Actuarial Exams Difficulty?

College Majors Business Major
1

<p>Hello. I don't know if this is the right place to post because actuaries aren't exactly same as "business" but I'll try it anyways.</p>

<p>In general, how hard are the actuarial exams? I've been hearing that actuaries have a good life style BUT only if you can handle the mathematical rigor. I'm a business and statistics double major at UC - Berkeley right now. I have done well in lower-div math so far (intro. stats and calc 1-3), if I continue to do well in upper level math (linear alg., diff. eq., advanced calc and probability, time series, etc...) is this a good indicator that I have what it takes to pursue this kind of career? </p>

<p>Thank you for reading.</p>

2

<p>The exams are hard, but if you can handle you calc 1-3 you can surely handle them. The hardest part about the exams is the time it takes to prepare for them. It doesn’t matter how smart you are, there’s no way you can cram a week before and still pass. If you’re committed you will be fine though!</p>

3

<p>what he said^
Just remember that only the first few exams are math based. you take most exams once you already have a job and they are primarily based on real life applications, insurance, and the business world. The last few are the hardest ones.</p>

4

<p>Thank you very much, those advice were very helpful! My school also has seminar classes that focus only on prepping for specific exams, so hopefully those will give me adequate prep.</p>

<p>I also have a question about internships. I looked around and it seems that most internships highly favor candidates who have passed at least 1 exam. I don’t think I’ll be able to take the exam in time as I will be barely starting to take calculus-based probability next semester. Would not having a junior internship hurt me for full-time recruiting?</p>

5

<p>To be honest, an internship is becoming more and more necessary these days. However, it won’t affect you as much on the west coast as it does in the midwest and east coast. Also, it is still possible to find an internship without an exam. I did it and I went to a school much less prestigious than Berkeley :). If you can’t find an actuarial internship, try finding some type of analyst internship. Office experience is a plus whether it’s actuarial or not.</p>

6

<p>Quick stats:</p>

<p>Median number of years to pass these exams: 8 years
Average number of years to pass these exams: 10 years</p>

<p>Pass rates hover around 40-50% and for each exam you’re against the best 40-50% people from the last exam.</p>

<p>There are about 7-9 exams depending on which track you choose. There are online modules to be completed also.</p>

<p>Each exam takes 100 hours of study per exam hour, so for the first 5 exams:</p>

<p>Exam 1: 300 hours (probability)
Exam 2: 300 hours (financial math)
Exam 3F: 250 hours (financial economics, lots of stochastic calculus in it)
Exam 3L: 350 hours (life contingencies, here you learn the actuarial language)
Exam 4: 400 hours (construction of actuarial models)</p>

<p>The higher level exams are 6 hours long and you need to study accordingly. Good luck.</p>