Thinking about becoming an Actuary

I am thinking about moving to New York and becoming an Actuary. I have contacted someone in disability in New York and I am hoping she can get me an Actuarial job. Is this possible?

I passed two actuarial exams a long time ago.

Now I am feeling well and provided that the medications continue to provide me benefit, I can perhaps start working in a professional setting soon.

I am currently trading stocks with my own money, however, the results are not as positive as I would like.

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Anyone applied to US gov jobs through a schedule A letter can guide me here? How does the process work?

Don’t you need a university degree? I had a friend who studied actuary in university.

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I read that stocks crashed recently, including crypto.

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I have a bachelor’s degree in Actuarial Science. I have also done a year of Master’s in Statistics.

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I don’t trade in the US. Here, the market doesn’t know how to go up and in the US it has forgotten how to go down.

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I don’t know what an actuary is but I got a government job with a VA 10 point disability preference. It wasn’t easy to get. Lots of competition.

I started applying for government jobs in like 2011. Didn’t get one until 2019.

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Sounds like a high brow job. Would be cool if you could pull it off.

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I quit in like September or October. I kept getting bad reviews. I was a revenue officer with the IRS. Lots of paperwork.

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So, what was the process of getting the job? And, why did it take so long? Did you have the requisite qualifications? Did they interview you multiple times? Did you use the Schedule A letter?

As far as an Actuarial job is concerned, it is a true meritocracy. Those that pass exams have something of value towards their goal of becoming an actuary. Now, my situation is that, I took the exams back in 2008 and now I don’t remember much. If I had to relearn it, it would take 3 months at most. But, I don’t want to make the effort not knowing whether I would be considered after a prolonged hiatus.

It seems to me that it isn’t easy getting hired despite the disability? If you could illuminate further on the process, that would be helpful…

I don’t want to make the effort because I am trading stocks and I am already trying to learn material in order to become better at trading. However, most of the material for trading diverges from the Actuarial path so it doesn’t help my goal in becoming in Actuary. I certainly don’t want to wait multiple years in order to become an Actuary given that that time would be better spent dedicated to trading. Hence, I am curious about the process…

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I just interviewed on the phone. They hired me pretty quick. It’s just hard to get interviews.

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Deezinageorge:

I wish you the best of success with your endeavours re: becoming an actuary.

I also have thought of becoming an actuary but I am less prepared than you: no exams written and no college degree (yet)

Just thought you might want to know that either CAS or SOA (I can’t remember which) are changing their exam path, switching out/ putting in different exam types. I think the change happens 2024, with 2022-2024 being a “transitional” period. Probably won’t effect the beginning exams tho, you said you wrote two, so I’m assuming the Exam P and Exam FM? (Maybe I’m wrong?) so your exam results should still apply even with the planned syllabus changes:

If you don’t mind terribly, do you have any pieces of advice for someone also endeavoring to write exams/ get degree in statistics? Thanks a bunch in advance for any advices you can give.

Best of luck to you, @deezinageorge

I’m bad at math. Actuary sounds like a career I would not particularly want but some would find it a stress free amazing time. Go for it!

Hello RavingGuavaEater,

Thanks for the information!

Yes, I have passed P and FM exams.

My feeling has been that if you want to be an Actuary, you don’t necessarily need a degree in Actuarial Science. Take as much math as possible. It would provide you more breadth in that you can apply for perhaps a Master’s in pure Statistics…and then you can either become an Actuary, Quant, Statistician, etc…or perhaps if you are really into it, also apply for a PHD in Statistics. However, keep in mind that, being an Actuary entails a lot of calculation whereas pure Mathematics/Statistics is a lot more proof-based. So, it really depends on what you are good at, doing fast calculations, or you just like math and proving stuff.

If you are really determined to become solely an Actuary, however, you don’t necessarily need the hard math background, such as, Introduction to Modern Analysis, etc…courses such as Probability theory, Linear Algebra, etc should suffice. A few courses in Finance and Economics are also recommended if you are really determined to become an Actuary.

It depends where your focus is…some people who want to become an Actuary solely focus on the exams and related material. However, if you can get more breadth, you are better off as Actuarial jobs are limited (meaning that you may find one in Texas, or Illiinois, or wherever, and may have to transition to that place). Now a Master’s in Statistics plus Actuarial Exams passed can provide you a wider breadth of jobs to apply at (Predictive Modelling, Statistician, Actuary, Quant, etc), so I would prefer that route.

I don’t have much work experience in this field so I can’t advice you more than on academics.

Good Luck!

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It could be? If you’re stable enough, have the skills and are willing to do the work then all kinds of things are possible.

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