What do they do, is it rewarding, is hard to become one? Any feedback would be appreciated!!
2006-07-18 05:40:53 · 8 answers · asked by Diamonds_4Ever 3 in Business & Finance ➔ Careers & Employment
Actuaries specialize in application of statistics and probability theory to business. Most actuaries work for insurance companies, pension plans, or pension consulting firms. Compensation packages for actuaries are usually pretty good.
Contrary to popular opinion, you do not need a degree in mathematics to become an actuary. You do, however, need to show that you have taken classes in Applied Statistical Methods, Corporate Finance, and Economics. Additionally, you need to pass four examinations (probability, financial mathematics, actuarial modeling, and construction/evaluation of actuarial models). The four exams usually take about three years to pass.
For more information, see http://www.beanactuary.org/
2006-07-18 05:55:47 · answer #1 · answered by NC 7 · 0⤊ 0⤋
It depends whether you want to be a pension actuary, a property and casualty actuary or a Life actuary. www.soa.org is the site for life and pension actuaries. You can be an "enrolled" actuary (pensions only) for fewer exams than the 6 you need for "associateship" with the Society of Actuaries, and the 8 you need for "fellowship". I have credit for 4 of the 6 exams. Each exam requires AT LEAST 200 hours of study. most require 300-400 hours. That's a lot of time, and it's doubtful most of what you're forced to learn will really benefit you. When I started the exam process, they changed the rules of associateship twice in a span of 5 years. Under the old rules, I would have been an associate, but now they want me to take two more exams. Unless you have a real passion for numbers and complicated laws, you'll be miserable if you go into the field "just for the money". If you like Human Resources and Benefits, I strongly suggest the Certified Employee Benefits Specialist Program http://www.ifebp.org/CEBSDesignation/. There are 8 exams you can study for in about 45 hours each. You can take your exams whenever you want and you get your results instantly. The study materials are easy to understand. And after you pass a few exams, you can get mid-level designations like Group Benefit Associate, Retirement Plan Specialist, or Compensation Management Specialist - all of which are recognized in the benefits field. I worked for an actuarial firm and it was a white-collar sweat shop. I hated it.
2006-07-18 06:11:22 · answer #2 · answered by Tim D 2 · 0⤊ 0⤋
hi, i for my section artwork for a representative agency the following in l. a. the position eighty% of the organization are Actuaries. To develop into an actuary you may want to be quite good at arithmetic and documents and when I say good i do not recommend accountant or broking service good they are surely the elite even as it contains numbers, shown by using the assessments they ought to take. The assessments can take round 10 years before you qualify as FSA and as someone who's taking off out taking them i visit inform you they're very difficult and that i have a level in arithmetic, besides the actuality that the pay is extremely beneficiant the FSA's in my workplace are actual incomes over $140k no longer along with bonuses. activity isn't the most thrilling, rather in case you bypass to an insurance organization compared to a consultancy notwithstanding the strain is a lot below someone doing IB etc. the adult adult males the following look to easily do there 40hrs per week receives a fee and function there own time to themselves
2016-10-14 22:25:15 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Math degree, pass a lot of tough exams, like they said. I have a friend who is an actuary and he makes a ton of money working for a good corporation with an on-site Gym and pool and all that nonsense. I hate him.
2006-07-18 05:48:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I believe you need a math degree and you have to take all these really difficult certification exams.
Check it out: http://en.wikipedia.org/wiki/Actuary#Credentialing_and_exams
2006-07-18 05:43:29 · answer #5 · answered by sleepy_grrl 3 · 0⤊ 0⤋
You don't need a degree in anything actually. You just need to pass a series of very difficult certification exams, and do several internships.
2006-07-18 05:45:18 · answer #6 · answered by shellsandscripts 2 · 0⤊ 0⤋
You have to take a series of tests. I just took the first one in may and it was quite difficult...make sure you study alot alot alot
2006-07-20 06:50:56 · answer #7 · answered by platypus 2 · 0⤊ 0⤋
its a very specialized Field that deals with retirement accounts, benefits, etc.. usually for large companies, you will need allot of schooling, be adept at math, and prob (most states) need a license...and it should compensate very well
2006-07-18 05:44:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋