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Is anyone here an actuary, or know an actuary?
I've been thinking again. I don't know how you become an actuary in the United Kingdom, but here (United States and Canada) it works something like this:
To become an Associate with the Society of Actuaries, you need to pass the 4 core tests (1, 2, 3, and 4), and pass 2 of the last four (5, 6, 7, 8). I think you may need to pass a professionalism test and some others, but these 8 tests are hardcore.
Tests 1 - 4 are 4 hours each. Test 5 is 5 hours, 25 minutes, and test 8 is 6.5 hours.
The tests are hard. Very hard. Usually, they only let the top 40% pass.
Anyways, I think I'm going to persue this in addition to my current university programs. Why? Well, it will make me more qualified. Some of the courses I've taken overlap with the tests, for example:
Test 1 is basically calculus from years 1 and 2 in university, and probability theory from year 2. I can do that.
Test 2 is basically economics (micro and macro), interest, and finance. I can do all of that, except finance.
Tests needn't be taken in any specific order. You can retake them as many times as you want. Once completed, they never expire.
I don't know if I want to complete all 8 tests. My goal is to complete enough so I can get the professional designation SOA (Society of Actuaries).
Does anyone have any experience in actuarial sciences? What do you guys think? Is actuarial science a worthwhile persuit, seeing I'm in math and business already. I think it would make an excellent combination with a CA (or perhaps a CGA, CMA) designation.
The bonus here is that unlike other professionals, you can actually work while you study. If I can pass two tests a year (this will take a _lot_ of studying because the rule is, for every hour of the test, study 100 to 150 hours), I can be an actuary in 4 years or so. Provided I don't fail. AND, it doesn't require dedicated time. I can do it on my own at nights, and take electives in university geared towards the actuarial sciences.
My university does have a program B. Math in Actuarial Science, but I'm not going to go that route. First, I'm already third year and my major in my degree (bachelor in mathematics, honors level) is combinatorics and optimization. I feel that if one persues the actuarial science major, you will perhaps get your SOA exam qualifications easier, but, you end up with only that: actuarial science, whereas, doing it the way I'm doing requires more work, but you actually end up with more.
Any thoughts on this matter would be appreciated. (relating to actuaries)
A person professionally trained in the technical aspects of insurance, particularly in the mathematics of insurance, such as calculating premiums and proper Fund reserves. Actuaries assist in estimating the cost of implementing new benefits or changing existing benefits.
So a insurance salesman :D
Just kidding :p:;)
Oh ok...do we have any in this country?
Oh ok...do we have any in this country?
think so, but its a title within a job i think. Not something the general public would know about.
paulyoung666
17-07-2004, 18:18
What's an actuary?
you beat me to it :confused:
jerrek , what is wrong with doing whatever it is in the good old us of a or canada :erm:
/hits himself
Yes. Many people ask that question. I should have explained. Sorry... Here is a little bit from the Society of Actuaries homepage:
What is an Actuary?
An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur.
Actuaries are an important part of the management team of the companies that employ them. Their work requires a combination of strong analytical skills, business knowledge and understanding of human behavior to design and manage programs that control risk.
SOA members work in life insurance, retirement systems, health benefit systems, financial and investment management and other emerging areas of practice. The majority of actuaries work within the insurance industry, although a growing number of actuaries work in other fields.
you beat me to it :confused:
jerrek , what is wrong with doing whatever it is in the good old us of a or canada :erm:
Think he justs wants to know how we do it. I reakon googling it would be the best option. Its not soomething us lot seem to know about
Yo guys, yes, look:
Faculty and Institute of Actuaries (UK)
http://www.actuaries.org.uk/Display_Page.cgi?url=/index.html
paulyoung666
17-07-2004, 18:23
Think he justs wants to know how we do it. I reakon googling it would be the best option. Its not soomething us lot seem to know about
i get the feeling it is called something else over here, not sure what but deffo something else :erm:
No, you guys most definitely have actuaries. *frown* Although looking at the statistics page, only about 15,000 actuaries in the United Kingdom. That really isn't a lot.
It not a term people will know unless they are in the feild i reakon
paulyoung666
17-07-2004, 18:33
No, you guys most definitely have actuaries. *frown* Although looking at the statistics page, only about 15,000 actuaries in the United Kingdom. That really isn't a lot.
sorry but your point is about the amount ??????????? , excuse me but i dont get this at all , i thought you were going to work for microsoft or summat :confused:
Hmm, odd. I thought you guys would be a little more familiar with the profession.
On the other hand, after rechecking something, 15,000 is a lot. There are only 14,000 actuaries in North America, 3,000 of which is in Canada. This is excluding students. (You guys have 7,000 actuaries, excluding students)
Hmm, I wonder why the numbers are so low. The profession is interesting, but the work can be monotonous.
sorry but your point is about the amount ??????????? , excuse me but i dont get this at all , i thought you were going to work for microsoft or summat :confused:
Perhaps. I have worked for a great many companies (thanks to co-op) in many industries. But, I'm still in school. Education is important now. ;)
paulyoung666
17-07-2004, 18:37
Perhaps. I have worked for a great many companies (thanks to co-op) in many industries. But, I'm still in school. Education is important now. ;)
the next bill gates in the making then :erm:
its low because it is a very unique Job, its a job within a profession i reakon. Its not something people know about or have contact with
I guess an 'Actuary' is not something we really need or find important in the UK :shrug:
When why pay them $80,000 to $350,000? :)
They don't get paid in dollars if they are UK based, and if they really were that required, I'm sure there'd be more of them and the profession would be more well-known.
I converted to pounds because I don't have the poundy symbol and you guys have it if I write UK$.
The demand for actuaries is unreal. There is a severe shortage of them, hence they pay.
http://www.hayspersonnel.com/uk/index.jsp?Channel=insfin&Content=/uk/jobseekers/insfin/actuarial-instincts.htm
"In England, salaries for nearly and newly qualified candidates are £10-15,000 higher than in Scotland."
"However, the market for actuaries in the West Midlands is extremely tight. According to Alastair McLeish, partner at KPMG Pensions, Birmingham, 'Although there is universal demand for qualified actuaries, the region is experiencing extreme difficulty in recruiting the right candidates †“ so much so that there's more of an emphasis on training staff.' This paints a typical picture †“ those employers who are solving skills shortages are doing so by 'upskilling' existing workforces."
"For example, a newly qualified life actuary in the UK could expect to earn £50,000 plus benefits. "
http://www.delni.gov.uk/docs/careerdocs/ACF2A46.pdf
"Opportunities for actuaries are many and varied. There is a continuing strong demand for actuaries and earnings in the actuarial profession have consistently compared well with those of other professions."
There is great demand in the UK it seems. :)
paulyoung666
17-07-2004, 19:58
excuse me , you seem to know so much yet you are asking ppl who know f@ck all about it , i hope this isnt another boast thread :erm:
I doubt it is a boast thread after alll you got to actually have something to boast about. Jerrek is asking about doing the course so he hasnt done anything?,He is just asking for help not boasting
I guess an 'Actuary' is not something we really need or find important in the UK :shrug:We have thousands of them, have had for hundreds of years, and when you are old enough or sensible enough to think about or worry about a pension you will soon know all about actuaries. They make important decisions that affect everyone who has a pension. Taking into account, life expectancy, future interest rates and macro economic trends etc. In effect they decide how much your pension will be, or not as is the case at the moment. :(
PS. Jerrek, an excellent career choice, you will never be out of work as an Actuary.
its low because it is a very unique Job, its a job within a profession i reakon. Its not something people know about or have contact with
No it is a very specific and important job in its own right. In the not to distant future, (believe me it comes quicker than you think) you will be dramatically effected by the work of Actuaries.
*frown* No I don't know a lot about them. Hence, I'm asking if there are any actuaries here. I'm looking for more first-hand information from people that either know actuaries, or are actuaries themselves. I don't think I want to be an actuary, but it would be a useful qualification I think. I'm looking for thoughts and opinions, nothing more.
*frown* No I don't know a lot about them. Hence, I'm asking if there are any actuaries here. I'm looking for more first-hand information from people that either know actuaries, or are actuaries themselves. I don't think I want to be an actuary, but it would be a useful qualification I think. I'm looking for thoughts and opinions, nothing more.With only 15,00 in the UK, the chances of anyone on this forum with under 5000 members being an actuary is very slight. As a nation we do have a rather poor record when it comes to personal pension provision so it is not suprising that many people are unaware of actuaries and their functions.
As you say, a very good string to your bow all the same.
Yes you're right. I didn't know the numbers of actuaries until I were googling around after most people responded with a "eh?"
Thanks for the information. :)
Yes you're right. I didn't know the numbers of actuaries until I were googling around after most people responded with a "eh?"
Thanks for the information. :)If you really want some info, I play squash with a person who is the General Manager of the CIS. (Co-Operative Insurance Society) . I could always ask him if any of his companies actuaries would be willing to give you some background info.
Thank you. I will think about it. I don't want to cause too much of a bother though.
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