Should you be an actuary? (The why YES and the why NO)

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Should you be an actuary? (The why YES and the why NO)

Рет қаралды 23,894

Etched Actuarial

Күн бұрын

Пікірлер: 83

@EtchedActuarial 6 жыл бұрын

Are you going to be an actuary? Why did you decide YES?

@dalkeiththomas9352 5 жыл бұрын

Hi Etched Actuarial, I enjoy math, quite proficient at it as well and also economics.How long did it take you to finish all exams, and did you fail any on the way

@funnyvideos5704 5 жыл бұрын

How long did it take to finish all the exams?

@brendakarensinaga6171 5 жыл бұрын

Hi, I’m a high school student who wanted to major in actuarial science, but after being so confused for several months wether I should be an actuary or not, I finally decided not to. This video was the last reason for my decision. Thank you!

@vincekennethhanda288 4 жыл бұрын

Yes, because: 1) job security... it is not that popular in my country 2) i like the idea of working in an office 3) high salary 4) its math ... I also like the idea of doing maths everyday

@EtchedActuarial 4 жыл бұрын

@@vincekennethhanda288 Awesome! Those are some great reasons to get into the career. Wishing you best of luck on this journey!

@jerryesque3747 4 жыл бұрын

I have been doing math my whole life, I graduated in that major. Might be weird but I still study math on my free time, i just like to do it. I recently been studying financial math and statistics, then ran into the actuarial profession. I really like what I hear about all this stuff. I really want to get into this profession now! Thanks for the videos!

@EtchedActuarial 4 жыл бұрын

Really glad to hear that Jerry. Good luck on your journey! There are lots more blog posts on my website too that you'll probably find beneficial. etchedactuarial.com/blog/

@teddymokoana7203 5 жыл бұрын

THANK YOU SO MUCH FOR THE VIDEOS AND ALL THE ADVICE WOW!!!!

@rizvimuslim 6 жыл бұрын

Hii Nicole. Great video. I choose actuarial path as i studied economics maths and statistics in my undergrad program and always wanted to use this subject knowledge in more dynamic environment where we are actively working on the application side of it. I think Actuaries now working more and more non traditional roles which are helping others in there businesses. My goal is to have my own consultancy firm and educational training institute within my vicinity to empower more and more students as very fee know about this field in my country.

@EtchedActuarial 6 жыл бұрын

Hi Muslim! That sounds like an awesome goal. A lot of work but very rewarding! Wishing you good luck 😀

@liverpooler1997 6 жыл бұрын

lol at the high rise building.... thats kinda the reason i went into the field too... seemed neat working in a skyscraper in chicago or new york

@EtchedActuarial 6 жыл бұрын

lol glad I'm not the only one.

@mosdephh 3 жыл бұрын

Thank you I hate to say since it’s a little off the grid/tangential but you are smokin ! I think I need to get trained as a actuary cause it sounds more fun that the predicament I’m having to carefully navigate currently. I’m a Licensed Professional Engineer so obviously I like math and problem solving and I’ve heard an actuary ( Primary duties are the promulgation or establishment of insurance rating factors based on statistics and probability of the best jobs ever if you can take the pressure I like your description you’re describing it as well and it’s sexy that your so brilliant to me anyway. I assume you are with a big insurance co or a consulting gig?

@ciaradeleon2722 4 жыл бұрын

Hi Brea! I love your videos and how encouraging you are. Would your study program be suitable for someone who didn't graduate with a science/math degree? It's been 5 years since I graduated. I am currently reviewing math concepts before I look into the official study guides. Thanks for your time!

@fastdollar1 6 жыл бұрын

great video!

@EtchedActuarial 6 жыл бұрын

Thanks Nelson! Glad it helped.

@imkakaya9079 5 жыл бұрын

I did maths degree and was thinking of Actuary but seemed to introvert. So did a Masters in real estate investment and finance and much better interaction and career options

@dominic2446 5 жыл бұрын

so what is the difference in career options?

@jackyrukara9443 5 жыл бұрын

I did an actuarial science degree then I chose a different career path. 10 years later, I want to switch back. I feel the career I went into is not challenging enough and you've also encouraged me to pursue it since you've explained a day in the life of an actuary. Could you please help me know how to start..... I've registered with IFoA UK. Thanks.

@EtchedActuarial 5 жыл бұрын

Hi Jacky! Unfortunately I'm not very familiar with the IFoA exam system. I've only gone through the SOA exams. My best recommendation would be to have a look on the IFoA website and see if you can find the info you need. You could also try asking on the Reddit actuary subforum. Wishing you best of luck!

@vircervoteksisto5038 4 жыл бұрын

I'd actually love it if all I had to do was solve math problems and take tests. After working in production engineering for the last 7 years, the hardest math problem I had to solve was a first order algebraic equation. The hardest part of being an engineer is dealing with all the political, financial and bureaucratic SNAFUs which have nothing to do with the technical aspects of engineering but can still wreck your projects.

@EtchedActuarial 4 жыл бұрын

Sounds like the actuarial career could be a good fit for you then. Are you considering pursuing it?

@justinlambright405 5 жыл бұрын

Hello, I was wondering if you could give me some guidance on my possible path forward. Recently, I graduated magna cum laude with a Mathematics degree with an pre-actuarial concentration. Due to changing my major late into my junior year I did not get an internship. Additionally, I was not fully aware of what to do and how important passing the P/FM exam and getting an internship asap. Hence, now that I have already graduated, is it probable, if I pass the P/FM exam now, that I could find employment. I know I would love being an actuary. However, the uncertainty has me thinking of going back for an engineering degree. I really need someone give me some guidance.

@drnpradeep 4 жыл бұрын

Thank you for the great video. In fact I started looking at Actuarial science related videos recently as my son wanted to pursue the Actuarial career. He is going to be 12th grade high school student in US. I will definitely advise him to watch your videos, so that he gets a better idea. Can you suggest the best major that he can choose in undergraduate program? Is it good to take Actuarial degree or economics as major for the actuarial career? Thank you in advance for your help.

@margaretbukovscak4760 6 жыл бұрын

Happy one year anniversary!

@EtchedActuarial 6 жыл бұрын

Thank you :) Can't believe it was a year ago I posted that first video.. then took a 9 month hiatus lol

@mosdephh 3 жыл бұрын

The main reason people like your videos is that obviously you are bubbly upbeat and vibrant and always of-the-chain photogenic so thank you I’m trying not to sound infatuated with you ...but I’m thinking it’s too late for you that

@gy407 4 жыл бұрын

Actuarial exams are only worth it if you live in the US or Canada. I live in the middle east. I have done 4 exams (P, FM, MLC, MFE) and have the VEEs, and I didn't even get an interview for an actuary job. This is how bad the market is. I then had to apply for a Finance job. Luckily, I found one. Anyways, it all depends on the job market that you have access to.

@EtchedActuarial 4 жыл бұрын

There are other things than just exams that employers consider when hiring. It sounds like you haven't taken an exam in a while (since you passed MLC and MFE which are no longer exams). That could be a factor. Also, if you have a resume that doesn't fully communicate how your experience is related to what they're looking for, that would stop you from getting interviews too. If there are any grammatical or spelling errors on your resume, employers probably won't look at it further. I'm not sure how many jobs you applied to, but some people apply to over 100 jobs before they finally get one. Persistence is key! Your finance job will probably be good experience to add to your resume for an actuarial position, so don't give up just yet!

@gy407 4 жыл бұрын

@@EtchedActuarial I applied while I was still at University. It was fresh out of college. Employers don't look into experience when you're still a fresh grad. Even for experienced professionals, employers don't care about the exams. To understand what I mean, you can just check the guys who are heads of the actuarial departments in the insurance companies in the middle east. A lot of them have only a bachelor. There's no standard for the profession here. It's just sad.

@annatr1862 6 жыл бұрын

How old were you when you completely finished your education and exams and got a job? And how much is the tuition for college? I don’t want to spend my whole life in school, but I love math so I can’t decide.

@EtchedActuarial 6 жыл бұрын

Hey Anna - I was 22 when I finished school and 23 when I got a job. I'm actually not sure exactly how much my tuition was, it was somewhere around 30-40K over 5 years, and I was in a co-op program which adds additional fees. You don't have to major in actuarial science so you could choose something that doesn't take as long to graduate from. But you have to not only consider school but also the amount of time the exams will take you to complete. I underestimated that. After school, most people spend 5-6 more years still writing actuarial exams. And many take longer than that! It's something you have to really think hard about before you make the decision. Wishing you good luck!! Let me know if you have more questions.

@lynny7868 4 жыл бұрын

You mentioned that there are a lot of problem-solving involved in this job. Do they expect you to figure them out (mostly) on your own or do you get to ask for help from other people?

@EtchedActuarial 4 жыл бұрын

You will develop the skills as you gain more experience on the job! But employers, especially if you're an entry level actuary, don't expect you to know all the answers in the beginning so if you're unsure about a certain approach you can consult people with more experience.

@1999mikedunn 5 жыл бұрын

It will be the lucky guy who marries you. I hope you pick someone as smart as you are.

@Sujoanghosh 4 жыл бұрын

why should one keep on taking exams all their life ? As far as I know You need to pass 8 exams for the life assurance and another 8 or 9 exams for the non-life insurance - and once you pass them you're doen - and does that take a life time to pass these exams ?

@EtchedActuarial 4 жыл бұрын

No it doesn't. Most people pass them all within 5-10 years. :)

@ismaelaye 4 жыл бұрын

Is knowing how to code VBA necessary prior to applying for an Actuary internship or job, or is it something you learn on the job?

@EtchedActuarial 4 жыл бұрын

It's not absolutely necessary but would help to make you a better candidate for sure.

@meldontausinga7450 3 жыл бұрын

I am an accountant sitting for the CPA exam, and eventually want to study math and take the actuary exams. I like that actuaries are using math all the time. With that being said, do employers only hire candidates and keep them employed as long as they are passing the actuary exams? I'm assuming I would need to pass a few exams before getting hired at an actuary position?

@EtchedActuarial 3 жыл бұрын

That depends on the employer. Most would like to hire candidates that are aiming to get the full certification, and taking more exams will increase your employability. You can start applying to some entry-level positions after passing 1-2 exams. But is there a reason why you're planning to take the CPA exams even though you'd like to pursue actuary? Both paths take a lot of work, so it would be much more efficient to choose one path and build the skills needed for that role.

@meldontausinga7450 3 жыл бұрын

@@EtchedActuarial I'm an experienced accountant (with 7 years of experience and sitting for my last exam, will be done by June). I'm thinking of a career change, as I do like math. I live in Hawaii and came across an older gentleman at the testing center who was taking an actuary exam. Are the hours for actuaries really 40-50 per week? Sounds too good to be true.

@EtchedActuarial 3 жыл бұрын

@@meldontausinga7450 Hi Meldon. Are you talking about work hours? If so, yes that's the average per week.

@fiveldee1506 3 жыл бұрын

Hey! Do you HAVE to know how to code (and be very tech savvy) to be an actuary?

@fiveldee1506 3 жыл бұрын

Also do you find this to be accurate in terms of potential salary scales for actuaries? www.ezrapenland.com/salary/

@mohinhasinrabbi1478 5 жыл бұрын

How long it takes to get a full prep for the first two exams?

@EtchedActuarial 5 жыл бұрын

I recommend at least 14 weeks for each Exam P and FM.

@md.saifulislam2669 6 жыл бұрын

Hey Brea, Thanks for your video. It has some useful information. I am a foreign math teacher on H1B work VISA in a High School in Port Arthur, Texas. This is my 4th year in teaching career. Before that I did my master's degree from a graduate school in Beaumont, Texas in '14. I was an international student. I have been thinking about pursuing my career in Actuarial Science, even before my graduation. I even got accepted by a graduate school for PhD in math. But because of VISA and immigration status, I had to pick an easier and stable career. But I always wanted to be an actuary. The main two things that I like about it are: Higher Salary and Corporate Office. I was also a math major. I am 33. At this point, could you tell me if I should invest myself in taking the first two exams of actuarial science?

@EtchedActuarial 6 жыл бұрын

Hi Saiful. That's a great question. I wrote an article recently that may give you some insight: etchedactuarial.com/becoming-an-actuary-at-30-40-or-50/. There are a lot of things to consider when making this choice so I don't want to leave anything out here on KZfaq. Definitely go check it out and hopefully it answers your question in detail.

@md.saifulislam2669 6 жыл бұрын

I have read the article. Thank you for the link. But I have few more questions for you. When did you take your first actuary exam? Were you in college at that time? Even though I am a math major, I did take probability and statistics classes during my undergraduate and graduate degree. I know math. But statistics was not the strongest part of my math skills. Would this be a negative factor in taking the actuary exams? And also, unlike you, I did not major in actuarial science.

@EtchedActuarial 6 жыл бұрын

I took my first exam in college, yes. I don't think not being incredibly strong in statistics would be a big limiting factor for you. Anything you need to know you could probably find online or would be taught in the study materials. :)

@md.saifulislam2669 6 жыл бұрын

And not majoring in actuarial science?

@EtchedActuarial 6 жыл бұрын

In Canada and the U.S., not majoring in actuarial science won't hinder you. You're a math major so that will be enough.

@funnyvideos5704 5 жыл бұрын

How many exams did you do? Is it one per year?

@EtchedActuarial 5 жыл бұрын

Some years I passed two exams in the same year, other years I passed one. As the exams get harder, they are offered less often throughout the year. For example, Exam P and FM are offered 6 times per year each, but FSA level exams (upper level exams) are only offered 2 times per year.

@alexlun4464 4 жыл бұрын

As someone who enjoys killing time by doing math problems, would you say i can handle being an actuary?

@tempest274 4 жыл бұрын

Definitely, that or computer science or data science

@EtchedActuarial 4 жыл бұрын

It would help, but that's just one factor to consider.

@dominic2446 5 жыл бұрын

7:37 "you can't really just stop at an ASA" can explain why?

@EtchedActuarial 5 жыл бұрын

In my experience (which may be different in other companies/countries) employers want you to become an FSA. This is particularly important in Canada (where I'm from) since an ASA cannot sign off on actuarial documents. If you decide to stop at ASA your employer may choose not to continue to employ you as an actuary and/or it may be difficult to find another actuarial job if you don't have the intention to become a fellow. This isn't to say that it's impossible or highly unlikely, but I wouldn't advise going into the career with the intention of stopping at associate.

@dominic2446 5 жыл бұрын

@@EtchedActuarial some companies don't have study support and exam leave, so they might not expect their employees to become FSA's.

@EtchedActuarial 5 жыл бұрын

@@dominic2446 Very true.

@tanaka5269 4 жыл бұрын

Is it possible to become an actuary and doctor at the same time

@EtchedActuarial 4 жыл бұрын

Probably not a good actuary and doctor. I suppose anything is possible though.

@navdeeprandhawa275 5 жыл бұрын

Hello mam I did graduation with mathematics. I'm not having commerce background. Would it would difficult for me for doing actuary??

@EtchedActuarial 5 жыл бұрын

Hey Navdeep. Becoming an actuary is pretty difficult for everyone, but your mathematics background will help a lot. So, in terms of your education alone, I'd say you'll be fine!

@dhruvkashyap8024 5 жыл бұрын

If you are good with numbers and want to go in feild of Insurance, Finance and Investment: Then you can ofcurse go ahead.

@triptikarmakar14 5 жыл бұрын

How much time did you take to clear those 15 papers

@EtchedActuarial 5 жыл бұрын

to become an FSA or FCAS there are only 10 exams. I suspect you may be referring to the IFoA exams which I didn't write. I studied for exams for about 7 or so years but didn't pass them all yet (I'm ASA, not FSA).

@a.s.4552 5 жыл бұрын

From Waterloo?

@EtchedActuarial 5 жыл бұрын

Yes I did go to Waterloo!

@austinraymond9136 6 жыл бұрын

What was your major?

@EtchedActuarial 6 жыл бұрын

I majored in actuarial science.

@austinraymond9136 6 жыл бұрын

Would it be more advantageous to pursue the actuarial science degree over another quantitative field like statistics or econometrics?

@EtchedActuarial 6 жыл бұрын

My opinion is that it would be better to go with something like stats or economics because actuarial science is really specialized. If you decide later that actsci isn't the way you want to go, you'll still have a more general degree that can be used in other fields as well. Not to say that you couldn't use an actsci degree in other fields but it just may be harder to make the switch with such a specialized degree. That's just my opinion though. I suggest you do some research into the pros and cons of getting an actsci major rather than something more general.

@Syklone 5 жыл бұрын

Hey! I saw you say that this job is relatively low stress, how so? Isn’t there alot of risk calculation involved? Thanks in advance

@EtchedActuarial 5 жыл бұрын

Yes there is, but doing those calculations isn't stressful. It's interesting and provides you with a challenge. If you like that sort of thing, then you probably won't find it stressful.

@veenyako 5 жыл бұрын

I'm on my second year of an accounting degree; i'm not excellent at mathematics but I really do enjoy the economical/financial/theoritical side Is it possible I can still get into an actuary career even though i'm mediocre at mathematics?

@EtchedActuarial 5 жыл бұрын

It's certainly possible. You'll just have to spend more time understanding the math parts. Anyone can get good at math if they're determined to! :)

@paballoshabalala 5 жыл бұрын

Yes. It's possible, however unlikely it is. You have to become very good in math and stats. I don't know how you'll do that. But if you manage that, you should be fine.