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Jerrek · 17-07-2004, 19:05

Is anyone here an actuary, or know an actuary?

I've been thinking again. I don't know how you become an actuary in the United Kingdom, but here (United States and Canada) it works something like this:

To become an Associate with the Society of Actuaries, you need to pass the 4 core tests (1, 2, 3, and 4), and pass 2 of the last four (5, 6, 7, 8). I think you may need to pass a professionalism test and some others, but these 8 tests are hardcore.

Tests 1 - 4 are 4 hours each. Test 5 is 5 hours, 25 minutes, and test 8 is 6.5 hours.

The tests are hard. Very hard. Usually, they only let the top 40% pass.

Anyways, I think I'm going to persue this in addition to my current university programs. Why? Well, it will make me more qualified. Some of the courses I've taken overlap with the tests, for example:

Test 1 is basically calculus from years 1 and 2 in university, and probability theory from year 2. I can do that.

Test 2 is basically economics (micro and macro), interest, and finance. I can do all of that, except finance.

Tests needn't be taken in any specific order. You can retake them as many times as you want. Once completed, they never expire.

I don't know if I want to complete all 8 tests. My goal is to complete enough so I can get the professional designation SOA (Society of Actuaries).

Does anyone have any experience in actuarial sciences? What do you guys think? Is actuarial science a worthwhile persuit, seeing I'm in math and business already. I think it would make an excellent combination with a CA (or perhaps a CGA, CMA) designation.

The bonus here is that unlike other professionals, you can actually work while you study. If I can pass two tests a year (this will take a _lot_ of studying because the rule is, for every hour of the test, study 100 to 150 hours), I can be an actuary in 4 years or so. Provided I don't fail. AND, it doesn't require dedicated time. I can do it on my own at nights, and take electives in university geared towards the actuarial sciences.

My university does have a program B. Math in Actuarial Science, but I'm not going to go that route. First, I'm already third year and my major in my degree (bachelor in mathematics, honors level) is combinatorics and optimization. I feel that if one persues the actuarial science major, you will perhaps get your SOA exam qualifications easier, but, you end up with only that: actuarial science, whereas, doing it the way I'm doing requires more work, but you actually end up with more.

Any thoughts on this matter would be appreciated. (relating to actuaries)

17-07-2004, 19:05	#1
Jerrek Inactive Join Date: Jul 2003 Posts: 2,545	Actuaries Is anyone here an actuary, or know an actuary? I've been thinking again. I don't know how you become an actuary in the United Kingdom, but here (United States and Canada) it works something like this: To become an Associate with the Society of Actuaries, you need to pass the 4 core tests (1, 2, 3, and 4), and pass 2 of the last four (5, 6, 7, 8). I think you may need to pass a professionalism test and some others, but these 8 tests are hardcore. Tests 1 - 4 are 4 hours each. Test 5 is 5 hours, 25 minutes, and test 8 is 6.5 hours. The tests are hard. Very hard. Usually, they only let the top 40% pass. Anyways, I think I'm going to persue this in addition to my current university programs. Why? Well, it will make me more qualified. Some of the courses I've taken overlap with the tests, for example: Test 1 is basically calculus from years 1 and 2 in university, and probability theory from year 2. I can do that. Test 2 is basically economics (micro and macro), interest, and finance. I can do all of that, except finance. Tests needn't be taken in any specific order. You can retake them as many times as you want. Once completed, they never expire. I don't know if I want to complete all 8 tests. My goal is to complete enough so I can get the professional designation SOA (Society of Actuaries). Does anyone have any experience in actuarial sciences? What do you guys think? Is actuarial science a worthwhile persuit, seeing I'm in math and business already. I think it would make an excellent combination with a CA (or perhaps a CGA, CMA) designation. The bonus here is that unlike other professionals, you can actually work while you study. If I can pass two tests a year (this will take a _lot_ of studying because the rule is, for every hour of the test, study 100 to 150 hours), I can be an actuary in 4 years or so. Provided I don't fail. AND, it doesn't require dedicated time. I can do it on my own at nights, and take electives in university geared towards the actuarial sciences. My university does have a program B. Math in Actuarial Science, but I'm not going to go that route. First, I'm already third year and my major in my degree (bachelor in mathematics, honors level) is combinatorics and optimization. I feel that if one persues the actuarial science major, you will perhaps get your SOA exam qualifications easier, but, you end up with only that: actuarial science, whereas, doing it the way I'm doing requires more work, but you actually end up with more. Any thoughts on this matter would be appreciated. (relating to actuaries)