Anyone here an actuary or plan on becoming one? How does it

>>1818852
I took the first three exams. It takes a lot of practice, and a good understanding of the material. It also helps to have taken a class for them, but you can pass without it.

CFA probably takes less time to acquire. There are only three exams (but they're twice as long). Actuaries need more exams to get the associate designation, and then even more to get the fellow designation. Also, CFA requires job experience in finance.

If you really want to compare them, just read on some actuary forums.

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>>1818852
Just took Exam FM yesterday. Preliminary pass. It was the hardest exam I have ever taken, but I'm only a high school senior, so of course I don't have too much experience. I should have studied more.

Look at the D.W. Simpson surveys. A lot of $$$$.
https://www.dwsimpson.com/salary

>>1818917
I read through a few. The "averages" for the CFA salaries were all over the place. Some were saying 150k plus while others said around 80k. I make about 70k right now so 80k more isn't really appealing to me. I really just want a moderately low stress job where I don't feel like I'm under constant deadlines but still get paid well. I figured one of these might allow for more options without getting into more debt for an MBA.

How much are making if you don't mind me asking?

>>1818925
So 80k salary isn't really appealing***

I'll take 80k more on my salary....

>>1818924
What makes it difficult?

>>1818938
You have to memorize everything. Yet, the questions require an good understanding of the topics (you need to do more than just rote memorization).

I didn't study as much as I should have (I only started doing practice problems two weeks before the exam).

Also, its important to develop efficiency in solving the problems. If I didn't take the time to learn to calculate annuities on my BA-ii Plus rather than use the formula on my Multi-view, I would have been much more strapped for time.

>>1818938
Also, what do you work in now? College major (if any)?

>>1818954
I'm currently a business analyst with a finance degree. Pretty much death by ad hoc reporting.

>>1818963
Why not sign up for Exam FM ($225) and try it out? Also, look at Actuarial Outpost and r/Actuary. You likely have an easier time getting answers there.

>>1818925
I'm a NEET, taking exams to improve my resume

>>1818998
Goals? Also, why NEET? McDonald's not hiring?

>>1819005
Goals? None basically.I'm aiming too high probably.

>>1818852
Its tough to break into the field if you have irrelevant experience. I'm a software engineer at the moment but I took and passed the first three actuary exams because I wanted a career switch. Unfortunately its been extremely difficult for me to even land an interview. Recruiters have told me I'm over-qualified for entry level roles but under-qualified for anything higher than that so I'm an unattractive candidate.

If this is a path that you are starting out on while you're still in college things should be a little easier. As long as you land internship experience and pass 2-3 exams you should be set for an entry level job.

>>1819015
Not even trying to get an EL actuary job? Also, any college degree?

>>1819025
I've been out of the job market too long to get a chance. I really just need to do an internship. The market is really competitive, and I have literally no actuarial experience.

I have a bachelors and a masters.

>>1818965
Thanks, I'll take a look

>>1819024
That's my situation but you probably make more than me now. What you're saying is that you'll have to start at entry level?

>>1819042
I've heard from the more experienced, that the entry level market is saturated because of all of the "Actuary is the greatest career in human history" articles and the like. Also, passing the first two exams only requires Calc. I and enough time.

Yet, the upper levels are much better due to burn out or unsuccessful ELs. There are about 20931 fellows and 12499 associates.

Although this is all second-hand knowledge. Check out the other actuary sites in the previous post.

Sources:
http://www.casact.org/about/memstat/MemberStats2015.pdf
https://www.soa.org/about/total-membership/

>>1819045
Yeah basically since I don't have any experience relevant to pricing policies, I'm mostly qualified for an entry-level position.

Like >>1819068 has said, the entry-level market is pretty saturated. And for those positions they prefer to have someone fresh out of college. I think it doesn't help that my salary expectations are probably in the mid to upper range for what an entry-level candidate will normally receive.

>>1819111
How do you circumvent the entry level positions? I mean being a software developer has to have some merit.

>>1819333
Internships probably. It also helps if you have some experience in insurance or statistics. Big data, for example.

>>1819478
To be honest, going the CFA route actually might be easier then....less tests, less competition and about the same pay.

Any CFAs currently reading this thread?

I was training to be an Actuary in Bongland, A company hired me at £35,000 to work 4 days a week, and the 5th day they helped me with studying. Having a Masters in Maths meant the exams weren't too bad mostly but it's just the dullest thing ever so i quit.

>>1819485
There used to be a CFA hedge fund guy who visited /pol/ occasionally. He hasn't been around in a long time, though.

Also, the CFA exams are more expensive, but they apparently include some study materials. Depending on the quality of the study materials, it might be a wash.

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>>1819485
>about the same pay
wew lad

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>>1819607

I'm glad you took the time to make that. Point taken. Some sites I was reading were showing 150k median/average. Anyways, it would make more sense for an actuary to make more money. Seems more difficult.

>>1819501
How difficult is the math? Calculus was as far as I got and I did okay with it. Definitely not a math genius. Finance math is pretty easy.

>>1819630
Black-Scholes gets into partial differential equations. There's also some random processes. You don't need a deep understanding to pass the exams, because the testing isn't very deep into that stuff.

You'll need a decent understanding of statistics and probability though. If you don't have that, you'll need to study.

>>1818925

When they say 150k they usually mean total pay.
When they say 80k they only mean base salary.

Starting salaries are around 80k and go up to 110k+ after 3 years of experience.

>>1819650
I've work with the black-Scholes model a little. Had to learn it to understand options. Thank you.

>>1820791
150k salary sounds great to me.

So would taking the first two exams be worth a try? I was reading that Exam P is designed to weed people out early. Pretty sure I can pass it.

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>>1820894
Yes, try some exams. Make sure to study a lot and get some study suggestions from Actuarial Outpost and the like.

I am personally taking Exam P in early May. Exam FM wasn't too bad, as long as you understand the material and do a lot of problems. I use Finan's manuals for these exams:

Exam P:
http://faculty.atu.edu/mfinan/actuarieshall/Pbook.pdf

Exam FM:
http://faculty.atu.edu/mfinan/actuarieshall/mainf.pdf

>Pic. Related
Identify or Brainlet.

What's the difference from one to the other, job wise?

>>1821014
Thanks again man, downloaded.

>>1821530
From my understanding actuary jobs are more specialized and require tougher math as you're dealing mostly with risk. CFA is more broad but most jobs are related to finance/investments.

I could be talking out of my ass though

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>>1819650
>>1819111
>>1822767
Did you hear about the new exams for SOA? They are adding two more next year for new ASA's for a total of seven pre-FSA exams.

The CAS is switching one exam and adding a new one to accommodate the removal of Exam C. These exams are for ACAS's with no difference in the total number of exams.

Pic. Related.