frozenstellar

well.. is anyone?

I've been interested in finance/accounting ever since i first studied it at school 3 years ago. maths has always been a strong interest and area of enjoyment - it fascinates me no end. looking through the courseguide for where i plan to study in 2004, a specialisation is Actuarial Studies, and has me very interested, as it combines both my loves - accounting and maths.

the digging and questioning i've been doing has basically told me - its a tough course, and isnt for the weak, with a high drop out rate.

i'd like to think i'd be upto par, i topped the state for finance, and was in the top 2% for accounting, and in the top 2% for the hardest maths available at a highschool level.

for anyone who is an actuary - how do you find the career? any info you could give me about getting there - how stressful the work is, is it difficult to find work? etc.. anything at all.

Thanks

Rodney

Can't answer your question, but I did know a math major who graduated a few years ago (here in the States), and he told me that insurance companies went recruiting through his graduating class for people who wanted to do actuarial work. So if you do this, and succeed, I would say that there people who are going to want to talk to you.

There've been a couple of discussions around here about people taking college courses just to find a job vs. pursuing their true interests. I would say that if this avenue of endeavour looks truly attractive to you, you should pursue it. You seem to have the qualifications, and the desire, and the commitment. With all those things in your favor, you should succeed.

cheerios

hate to sound stupid but what's an actuary?

papermachesatan

*busts out Merriam-Webster Online Dictionary*

one who calculates insurance and annuity premiums, reserves, and dividends.

8)

denim

Well, somebody has to.

OzOz

frozenstellar, I started Actuarial Studies at Macquarie Uni in Sydney in the mid-80's. I left at the end of first semester in second year, mostly because I never really wanted to do the course in the first place. (Loved and was great at the maths, but had no interest whatsoever in the financial world.) I can only pass on what I heard from friends and colleaugues at the time who were doing the 'B' exams.

At that time, the 'B' exams had pass rates varying between about 15 and 40%. I gather it has changed a little since then, as I understand there are now two levels of passes in those exams, and you need to pass two of them at the higher level to qualify as an actuary. (You still need to pass all four subjects, of course.) It does take quite a bit of commitment when you're studying them.

Also, when I went through, there was an option to do some accounting subjects as part of the undergraduate degree, but the emphasis is mostly on economic problem-solving, dealing heavily with calculating death and accident rates and the premiums necessary to cover the expected payouts over time. As such, a lot of the early maths in the course deals heavily with statistics, probability and some financial mathematics (present values of future cash flows and things like that). To me, the statistics and especially the probability subjects were fantastic. It's a pretty safe bet that your mathematical side will also love it. I left when that part of it pretty much dried up.

I guess the long and the short of it is, it wasn't for me (I loved the maths, but had no interest in the business side of it), but from how you describe yourself, it may well be what you're looking for. Think carefully about it, and I'd recommend going to talk to the academic staff at whichever university you're thinking of studying at. Also it will probably be worthwhile contacting some insurance companies to see if you can talk to some of their actuaries about what their jobs involve on a day-to-day basis.

Anyway, hopefully this rambling is of some use to you. Good luck in your studies, and I hope you end up in a career you love!

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onetime2

My cousin and her boyfriend are actuaries as is a friend of mine. They all seem to enjoy it. There is plenty of work in that area and they get paid pretty well. As a matter of fact, my friend works for a global bank/insurance firm and got to spend 3 months in Bermuda this past summer doing actuarial work. They don't seem particularly stressed but there are exams and continuing education credits that they must pass and adhere to.

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Strive to be more curious than ignorant.

mulletJeb

also there's a lot of upward mobility with all of the exams, you get paid the more you pass.. there's a good writeup on www.everything2.net about it, search for "actuary"

dimbulb

Well, I recently begun exploring a career as an actuary. It's a bit too late for me though. Since i've graduated, and this is a career that depends heavily on exams and certifications. Try your local career office, and ask for contacts so that you can arrange an informational interview with a practicing actuary.

You need at least a level 1 exam to get an internship at an actuarial company.

www.beanactuary.org
www.soa.org

frozenstellar

i've enrolled in my course, and decided upon further discussion with course consellors, that its not for me.

instead i've decided to head towards accounting specialisation, and also doing some maths in first year, to lead on to some financial mathematics in 2nd and 3rd years, to fill my course, and to keep me happy.

mulletJeb

cool, thanks for the update.
can i ask what turned you off to the profession? what did you like?

frozenstellar

there was a few factors in deciding it wasnt my goal.

its a long road - pretty much to become a practicing professional actuary, there is 3 parts to the examination process. had've i studied it at uni, i would've gained exemptions from about 1.5 parts, only 1 part if you didnt gain entry to the honours program.
thats 4 years, and only halfway. i'd be 22, and still not qualified. i dont want to study for 7-8years before being able to work.

work - just looking around, there is a lot more work for accountants than there is actuaries.

accountancy - i've kept my options open by doing required subjects to meet CPA and ICAA requirements, and also so i can gain entry to honours if i choose to do so later in my degree.

basically, i'm doing accounting, and a lot of maths. exchanged some quantitative methods subjects for probability and statistics subjects, doing adv. first year math (because of my HS math scores). plus an exemption from Accounting 101 because of my HS accounting scores.

i like accounting. i like math. i dont like the idea of actuary after speaking to the course co-ordinator.

mulletJeb

cool, glad to hear you found your place. best of luck, & thanks for sharing your experience (this profession has intrigued me a little).