Actuarial Degree

Discussion in 'General Distance Learning Discussions' started by aegis, Dec 2, 2008.

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  1. aegis

    aegis New Member

    Excelsior offers a BS in Risk Management and Insurance. In addition to the actuarial exams, is this all that would be needed to get a job as an actuary?

    Or would I need an actuarial science/math degree instead? I don't think anyone offers an online actuarial degree yet.
     
  2. rtongue

    rtongue New Member

    Your best option would be a math degree with an actuarial concentration from a top tier school. To my knowledge that does not exist through distance learning. The actuarial exams are extremely difficult and have a very low pass rate. You should have a look at a sample exam. I know some very smart individuals who are failed actuaries. Here is a website that you might find helpful. http://aspa.org/

    One route would be to start working at a lower level position such as a data analyst for an actuarial, defined benefits, or insurance firm. Then as you gain experience you could begin completing ASPA exams and eventually go for the actuarial exams if you are still inclined.
     
  3. Ian Anderson

    Ian Anderson Active Member

    I had an acquaintance who was an actuary and who had a degree in math.

    I typed "Actuary" into monster.com and up came a bunch of job vacancies. Required qualifications for each position are listed. No degrees are listed (for the few jobs I looked at) but some positions require applicants to be Associate or Fellow in the Society of Actuaries, or have other actuarial exams.
     
  4. Ronin Distance

    Ronin Distance Rojiura no Uchuu Shōnen

    I'm a tad sleepy, but as far as I can tell, as long as you have the knowledge needed to pass the exams (high-level math, statistics, finance, insurance, etc), your degree is pretty much irrelevant. Obviously, some employers might look for a quant, but overall, being an actuary is all about progression through examination. The first 3 or 4 tests are pretty much theory. The rest seem to require some job experience, not to take them, but to ace them. Here's a site that offers all the info you'll need. Good luck. :)

    http://www.beanactuary.org/
     
  5. AV8R

    AV8R Active Member

    This is an exert in the FAQ from the "beanactuary.com" web site:

    http://www.beanactuary.org/changers/faq.cfm

    Frequently Asked Questions by Career Changers

    Question: I am currently working in the computer industry. I graduated seven years ago with a degree in business. I am interested in switching careers to the actuarial profession, but I am not sure how to get started. Any insights would greatly appreciated.

    Answer: First, I suggest you read the Future Actuary article on changing careers to the actuarial profession at http://www.BeAnActuary.org/newsroom/futureactuary/2000sept/fa_0009_3.htm

    As you may already know, in order to work as an actuary, you must pass a series of actuarial exams. The advice we usually give a career changer is to take the first actuarial exam as soon as possible. If you are able to pass the first exam, you will indicate to potential employers that you have the aptitude, interest, and commitment to be an actuary. Employers would prefer to hire potential actuaries with at least one exam passed. Most companies will hire actuarial trainees with just one exam, and then you will "earn while you learn," which means the company will employ you and support you throughout the exam process while you complete your on-the-job training.

    The exam process is designed to be completed through self-study, without requiring specific university coursework. While certain skills are important, actuaries come from a variety of educational backgrounds, and many have degrees in areas other than actuarial science or math, such as operations research, physics, engineering, and even fine arts. Major in college is not the most important factor in entering the career. The ability to pass actuarial exams determines if you are able to enter the profession.

    The Actuarial Exams section of the Be An Actuary Web site will be helpful in getting started. To prepare for the first exam, review the Syllabus to get an understanding of what is covered on the exam and what will help you prepare for the material. I also suggest you download and review the sample exams.

    As for job opportunities, I suggest you review the list of Actuarial Training Programs, which can be accessed from the Finding a Job page. The list of training programs contains companies that hire actuarial trainees and interns. The list is sorted geographically. These lists should give you an idea of the companies to contact about jobs.

    You may want to seek additional input from actuarial recruiters. The recruiters are in the front lines of placing actuaries and could provide you with the latest information on current market conditions. There is an interesting article on actuarial recruiters on the BeAnActuary Web Site at http://www.BeAnActuary.org/findingajob/recruiters.htm
     
  6. AV8R

    AV8R Active Member

  7. Ronin Distance

    Ronin Distance Rojiura no Uchuu Shōnen

    That it does. Actuaries live very well, and are needed worldwide. The exams are tough, but with each one passed comes a bonus, plus the perks of being an Associate or Fellow in any of the major actuarial societies. Truly "a career without boundaries". :D
     

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