Career Transition to Actuarial Sciences

[danielact]

Hello! Recently, I was affected by a reduction in workforce from a major publicly traded company. I served the organization as a Sr. Technical Support Engineer handling a wide variety of complex technical problems based on end-to-end solutions regarding large Enterprise Security Management Solutions and Building Automation Controls. I have a B.A. degree in Management of Information Systems. I have been trying to gain re-employment in the field of IS and IT for the last 6 months with no success. Also, I am looking to re-education with ambition and enthusiasm for the Actuarial Sciences. I am new to the community of Actuarial Sciences. I have taken Math 231, 232 and 233 at the University of Wisconsin - Milwaukee when I was involved with taking courses toward a degree in Electrical Engineering about 10 years ago. I dropped out due to unforseen circumstances that were well out of my control and well outside the realm of calculation for prevention. I have returned to school and earned the MIS degree in 2003.

I will most likely need to brush up on Calculus in order to continue on with my interests in the Actuarial Sciences profession.

I have a few questions to ask the Actuarial Sciences Community:

Can anyone provide me with any opportunities to enhance my skills via self study?

Also, would a course in pre-calculus or Business Calculus prepare me for the majority of Actuary examinations?

What is the cost of an Actuary Examination?

Where can I take Actuarial Sciences Examinations?

What areas of expertise based on demand shall I consider within the Actuarial Sciences?

Might be a good idea to go back to the University of Wisconsin - Milwaukee to pursue an Actuarial Science degree?

Is it difficult to find employment within the field of Actuarial Sciences?

Is the difficulty to find employment in the Actuarial Sciences field\profession comparable to the difficulty to land employment in the IS\IT field?

Is the profession a "high-stress" field? I was certainly accustomed to a great deal of stress based on my prior profession. Also, can anyone in the community offer any information on self-study materials that will provide assistance for me in passing exams?

All the best to the community,

Daniel

[pmahbobi]

Hi


I work for a health insurance company as an actuarial analyst.
you can get most of your answers from

www.soa.org
or
www.casact.org

just real quickly

pay is pretty good. and damn good if you can get a ASA.
Check dwsimpson.com
they are actuarial recruters.
you need be more than ok in your calc(I,II,III).
definately take a calc based probability(not statistics) course.
this should be plenty to start with.
one other thing I have a B.S. in math and to be honest actuarial exams kicked my butt.

good luck.

[Ken]

Also, would a course in pre-calculus or Business Calculus prepare me for the majority of Actuary examinations?


Quick question. You've taken neither calculus nor pre-calc?

[danielact]

Good Morning!

I have taken Calculus I, II and III about 10 years ago while attending the University of Wisconsin - Milwaukee. I was engaged in their Engineering and Applied Sciences program trying to conquer the Electrical Engineering coursework. I finished 2.5 years of coursework at the University including these mathematics courses - College Alg. Advanced Alg, Trig, Calculus I, II and III. Pmahbobi - thank you for your reply. I will have to definitely brush up on my Calculus and general mathematics problem solving skills. Being in the computing industry working as a technology professional, my math skills seemed to have taken a hit. Now that I am 37 years old with a wife and daughter, it may be hard to achieve the ASA status, but I am certainly determined to learn as I was in the computing industry where I started out knowing nothing about client\server technology and application integration. It was a fun field to be in, but it was very demanding and the pay wasn't the best. Now being laid off and trying to find employment, I am discovering the advantages of having a solid math background...something that I had before and to be uncovered again through good study.

I will research the local book retailers for Calculus based Probability books. I am determined and I can understand that gaining ASA status will be an uphill battle, but risk and adventure is what I like. Again, thank you very much for the reply and I wish you the best in your ASA quest!

All the best,

Daniel

P.S. I have checked D.W. Simpson and Society of Actuaries. I haven't checked the casact.org website. I will review. Thank you!

[pmahbobi]

for the calculus type "lamar math" in google and that will take you to a great collection of lectures on calcI,II,III, linear algebra, ODE, algebra and much much more. it is the best self study note on calc you can ever find.

by the way in my opinion it's neveer too late to learn a valuable knowledge and make more money.
I am 37 years old,married and 3 children. That will never stop me from getting my ASA.

good luck to you.
I will be happy to share what I know regarding this subject.
Payam.

[danielact]

Thank you very for this information pmahbobin! I appreciate your assistance and time in elevating my knowledge to the availability of online resources to assist me in my quest to become an Actuary. Time and commitment is definitely the key. Also, selling my idea of becoming an Actuary to my wife!

Presently, I am applying for entry level job opportunities to various Health Insurance companies\providers in the Milwaukee area. I have applied for Customer Services roles and I hope to land something in the near future. Also, I may go back to school to obtain the Actuarial Sciences degree from the University of Wisconsin - Milwaukee.

The Actuarial Sciences profession seems to be quite a bit more rewarding and less volatile in regards to losing a job to layoffs as I am well versed in presenlty. I have taken Microsoft Exams to earn an MCP and MCSE with database administration. I am finding out the more work you do in IT doesn't pay off at times. Also, when I was attending UWM in the Engineering and Applied Sciences, I was interested in gaining knowledge on how to apply math to business. Before I could really get involved, I had to commit to working in order to sustain individual financial support to live. Work came before education, but I am trying to gain a strategic advantage by trying to gain an entry level position within the industry in hopes that I can receive financial support in my quest to become a full fledge praticing actuary who will love and respect the profession.

Again, thank you very much for the continual support and information that you have provided.

All the best to you in your quest for ASA and to your family! Hard work and dedication to the field will breed success! I will keep in touch! Back to painting the kitchen and research!

All the best,

Daniel

[Ken]

You should probably just get the textbook for the exam and learn through that. If they haven't changed it, I think one of the options is Introduction to Probability by Ross. I doubt you can find a good probability book at your local retailer.

[danielact]

Ken,

Thanks for the reply. I will investigate further based on your response. Thanks a bunch!

Best regards,

Daniel

[wat]

Okay - I'll try to take on some of the questions directly, but I may not be familiar with some of them.


Can anyone provide me with any opportunities to enhance my skills via self study?

If by skills, you mean material related to the practice of actuarial science, you'll find that there will be a lot of time to "self-study" when it comes to these exams. Prior to 2005, there were 8 SOA exams and 9 CAS exams. The idea is to become credentialed in one of the societies (some have done both). SOA exams totaled up to 32 hours worth of exams, plus a week-long seminar. Couple that with the fact that the SOA suggests studying for 100 hours for every hour of exam, and you'll realize that these exams are time-consuming. For some, it's fairly doable without having to take the 100 per hour of exam, while for others, they study in excess of this amount. Passing rates for the exams usually fall in the 35-60% range (depending on the exam), and you are taking these exams with many other mathematically-inclined individuals. So study hard, take the first one or two exams, and see if you can handle it.


Also, would a course in pre-calculus or Business Calculus prepare me for the majority of Actuary examinations?

It's very good to have the mathematical reasoning, and it's mandatory that you need a knowledge of derivatives, integration, and other tools used in the first two/three years of calculus. If you haven't used it in a while, attending a class might not be a bad idea, but I would recommend maybe brushing up on the calculus on your own and enrolling in a calculus-based probability class.


What is the cost of an Actuary Examination?
It really depends on the exam. They're quite costly for the average college student, and it's still a hole in your pocket as a working person. Those who work in an actuarial role have the advantage of having their exam fees paid for, though.

In my case, I'll be taking Course 6 in May, and since my company pays for my exam on a reimbursement schedule, I had to send out a check for $835 to the SOA. Exam P is about $150, and Exam FM should be around $175 (the first two exams).


Where can I take Actuarial Sciences Examinations?

There are designated sites across the nation (and worldwide) to take them at. About 2 months before each sitting, they publish the list of test centers. Here's a good place to check: http://www.soa.org/ccm/content/exams-education-jobs/find-it-fast/find-it-fast/


What areas of expertise based on demand shall I consider within the Actuarial Sciences?

When you first start, you're really only looking for experience - you don't necessarily pigeonhole yourself into a line of business once you start. You'll find that most listings have an experience requirement, so it's vital to get that first step in the door, no matter where it is.

Thinking in the long run, though - I believe the pension market isn't looking too hot.


Is it difficult to find employment within the field of Actuarial Sciences?

As a credentialed actuary? Not really. But as an entry-level analyst with only a few exams? Yes - it's very competitive, and even more so in Canada. But that doesn't mean you should give up hope.


Is the profession a "high-stress" field? I was certainly accustomed to a great deal of stress based on my prior profession. Also, can anyone in the community offer any information on self-study materials that will provide assistance for me in passing exams?

"Actuary" has always been up in the top 5 of jobs rated. It's not that stressful, depending on the type of company you go to work for. Unfortunately, when you first start out, there's a good chance you're not actually an "actuary" yet. You're an actuary once you have some letters after your name.

That being said, the most stressful thing in the beginning are the exams. They will take up a fair amount of your free time, especially in May and October/November. So it will really be your decision - whether it's worth it to stay, despite the several years it will take to get through the exams.

Well, good luck in your job search and learning more about the profession!

[admin]

Wat,

Could you please be a little more thorough?? Just kidding! :D Thanks to you and all those that help others.

[bluecreek]

wat -- Great Post! Thanks for the info!

[Mariabrenna]

Hi:

I am a new member to the forum. I am a student at U of M at Carlson. I decided that I am not interested in any of the other business majors. I really just want to be an actuary.

I am trying to get dual enrollment to go to Minnesota School of Business or MCTC (community college) to finish my calculuses and to become a certified Medical Assistant. I want to work as a Medical Assistant while studying to become an actuary because I am interested in medicine and mathematics, and the actuary meets many prerequisites to Biostatistics in public health as well as seems interesting to me. I think if I study my math over a longer period of time with less pressure I will learn a lot better and be healthier because of it.

I think being a medical assistant will be a lot of fun and be very rewarding. I also think it will be a lot of work, so that's why I want to do it. I love math and statistics, but want to study over a longer period of time while working because I feel a relunctance to take out student loans (until I pass all 4 tests).

Does this sound like a good strategy?

Maria

[Pdloudmath]

Hi:

I am a new member to the forum. I am a student at U of M at Carlson. I decided that I am not interested in any of the other business majors. I really just want to be an actuary.

I am trying to get dual enrollment to go to Minnesota School of Business or MCTC (community college) to finish my calculuses and to become a certified Medical Assistant. I want to work as a Medical Assistant while studying to become an actuary because I am interested in medicine and mathematics, and the actuary meets many prerequisites to Biostatistics in public health as well as seems interesting to me. I think if I study my math over a longer period of time with less pressure I will learn a lot better and be healthier because of it.

I think being a medical assistant will be a lot of fun and be very rewarding. I also think it will be a lot of work, so that's why I want to do it. I love math and statistics, but want to study over a longer period of time while working because I feel a relunctance to take out student loans (until I pass all 4 tests).

Does this sound like a good strategy?

Maria


I think as long as your willing to put forth the effort, go for it. However, there are a lot more than four exams. In addition to the exams, there are VEE requirements as well as a course in professionalism. Also, you only need to pass an exam or two to get an entry level position in the actuary field. I would further speculate that even at the entry level, you would make significantly more money than you would as a medical assistant.

[shell05]

Hi!
I do not have a good background on business even though that I took one business class during my graduate studies, how can I prepare the FM exam. I mean by finding the documentation to handle the exam.
Thk,
I appreciate your help