Just starting out

[ABC123]

Hi,

Im graduating at university this summer, and have been offered an actuary training contract. I am very interested in the work that actuaries do, and believe that this is something i very much would like to do.

My main reservation is the length and difficulty of the exam process in which you have to undertake to fully qualify, can some one please give me a level of comparison to the difficulty of the exams? and how you have adapted from studying exams in school/university?
I am currently Mathematics student at university.

 

[bystander]

When you have a pure maths background, you may find the purely mathematical subjects quite easy. The biggest hurdle is often the wordier subjects - and there is some such content even in the early exams. For example, in studying finance and financial reporting.

And of course there is the actual communication exam which has really low pass rates. There again, this is changing to be a 2 day course with formal assessment attached so who knows what will happen!

From an exam perspective, no choice of questions so you do need to know everything. Cherry-picking exam topics is not a good idea!

Just give it a crack and think positive. If you are not enthusiastic now, then you may be looking down the wrong avenue!

Good luck

 

[moirangthem.bimol]

Hi ABC123

You are studying mathematics and you enjoy it. As you found out, it's bit practical, if you compare with university maths papers, but I'm sure you will enjoy it once you clear ct1,4 & 6. You'll come to know the areas of application of mathematical theories that we come accross in university.
Best of luck

 

[Simon_P]

Hiya,

I quite enjoy actuarial work and it is a challenge. The exam material generally isn't too bad. The exams are passable, but you should certainly resign yourself to not having much of a social life around exam time, you do need to prepare well to pass becuase they aren't micky mouse exams! I tend to overcompensate for this in the month post exams , I still play a lot of sport, music etc. You do have a life outside of work/exams... (I don't watch much T.V though!)

The big difference (to uni) in my opinion is that (by design or not) pass rates for actuarial exams sit at around (broadly) 50- 60%. You can look up the rates on the profession website. Doesn't sound toooo bad, right? What that means though is that you might expect to pass one in every two exams you sit, if you are an 'average' candidate, "I'm better than average" I hear you cry. Here comes the point; nearly all actuaries are pure mathematicians from highly respected unitversities (Ox Dur Cam Warwick etc). The 'average' actuary is basically pretty smart. It makes things interesting because you are guarenteed to be working with intelligent (and hence hopefully likeminded) people. Furthemore, you can't get away with a lazy herd mentality and 'be in the top 20% of your peer group because there are not pass quota's, if 90% of candidates don't meet the professions (high) standards, then 90% of candidates fail. See CA3 pass rates ...

It does mean there aren't really any shortcuts. It probably will take you 5 years to pass the exams. You really can be proud of getting there if you do, and you'll always have the knowledge that you passed what is reputed to be (one of) the hardest professional qualification going! If you can do degree maths you have the ability to do this... but there probably are easier ways to make money! Depends on what you want out of it.

Good luck,
Simon