Grad School or Job???

[Chitown26]

I have searched this forum about people in my position, somewhat, that are deciding between working right after graduation or going to grad school. Here is my story however.

I already have two exams, but GPA is 3.13, currently, with one more semester in progress. I have looked constantly for jobs since October, and I have moved onto the 2nd round with just a few companies. I am an Actuarial Science major at U of Illinois, and so I've got most of the preparation I need for the first 4 exams, or 5 parts. The thing is that I, too, have heard from parents over the years, before I knew anything about the actuarial profession, that earning a Masters degree will always set me apart from everyone else. In the future, it will be like earning a Bachelors today. Since I already have a degree in Actuarial Science, there is no point at all to get a MS Actuarial Science. I am applying to schools to pursue a MS Statistics, since I have always loved math and some higher level jobs did think a MS Statistics was a plus. I have this condo as well off campus that is well furnished, in which I have been living for the past 4 years. I'm not ready to sell it because it's a gold mine in terms of studying on my own. I know I eventually want to earn a Masters, so why not get it right now, when I'm single, no family tying me down, and I have this condo?

I realize this is a big decision, and it ultimately will be mine to make, but I just wanted to see your thoughts too. Thanks.

[Gus Gus]

For whatever it's worth, one of my math professors was encouraging me to go to the graduate school at our university. I asked two former actuaries (one is head of risk management here, the other is "retired", teaching precal) and both of them told me that graduate school is the pretty much the worst idea ever - if your goal is to become an actuary. If you want a master's degree, then you've already hit the nail on the head:


why not get it right now, when I'm single, no family tying me down

[Chitown26]

Yeah, I have heard that from working actuaries too. This is my opinion on that statement by these working actuaries. It is very much a generalization, and there are many exceptions to that statement. And NEVER, never let anyone take away from what YOU want to do. I am starting to feel that these hiring people obviously have no idea about my situation. Sure, they probably would advise you to get your advanced degree after you become a Fellow, but by then you're probably married, or seriously dating.

If there are two candidates, same number of exams, same GPA, both no experience, would you take the one with just a Bachelors or the one that earned both a Bachelors and Masters? Let me thi- MASTERS. JMO.

[Trojan_Horse]

Uh, wrong. Masters vs Bachelors is, practically speaking, irrelevant. It is not considered where I work at all. We've got guys with Masters, Bachelors, and a few PhDs, and guess what no one is treated any differently.

[Bluefusion]

Well, the general idea is that having a master's degree just means they'll have to pay you more for the same amount of exams passed compared to the guy with a Bachelor's.

That's at least my understanding as to why it might be best to avoid a master's.

But, I'm very much in your position. I'll be entering my senior year, and it's really getting down to crunch time whether I want to go onto graduate school (coincidentally, in statistics) or just enter the actuarial field.

[Chitown26]

Still, I am really starting to care less what companies and working actuaries think about Masters degrees. I realize pursuing a Masters degree is very much just a personal choice for actuaries. I got this condo, and I'd rather keep living there for another year plus, rather than rent an apartment anywhere else.

[jonnyc]

Have you tried to look for summer internships? I realize that it's your last semester, but an internship is always a great way to gain insight into the actuarial profession. Summer internships are only 3 months, and if you get one, I think you would get a better idea on whether you should continue working for full time or go on the graduate school.

Best of luck on your decision