established credit and/or cosigners to help us secure loans, we tend to fall through the cracks when it comes to being able to obtain a full education. Yes, sometimes even with academic scholarships.
As you see OP, a degree and aptitude in a quantitative field provides you a wide number of choices. You are in an envious position so lose that sulky tone and recognize that there are many opportunities before you.
All you need to do is decide what you want, which, again, is an envious position.
College isn't easy for everyone to pay for and/or acquire loans for. For those of us who aren't either wealthy and/or fitting into the cookie cutter definition of "financially disadvantaged"/poor, and do not have the established credit and/or cosigners to help us secure loans, we tend to fall through the cracks when it comes to being able to obtain a full education. Yes, sometimes even with academic scholarships.
Cool. Tell me about it - I was a foreign student in Canada and there foreign students used to pay 2.5 times the tuition of the Canadians. You were also barred from being employed unless job was on campus. At some points in my education I had to work multiple jobs on campus to survive
In any case, good for you.
There is also Coursera (or EdX or Udacity or...) if you go the route of computer science/programming. You can do the machine learning certification going on right now put on by University of Washington, for example. There is a lot to learn though. Maybe actuarial science is a better fit
Becoming an actuary does not require a masters degree. For you to get a foot in the door you will need to at least pass the first actuary exam. Its is mainly probability and statistics (calculus based). Will take several weeks/months to prepare if you have been away from the advanced stuff. Take a look at: Actuarial Exams | Be an Actuary
I am a former math teacher turned computer programmer. Wasn't an easy transition. I did return to grad school to complete a few software development courses.
Here are some other suggestions for possible career transition. The top three can pay very well for the right company.
5. Teaching math overseas (Abu Dhabi/Dubai - Need Certification - Very lucrative)
My suggestion is to further develop your technology skills. The more technology you know the easier it will be to land jobs.
Inbox me if you have an questions.
Feel free to inbox if you have questions.
Thank you. Teaching overseas has interested me, although it is not realistic for me because I have a husband and a family (one child with one on the way due very soon).
I am definitely going to look into studying for the probability/statistics exam. Perhaps I can do that during my maternity leave or this summer (in my experience, caring for a newborn is a piece of cake compared to the hell that is my teaching job's workload). I did take calc-based probability theory in undergrad college and received a solid A in the course, although that was well over 10 years ago. I am good at studying for standardized tests though. For example, I took the Math Praxis II exam more than 5 years after I'd finished my math degree. I had to reteach myself some stuff, like matrix algebra and some of the less well-known calculus applications, which I did very successfully with only two Praxis II prep books. In the end, I passed the exam on the first try (which apparently many math majors fail the first time?) and scored within the top 15% of test takers. I also passed the Praxis II Biology and Social Studies exams (thus making me a multi-certified teacher) just from reviewing and/or teaching myself with Praxis II study materials. The funny thing is, I passed the Praxis II Social Studies exam on the first try, despite having absolutely no social studies college coursework whatsoever except for 1 Intro to Psychology course and 1 AP European History course taken in high school, and despite having no prior knowledge of at least half of the exam's content lol. So maybe there is hope for me if I can ace the first 1-2 exams?
I am all up for technology skills, as I am computer savvy and always looking to expand my computer skills, but truthfully I am not the computer programmer type at all. I took one computer programming course in undergrad college (required for the math degree) and hated it. It was Java. I realize that computer programming is very lucrative and can open doors, but I'm going to be honest and admit that it's not for me.
What is involved with being a corporate trainer? What types of companies look to hire someone like this? What would make me stand out above people who have degrees in business, public relations, or human resources (other than my teaching experience, perhaps)? Just wondering.
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