Question:  How do I become an actuary?

Answer:  To achieve professional status as an actuary in the U.S. or Canada, one must take a set of examinations prescribed by the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). The SOA and CAS examinations are held twice each year in the Spring and Fall at various cities in the United States, Canada, and other countries around the world. Preliminary exams (1/P, 2/FM), as well as Exam 4/C are jointly administered by the CAS and SOA.

After achieving Associateship status, and usually after gaining a few years of work experience, most actuaries complete the Fellowship exams. SOA candidates choose one of five specialty tracks: group and health benefits, individual life and annuity, pensions, investments, or finance and risk management. Several required and elective courses make up each track. Fellowship candidates will also fulfill additional Professional Development activities.

To achieve Fellowship in the Casualty Actuarial Society, candidates must complete an additional two exams covering such topics as investments, financial analysis, advanced ratemaking, and individual risk rating plans.

The actuarial profession is unique in that one can work while taking the exams and get paid for passing exams along the way.  Most employers provide assistance to actuarial students by providing paid time off from work to study, attend seminars and take the exam.  In addition, most employers also offer a financial reward (pay raise and/bonus) for passing each exam.

With respect to pursuing this career, I would recommend visiting the both the SOA's website at www.soa.org and the CAS’ website at http://www.casact.org.  The entire syllabus of all their examinations are available on their websites.  In addition, sample exams or past exams are also available for you to download.  Please download one of the preliminary exams (Exam P or Exam FM) and see if the material that was tested is familiar to anything you did as part of your college training.  The preliminary exams are heavily mathematical.  Knowledge of statistics and probability is necessary to succeed.

Regarding employment, it is extremely difficult to get an entry level job without at least one (1) actuarial exam.  Therefore, after reviewing the information on the SOA's website, your first order of business would be to try and sit for an exam.

Helpful links:

http://www.beanactuary.org/

Admission/Exams for the SOA and CAS:

http://www.soa.org/education/landing.aspx

http://www.casact.org/admissions/ 

Question:  I am a career changer.  Is the actuarial career right for me?

Answer:  This is a personal decision.  We recommend you browse the BeAnActuary.org website to get an idea of what the career entails or become a member of IABA and enroll in the mentoring program to discuss the specifics with an IABA Mentor. 

Question:  What do actuaries do on day-to-day basis?  What is a typical workday like?

Answer:  Actuaries have a variety of roles and levels of seniority in their respective organizations; so there is no single answer to this question.  You should ask this question of every actuary you meet.  Consider becoming a member of IABA and enrolling in the mentoring program to discuss specifics with an IABA Mentor. 

Question:  What is a consulting actuary?

Answer:  In general, consultants provided services to multiple clients, rather than to a single employer.  Consulting actuaries are consultants who provide actuarial services for their clients.  The relationship between an actuary and a client is different from the relationship between an actuary and his/her employer.  Consulting actuaries take the same exams as actuaries that work for a single employer.  The Conference of Consulting Actuaries is an actuarial organization committed to meeting the unique needs of consulting actuaries.    

Question:  How should I decide which type of actuary to become?  (Life, pensions, property/casualty, etc.)

Answer:  One way to gain experience that might help you decide is to have multiple internships in different areas.  However, the notion that you might have multiple careers is becoming truer all the time; so ensure that your actuarial training equips you for a variety of roles.   

Question:  Which schools have actuarial science programs?  Which are the best?

Answer:  The Society of Actuaries website maintains a list of colleges with Actuarial Science programs.  The IABA does not endorse any particular college.  If you have any particular concerns, you might wish become a member of IABA and enroll in the mentoring program to discuss the specifics with an IABA Mentor.

Society of Actuaries Actuarial College Listing:

http://www.soa.org/education/resources/actuarial-colleges/actuarial-college-listings-details.aspx 

Question:  Do I need to go to graduate school to become an actuary?

Answer: No. 

Question:  What do I need to major in to become an actuary?

Answer:  There isn't any prescribed major required to be an actuary per say. That being said, certain majors are helpful in developing a background for the actuarial profession. These include Mathematics, Statistics, Actuarial Science, Economics and Finance.  

Question:  What classes should I take if my school doesn't have an actuarial science program?

Answer:  Take the classes that Mathematics and Statistics majors would take.  In addition, take the courses that meet the Society of Actuaries VEE Requirements.

http://www.soa.org/education/exam-req/edu-vee.aspx

Question:  I am having trouble finding a job because I require sponsorship.  What do you suggest I do?

Answer:  A company’s decision to sponsor an actuarial candidate for a H-1B or other visa is situational, depending on:  

1. its own particular needs;
2. whether or not those needs can be met by the domestic labor force;
3. special skills that the candidate may possess.

The best you can do is cast your net as widely as possible, including exploring opportunities that might exist in your home country or other countries.  

Question:  How do I go about finding an internship?

Answer:  All actuarial employers have websites, and many post the available jobs on their website, including internships.  You should contact the company’s HR department via its website.

Your college may have a student affairs office that can advise you when companies are recruiting on campus.

Finally, you should also do lots of networking with other students and employed actuaries.   

Question:  What is the job market like for actuaries?

Answer:  As with any other profession, the job market in the various sub-fields is always changing.  A few years ago, the demand for pension actuaries fell significantly.  Currently, there seems to be increased demand for pension and health actuaries.  While insurance companies and actuarial consulting firms are traditional employers of actuaries, other “non-traditional” employers are also seeking out actuaries. 

Question:  What is the best way to search for an entry-level job? 

Answer:  It depends on your personal situation.  Here are a few things to keep in mind:

1. As with internships, you can find opportunities via companies’ websites. 
2. You should also have an attractive resumé.  You may refer to the resumé -writing tips on the IABA website.
3. In general, a willingness to relocate will improve your chances. 
4. Some choose to use a recruiter to help them search. Ask for recommendations from working friends or research to find one that fits your personal style.
5. Finally, networking with as many actuaries as you can meet may be helpful. 

Question:  I have heard the actuarial exams are difficult.  Exactly how hard are they?

Answer: Well, though one of the skill-sets actuaries pride themselves with is the ability to quantify risk, we aren't in the position to quantify how hard the exams are. On the other hand, it is important to note that the exams are such that to pass, on must have sufficient mastery of the subject matter. It is also not sufficient to have the ability to solve a problem on the exam, it is equally very essential to be able to do so under the time constraints imposed by the exam.  

Question:  What are the best methods for studying for an actuarial exam?

Answer:  Exams are of two types:  multiple choice and essay.  In general, multiple choice exams require practice in solving the problems related to the topic, particularly past exam questions.  Essay questions require note-making and memorization.  The best method for memorization is the one that works for you.

For any exam, proper time management is essential.  In general, you should answer as many questions as you can, and not let a seemingly difficult question take time away from other easier questions.

For a more specific answer, become a member of IABA and enroll in the mentoring program so you can be matched with an IABA Mentor. 

Question:  What are some resources for preparing for the first actuarial exam?

Answer: Check out TheInfiniteActuary.com or Coachingactuaries.com.

Question:  What are some study techniques/suggestions for those of us that are working full time?

Answer:  Study techniques do not depend on whether you are working full time or not; they depend on the type of exam you are taking.  An exam requires 300-500 hours of preparation.  A good rule of thumb is 100 hours of study for each hour of the exam length. How you structure your workdays to accommodate that is generally between you and your manager, and will likely be impacted by the needs of your job. Good time management is essential, along with beginning far enough in advance so that you are able to get in ample study time.  

Question:  I am taking my first actuarial exam.  What can I expect?

Answer:  You can expect to be thoroughly tested, and that you won’t be leaving the exam room early.  Downloading a sample exam would help to see the types of questions that are asked and the depth of material coverage. For more information, become a member of IABA and enroll in the mentoring program to discuss the specifics with an IABA Mentor.

Below is a link to Exam P past questions and answers:

http://www.soa.org/education/exam-req/syllabus-study-materials/edu-multiple-choice-exam.aspx   

Question:  What are some recommended textbooks for studying for actuarial exams?

Answer:  For every exam, the Society of Actuaries and Casualty Actuarial Society provide lists of recommended and/or prescribed textbooks.  You should review this list as part of your decision to take the exam.  “Prescribed” textbooks are just that – you should never use a substitute.  Choosing between two or more recommended textbooks is a matter of personal choice. Many sources also provide study manuals that consolidate these textbooks and some offer sample exams as well. You should review all sources to decide how you learn the best and chose the most appropriate source of information.

Online Actuarial Bookstores:

http://www.actuarialbookstore.com/

http://www.actexmadriver.com/

Another source excellent source to get information from other students is the discussion forum The Actuarial Outpost:

http://www.actuarialoutpost.com/  

Question:  Where can I find actuarial scholarships?

Answer:  The IABA offers scholarships to high school and college students of African descent.  Please visit our Scholarships page for a list of other actuarial minority scholarships.