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  #11  
Old 12-27-2018, 11:08 AM
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We've got more people who have stopped taking exams at my company than we have actuaries. Yeah, it definitely changes the paths they can take in the company, but there are still roles and paths.
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  #12  
Old 12-27-2018, 11:56 AM
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Quote:
Originally Posted by Marcie View Post
I numbered your questions for clarity.

1. There are a bunch of people at my office who don't have at least ASA/ACAS who are managers, directors, or officers. Believe it or not, some of the leaders, even senior leaders, have never passed, or in some cases even taken, an actuarial exam!

2. I know people who have switched fields into insurance who are managers/officers at my office, and others who have switched from insurance to another field who were successful in their new field. Some of them had some actuarial exams, others have not.

3. I stopped passing exams about a decade ago and no one has shown me the door yet. Granted, there were no more exams in my track to take, so....
I agree with all of these, but want to add a little detail:

1) Most of our claims, legal, underwriting, HR, investment, accounting, etc. senior executives have never taken an actuarial exam. No one advances in the actuarial track without at least an associateship, though.

2) Yes, people who switch fields, in or out of insurance, in or out of actuarial, can be successful. Some are, some aren't.

3) If you stop taking actuarial exams without at least an associateship you will likely be forced to remove yourself from the actuarial track. Common choices at that point are either to become a non-actuarial analyst in an actuarial department (with limited upward potential, unless you resume passing exams without support, and get back into the program) or to become an underwriter, claims analyst, or data scientist. Some of those have a lot of upwards potential.
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  #13  
Old 12-27-2018, 12:03 PM
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I've known a good number of people who went from valuation to finance when they were no longer interested in actuarial, and most of them excelled there. Having an actuarial background is quite helpful there. Many of the CFO's I've met were previously valuation actuaries as well. I think it's a logical career progression if you want something different or more.
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  #14  
Old 12-27-2018, 12:22 PM
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Parks and RecROOation Parks and RecROOation is offline
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Originally Posted by 764dak View Post
Can you explain how an actuarial background helps with business planning?
Upper level exams. I can see how a lot of practice spewing out maximal verbiage while supplying negligible real value could be a huge leg up in business planning.
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  #15  
Old 12-27-2018, 01:41 PM
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Originally Posted by Parks and RecROOation View Post
Upper level exams. I can see how a lot of practice spewing out maximal verbiage while supplying negligible real value could be a huge leg up in business planning.
True for the actual exam. However, the upper level exams ground you in some pretty important topics. I find that they show up quite often and are implemented very similarly to how they are presented in the study materials.
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  #16  
Old 12-27-2018, 02:19 PM
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Originally Posted by The_Polymath View Post
This doesn't really happen in the UK. If you want to advance as an Actuary now, you need to be qualified. No ifs or buts about it. Talking about outliers does not do wonders for making a credible argument.
Well, sure, as an Actuary. But that wasn't specified in the OP, Mr Maths.
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  #17  
Old 12-28-2018, 07:25 AM
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Quote:
Originally Posted by 764dak View Post
Can you explain how an actuarial background helps with business planning?
It depends on what you have been doing in actuarial, and perhaps on whether you have studied for some of the later exams even if not actually passing them.

But you could have a much better idea of what actually adds value to a company: impact of lapse/renewal rates on customer/contract value; importance of underwriting and expense control etc. As opposed to just a concentration on sales/new business.
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  #18  
Old 12-28-2018, 12:27 PM
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Originally Posted by The_Polymath View Post
Talking about outliers does not do wonders for making a credible argument.
The question in the title asks "is it possible...". You certainly should not expect to have a successful career as an actuary without finishing the exams. In fact, you should expect that it will be quite difficult and unlikely to happen. But, yes it's possible, I know a few.

Anybody actually considering this, I recommend you start a new thread titled "where can I succeed with actuarial experience and skills but no letters?". Lots of options.

Quote:
Originally Posted by Kalium View Post
It depends on what you have been doing in actuarial, and perhaps on whether you have studied for some of the later exams even if not actually passing them.

But you could have a much better idea of what actually adds value to a company: impact of lapse/renewal rates on customer/contract value; importance of underwriting and expense control etc. As opposed to just a concentration on sales/new business.
Yeah, not exactly sure what "business planning" means to an individual company or person, but lots of strategic competitor analysis depends on understanding the assumptions underlying rates and uw policies that are in the market, obviously a background in pricing would be a nice leg up on that.
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  #19  
Old 01-04-2019, 05:38 PM
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No.

That was easy
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  #20  
Old 01-04-2019, 10:03 PM
JoshChicago JoshChicago is offline
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Should flip the question to "is it possible to have a good career WITH finishing the exams?"

A credential puts a ceiling on you lots of places - too many stereotypes keep actuaries out of the c-suite.
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