career advice

[Anonymous]

I am not sure if this is the right place to post this. If not please advise.

I am considering an actuarial career. I have a bachelors degree in business (1994) and my GPA was nothing to brag about, 2.6 overall. Although I enjoyed and did well in math and statistics I only took 1 business calculus class and 2 statistics classes. Assuming that I pass Exam 1, will employers in the field take me seriously? Also, I have no actuarial experience but I have been working in the insurance field for the last 4-5 years. Currently I work in insurance regulation (product filing). Any advice would be very much appreciated. Thanks.

[E. Blackadder]

Background: My GPA was worse than yours. I was working for an insurance company in suburban DC, and the actuarial department head essentially laughed at me -- telling me that unless I could take the SAT cold and get a 750 math that I should forget it. (750 was the LOWER score of the two times I took it.)

If you pass an exam -- or even do passibly well -- you will certainly get their attention. The problem is that you may be unable to get study time until you pass.
They may have been right to laugh; it's taken several years and I only have four exams down. Maybe it's because I post so much. :smile:

[glenn]

You will probably need to pass the first exam on your own. Then ask for study support for 2. If you can get two exams, you should be taken seriously. (This was the path that I took - passed exam 100 on my own, then I got exam support, then I got to transfer into an actuarial role.).

[Anonymous]

I graduated college in 1988 with a GPA eerily similar to yours. I bummed around trying to figure out what I wanted to do with my life until I was 28. I decided a career switch was in order, took Exam 100 (twice) and Exam 110 (3x's)while working 2 jobs (70-80 hours per week). It took me 6 months to find a job but I did find one with a large health insurer. I was almost 31 at the time. I am now 36, make just under 90K and am only part 8 away from finishing. My advice would be to go for it (knowing the exam process is a long one but well worth it).

[Anonymous]

Did it take you six months after passing Exam 110 (2 Exams) to find a job? Was this your first actuarial position? Did you do any job hunting prior to passing the second Exam? I guess I am trying to determine my prospects after passing the first Exam only. Thanks for your input.

On 2001-10-15 08:09, Anonymous wrote:
I graduated college in 1988 with a GPA eerily similar to yours. I bummed around trying to figure out what I wanted to do with my life until I was 28. I decided a career switch was in order, took Exam 100 (twice) and Exam 110 (3x's)while working 2 jobs (70-80 hours per week). It took me 6 months to find a job but I did find one with a large health insurer. I was almost 31 at the time. I am now 36, make just under 90K and am only part 8 away from finishing. My advice would be to go for it (knowing the exam process is a long one but well worth it).

[Anonymous]

I didn't begin looking for a job until I had passed both 100 and 110. I would think one exam under the new system would be equivalent to 100 and 110. I would begin looking immediately. Seems like there is a lot of entry level stuff out there. Good luck.

[tryinghard]

Hi,
I have worked in statistical analysis and financial research for the past one year. I aim to take exam 1 and 2 in May 2002. I have a Masters degree in economics from India, I've done a lot of courses in stats, econometrics and math. I know SAS and MS Office very well.
I want to take up a volunteer internship in the actuarial field,can anyone help me out?
I am looking for positions in Los Angeles,CA.
Any help would be appreciated.

[urysohn]

To aspirant -- I'm not sure I've heard of volunteer internships in the actuarial field. We don't like to work for free. But I bet if you sent a letter to some companies saying you'd like to give them a summer (or whatever) at no cost, you'll find at least one taker.

To the first anonymous -- eveyone is dancing around it and sort of talking about it, but in answer to your question...the GPA will be a big black mark. People coming out of school with a better GPA and an exam or two will have an easier time finding a position than you will. BUT, you've had a few years of industry experience since then, and you've shown that you can pass an exam or two on your own while working (you may not have yet, but I would hold off on applying until you have at least one).
Alternatively, you could apply for positions now. But let them know up front that you are not looking for company exam support (either paying for exams or giving study time) until you have passed at least one exam on your own. That will show the companies that you are willing to put in the work on your own and that you have confidence you will succeed with it. Good luck!

[JMO Fan]

Pass and get out of regulation as fast as you can. Some industry folks don't consider regulation as relevant work. It certainly lacks some of the rigor of business (as well as the pay).

[Dr T Non-Fan]

Also, it depends on the university you were graduated from.
Being accepted to a high-standard university still holds some clout.
A 2.6 at the second-tier state school will require exams. The exams will show a commitment.

[Anonymous]

On 2001-11-09 11:51, JMO Fan wrote:
Pass and get out of regulation as fast as you can. Some industry folks don't consider regulation as relevant work. It certainly lacks some of the rigor of business (as well as the pay).



Thanks for your comments JMO Fan.
Does anyone else agree or disagree with any of this?

[E. Blackadder]

Maybe some people don't think much of regulation, but the regulations are the rules under which we work. If you work as an actuary and do pricing, research, or product development, your regulatory knowledge will serve you well. Possibly even for reserving.

[Anonymous]

To those who responded to "Career Advice" and mentioned they had a similar educational background/GPA in college (i.e. 2.6/4.0):

1. What was your college major?
2. How much calculus and statistics/probability did you take?

[Nanae7]

I just want to point out that the 100 and 110 exams are now Exam 1 just in case you didn't know. So I think having 1 exam will take you farther than it did back before the switch. And I think the employer will like the fact that you have an insurance background esp since most new grads(like me) have no insurance experience so they have to learn all that also.