When, if ever, is a PhD worth it? I want to get a PhD in Statistics

>>1443450
A PhD is worth it if it pays out more then it costs (preferably substantially) over the long haul. I understand the argument that some people arent going to college to get a good job, but if you want to just learn stuff, buying cheap books and going to a library is a much less expensive way to educate yourself.

>>1443450
What's your plan with the actuary exams?

One of my math professors sat for all of the exams in the 80s-90s, never worked for a company. He simply got his phd and worked as a professor teaching statistics.

I'm sitting for FM2 tomorrow. I've got a company lined up as well. Can shoot you some advice

The PhD won't help you as an actuary, because the exams are all they care about. The work itself doesn't even use much stats; the exams are artificially difficult to keep barriers to entry high. Lower supply of actuaries means they get higher salaries than what their productivity is actually worth. Their legally enforced signing power keeps the scam alive.
Source:I've written 3 actuarial exams and now doing my MSc in math for finance.

>>1443450
Do you understand what a PhD represents?

Do you pretty much have to be a genius to be an actuary?

>>1443471
>exams are artificially difficult to keep barriers to entry high
I'm guessing this only applies to the 2nd and 3rd sets of exams? I've been reading over past core-technical exams (Probability, models, financial mathematics etc) and they're easy as hell. Like I'd finish them in an hour with 100%.

>>1443525
They're meant to be hard for business majors.

>>1443536
Oh, right. I was confused because everyone always says how difficult they are. It really just seems like basic knowledge someone working with money should know though.

I do imagine the more advanced exams will be difficult though.

Question since I have you here, how many exams should I have to get hired as a junior actuary? And which exams should I prioritise? I was planning on doing Financial Math and Probability next year during my Masters Part 2.

>>1443578
Do P and FM first, and then the others in any order. How many exams you need before getting hired depends on your local job market, but generally you need at least 2. Here in Canada where the market is more saturated, 3-5 can be normal. However, do not do more than 5 or you will be overqualified.

>>1443581
Alright thanks a lot for the advice mate. Do you have any advice about what I should expect salary wise?

I know juniour actuaries normally get paid study leave, but just base salary what should I expect with 2-5 exams done?

I know it will be slightly lower in NZ, but what would you expect in Canada?

>>1443587
Here the pay starts at 50-60k CAD and generally increases based on how many exams are written, and a fellow starts at 100k+

>>1443450
According to the BLS, you only need to have e bachelors degree. I'm interested in this field and a counselor stated that you actually don't even need a degree. It only matters if you pass the exams. The exams require insane hours for studying though, GL

PhD is pretty much always worth it unless you're doing the equivalent of getting a degree to work at McDonalds, in which case what the fuck are you doing?

>>1443471
What do you plan on doing with the MSc in the finance field?

>>1443596
My MSc thesis is using stochastic control to find optimal algorithmic trading strategies. I hope to get a job working at a bank doing quantitative analysis, and if that doesn't work out then I can always become a data scientist

>>1443602
That's interesting. Is that similar to a MFE? Also, is a data scientist another title for statistician? Correct me if I'm wrong.

>>1443602
Interesting, my research interest is also in Stochastic Processes. My PhD would likely be very similar to your area of research.

OP dont be dumb. A phd makes you do specialised research. If you actually enjoy it or want to go in to acadmeia then fine but it is 0 % necessary for any job.

Shitloads of people become actuaries without even maths degrees. Just do the basic fucking research ffs.

I could barely bother posting this because I see it on /biz/ so much. This blind belief that phds lead to huge money. Newsflash m80s, whether youre at an investment bank or actuaries, the highest paid people will be using soft skills. Technical skills are just a threshhold you pass to get your foot in the door. Bullshit is at the centre of literally everything.

>>1443632
An MFE is usually a one year program, with no research component, that's meant to get you a job as a quant analyst. I'm doing a Thesis-based Masters of math that takes 2 years like most traditional Masters programs do.

A data scientist is a marketing term for an statistician who works in the private sector.

>>1443739
Wow, you must really love math lol. Thanks for clearing that up anon. I'm just lost in life as to what I should do. I was thinking of actuarial/statistics, but I'm not sure. Actuaries are paid very well here.

>>1443450
I'm gonna pursue a PhD in Particle Physics
How fucked am I?

>>1443461

Pro tip: you get paid to do a PhD. I make 35k/yr doing mine.

>>1444354
>Implying you can make it.

A PhD is most useful is you want to go into Academia. If you want to spend your life making videogames in your basement, it wouldn't be the best idea to get a PhD.