Career Questions for Experienced Actuaries

[goskins202]

Greetings, I am new to this forum and I wanted to get advice from some actuaries with real-life experience. First, some background info, feel free to skip it if you want:

I just graduated in May with a B.S. in astronomy and minor in mathematics. Through experience and dealings with people in the astronomy department I had decided that sitting up late at night at an observatory and crunching data wasn’t for me. Without many options prior to graduation, I stumbled across the actuarial field quite accidentally. A high school friend knew about the field and mentioned it to me. After some research it seems like the perfect career path for me! The self-study, structured exam advancements, cushy positions, and high starting salary seem like a match made in heaven.

In April, on a whim, I took the exam 1/P and scored a 9!! I thought these exams were supposed to be hard!! Barrier to entry? Hardly. I then set up an informational phone interview with a retired actuary in my area. She was very helpful and answered a lot of my basic questions. Obviously, I continue to develop questions.

Here are a few questions that I think can be answered quite easily and for which a cursory search was not immediately helpful:

What are the differences in types of work between CAS and SOA work? Why are there so many fewer CAS fellows than SOA? Is one better/harder than the other? From looking at DWS salary data, it looks like CAS is paid higher. Is this just a function of low supply? Why is supply lower?

What percentage of actuaries are socially awkward? The lady I spoke with on the phone seemed a bit awkward, though helpful. People I met at school studying actuarial science seemed like either giant nerds, giant tools, or some combination of both. Are actuaries respected in the industry? Do potential employers value communication over quantitative skill, vice versa, or a balance? Without having met many actuaries and no field experience, I feel like I can write my ticket in terms of communication and personality.

It seems like cold calling the actuary directory is the best way to pursue unlisted job opportunities. What are the chances for someone like myself with a passed exam and no actuary internship? I fear study materials and exam fees are a bit prohibitive without company-sponsored exam support. Should I continue to purchase materials and study for Exam 2, or should I aggressively pursue employment and push those costs onto my employer? Would an employer reimburse for materials and exam fees retroactively after hire?

What about the job market? Are fresh graduates having difficulties in attaining entry level employment? Are the difficulties geographic, supply/demand related, economy related, or is it just the socially awkward people that are getting held on the sidelines for many months? I presume that the star candidates, and I think that I am one, are still getting picked off quickly. Is there a trend toward overabundance of nerdy, listless candidates who didn’t know what else to do with their math degree?

Is entry-level pay based primarily on passed exams? When I get an entry level offer, is it customary to negotiate salary/benefits? A search seemed to indicate against this, but I have a hard time believing it. Who wouldn’t negotiate a salary? This may relate to the socially awkward stigma I suppose.

Lastly, what are your favorite parts of being an actuary? What qualities make a successful actuary? And would you hire someone of my background?

Thanks in advance and cheers!!

[lucas_m]

Originally Posted by goskins202

Greetings, I am new to this forum and I wanted to get advice from some actuaries with real-life experience. First, some background info, feel free to skip it if you want:

I just graduated in May with a B.S. in astronomy and minor in mathematics. Through experience and dealings with people in the astronomy department I had decided that sitting up late at night at an observatory and crunching data wasn’t for me. Without many options prior to graduation, I stumbled across the actuarial field quite accidentally. A high school friend knew about the field and mentioned it to me. After some research it seems like the perfect career path for me! The self-study, structured exam advancements, cushy positions, and high starting salary seem like a match made in heaven.

In April, on a whim, I took the exam 1/P and scored a 9!! I thought these exams were supposed to be hard!! Barrier to entry? Hardly. I then set up an informational phone interview with a retired actuary in my area. She was very helpful and answered a lot of my basic questions. Obviously, I continue to develop questions.

Here are a few questions that I think can be answered quite easily and for which a cursory search was not immediately helpful:

What are the differences in types of work between CAS and SOA work? Why are there so many fewer CAS fellows than SOA? Is one better/harder than the other? From looking at DWS salary data, it looks like CAS is paid higher. Is this just a function of low supply? Why is supply lower?

What percentage of actuaries are socially awkward? The lady I spoke with on the phone seemed a bit awkward, though helpful. People I met at school studying actuarial science seemed like either giant nerds, giant tools, or some combination of both. Are actuaries respected in the industry? Do potential employers value communication over quantitative skill, vice versa, or a balance? Without having met many actuaries and no field experience, I feel like I can write my ticket in terms of communication and personality.

It seems like cold calling the actuary directory is the best way to pursue unlisted job opportunities. What are the chances for someone like myself with a passed exam and no actuary internship? I fear study materials and exam fees are a bit prohibitive without company-sponsored exam support. Should I continue to purchase materials and study for Exam 2, or should I aggressively pursue employment and push those costs onto my employer? Would an employer reimburse for materials and exam fees retroactively after hire?

What about the job market? Are fresh graduates having difficulties in attaining entry level employment? Are the difficulties geographic, supply/demand related, economy related, or is it just the socially awkward people that are getting held on the sidelines for many months? I presume that the star candidates, and I think that I am one, are still getting picked off quickly. Is there a trend toward overabundance of nerdy, listless candidates who didn’t know what else to do with their math degree?

Is entry-level pay based primarily on passed exams? When I get an entry level offer, is it customary to negotiate salary/benefits? A search seemed to indicate against this, but I have a hard time believing it. Who wouldn’t negotiate a salary? This may relate to the socially awkward stigma I suppose.

Lastly, what are your favorite parts of being an actuary? What qualities make a successful actuary? And would you hire someone of my background?

Thanks in advance and cheers!!

Try to pass more exams and get back to us. P is one of the easiest exam right now.

[CSMajor]

Originally Posted by goskins202

Greetings, I am new to this forum and I wanted to get advice from some actuaries with real-life experience. First, some background info, feel free to skip it if you want:

<snip>

Use the search, get over yourself.

[Mr. Micro]

Hahaha. Are there really people like this?

[arf3430]

Originally Posted by goskins202

In April, on a whim, I took the exam 1/P and scored a 9!!

In April, I took the exam 1/P and scored a 10!!! BOOM!!!

[DefTones]

Definitely trolling . . .

[CantGoogleMe]

Originally Posted by lucas_m

Try to pass more exams and get back to us. P is one of the easiest exam right now.

This is not true.

[Enough Exams Already]

Originally Posted by goskins202

Greetings, I am new to this forum and I wanted to get advice from some actuaries with real-life experience. First, some background info, feel free to skip it if you want:

I just graduated in May with a B.S. in astronomy and minor in mathematics. Through experience and dealings with people in the astronomy department I had decided that sitting up late at night at an observatory and crunching data wasn’t for me. Without many options prior to graduation, I stumbled across the actuarial field quite accidentally. A high school friend knew about the field and mentioned it to me. After some research it seems like the perfect career path for me! The self-study, structured exam advancements, cushy positions, and high starting salary seem like a match made in heaven.

In April, on a whim, I took the exam 1/P and scored a 9!! I thought these exams were supposed to be hard!! Barrier to entry? Hardly. I then set up an informational phone interview with a retired actuary in my area. She was very helpful and answered a lot of my basic questions. Obviously, I continue to develop questions.

Exam P is nothing; go look at the FETE, ILA-CSP-IU or EA exams, and see how easy you think they are.

Originally Posted by goskins202

Here are a few questions that I think can be answered quite easily and for which a cursory search was not immediately helpful:

What are the differences in types of work between CAS and SOA work? Why are there so many fewer CAS fellows than SOA? Is one better/harder than the other? From looking at DWS salary data, it looks like CAS is paid higher. Is this just a function of low supply? Why is supply lower?

CAS actuaries work on casualty insurance. SOA actuaries work on life and health insurance, annuities and pensions. Check out www.beanactuary.com for further details.

As for better/harder...they're not directly comparable that way. Some find one harder than the other. Some find one better thant he other. In the end, water finds its own level.

Originally Posted by goskins202

What percentage of actuaries are socially awkward? The lady I spoke with on the phone seemed a bit awkward, though helpful. People I met at school studying actuarial science seemed like either giant nerds, giant tools, or some combination of both. Are actuaries respected in the industry? Do potential employers value communication over quantitative skill, vice versa, or a balance? Without having met many actuaries and no field experience, I feel like I can write my ticket in terms of communication and personality.

Insulting people whose help you're asking for...is that an example of your communication skills, there, Skippy?

We're respected in our industry, and not as respected outside our industry. Communication skills are always useful, and the longer you're here, the more useful they become. As far as writing your own ticket....we'll see.

Originally Posted by goskins202

It seems like cold calling the actuary directory is the best way to pursue unlisted job opportunities. What are the chances for someone like myself with a passed exam and no actuary internship? I fear study materials and exam fees are a bit prohibitive without company-sponsored exam support. Should I continue to purchase materials and study for Exam 2, or should I aggressively pursue employment and push those costs onto my employer? Would an employer reimburse for materials and exam fees retroactively after hire?

Between none and barely any. There are experienced people out of work, as well as entry-level grads with two internships and four exams competing for the same jobs. Not to put too fine a point on it, but one exam and no internship ain't gonna do it.

Pass a few exams, and then get back to us. I strongly doubt anyone will pay for exams retroactively.

Originally Posted by goskins202

What about the job market? Are fresh graduates having difficulties in attaining entry level employment? Are the difficulties geographic, supply/demand related, economy related, or is it just the socially awkward people that are getting held on the sidelines for many months? I presume that the star candidates, and I think that I am one, are still getting picked off quickly. Is there a trend toward overabundance of nerdy, listless candidates who didn’t know what else to do with their math degree?

See above. And one exam doesn't make you a "star". Lots of people get a 10 on exam P, and then hit the wall later on.

Originally Posted by goskins202

Is entry-level pay based primarily on passed exams? When I get an entry level offer, is it customary to negotiate salary/benefits? A search seemed to indicate against this, but I have a hard time believing it. Who wouldn’t negotiate a salary? This may relate to the socially awkward stigma I suppose.

Salaries generally depend on exams, experience, and particular skills in need that you bring to the table. Feel free to try to negotiate. We'll see how well it works.

Originally Posted by goskins202

Lastly, what are your favorite parts of being an actuary? What qualities make a successful actuary? And would you hire someone of my background?

Thanks in advance and cheers!!

Not unless you had more exams and possibly an internship.

[StaceyMonkey]

Originally Posted by goskins202

I just graduated in May...

...The self-study, structured exam advancements, cushy positions, and high starting salary seem like a match made in heaven...

...In April, on a whim, I took the exam 1/P and scored a 9!! I thought these exams were supposed to be hard!! Barrier to entry? Hardly...

On behalf of my generation, I apologize for this guy.

[eagles418]

I am offically passing my thrown off to this guy: goskins202