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What is the path for an actuary after college?

More schooling? Testing? Internship? #actuary #careerpath

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Jeff’s Answer

To answer each of your subquestions:

1. I don't think more schooling is necessary. I personally have a grad degree, but don't find that it gives me a whole lot of advantages. The job requires a lot of learning through the exam process that will cover what you need to know. And I think employers are mostly focused on the credentials and exam progress when comparing candidates rather than the degree they have. Having said that, it may have made those exams a bit easier for me having had the extra knowledge and experience through grad work.

2. I would actually recommend tests DURING college not after. I took one during college and found even that was not enough for most entry positions, and that was a decade ago. I think now it is good to at least have a couple under your belt before your first full-time position. I'd recommend 2 or 3. If you have too many it may actually work a bit against you since you will still be entry level, but based on exam progress, kind of calls for a higher salary than they may want to pay an entry-level employee.

3. An internship would be extremely helpful for both your opinion on if the career is something you do want to follow and for your resume. It's honestly hard to tell if the career is right for you without being able to get your hands dirty a bit. I know it's easier said than done to just go get an internship, but I would prioritize it highly. Many companies will flow their interns right into a full time job if all goes well.
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Ken’s Answer

The most important thing for you to do to determine your path to success as an actuary, is to get to know yourself better to find out how your personality traits will match with people who are successful in this broad field and then meet and talk to people who are doing what you think that you want to do to see what they do, how they got there, and see what advice and suggestions that they might have for you.


Getting to know yourself and how your personality traits relate to people involved in various career opportunities is very important in your decision making process. During my many years in Human Resources and College Recruiting, I ran across too many students who had skipped this very important step and ended up in a job situation which for which they were not well suited. Selecting a career area is like buying a pair of shoes. First you have to be properly fitted for the correct size, and then you need to try on and walk in the various shoe options to determine which is fits the best and is most comfortable for you to wear. Following are some important steps which I developed during my career which have been helpful to many .

Ken recommends the following next steps:

The first step is to take an interest and aptitude test and have it interpreted by your school counselor to see if you share the personality traits necessary to enter the field. You might want to do this again upon entry into college, as the interpretation might differ slightly due to the course offering of the school. However, do not wait until entering college, as the information from the test will help to determine the courses that you take in high school. Too many students, due to poor planning, end up paying for courses in college which they could have taken for free in high school.
Next, when you have the results of the testing, talk to the person at your high school and college who tracks and works with graduates to arrange to talk to, visit, and possibly shadow people doing what you think that you might want to do, so that you can get know what they are doing and how they got there. Here are some tips: ## http://www.wikihow.com/Network ## ## https://www.themuse.com/advice/nonawkward-ways-to-start-and-end-networking-conversations ## ## https://www.themuse.com/advice/4-questions-to-ask-your-network-besides-can-you-get-me-a-job?ref=carousel-slide-1 ##
Locate and attend meetings of professional associations to which people who are doing what you think that you want to do belong, so that you can get their advice. These associations may offer or know of intern, coop, shadowing, and scholarship opportunities. These associations are the means whereby the professionals keep abreast of their career area following college and advance in their career. You can locate them by asking your school academic advisor, favorite teachers, and the reference librarian at your local library. Here are some tips: ## https://www.careeronestop.org/BusinessCenter/Toolkit/find-professional-associations.aspx?&frd=true ## ## https://www.themuse.com/advice/9-tips-for-navigating-your-first-networking-event ##
• It is very important to express your appreciation to those who help you along the way to be able to continue to receive helpful information and to create important networking contacts along the way. Here are some good tips: ## https://www.themuse.com/advice/the-informational-interview-thank-you-note-smart-people-know-to-send?ref=recently-published-2 ## ## https://www.themuse.com/advice/3-tips-for-writing-a-thank-you-note-thatll-make-you-look-like-the-best-candidate-alive?bsft_eid=7e230cba-a92f-4ec7-8ca3-2f50c8fc9c3c&bsft_pid=d08b95c2-bc8f-4eae-8618-d0826841a284&utm_medium=email&utm_campaign=daily_20171020&utm_source=blueshift&utm_content=daily_20171020&bsft_clkid=edfe52ae-9e40-4d90-8e6a-e0bb76116570&bsft_uid=54658fa1-0090-41fd-b88c-20a86c513a6c&bsft_mid=214115cb-cca2-4aec-aa86-92a31d371185&bsft_pp=2 ##
Let me share an interesting story about internships: During my daughter's senior year in high school, the highlight of the year (and of the whole high school experience) was to be a several month long internship program. Everyone signed up and indicated the type of internship that they wanted - all except for one girl. This girl wanted to become a doctor and wanted her internship to be with the local EMS unit at the local fire station. So, she talked to the head of the EMS unit and got his approval and made arrangements with the school to create her own internship. Of all of the students about which I heard, she was the one who benefited the most by her internships. My daughter's was definitely not the highlight of her school career. Her first choice fell through and her final assignment was not really what she wanted and did not give her the type of exposure that she had hoped for. This shows that you can create your own internship! Locate a company that fits the parameters of the type of experience and exposure that you are seeking and work with them and the appropriate people in your school to put it in motion. After all, if there is an internship program existing today, anywhere, it had to be created by someone.
Thank you comment icon covid has ended all career activities at my school; no shadowing, no lectures, nothing John
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Sharon’s Answer

Depending on your college major and courses, I recommend taking at least one of the actuarial exams while still in college if possible. This is easier if your classes match up well with an exam (if you're in an Actuarial Science program and taking a probability course, for example), but it is very possible to study and pass on your own. Passing at least one exam opens the door for more internships while you're still in college, which makes it easier to find a full time job when you graduate. The first few exams are the same regardless of your job, so you don't need to choose a path (life/health vs. property/casualty) until later.

I don't believe additional schooling is necessary beyond a bachelor's (in anything); passing actuarial exams is much more important for starting the career. Most employers of actuaries will support continuing taking exams while working full time with paid days off to study, paying for study materials and classes, and paying for the exam fees themselves.

Sharon recommends the following next steps:

Check out beanactuary.org to learn about the exam process and start studying for an exam
Look into internships while still in school
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Donna’s Answer

To get the best jobs, you need to take the exams for a professional designation such as Fellow of the Society of Actuaries. These exams are tough and involve self study which is generally done while on the job. If you can obtain an entry level actuarial position at an insurance company or employee benefits consulting firm you often get support in terms of study time while at work, reimbursement for the cost of exams (once passed) and salary increases and/or bonuses as you pass your exams. You can get a head start by taking exams during college. It is good to take the exams after you complete a related college course such as probability. Getting a couple exams under your belt will do a lot to pave the way for a summer internship or job outside of college. No particular major is required but liking math and having courses in calculus, probability and statistics, modeling, economics, data analysis, as well as computer skills are great to have.

To learn more about the exam (and other requirements) to obtain a professional designation, I direct you to the websites of the Society of Actuaries (life, health, and pensions) or the Casualty Actuarial Society (property and casualty insurance). There you will find much information about these requirements plus information on actuarial careers.

See soa.org or casact.org.

Thank you comment icon So I can choose a college I like even though it does not offer an actuarial science major! John
Thank you comment icon Definitely you don't need to have an actuarial science major. So, find the school that works best for you and explore an actuarial career and your fit for it, taking the types of courses that will help you develop the skills needed to pass the actuarial exams and work as an actuary.. Ken's response is very helpful to all students as they go on their search for a career path that works for them. Donna Weinstein
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