<p>I am going to be a senior next year and i am definitely applying to wharton early</p>
<p>At wharton, what does it take to be successful if u wish to major in actuarial sci.</p>
<p>I am a very good math student but is that good enough?....as i have heard, the tests for actuarial are very difficult - (i have 800 Math SAT and Math 2 SAT2; I also have 36 on Math ACT)</p>
<p>However, I am a poor reading and english student...</p>
<p>Actuarial tests are not like SATs/intro calc/ACTs. I once saw a website listing sample questions. They were pretty difficult. I mean when math majors at elite schools fail out of first sequence exams you know you are dealing with some hardcore material here. No one can give any input using high school statistics.</p>
<p>it really depends on how smart and hardworking you are.</p>
<p>i know a person who double majored in biochem and math and graduated in three years. yes, lots of work, but safe to say that he's very smart. that person passed the first round of the exam. he didn't study at an "elite school" and his first language wasn't english.</p>
<p>a little off topic, but, if is possible to still become an actuary if u dont major in actuarial science? if so, what other majors would be good?</p>
<p>i dont think any other majors would be sufficient because there are like 8 or 10 exams that u take. Also, there must be certain class requirements and u wanna filfill them as early as possible.</p>
<p>all i really want to know is...how do-able the actuarial exams are. Because i dont wanna concentrate on the exams and then possibly fail them...and have to change my concentration</p>
<p>because then i would be behind in whatever concentration i switch to</p>
<p>knicks10,</p>
<p>Technically, all you really need to take are just typical first year calculus and a semster of probability and you will have enough background to study the first exam on your own. These classes are helpful for many majors anyway so you can just take these classes, pursue whatever major you want (i.e. no switching would be needed), and study the exam on the side. If you decide this isn't what you want to do, then the only thing you lost would be just some past leisure time. You really won't know how doable the first exam is until you actually sit down and study. This isn't the type of exam (like CPA/CFA) where most reasonably smart people can just eyeball and say, "this looks doable if I study". But do you need to be a genius? No. They look intimidating to most people even in elite schools. You are not alone. But if you are not a genius, be prepared to sacrifice quite a bit social life to study to have a chance. </p>
<p>I know a Fellow who was a philosophy PhD student at UChicago (granted, the philosophy he's into has something to do with logics). Anyway, it's very much about your math aptitude and perserverance in studying the exams. Northwestern has no acturial science major but two MMSS alums became fellows last year. <a href="http://www.mmss.northwestern.edu/alumni/AlumniNewsletter2006.pdf%5B/url%5D">http://www.mmss.northwestern.edu/alumni/AlumniNewsletter2006.pdf</a> (under Alumni News). One achieved that in 3 years after graduation--way way better than average of 8-10 years and most people that got out of act sci programs. The MMSS classes were probably helpful to them but they were not directly related to the act sci exams.</p>
<p>Most kids from my school who end up being actuaries don't do it from the business program but rather the math program. Some, however, combine the BBA and math degree. The exams are supposed to be tough. I have a math major friend who passed the first two and is going for the third. He will be a junior next year but pretty much took math classes above the average level as a freshman and sophomore. (You know what kinds of kids I'm talking about.) So I'm guessing you'll definitely need to be ready with the math and stats (probability in particular). I think most undergrad actuarial math programs prepare you for the first three exams upon graduation.</p>
<p>Bring this thread back to life.</p>
<p>I'm currently an actuarial analyst working for PwC in NYC. I have passed the first 2 actuarial exams and am preparing for the 4rth. I would argue that the exams are fairly easy if you study for them rigorously (there are many study manuals that prepare you for the test). </p>
<p>The first exam is a college intensive probability exam.
The 2nd is financial mathematics and some knowledge of derivatives markets (bonds / options trading / forward contracts / futures contracts)
The 3rd exam is split into 2 parts: 1) MFE and 2) MLC. MFE is financial economics - it goes into derivatives markets even more intensively than the prior exam. MLC is life contingencies.
Exam 4 is hardcore statistics</p>
<p>There is a huge demand in this field and the starting salary is unusually high. Also, you don't need to major in "Act. sci.". You pass exams and you get the job. There is also a surprisingly high job security for actuaries. Wallstreet journal ranks actuaries at #2.</p>
<p>More info. can be found in <a href="http://www.beanactuary.org%5B/url%5D">www.beanactuary.org</a></p>
<p>My brother majored in chemical engineering and ended up being an actuary, just passed the second test on the first try. In high school he was just an average student. He studies hard and his job gives him 2 hours of study time each day to prepare for the next test, he loves it.</p>
<p>what college did your brother go to</p>
<p>Great posts, kotchain! How are you progressing so far in the field? I appreciate your personal inputs on these topics here, especially the ones regarding the social aspect of actuaries.</p>
<p>i am still confusing whether to major in Act. Sci or others. If i go to a college where they offer Act. Sci major, does it mean that i will get more prepared for the exams while in college and will take 1 or 2 exams in college? also, are ohio state univ, penn state univ, and purdue better colleges for this major? thank you</p>
<p>If you major in Act Sci, you will probably pass the exams faster but that is the only benefit. I would personally major in Math and minor in business to keep options open and get fully prepared as an actuary.</p>
<p>Im not sure about penn state and purdue, but i know act sci in ohio state is great. Just be prepared to not to have free space for a minor or such because it will eat up all your time. But again personally, i would major in Math with a specialization in Insurance (ohio state has this).</p>