<p>The starting salary is about the same, but where as an engineer's salary caps off, the actuary can make a lot more provided he pass more exams and gains more experience.</p>
<p>Is this right?</p>
<p>Yes, I heard this is right. However, I’m curious to know whether anybody can stop taking exams when they feel like their salary is enough, or if it’s more of a rat race where you have to keep taking exams for a good period of your life…</p>
<p>Kind of off-topic but I have a question: is it easy to get a job as an actuary nowadays? I know generally engineers are in high demand.</p>
<h2>Yes, I heard this is right. However, I’m curious to know whether anybody can stop taking exams when they feel like their salary is enough, or if it’s more of a rat race where you have to keep taking exams for a good period of your life… </h2>
<p>I think that depends on the company you work for…like some will want you to keep studying and passing exams…and some will let you stop after passing many of them</p>
<p>Employment of actuaries is expected to increase by about 24 percent over the 2006-16 period, which is much faster than the average for all professions.</p>
<p>Opportunities for actuaries should be good, particularly for those who have passed at least one or two of the initial exams.</p>
<p>2006 employment: 18,000
2016 employment: 22,000</p>
<p>Median annual earnings of actuaries were $82,800 in May 2006. The middle 50 percent earned between $58,710 and $114,570. The lowest 10 percent had earnings of less than $46,470 while the top 10 percent earned more than $145,600.</p>
<p>Two professional societies sponsor programs leading to full professional status in their specialty: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The SOA certifies actuaries in the fields of life insurance, health benefits systems, retirement systems, and finance and investment. The CAS gives a series of examinations in the property and casualty field, which includes car, homeowners, medical malpractice, workers compensation, and personal injury liability. </p>
<p>Three of the first four exams in the SOA and CAS examination series are jointly sponsored by the two societies and cover the same material. For this reason, students do not need to commit themselves to a specialty until they have taken the initial examinations, which test an individual’s competence in probability, statistics, and other branches of mathematics and finance. The first few examinations help students evaluate their potential as actuaries. Many prospective actuaries begin taking the exams in college with the help of self-study guides and courses. Those who pass one or more examinations have better opportunities for employment at higher starting salaries than those who do not. </p>
<p>Many candidates find work as an actuary immediately after graduation and work through the certification process while gaining some experience in the field. In fact, many employers pay the examination fees and provide their employees time to study. As actuaries pass exams, they are often rewarded with a pay increase. Despite the fact that employers are supportive during the exam process, home study is necessary and many actuaries study for months to prepare for each exam.</p>
<p>The process for gaining certification in the Casualty Actuarial Society is predominantly exam based. To reach the first level of certification, the Associate or ACAS level, a candidate must complete seven exams, attend one course on professionalism and complete the coursework in applied statistics, corporate finance, and economics required by both the SOA and CAS. This process generally takes from 4 to 6 years. The next level, the Fellowship or FCAS level, requires passing two additional exams in advanced topics, including investment and assets and dynamic financial analysis and the valuation of insurance. Most actuaries reach the fellowship level 2 to 3 years after attaining Associate status.</p>
<p>The certification process of the Society of Actuaries blends exams with computer learning modules and coursework. After taking the initial exams, candidates must choose a specialty: group and health benefits, individual life and annuities, retirement benefits, pensions, investments or finance/enterprise risk management. To reach the Associate or ASA level, a candidate must complete the initial four exams, the coursework in applied statistics, corporate finance and economics required by the SOA and CAS, eight computer modules with two corresponding assessments and a course in professionalism. This process generally takes from 4 to 6 years. To attain the Fellowship or FSA level, a candidate must pass two additional exams within a chosen specialty and must complete three computer modules and a professionalism course. Attaining Fellowship status usually takes an additional 2 to 3 years after becoming an Associate.</p>
<p>Specific requirements apply to pension actuaries, who verify the financial status of defined benefit pension plans for the Federal Government. These actuaries must be enrolled by the Joint Board of the U.S. Treasury Department and the U.S. Department of Labor for the Enrollment of Actuaries. To qualify for enrollment, applicants must meet certain experience and examination requirements, as stipulated by the Board. </p>
<p>[COURTESY OF THE BLS OOH]</p>
<p>Overall engineering employment is expected to grow by 11 percent over the 2006-16 decade, about as fast as the average for all occupations.</p>
<p>Overall job opportunities in engineering are expected to be good because the number of engineering graduates should be in rough balance with the number of job openings between 2006 and 2016.</p>
<p>2006 employment: 1,512,000
2016 employment: 1,671,000</p>
<p>The lowest 10% earn under ~$45,000. The lowest 25% earn under ~$60,000. The median is about ~$75,000. The top 25% earn over ~$95,000. The top 10% earn over ~$115,000.</p>
<p>[COURTESY OF THE BLS OOH]</p>
<p>thats why it makes me nervous to go into engineering…about a low salary cap</p>
<p>only 18,000 actuaries? thats like nobody</p>
<p>I think any major with quantitative skills will land you a good job with a higher than average pay.</p>
<p>^ yeah, but with an engineering/cs degree, can’t you go on and get an MBA?</p>
<p>You can get an MBA with any degree.</p>
<p>I’m a Chem major and math minor right now and I’ve been thinking about switching to engineering, but I kinda wanna become an actuary as well after reading this thread and also because I’m good at math. By taking math electives and an intensive self-study, I might be able to be prepared for the exams.</p>
<p>This video shows it’s not always gauranteed to get a job as an actuary depending on the situation.
[YouTube</a> - The Graduate Market - Actuarial](<a href=“http://www.youtube.com/watch?v=TI4QCQUoOyo&feature=channel_page]YouTube”>http://www.youtube.com/watch?v=TI4QCQUoOyo&feature=channel_page)</p>
<p>As someone who had a very brief stint in the actuarial program, I researched alot about the job and earning prospects of the profession.</p>
<p>From what I’ve learned: the actuarial track has a much higher earning potential long term.</p>
<p>HOWEVER.</p>
<p>There are a few catches. </p>
<p>There is significant pressure to pass ALL the exams, and there are about 8. You only truly become a real actuary once you have passed all exams. Most, if not all companies that hire actuaries want you to eventually become fully accredited. Many will let you go if you are not progressing through the exams at an acceptable rate.</p>
<p>The EXAMS: they are GRUELING, unless you have an exceptional abstract mathematical aptitude. I’ve heard that they are some of the most difficult exams that exist for any profession; if not the toughest. The difficulty of the exam process weeds out many, and thus keeps actuarial salaries high because so few make it through.</p>
<p>Progression through all exams seems to cover an average of 5 to 8 years after acquiring the degree, or related degree (an actuarial degree is not required to become a successful actuary).</p>
<p>Most companies provide an immediate pay-raise for every exam completed.</p>
<p>Fully accredited actuaries make very important and difficult risk management projections for large insurance companies, asset management companies and banks, and can make HUGE money from it. Many actuaries become directors of finance, CEOs etc, because they deal so heavily with asset management. </p>
<p>Actuarial jobs pay more than engineering jobs because they are dealing DIRECTLY with money and money related issues , whereas engineers deal with physical sciences and technical things primarily, and they deal indirectly with money.</p>
<hr>
<p>As an engineering student, this doesn’t bother me. As far as I know engineering degrees also have great outlooks in general and the lower salaries are compensated by the fact that engineering work tends to be more interesting and meaningful, IMHO.</p>
<p>From what I’ve seen, although actuarial work has a much higher earning potential, their work doesn’t seem nearly as exciting as engineering.</p>
<p>So what are all the advantages that actuaries and engineers have over the other?</p>
<p>So far we have:</p>
<p>Advantages of actuary:</p>
<ol>
<li>Actuarial science or statistics degree is easier than engineering degree. I’m not totally sure of this, but the work itself (not the exams), is also easier, correct?</li>
<li>Higher salaries down the road. Salaries increase at a quicker rate.</li>
</ol>
<p>Advantages of engineer:</p>
<ol>
<li>Don’t have to deal with the exam process.</li>
<li>Work is supposedly more “exciting”.</li>
</ol>
<p>What else? For example, I wonder who is usually under more stress?</p>
<p>Let’s say you could still choose to go the actuary route or the engineering route…which would you choose and why?</p>
<p>Please discuss.</p>
<p>Actuaries have a pretty boring job. Engineers are pretty much the opposite.</p>
<p>How do you know that actuaries have a boring job?</p>
<p>Because their job is to minimize risks. And what fun is that? Sounds like a joykill to me.</p>
<p>I heard actuaries’s work involves very low stress and that’s one of the reasons why actuary is considered as a “good job” you can get with just bachelor’s degree I think. It may be boring because they probably work at a desk all they long</p>
<p>Ummm…</p>
<p>I’m sure actuaries enjoy their jobs in the same ballpark as engineers do, and I wouldn’t say their work is easier.</p>
<p>Let’s not try to draw too many distinctions between the two fields, guys. The clearest difference is in the subject of the work… and individual preferences will influence which of the two is more appealing. By focusing on the real differences, rather than comparing them on such subjective criteria, people will be able to draw conclusions really relevant to them.</p>
<p>Strictly speaking in terms of income potential, the actuarial degree (and track) will win out.</p>
<p>So l’il wayne, if you like the idea of dealing with money, math, risk management, finance, banks, insurance, statistics, stochastic theory, mathematical modelling and working in a corporate office environment, go actuary.</p>
<p>If you prefer engineering, science, inventing, building things, technology etc, go engineering. </p>
<p>Again, I stress that strictly in terms of the amount of money you can make: actuarial has more potential because the job focuses on money and managing assets. But you have to pass the exams: and they are difficult.</p>
<p>
</p>
<p>Correct me if I’m wrong, but I don’t believe this will be true for long, because then everyone would try to become an actuary. Thus a greater labor pool, and less of any kind of benefits for these guys.</p>
<p>You are wrong. Not everyone can be an actuary, because not everyone can pass those exams.</p>