View Full Version : Non Actuarial Careers

12-17-2001, 02:36 PM
I'm considering leaving the actuarial profession. What types of non-actuarial careers are good fits for someone with a few years of actuarial work experience, a handful of exams (not enough for an actuarial designation) and a math degree? What would YOU be doing if you couldn't be an actuary anymore?

12-17-2001, 02:39 PM
Well, Checkin Answers went off to make a living selling on ebay. Sounds attractive to me.

12-17-2001, 02:52 PM
Is that what he left for? I wondered. I remember when he blew away Exam 3, then tells us all that he's out. This after leaving a doctoral program in engineering shortly before completing it. Interesting guy.

Mr. Grim
12-17-2001, 02:57 PM
How about the NYPD? If you survive 20 years you get a pension equal to 50% of your pay. Not bad, if you start early enough you can retire in your 40's.

Dr T Non-Fan
12-17-2001, 03:18 PM
Let's see: build a time machine; go back in time and tell myself to become a cop.

12-17-2001, 03:26 PM

Financial Planning
Financial Software Development
Financial Engineering
Investment Quant. Careers (Equity Analyst, Fixed Income Analyst, etc.)
And so on...

Enough Exams Already
12-17-2001, 03:31 PM
On 2001-12-17 14:39, anon789 wrote:
Well, Checkin Answers went off to make a living selling on ebay. Sounds attractive to me.

He wound up teaching physics at a community college instead.

Enough Exams Already
12-17-2001, 03:33 PM
You might try the more traditional areas for those with math degrees: teaching, computer programming/IS/IT jobs, or something in the engineering fields.

Project management might be a possibility, if you have experience running projects, say, for a consulting firm? (I'm just spitballing here...)

Gore Tree Lover
12-17-2001, 03:49 PM
There must be alot of quant. jobs out there, don't know how an actuarial background compares to a master in statistics or something like that - I would suspect that marketing consultants, depts. etc. must need people with a statistical background and since you have some experience and must have some initiative to pass actuarial exams, you would be a better hire than somewhat straight out of grad. school.

12-17-2001, 04:12 PM
Try compensation. It's the math branch of the HR (that's Human Resources) world. Most HR people don't want to deal with the numbers stuff, so it's the one branch of HR that looks for people.

World at Work (was the American Compensation Association until a year or two ago when they decided to obscure their purpose with a name change) offers a series of exam-validated certifications, which include designations of "Certified Compensation Professional" and "Certified Benefits Professional". The certification exams are total cake compared to the actuarial exams. They offer a two-day seminar followed by an exam. (Anyone who has passed at least current course 2 who can't ace the exam after coming in cold and sitting through the seminar must have slept through it.) You can also do exam-only options, although since the material is overly simple, you might run the danger of complicating yourself into a failure until you get the hang of their style.

Starting salary for a CCP is advertised as being in the 70's, although most jobs I've seen in that range also require a couple (and I mean 2) years of experience.

12-17-2001, 04:14 PM
I'm the original poster. I appreciate the suggestions. Next question, how would you go about finding such a position, like those oolong describes, for instance? I have no idea what companies have those kinds of positions. Or would you just go to a recruiter and tell them you're interested in "non-traditional" openings?

12-17-2001, 04:17 PM
Minerva, thanks for the suggestion - I will definitely look into that! One of my fears about switching careers is the potential pay cut. Judging from your post, maybe I could avoid that after all.

Gore Tree Lover
12-17-2001, 04:30 PM
I don't know the answer, i was just speculating - i would use whatever connections to find out about this -perhaps an old stats/economics/marketing professor can give you some leads about who to talk to about this.

Notorious BIG
12-17-2001, 04:36 PM
How about Risk Manager? Banks/credit card companies need people like this - here was a job description i saw:

Analyze portfolio performance trends and determine underlying drivers. Prepare reports to support senior management informational needs. Utilize data mining techniques to develop and hone our automated credit decisioning strategies for the purpose of optimizing company profitability. Prepare adhoc SAS reports to support portfolio analysis. Will validate the effectiveness of existing consumer scoring models. Will forecast delinquency & losses in our private-label portfolios.

Education - Must have Bachelor's degree (Economics, Math or Statistics preferred) Financial services industry experience a plus but not required Must possess strong analytical skills, be a self-starter, an effective communicator and have the ability to handle multiple tasks concurrently Knowledge of SAS programming is a big plus! Desire to learn and succeed in a challenging, fast-paced environment.

DW Simpson
12-17-2001, 05:28 PM
Coincidentally, I've been reading about, for my own edification, positions and designations like Minerva described on the http://www.benefitslink.com ( http://www.employeebenefitsjobs.com points at their job boards) and http://www.aspa.org websites.

And, yup, another idea is to approach a recruiter and ask about non-traditional opportunities. - Claude

12-17-2001, 05:44 PM
You can become a Pension Consultant(not an EA) and just take the ASPA exams which are much easier than the actuarial exams. Our Pension consultants make good money.

01-16-2002, 05:44 PM
I had an internship in college at AON in Chicago. My manager was a VP in underwriting who started out in actuarial. She decided she just didn't want to take the exams.
If you go into underwriting, it wouldn't hurt to take the CPCU exams. I believe there are ten exams involved, but they are easier than actuarial exams and much more practical.

01-18-2002, 04:10 PM
How about demography?

01-21-2002, 09:35 AM
I'd open up a Tim Hortons down here in the States... there's a killing to be made!

The Mister
01-21-2002, 10:14 AM
<font size=2>Hmmm... funny I didn't see this thread when it first showed up...

Executive compensation consulting is definitely a way to go, and a number of the firms out there have actual actuaries on staff, as well as "burnt out" actuarial students or just those who don't want to deal with it anymore. About a year and a half ago, I did exactly what the original poster is considering when I changed to this field, mostly because of the Y2K exam changes.

You didn't say where you are or would like to be located, but I might be able to hook you up with something if you send a private message.

<font size=-1>[ This Message was edited by: The Mister on 2002-01-21 10:15 ]</font>