New guy switching to Actuary field

[kc286496]

Hello, all. I'm a 26 year-old planning to dive into the Actuarial Sciences field and I'm just looking for a little knowledge from anyone who has made the switch after being far removed from college. I graduated four years ago with a degree in SPORT INDUSTRY!! I have always had a passion for math, specifically Calculus. I was just too lazy and undisciplined when I was younger to put the time and effort in that it required to learn mathematics at a very high level. I had a 690 Math SAT and tested out of the first college Calculus section. I took two more Calculus courses before quitting math altogether. I did take a basic Prob & Stats course in college as well. Anyhow, I guess I'm a little nervous about being able to self-teach myself. I'm not planning on taking the first exam until November, so that gives me plenty of time. I'm actually going to go all the way back to Algebra and Pre-Calculus over the next month, just to get my brain back in the problem-solving mode. Then I can really hit Calculus and Stats hard this summer, before gearing up for the exam in the fall.

Has anyone else on here taken this route? If so, your advice and encouragement is appreciated. It is really quite something to read the posts on this site. The cameraderie among Actuaries is something that has definitely attracted me to this profession.

In regards to the exam itself, I've seen that the pass rate is usually somewhere around 35% or so. My question is this: for those who do not pass the first exam on the first try, what is typically the #1 reason? Are these college kids who don't put in the time and preparation? People who were in over their heads intellectually? If I legitimately put in my 300 hours of studying in the months leading up to the exam, is there any reason that I shouldn't expect to pass?

Sorry so long, thanks for your input in advance...

[2M]

Being in a different career and far removed from college, you would need to show that you can pass exams to have a realistic chance of getting an interview.

My first actuarial job was 10 years after college so, it can be done.

[2M]

Originally Posted by kc286496

In regards to the exam itself, I've seen that the pass rate is usually somewhere around 35% or so. My question is this: for those who do not pass the first exam on the first try, what is typically the #1 reason? Are these college kids who don't put in the time and preparation? People who were in over their heads intellectually? If I legitimately put in my 300 hours of studying in the months leading up to the exam, is there any reason that I shouldn't expect to pass?

Sorry so long, thanks for your input in advance...

These exams are difficult. People can put 100's of hours in on prep time and still not pass. On the other hand people might only study for 100 hours and pass the first time. It depends on the person.

300 hours doesn't guarantee a pass. It gives you a reasonable opportunity, depending on how you used the 300 hours.

[Wannabe Actuary]

Originally Posted by [b

kc286496[/b]]

In regards to the exam itself, I've seen that the pass rate is usually somewhere around 35% or so. My question is this: for those who do not pass the first exam on the first try, what is typically the #1 reason? Are these college kids who don't put in the time and preparation? People who were in over their heads intellectually? If I legitimately put in my 300 hours of studying in the months leading up to the exam, is there any reason that I shouldn't expect to pass?

Sorry so long, thanks for your input in advance...

Some are, but if that were the case you would see pass rates jump considerably after the first few, as I doubt there are many college students randomly taking course 5 or 6, etc...

They're hard. Plan a day by day study schedule with hours and what material you want to cover. Stick to it. Leave plenty of time to work old exams and do TONS of practice problems. Check the SOA for the old exams and the course syllabus, that way you know what material you need to cover before you start studying unneeded material. Invest in a study manual and the books.

Put in the time, and you should be fine. But keep in mind basic expected value....if the pass rate is 33%, you should expect to see people taking it 3 times in order to pass, and therefore be happy if it only takes you one or two.

[kc286496]

Thanks, 2M. What if I score an 8 or so on the first exam? Should I immediately start looking for interviews? Or is it still that much more desirable to have passed two exams before seeking employment? It would sure be nice to have a job where they permitted me to prepare for my exams during business hours...

[Wannabe Actuary]

Originally Posted by kc286496

Thanks, 2M. What if I score an 8 or so on the first exam? Should I immediately start looking for interviews? Or is it still that much more desirable to have passed two exams before seeking employment? It would sure be nice to have a job where they permitted me to prepare for my exams during business hours...

I'd say get at least 2. Most college students are coming out of school now with a degree in the field, one or two exams (in some cases more) and an internship (or two). You're competing with them for a job, so you need to be competitive.

You'll quickly learn that scores on an exam mean nothing. A 6 = PASS = 10. In some cases too, boasting your score comes off as trying to say "I deserve this job because I scored well." Doesn't go over well with many employers. Generally what I've read on this board is that unless they ask for your score, it's better just to say PASS on your resume.

[DW Simpson]

1 exam is often sufficient if you are a US citizen or permanent resident looking in the US, and are somewhat local, while 2 may open more doors.

Do a search ( http://actuary.ca/actuarial_discussi...um/search.php? ) for "career changer" / "career changers" which may give you some insight into how others have progressed.

[2M]

How many exams you need depends on the conditions of the market after you pass your first one.

At the point that you pass, contact an actuarial recruiter and discuss this with them. They should be able to let you know what the market is like and be able to direct you from there.

[3rookie]

When I was 7 years out of college, I had a job where I made my own schedule but was not challenged mentally. I picked up my calc book and read it (off and on). The next year, I got married and decided to look into the actuarial profession -- I had 2 friends in college who went this route. They told me to pass at least one exam before looking for work in the field. So I bought the Gharamani Probability book and taught myself calculus-based probability. Chapters 1-3 were familiar, but I had never seen chapters 4-10 before. I also purchased the Actex Course 1 Study Manual. Learning this material took a long time, but I had the free time to put in the hours, doing every problem in the study guide.

As I neared the exam date, I took the Sample exam and the exam from the previous sitting under test conditions. I got around 50% on both, and did not guess at the 6-8 questions out of 40 that I had no clue how to do. Not knowing anything about the grading of the exam, I believed I had no chance to pass. After I took exam 1, I felt I did better than the practice ones that I had taken, but still not good enough to get 70%. Well I passed got a job shortly thereafter, and afterwards learned that 60% on the multiple choice exams gives you a great shot at passing -- the exams are just that difficult for almost everyone. If I had failed, I'm not sure that I would have taken it again. I now have exams 1-6 with a couple of failures in between, and no regrets.

I suggest that you look in the course 1 (or whatever it's called now) thread to see what study manual(s) to get. If you put in the quality time, you will have a shot at passing. That's all you can do. And there will be many problems on the exam that you have no idea how to do. Just make a guess and turn the page to start a new problem. Some people will be more prepared than you, since they are still in school and studying this material in class, and some unprepared others will be crushed by the exam. Good luck.

[2M]

Originally Posted by kc286496

Thanks, 2M. What if I score an 8 or so on the first exam? Should I immediately start looking for interviews? Or is it still that much more desirable to have passed two exams before seeking employment? It would sure be nice to have a job where they permitted me to prepare for my exams during business hours...

When you are selling your desire to be an actuary to an interviewer and all you have is exams, if you get an 8 on the first exam, that is a definite selling point. Once you get your first exam, start looking.

Good luck.