How to get into the actuary field?

College Majors Business Major
1

<p>I was wondering how you get started in the actuary field?</p>

<p>Here is my background:
Major: Business Economics, Accounting Minor
GPA: 4.0
Work Experience in Accounts Payable and Receivable.</p>

<p>My initial plan was to go into public accounting. Hopefully work in auditing or tax for the big 4 straight out of college.</p>

<p>But now I have thinking becoming an actuary would be a better choice.</p>

<p>My math background:
Calculus
Multivariable Calculus
1 year of probability and statistics
1 year of econometrics</p>

<p>The problem is that I don't know where to start. All I have been able to really find are accounting and finance jobs. I check for job postings daily and have never seen any openings for an actuary.</p>

<p>So does anyone know how to get into the actuary field? I know that you have to pass actuary exams to get into the field but I was wondering where do you go from there? Where do job hunt at? </p>

<p>Also, does anyone recommend just working in accounting or finance first and then move into actuary field?</p>

<p>Any advice would be nice. Thanks.</p>

2

<p>Concentrate on passing an actuary exam or two. </p>

<p>It is recommended (by various actuary sites) that 200 to 400 hours of studying is required to pass each exam. Could be more or less depending on how much you grasp the material.</p>

<p>Accounting really isn’t the best background for an actuary. Finance and economics helps. Mathematics is really at the core of becoming an actuary.</p>

<p>Try some sites like beanactuary.org or dwsimpson.com, which are geared toward the actuary field.</p>

<p>If you didn’t take calculus based probability, you would probably struggle with the first exam, P.</p>

<p>Intro to probability and statistics at most colleges doesn’t cover the math needed for exam P.</p>

<p>Theory of interest, financial mathematics, derivatives, statistical/financial modeling and life contingencies are also highly recommended for the other actuary exams.</p>

<p>Insurance companies are typically the ones that higher the majority of actuaries. While the jobs can be done from pretty much any location, typically entry level actuary positions are geographically specific. So if you are in a city with relatively few insurance companies you may have to relocate to find a job.</p>

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<p>Thanks for the advice OminousRun.</p>

<p>Any insurance companies I should look into specifically?</p>

<p>

</p>

<p>I took calculus based statistics. Also my econometrics was also liked applied statistics.</p>

<p>Other classes I have taken: financial mathematics, business forecasting, financial investments, and corporate finance</p>

4

<p>Pass exams.</p>

<p>[Associate</a> of the Society of Actuaries (ASA) - Requirements](<a href=“http://www.soa.org/education/exam-req/edu-asa-req.aspx]Associate”>Associate of the Society of Actuaries (ASA) | SOA)</p>

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<p>You have a degree in a semi-related field, so I wouldn’t worry too much about classes. </p>

<p>Just pick one of the first 4 exams to study for and see if you think it’s something you can do. There are various sites with actuary study guides. Look into “ASM” (I think that’s the correct title) study guides for each test. They’re around $200 each, but they seem to be effective in getting prospective actuaries to pass the test.</p>

<p>As long as your calculus skills are still strong you should be able to study on your own to be able to pass a test.</p>

<p>Don’t get discouraged if you don’t pass on the first attempt, as I think the average pass rate for passing on the first attempt is less than 40%.</p>

<p>You might want to start with exam FM, as I’ve heard that’s one of the easier ones and it seems to fit your background.</p>

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<p>Also, don’t worry too much about specific insurance companies. They all use actuaries. Just getting your foot in the door is key. Of course, it would be a good idea to get with a company that has a good actuary training program.</p>

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<p>Thanks for all the advice ominousrun.</p>