Currently, I am sophomore at Florida State University and I am unsure whether I should pursue actuarial science or engineering. I am taking an introduction to actuarial science class to help me decide, but I still have questions about the profession itself.
How does the coursework required for an actuarial science degree (Calculus 1, 2, 3,) compare the type of problems encountered on the job?
What is the work environment for actuaries typically like? Do they consult with clients often, or do they often times find themselves working in a cubical-like environment with little social interaction?
From what I heard, actuarial consultants travel a lot to various cities, which I consider a plus. How would one become an actuarial consultant?
How does one progress through the actuary profession, or receive a higher salary? Does this require the passage of exams, networking, or simply working longer in a company?
I can answer a few of your questions broadly as my husband is an actuary, but hopefully a real actuary will chime in. First, there are exams you must take after college. Back when he was doing them, I remember there were five to be an ASA (Associate in the Society of Actuaries) and ten to be an FSA (Fellow…). They require a lot of studying and are difficult to pass. Here’s a link to find out more. https://www.soa.org/education/exam-req/ He did 5 of them and became an ASA and then got sick of doing them, and it doesn’t seem to have hurt his career any. You also need to do something to qualify to do something before the IRS (sorry, can’t remember what it is). He opted to work in a consulting firm as opposed to the insurance company, and helps companies with calculations and compliance with IRS, ERISA, and FASB reporting (footnotes about pensions in their financial statements). He doesn’t travel too much, but it depends on where your clients are. He’s worked in the same company since he graduated college, but his friends have moved around.
@Momofmrb, would your husband recommend this as a career? What was your husband’s major? And if you don’t mind saying, what area of the country are ya’ll in? Thank you.