<p>I want to be an actuary when I grow up.... I am dead set on it. So logically I would major in actuarial science, no? However in my search for colleges I've received many mixed reviews from actuaries, counselors, and smart people in general regarding what an actuary should major in. So my question is: </p>
<p>Knowing that I will be an actuary, would it be more beneficial for me to go to a college with a "stellar" act sci. program that is not so highly regarded (for example Illinois State or Temple) or a "top" college that has no actuarial major but is highly regarded in math (MIT, UChicago)? Also taking into consideration experience and future connections the college would offer (in the actuarial field and general business).</p>
<p>You do not have to major in a specific actuarial science major, since you can take the needed courses (including the VEE requirements) around any major (applied math and statistics are common majors for those aspiring to actuarial careers).</p>
<p>I work in finance and insurance and our firm has an army of actuaries. Surprisingly, they come from different disciplines. I am sure that many also have act sci degrees as well. Many have PhD’s. The most common degrees are statistics, math and economics. If you choose economics or business and finance, you still have to take all the math classes. Great pay and a stable job market awaits you. You can work for major insurance companies, financial firms, the government, the military, or even consulting organizations like the Rand Corporation.</p>
<p>My son is studying applied math and wants to be an actuary. He has been told that it’s most important to start taking the actuarial exams ASAP. He is taking the first one next month, as a college junior. The exam is on probability. Wow!! I’m an engineer myself, but the math on that is more than I ever had to take. It’s closed book, too. He has been studying for it since May. He was told that it’s hard to get an internship before you’ve passed the first test.</p>
<p>This is true. UPenn and NYU also have actuarial programs and I know I’m at least applying to UPenn. But most of the schools renowned for their act sci. professors and classes are not nearly as prestigious.</p>
<p>In some cases where there is not a specific actuarial science major, there may be a suggested actuarial concentration within the applied math or statistics major. Check the colleges’ math and statistics departments’ web sites for more information. (Of course, you may also need/want to take additional courses as suggested by the [Be</a> an Actuary](<a href=“http://www.beanactuary.com%5DBe”>http://www.beanactuary.com) site, including the VEE courses.) Examples:</p>
<p>I would recommend going to a school that has a good actuarial program. Its true that you do not have to major in actuarial science to become an actuary. However, you do have to pass exams. Nowadays many companies only hire students with 3+ exams. It is not uncommon for students to graduate with 4 or 5 exams passed. Therefore, an actuarial science program that is designed to help you pass exams is a huge plus.</p>
<p>The actuaries I work with have various undergrad back grounds, but the tests today are numerous and getting an internship is not what it used to be in this field. This means, those in the industry may not realize how difficult it is to get the entry level jobs. I believe the level of undergrad (ie US News rank) does not matter as long as the program encourages and supports the exam process during the undergrad level. It will be much more important to know the pass/fail rates of the exam vs. a standard college ranking.</p>
<p>Temple has a good program. St Joe’s in Philly and Susquehanna also have programs that have great guidance through the exam process.</p>
<p>I wanted to be an actuary in high school too; I had some teachers discourage me from doing it because they said I was too good a writer, and needed to go into a writing field. They were good teachers but I resented that advice, especially since they were history & English teachers who knew nothing about my mathematical skills (and I was an excellent student in math!)</p>
<p>But no, you don’t have to go to a school and major in actuarial science. A major in mathematics, statistics or applied mathematics with some business courses will do you just as well, and you can later go and get an MS in actuarial science or statistics. I don’t think that the advantage of an actuarial science degree is more significant than going to a top school; top schools have more access to internships with big firms, and the coursework is going to all be very similar anyway. My Ivy doesn’t have an actuarial science major, but it does have an applied mathematics major and a statistics major as well as an MS in actuarial science and mathematics in finance. A motivated undergraduate could take a few graduate-level classes in one of those programs.</p>
<p>I would also think that many competitive schools that don’t have dedicated undergraduate actuarial programs, but either master’s programs in actuarial science OR knowledgeable advisors, would be able to offer information about passing the exams. It’s something to investigate in each of the schools you apply to, whether they have an undergrad AS major or not.</p>
<p>There are some pretty good schools on that list, though - Penn State, Temple, Michigan, Wisconsin-Madison and University of Toronto are all CAE schools, and CUNY-Baruch, Columbia, DePaul, George Mason, McGill, Purdue, SUNY-Albany, Alabama, UConn, UIUC, Minnesota, UNC-Chapel Hill, UNC-Charlotte, UT-Austin, and Penn are all listed as covering all of the things tested on the first two exams and at least parts of the third and fourth.</p>
<p>“I don’t think that the advantage of an actuarial science degree is more significant than going to a top school.”</p>
<p>I don’t think this is true in all cases. If you are dead set on becoming an actuary, why not go to a school that has a dedicated program for actuarial science? A prestigious degree will only carry you so far in this industry (and life in general). 5 or 10 years down the road, a FSA/FCAS will speak volumes more than a Ivy League diploma. This is provided you pass the exams.</p>