Why be an actuary?

[Future Actuary]

The more I look into this career, the more I think it is the right one for me. I would have to start from scratch though and I am thinking of doing a Math & Ecnomics degree then taking it from there.

My question is, before I embark on a few years of hard studying, what is an actuary's life really like? I have read a lot of case studies, but sometimes I think they may just be saying some things to make it more appealing.

Is working from home an option (not all the time, but every now and then)? And can you have a family life? I don't mind if the job is stressful sometimes as that's how I keep busy.

Thanks in advance.

 

[bystander]

You are wise to think about these things. You have to work hard at finding the right work life balance. Its probably the first hurdle you'll come across and there is no unique solution. You have to find your balance so that your work is good and you still have time to chill out. Naturally nearer it is to exams you'll find yourself with less free time and dependent on what you work in, there are 'crunch times' at work where holidays are forbidden. So get used to planning! People who work on valuation in life offices find yr end exhilerating but hours can be very long.

I knew many people who marry and/or have families whilst studying though I think all would admit it can be difficult to juggle.

In your early career, chances to work from home are likely to be thin on the ground. But as experience builds, most employers these days are open to suggestions on flexible working. Just prove yourself before you venture there is my advice. I reckon most employers would prefer you to have been in the office say 2 years before they consider alternative arrangements. But there are laws around these kind of thing and I'm no expert.

Basically the best way to find out is give it a whirl. Good luck

 

[mattt78]

what's it like

I think, compared to others who earn similar amounts, qualified actuaries are probably able to have quite a good work/life balance if they want it. That's based on what i've seen working in general insuance - most actuaries average 40-45 hours a week in the office.

I think the biggest problem with work/llife balance comes when you're an actuarial student, which might be a period of 5-6 years remember! In this period you'll need to give up typically something like 10-15 hours a week of your own time (on top of study days an employer will hopefully give you), which can be a real drag after a while.

If I had my time again i'd do an actuarial science degree - that way you get a massive headstart, and be a qualified actuary in 2-3 years of starting work. If you're keen on an actuarial job, i'd suggest doing that.

 

[bystander]

I'm not a fan of the actuarial degree route. You gain valuable office skills starting from scratch that you don't get in academia. That is unless in your studies you have a sandwich course which gives you time in the office.

Otherwise you might be frustrated because you think you know more but your practical skills lag behind.

Very contentious topic and it really is horses for courses.

Remember you need to do well in your degree to get max exemptions and I've met people who did the degree then really stuggled in the profession.

 

[mattt78]

actuarial degrees

fair points, but i personally have found it a bit frustrating that i spent 3 years at uni studying maths&physics, which was of almost no use to me after leaving, and have now spent another two and a half years studying for the CT exams, which I could have covered at uni instead.

After 3 years of actuarial studying, i've found that managing the work/study/life balance is increasingly difficult. But if i'd done an actuarial degree i'd probably be already qualified!

I read somewhere that in the longer term the institute is going to move more towards the model of the legal profession, i.e. a degree type requirement, coupled with a period of work experience, and maybe a small number of further exams whilst working. Personally that would have suited me better, although I agree it could actually result in a lower standard of qualified actuaries.

Of course I want them to wait until I qualify, then make it even harder, not easier!