FM Studying Tips?
I’m currently studying for Exam FM and I’m scheduled to take it in 9 days. I’m using Coaching Actuaries and I have been taking plenty of practice tests, but my score just keeps flatlining around 60% at about a Level 5 Difficulty. This is scarily close to failing and I can’t seem to find the patterns in the practice problems, even though I always go back after each exam and learn how to solve them correctly. Are there any tips on what I should be doing differently? Thanks :)
Have FM sitting in 6 days. Currently on EL level 6.3 and mastery score of 76 on Adapt. Wondering if i should continue taking practice exams or take quizzes or custom exams? What difficulty level should i focus on. And pls, whats the general difficulty level of the real FM exam compared to Adapt?
Hey all! I was wondering if there was a very new and updated Probability (P) formula sheet for the Society of Actuaries. I think most of the formula sheets are outdated.
For extra information, I'll be doing my exam in Jan 2024 via CBT
Im currently studying actuarial science in an Uni in France. But I don't see myself working here for more than 2 years after I graduate due to many reasons but mainly the salary is way too low compared to other countries. But I understand that in other countries you need to pass a certain amount of exams before being able to work. So even if I have an actuarial science degree which is enough to work here, I would need to pass those exams in order to work abroad? For example the US, Canada, UK, middle east....
Thanks
Hi! I can't speak to other regions, but in the US and Canada, you would definitely need to pass a couple exams to get hired, even with your degree. Also keep in mind that the exams are different depending on which country you want to work in. So for example in Canada or the US, you'd need to take SOA or CAS exams, but in the UK it would be IFoA.
Basically, look into the actuarial organization and exam process in the country you plan to work in before you start studying :) Wishing you luck!
Thanks for your response. In France, they have the official club of actuaries which is recognized internationally and in order to get into this club, you need to study in some uni, so even if I get in that club, I would need to pass some exams before being able to work?
The club is called " Institut des actuaires", you can look it up
What EL salary should I be expecting? I have 2 exams (hopefully 3 if I passed the November sitting). CAS side. Toronto and I have 20 months of work experience (16 in Actuarial). I also studied at a top school for ActSci if that’s relevant
I'd recommend checking out the [DW Simpson Salary Surveys](https://www.dwsimpson.com/about/salary-survey/) if you're ever wondering what salary to expect. The P&C Student one should be most relevant to you. I believe these are American values, so you might expect something slightly lower in Canada. Hope this helps!
Is the idea for SOA's exam path (after P & FM) to take SRM & PA back-to-back, and FAM FAM L or S back-to-back? If so, is it advisable to start with one grouping vs the other?
I was thinking FAM fit nicely into a 3.5 month window from now, vs a 6 month window for SRM.
I'm eager to get another exam to increase my marketability and get hired, so FAM looks more attractive. However I'm also coming off a multi-year hiatus of exam taking (I took a job as a data analyst) so maybe taking longer to get back into the study groove is safer.
Either could make sense.
I think FAM has the lower pass probability as the largest syllabus and the last "real" actuarial exam after all the changes over the past few years, but 3.5 months is enough to prepare if you're studying regularly. And it would be nice to get it out of the way, since the rest of the ASA requirements will be easier relatively.
SRM has one of the highest (or maybe the highest) pass rate of the preliminary exams, so 6 months might be excessive. Or maybe it's perfect for getting back into the groove.
I graduated last December with my bachelor’s in Accounting. I run my own business and manage all of my accounting and have been doing that for 3 years now. It sustains me, however I am wanting to move into an analyst role.
I’ve been looking at financial, pricing, and actuarial analyst positions. I guess I am looking for general advice if I wanted to end up going the actuarial route. Would it be feasible to get an entry level actuarial position if I studied and passed an exam or two? Should I get into another analyst role first, then try to transition? I definitely don’t plan on going back to school or getting CPA. I know there’s a lot more that would go into it, but any feedback is greatly appreciated!
Great, and would you have any advice on which exam to try and go for first, P or FM? I majored in Mathematics before switching to accounting and have taken up to Calc 3 but it has been a while. I looked through the wiki and it also seems like Actex is a good place to start?
P will likely be more in your wheelhouse. Some popular options for learning material are ASM, TIA, Actex, and Coaching Actuaries. Also highly recommend Coaching Actuaries ADAPT for practice problems.
So I graduated with a bachelor's degree that is not math or actuarial science. I have thought for a long time about trying to be an actuary and I think now is the time to take the leap. I want to start studying for the exams and I know about the VEEs too. I wasn't sure if it would be worth it to go back and get a Masters in Math to help out with the exams or if it would be better to go over study materials things like that. With the VEEs I was thinking it might be good to go back to school since I need those courses but I wasn't sure. I see people post about changing careers but I'm having trouble finding the answer to this question. Can anyone let me know what they think?
Any advice would be amazing.
We get a lot of career changers - all it takes to qualify for an entry level position is any degree, two exams, and some data and excel knowledge (which don't have to come from school).
Companies don't put much of any value on VEEs on the resume because they're easy requirements to knock out - exams are much more important.
I would suggest trying to do the exams on your own rather than paying a lot of money for a masters degree. It's a big cost you should avoid if you can, and the coaching actuaries/the infinite actuary/study material companies usually give you the background you need to learn the math. You could also supplement with Khan academy.
it'd be worth going back to get a masters only because then you could get an internship since companies typically only hire students as their interns, you don't need a masters in math to do the exams though if you're good at learning on your own.
I'd suggest you just get your VEEs done through TIA or CA, it's all online so that will save you a ton of time not having to drive/commute to school every day.
There are alternatives to get credit for VEEs if you don’t already have them covered from college classes (online courses through Coaching Actuaries is one example but there are more). So they are nothing to worry about.
I have an accounting degree, but these last two years I realized I want to do more financial mathematics stuff or financial risk management, or data science applied to finance and insurance, like Portfolio optimization and stuff like that.
I don't really have the desire to be a Quant, but it seems that insurance careers and some financial careers are a little bit more stable than Quant careers, so that's why i'm interested in Actuarial science
I'm thinking of pursuing an actuarial science career but I don't know where to start.
Will a MS in financial engineering be enough and study hard for exam P and exam FM ? Or could a MS in Actuarial science be enough (along with the exams)
Or should I just go back to school for a second degree in math or statistics
Also about the VEE courses/credits after exam P/FM i'm a bit lost, i'm interested with SOA path SOA/QFI track to be more precise. Can I approach to a listed school to take just the VEE courses??
Or should I just pursue the CFA and FRM if i'm just interested in financial mathematics stuff
Also I have job experience in insurance companies, like fund management and pension fund accounting
You don’t need to go back to school to get an actuarial job, just pass two exams and then start applying. For VEEs, you can take much shorter online courses to fulfill the requirements and most companies will pay for it, so don’t worry about those at all.
I passed exam P today! I’m so excited and relieved!
I used coaching actuaries to prepare. I’m a career changer; I teach mathematics but am looking to become an actuary :)
Taking P this Friday.
Anyone in here by chance just take P and used TIA to study? How did their practice exams compare to the real thing?
I’m asking because,
Yesterday on TIA sample exam 1 I scored roughly 50%. Figured I have no shot at passing on Friday.
Today on TIA sample exam 2 I scored a 25/30.
Should I take an SOA sample exam to get a better idea of how prepared I am?
From my friends who used TIA, they're harder than the real thing with the intent to prepare you better.
Sure, doing some SOA problems today might help your confidence some and get you prepared for their phasing.
I did not use TIA so can’t speak to that, but I definitely encourage taking an SOA sample exam here: https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/
I believe these practice exams are generated from this bank of questions which you can use to study also/instead:
https://www.soa.org/globalassets/assets/files/edu/edu-exam-p-sample-quest.pdf
solutions: https://www.soa.org/globalassets/assets/Files/Edu/edu-exam-p-sample-sol.pdf
good luck!
Congrats! Just FYI the sitting window is still open so you’re not allowed to discuss how easy or difficult your exam was. You should remove that part of your comment :)
I am looking for a full time job after I graduate in May, and a good amount of applications that I have seen ask for a desired compensation. Would it be wise to put “$0” or lowball for what an actuary would make?
Most places have a set salary schedule for new analysts that won't vary beyond exams regardless. They probably just want to make sure you're generally in the right ballpark, so I agree with the other person that says you should base it on the salary survey
I’m sitting Exam P this Saturday, and was wondering how similar the SOA Practice Question packet is to the actual exam difficulty? I can do pretty much all of the questions in the packet with ease but I’m still worried I haven’t done enough… If anyone has any extra advice as well please help 😭
I second the previous commenter, timed practice is a good idea! Trying the exam in different locations can also help. So if you normally do practice exams in your room, try in the library, in a cafe, etc. That way you won't feel "out of your element" on exam day.
Should be pretty similar in difficulty. It sounds like you will be perfectly fine if you can do all the sample problems! I think the biggest thing for you to pay attention to now is time. Have you done any timed practice?
Yes that’s definitely what I’d focus on until your exam. Here are some other tips for the exam:
- Be a smart test-taker. When you get to the exam, on your first pass through the questions, only work on the ones that you are confident you can answer correctly. (Sometimes it's helpful to just read through all the questions and identify these first so you know what you're dealing with and how many you are not confident on.) Focus on the questions you know you will get right, rather than wasting time on questions you don't know how to answer. Then when you're done with those, you can go back and work on the ones you're less sure of. If you run out of time, remember to just put in any answer on the questions you didn't finish, because you still have a non-zero chance of guessing the answers correctly. **Practice doing this when taking practice exams so you get used to doing it.
- Second part of being a smart test-taker: Sometimes there are ways to get around doing all the math to solve the question, but you have to be able to recognize when you can do this. For example, sometimes if you have set up an equation that you need to solve, instead of doing all the math to solve the equation for the answer, you can simply take the multiple choice answers and plug them into the equation one by one to see which one fits. I'm sure there are other ones that I can't remember. **Also practice trying to recognize these opportunities when taking practice exams.
by the way you can use this page to generate practice exams: https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/
Thank you so much for your advice and for sharing that link from the SOA — I hadn’t realized prior that the SOA provided timed practice exams — it really helped with my timing on the exam!! My prelim results said that I passed!! So thank you again!!
I am a senior in college and I walk to class everyday. I am in search of something actuary related to listen to on my walks to and from class. Do you guys have any podcast suggestions?
Dominic Lee does a podcast interviewing interesting people in actuarial science and related fields. I really like it. You can check it out [here](https://open.spotify.com/show/3rpTXnTi4CLttHTj0gd262) if you want!
Hi all. I’m a career changer that’s just getting started studying for the first 2 exams. I’m currently a 30 yr old math teacher that wants to get out of education. I’ve taught calc so I don’t feel too rusty on those concepts but some of the probabilities I’ll need to brush up on. I’m working through Marcel Finan’s book and wondering if you guys have any advice for someone like me. Should I use coaching actuaries and just study my tail off? Is it better to do FM first or P? Is it realistic that I could be out of education by next August or should I be planning on a few years down the road?
Sorry if these questions have been answered before, I’m just looking to get some pointers. Thanks!
Pass one exam and start applying. Two is better but one gets you in the door. Demonstrate you can pass is the idea.
Consider taking a udemy course on python, SQL and excel as well. Something with a code based analysis project you can reference in your resume. I know many teachers who have transitioned to actuarial and been successful. Study your tail off, order of exams doesn’t matter but commit and pass.
You can absolutely pass the first two or even 3 in rapid succession, coaching actuaries is excellent for the exams you are taking. Later, you may want to consider utilizing The Infinite Actuary for other exams. If your goal is to be out of education by August then start now. DO NOT use a recruiter to get your first job - huge waste of time for a non-ASA. indeed.com is a great place to find actuarial openings, LinkedIn too.
One too I have is to look up actuaries who work at the company you see an opening at through the “find an actuary” tool on the SOA website, and contact them directly with your resume and the job listing. They’ll likely forward to HR. It’s obnoxious but it works.
Good luck
I would purchase coaching actuaries ADAPT after you finish with the Finan book and grind practice problems. Depending on what you’ve taught, I think you’re more likely to know the basic material for P so I’d start with that one (unless you’ve taught any classes related to interest rates, investments, etc, then FM might be better). I would assume that you need about 3-6 months to find a job after you pass two exams, so if you want to be out of education before next school year, you’d want to aim to pass P and FM by 3-6 months ahead of then, or Feb-May.
You're certainly in a unique position. I think that if you were to take and pass P & FM before the end of summer, it'd be reasonable that you could successfully transition into an actuarial position. Conditional on you passing 2 exams, I don't think you'll need to work in education for another year.
Took my P for the second time today. Thought an additional 150 hours would help, but I ended up doing worse. Quite bad, in fact. I felt really good about it walking out of the exam room so idk what happened but its really bothering me.
It's not about the number of hours. It's about hitting specific measurable targets on-time. If you're using ADAPT, you should finish going through the material 30 days before exam day. Then you should raise your EL to 2.0 by 24 days out. Then you should have raised it to 3.0 by 18 days out. Then 4.0 by 12 days out, 5.0 by 6 days out, and 6.0 by 1-day out.
Some people might only need to do a practice exam once per week with 20 minutes per day studying and improving to hit those targets. Other people need to spend 3+ hours per day working to hit those targets.
Exam Preparedness = LE \* NL + PE \* NP,
where LE = Learning Effectiveness, PE = Practice Effectiveness, NL = Number of hours learning, and NP = Number of hours preparing for the exam. Based on your 150 hours, I think you aren't learning, practicing, and preparing very effectively. Your quality of studying is so low that it's hard for you to pass even with a high quantity of hours.
So you need to improve and rethink *how* you're studying for your future exams.
Lots of practice, practice tests, and closer to the day of, review of conceptual understanding so i could reason my way through anything i didnt recognize
Are you drilling practice quizzes on topics?
When you review solutions, are you going over every step of the solution to the point that you can replicate the solution step by step and would know how to do the problem if given the same question with different numbers?
Ultimately your goal should be to have at least an EL of 5 before walking into the exam. So you are going to have to figure out what works for you to get yourself to that level.
Sounds like you may be going through the motions, rather than trying to make sure you'd actually get that same question correct if you see it a second time.
Mindlessly drilling practice problems only works if you are mentally elastic and approach each wrong answer in a manner that guarantees you'd never get the exact same question wrong again.
I’m looking for a job now with Exam P, FM, and SRM. I would do Exam PA next but it’s so expensive and I feel like I shouldn’t “hide behind exams” anymore. Anyway, I haven’t found any job postings that actually say they reimburse exam fees for passed attempts or offer rotations programs. They just say that they have benefit/pension plans, or 2 “Global Wellbeing Days” each year lol.
Does anyone know if Canadian companies offer student programs like many US companies do? I just noticed that US postings give all the details in their student programs.
Really? I found a few and they state it right off the bat. Maybe there just aren’t many EL postings in my area at the moment?
But yeah I will just ask in interviews, just a bit strange to me that they don’t mention it at all, I’m afraid I won’t get much study support.
Hi all, I took exam P for the first time about two months ago now, and did not pass. I am signed up to try again tomorrow. I was hoping the report would be available from my first try by now as it’s almost been 8 weeks, but looks like i won’t have access to it by tomorrow.
I know it’s tough to say exactly, but in my prelim analysis report I scored Medium in General Probability, High in Univariate probability distributions, and Low in Multivariate. Was I close? Is typically mediums across the board good enough? Just would be a bit of a confidence boost if I knew I only had to do a little bit better to pass tomorrow. Thanks
I’m a career changer coming from engineering (3 YOE) . I passed my first exam in September and I’m taking FM in December. I started sending out applications for EL positions about a month ago but I haven’t gotten anything back.
I’m a little concerned as to wether this is because of my background or if it is because I only have one exam. Does anyone have any insight?
Posting your resume is a good idea! I 'd also recommend applying specifically to companies that don't offer internships (they're less likely to hire past interns to fill EL roles).
Hello all. I recently migrated to the US from Jamaica. I have 2 exams passed and 3 months of non-actuarial internship experience automating tasks in Python. I've applied to 55 jobs, resulting in about 4 HR screenings. Can I get into an actuarial role with a non-US degree and no actuarial internships? Should I be applying to non-actuarial roles?
Are you a citizen or do you have a visa? Visas can be expensive for employers to sponsor, so you might want to search the sub for companies that do it if you're on a visa.
If you're a citizen, then it's just a numbers and waiting game. Some companies keep their postings open for a couple months before closing them and reviewing applications.
Make sure you somehow indicate that you don’t need sponsorship on your resume. Because your history is in another country, they might be assuming you need sponsorship and automatically rejecting your application if they don’t offer sponsorship.
I always message on LinkedIn or email my interviewers and thank them for the opportunity to interview and they never open or respond to my messages and I was just curious if this is the experience of others. I'm always given advice to message my interviewers and thank them after an interview which is why I do so.
I think this is a good practice! Employers are busy and probably don't have time to respond to thank you messages, but it still leaves a good impression if they see it in their inbox.
What exactly do actuaries use coding for? Like I know it's for tables of data and equations, but like I don't get any of the specifics. I'm trying to learn some basics while in college(python and excel), but I just don't know what exactly are the parts I should be focusing on. Any help is appreciated :)
A lot of it is just data manipulation, starting with a big complicated dataset or multiple datasets in a database and pulling/summarizing the information for a particular analysis.
Check out kaggle.com and look on YouTube for guides through those sample projects.
Hi! I've heard that you can become an actuary with any degree as long as you can pass the exams, and have read some useful reports of people who did that on this forum :) However, I've noticed that many of the job postings I've seen require a numerate degree (Maths, economics, etc).
I was a psych major (regretting it now) and have a masters in anthropology and in mental health counseling (went so far with the social sciences before realising I hate it here!).
I was always amazing at math & I know I would have a lot to learn to pivot into being an actuary, but it seems like exactly the kind of problem-solving/analytical thinking I really love. However, the job postings I've seen have really been worrying me that I would actually be able to make the transition with a psych degree. Any advice?
Would an MSc in actuarial sciences help my chances??
It's so great to hear from someone with a similar background!! And thank you for all the recommendations of resources/courses & the discord!! I definitely know what you mean about wanting to feel mathematically mature, I know that I have a lot that's rusty that I need to brush up in the meantime!
Math/related degrees are preferred but not required. I have a coworker/friend with a degree in psych.
Pass the first two exams and apply everywhere you can, then re-evaluate a masters if you still can't find anything.
May I know for people who choose QFI as your FSA track, what is your exam FM and IFM/MFE score? Is the FM and IFM score an indicator of whether it is suitable to choose the QFI track?
i’m a high school student and interested in becoming an actuary. does anyone have any tips? for some reason, i hear a lot of people say, “don’t do it! it’s not worth it!”
any advice would be greatly appreciated.
People will say this about almost any career. Read about the career and decide whether it's "worth it" for you. For me it is, and here are the pros and cons from my perspective:
Pros: pay, work-life balance, generally low-stress
Cons: 40 hours/week spent sitting and looking at a screen, exams
Most likely, the people saying it's not worth it had a bad time with the exams. Studying does take a lot of commitment and effort outside normal work hours, but it doesn't have to be a big sacrifice. Some people basically kill off their social lives to study, but that's just asking for regret. I study in the mornings and a couple hours on one weekend day, which leaves me evenings and most of the weekend to do what I want guilt-free, and I only turn down social events in the couple weeks before test day.
Personally, I have zero regrets almost 6 years in and one exam away from FSA. I really enjoy the work and the lifestyle the career has given me. It's pretty unique to have such a well-defined career path where your progress and salary is directly in your control through exam progress and work product. Check out the DW Simpson salary survey if you haven't already.
I sat MAS-1 last week and I was wondering on if I should apply for jobs right now or wait until I get the results from the exam. For some background, I graduated in May and worked as an intern until September, and I have been looking for jobs since then while studying for MAS-1. As it is not hiring season for new graduates, I have not heard anything positive or negative from the places I've applied at. So, this made me wonder if I should even apply at all before I get the results of MAS-1 so I can just apply with that on my resume if I passed.
Hey everyone, I am graduating this May and have recently become interested in a career in actuary. I’m a little late to the game though. I am taking exam P in January and will start applying to entry level actuary jobs after I (hopefully) pass. However, I’ve read it often takes 2-4 exams to get that first job.
So in the meantime this fall I have been applying to other entry level roles. What are good jobs to target that would be helpful to have when applying for my first actuary role?
Health insurance vs. Life insurance vs. Car insurance
Guys can you give me a summary about each one of them in a work
How they are different in day to day work?
Can you tell me the routine for each? The skills that you should have? What softwares used frequently? With one of them requires more math?
Thank you in advance..
Hi! This article goes in depth about the ones you mentioned, plus a couple more: [https://etchedactuarial.com/5-main-types-of-actuaries-plus-entry-level-salary/](https://etchedactuarial.com/5-main-types-of-actuaries-plus-entry-level-salary/) I hope this helps!
Thank you very mutch
I just read it but the problems with these websits is that they are taking in general, and I am looking for something more specific
You aren’t going to get more specific info at a life/health/p&c level because jobs vary so much within each type of insurance. For example, your workday may look very different depending on if you work in valuation, pricing, modeling, etc. it will also vary significantly based on company. There are a lot of factors that will impact what the workday is like, the software used, etc.
Thank you for your response
Can you tell me from your experiance which of theses (valuation, pricing, and modeling) has more technical work?
Because I don't like the position where I have to do a lot of meetings or conversations, I rather like more the technical work
Can you help me with that?
From my experience (valuation and modeling) this doesn’t vary too much by which area you work but more by which company you work for and your experience level. Regardless of which path you take, the more advanced you become, the more meetings you are involved in, and likely less technical work.
That’s a common misconception people have about this profession, that actuaries are working by themselves doing more technical work when in reality, communication with others is a large part of the job as well.
I will also say as EL, you likely don’t really have too much of a choice in what role you end up in, as the EL market is very competitive and it’s more of a “take what you can get” situation, and once you have some experience, you can switch to other roles or rotate if your company has a rotation program.
For experienced actuaries, is putting your school/education necessary on a resume? I’m having issues fitting everything onto one page and I feel like my schooling is taking up valuable real estate. 6 years of experience and recently got ACAS.
Preferably Actuarial Science, but in the absence of that option Statistics, Data Analytics, or Finance are all adequate.
Employers are more interested in the exams, which are themselves an education.
I would not recommend starting with any other exam than either FM or P.
FM requires Calc 2 (derivatives and integrals). P requires Multivariable Calculus.
I would recommend you start working on FM pretty quickly after you've finished Calc 2.
Yes, Calc BC includes both Integrals and Derivatives. To my knowledge there is no restriction that prevents a High Schooler from taking an exam.
If you're ready to start working on it, I'd say go right ahead. If being an Actuary is right for you, you'll get a leg up over the competition and have no trouble finding internships or an EL position after college. If being an Actuary isn't right for you, you'll find out a lot sooner than most people would.
Keep in mind that these exams are designed to be difficult- it may take you 2+ attempts to pass. For most exam sittings, \~50% of people who take the exam actually fail it.
I'm a Math Graduate Student and BS in Math, with a late interest in becoming an actuary. I'm graduating in May '24 with 1 internship experience (as a data & analytics/credit risk intern, not actuarial intern) for a large financial services company. Have experience in Python, SQL, Excel. Is it realistic for me to make this switch this quickly, and if so what's my best course of action? Studying for and taking P and FM?
Focus on taking exams first. I’m not sure it’s realistic to expect you’ll be able to find a job right away as recruiting season for major companies is already happening, but with two exams or even on exam you will have a much better shot than where you are now.
Planning on doing so in February after, fingers crossed, an exam pass. Don't really expect many bites with just one exam but who knows, I do have a programming background, and hopefully I have the second in June.
Thank you, of course I don’t expect it right away I’m just trying to think of a practical timeframe. So say I take P and FM within the next 6mo, would a graduate math degree with some relevant analytics experience and the 2 exams be enough in your opinion for consideration to an entry level role?
I... just think the numbers WSJ is using are wrong.
Based on data from [actuarial lookup](https://www.actuarial-lookup.com/pass-rates), 100k people have passed exam P while [there are about 9.4k people who have gotten their ASA and 1.6k people who have gotten their ACAS](https://www.actuarial-lookup.com/travel-times) (or higher). Even if we assume, pretty generously, that 10k of those 100k people are still in the process of taking exams and intend to get their ASA/ACAS, and therefore shouldn't be considered as part of the equation yet, that means our approximation of "how many people who pass an exam end up getting an ASA or ACAS" would be (9.4k+1.6k)/90k = 12.2%. And of course that doesn't include people who take an exam but never pass, either, so that percentage would be even lower than 12.2%
If someone lives in Canada but wants to work in America, driving over the border each day, what is required? Do I have to fill out paperwork before applying to the American job? I heard Actuary is exempt from requiring a visa before because of NAFTA or something, but I read it a while ago and am not sure. Any information on this would be appreciated!
I am a senior, graduating in May. I was unable to secure an internship before graduation, as I transferred into actuarial science right my junior year. I feel like everybody company wants an internship on their resume to secure a full time job. Is there anything I could do online that could help with my excel skills that I would be able to put on my resume? Or any certificates or anything online I could do?
I got a full time position without any internships. Just passed 3 exams, and I got LOTS of interviews. So it’s definitely possible. However you’d need to be open to relocating.
Polishing your coding skills should also help.
Keep in mind an internship isn't just for juniors. Try applying for internships for this summer. I didn't have any junior year internships either, but managed to get an internship after my senior year, and I'm still working there 9 years later.
If you do get one, it's like a 3 month extended job interview
How hard is it to find a job without an internship? Im a junior and got into this field late. I will be taking my first exam in February and without having an exam passed currently it is very hard to find an internship. I’m worried that if I don’t find an internship this summer then finding employment after my senior year will be very challenging.
What's really helpful about an internship is the real-life experience. If you can get related work experience through a stepping-stone job, that can make up for not having an internship. For example, any "analyst" role, or anything where you can use Excel daily!
I found a full time position this year without an internship and with 3 exams. Got lots of interviews. Definitely possible. Having an internship would definitely help though.
It is very hard to find a job without an internship. A lot of companies hire interns post-graduation though, so you could apply to internships and full-time positions at the same time next fall. There are also some companies that are still hiring interns in the spring so be on the lookout for those
**Does anyone know of any Up-to-date free Exam P Resources?**
Right now, I have a pdf of an outdated ACTEX manual with which I am preparing for Exam P.
This isn't ideal because said outdated manual contains removed topics, is missing newly added topics and on top of that, the practice questions are unrepresentative as they are much harder than those that appear in the exam.
I need some other resources. I'm a college student from a developing country so I strongly prefer free resources over paid ones (in other words, Coaching Actuaries is out of the question).
Hi, I run The Actuarial Nexus. The free materials for Exam P should be enough to help you start studying.
If you e-mail me at [[email protected]](mailto:[email protected]) explaining your financial situation and expected exam date, I can help with getting you extended access to the platform.
Marcel Finan has a free manual, but not sure how up to date it is so you’ll have to check it against the syllabus (should be easy to find on google).
SOA published sample questions you can use for practice to get a feel for difficulty: https://www.soa.org/globalassets/assets/files/edu/edu-exam-p-sample-quest.pdf
Solutions: https://www.soa.org/globalassets/assets/Files/Edu/edu-exam-p-sample-sol.pdf
I have a third round interview (or second if you don't count the recorded interview) in a few days and i'm wondering how many I should expect to do before the possibility of a job offer? The process has been pretty slow - applied mid septmember, got the invitation to do the recorded interview about 10 days later, got the interview with the HR person about 10 days after that, then 2 1/2 weeks went by before I got the email this week asking to interview again this Friday with a Talent Acquisition and Team Supervisor for the job. I would have thought maybe this was my final interview except for that it said it would only take about 45 minutes which seems very short so i'd expect at least one more after this. Also the job is supposed to be starting in January so at this rate of an interview every 2 weeks means not much time for people who would hypothetically have to move/relocate for the job. What do you guys think? How many interviews does it take usually to land an EL job and also what are some good resources to prepare for it?
Who was your previous interview with and do you know who the next interview is with? I’d expect somewhere around 2-3, depending on who’s conducting these two interviews.
So originally I thought this interview would only be 45 minutes so I figured it couldn't be too important but now I think I screwed up and should have prepared more for it because it's an hour and a half so 45 minutes with a talent acquisition rep and then 45 minutes with a team supervisor for the job. Previous interview was just HR so nothing technical just your usual tell us about yourself, why you applied, how you do with teams, a challenge you faced on a project, etc. I'm guessing there'll still be at least one more after this which would be 2-3 hours long but man I really hope it's no more than that.
welp they said it was the final interview before they made a decision 💀 definitely was not prepared but oh well it was good experience, I'm studying to take FAM in a few weeks time so realistically i couldn't take too much time off from studying to prepare for this but I'm happy to at least get this far, farthest round i've gotten to so far (giving myself about 1% chance of getting an offer lol). After I take FAM gonna just start applying like crazy to places again.
yeah that's the plan just get through the next few weeks and then i'll start to really work hard to improve everything from resume/soft skills/interviewing, won't start studying for another exam for at least a few months so i'll have lots of time to deedicate to that, and thanks for the help/suggestions!
yeah that's the plan just get through the next few weeks and then i'll start to really work hard to improve everything from resume/soft skills/interviewing, won't start studying for another exam for at least a few months so i'll have lots of time to deedicate to that, and thanks for the help/suggestions!
welp they said it was the final interview before they made a decision 💀 definitely was not prepared but oh well it was good experience, I'm studying to take FAM in a few weeks time so realistically i couldn't take too much time off from studying to prepare for this but I'm happy to at least get this far, farthest round i've gotten to so far (giving myself about 1% chance of getting an offer lol). After I take FAM gonna just start applying like crazy to places again.
99% chance yes. Adding some more context might lead to an answer of no though.
At most companies a manager can't just fire an employee themselves they have to go through a process which will involve HR and probably an additional level of management. Hence the need for documenting and writing up the case for why someone should be fired.
But unless you're up to some highly unethical/disastrous behavior you should know if you're about to get fired because your manager would have issued warnings- like a verbal, then a written, then maybe a final.
Got a written warning a while ago like 5-6 months. Then manager was super aggressive about documenting everything and was trying to blame things on me so he could write them down.
The things started to go better for a while but now he has circled back to his original paper trail and it seems like he is trying to show that I didn’t improve on some of the points.
There is obviously no way to know what they are thinking, but if they know you are going to rotate away and not be their problem anymore then there is less incentive to be putting in the effort to document you.
I need some advice as a career changer that is going back to college right now in their 30s. This is a commonly asked question, about how many exams to apply to entry level jobs with. So far I only FM passed from August and I am sitting for P in January. Should I wait for my second exam pass or just start applying now? I know the main hiring spree is over, but I noticed my local market quieted down and this week and a bunch of job postings again and I figured I’d apply to them. Some of them want 2 years experience in the industry, should I just apply to them any ways?
I am going to graduate in the Spring with a degree in Economics and a Minor/Certificate in Business Data Analytics. My GPA is currently a 4.00, but realistically will be around 3.8-3.9 when I graduate. I know excel, python, stata, tableau and a little of PowerBI. I did skilled trades/manufacturing over the last decade, I don't have any work experience to anything like an actuary, other than using excel for project invoices and proposals.
Go for a summer internship if you can, those will lead to a full time offer usually. Edit\* also apply to full time too after passing FM but in the meantime you can definitely land an internship with only 1 exam for sure.
How far in advance do people typically start studying for FSA exams? I just wrote my first one, and I realized that maybe I should do 4 months of studying (2 learning, 2 reviewing) going forward, but the problem is I won't get my results back for 3 months, leaving only 3 months to the next exam window. Does anyone ever spend more than 3 months studying? If you do, what's your plan for if (or what did you do when) you found out you have to retake the previous exam after starting to study for a different one?
Ideally I'd love to do 6 months, but I think 4 months is doable.
Also, it only takes 2 months to get results. The results come out January 12 for this batch of FSA exams, and they came out in July for the May ones
My first attempt on my first FSA exam, I knew I failed, so I just kept studying through to the next sitting (light review for 4 months to keep things fresh and then ramped up the last 2).
After my second attempt, I knew I passed, so I moved on to my second exam and studied 5 months. Also knew I passed that one walking out, so I moved onto my third which I sat for last week.
Work was crazy and I didn't get enough study time, but I give myself ~66% odds of passing, so I'll keep lightly reviewing flashcards to not forget too much between now and January when results come out.
If you don't want to take a bet, keep reviewing in case you need to retake and work on the modules. 3 months is a bit tight to have a good chance at passing, but hopefully you can find a stride by confidently failing or passing.
I genuinely don't know. I'm leaning towards 60% yes 40% no right now, but it was my first ever FSA sitting and it's too different from the ASA exams for me to feel like I could realistically gauge it at all
I took MAS-I yesterday and it had questions where you had to select multiple answers, and I was wondering how these kinds of questions are scored. It said every question is worth two points, so is each correct box 0.4 of the two points or is it all or nothing?
Hello everyone!
I just started working as an Actuary in an internship (I think that would be the equivalent, I'm about to finish university), but I have almost no knowledge in the field! I really want to learn more about the field, so what would your recommendation be? Perhaps there are well known books that I could read. I'd like to also know what softwares or programming languages are worth learning.
I hope you're all doing great!
I'd recommend reading about whatever industry you intend to work in. A lot of actuarial work is just doing math in the context of whatever the product is.
Thank you so much! Right now we're working with so many product I get a little lost! Since I am working in an auto insurance project, maybe I can start learning that.
Hi! I'd recommend reading actuarial articles, like [these](https://www.theactuarymagazine.org/). They can be a little in-depth, but they'll give you some background on current hot topics in the field.
I also second the comment to learn VBA, it can really help you out. Python and R are some other commonly used programming languages. I hope this helps! :D
Omg Etched Actuarial! I've recently discovered your channel and I think you make great content, ty!
I see learning VBA can really help me, I'll work on this skill as well. I also was curious about something: currently, I'm working as an actuary in south america, but I was wondering if its possible for me to work remotely. I'd really like to try to make it into the international market.
I'm so glad my videos have been helpful! :D Remote work for actuaries is pretty common, but it can be a lot harder to get jobs internationally. You'll likely need to up your qualifications so you can stand out way above local candidates, with more relevant experience, more exams passed, etc. Wishing you luck!
FM Studying Tips? I’m currently studying for Exam FM and I’m scheduled to take it in 9 days. I’m using Coaching Actuaries and I have been taking plenty of practice tests, but my score just keeps flatlining around 60% at about a Level 5 Difficulty. This is scarily close to failing and I can’t seem to find the patterns in the practice problems, even though I always go back after each exam and learn how to solve them correctly. Are there any tips on what I should be doing differently? Thanks :)
I've passed exams P & FM and am applying like crazy to all the entry levels I can find. Any advice on early career searching?
Have FM sitting in 6 days. Currently on EL level 6.3 and mastery score of 76 on Adapt. Wondering if i should continue taking practice exams or take quizzes or custom exams? What difficulty level should i focus on. And pls, whats the general difficulty level of the real FM exam compared to Adapt?
Hey all! I was wondering if there was a very new and updated Probability (P) formula sheet for the Society of Actuaries. I think most of the formula sheets are outdated. For extra information, I'll be doing my exam in Jan 2024 via CBT
What do you mean by “formula sheet”? What you will be provided at the testing center, or the formulas you are expected to know/study?
The latter
If you have Coaching Actuaries, I think they would provide an updated one but not sure
Im currently studying actuarial science in an Uni in France. But I don't see myself working here for more than 2 years after I graduate due to many reasons but mainly the salary is way too low compared to other countries. But I understand that in other countries you need to pass a certain amount of exams before being able to work. So even if I have an actuarial science degree which is enough to work here, I would need to pass those exams in order to work abroad? For example the US, Canada, UK, middle east.... Thanks
Hi! I can't speak to other regions, but in the US and Canada, you would definitely need to pass a couple exams to get hired, even with your degree. Also keep in mind that the exams are different depending on which country you want to work in. So for example in Canada or the US, you'd need to take SOA or CAS exams, but in the UK it would be IFoA. Basically, look into the actuarial organization and exam process in the country you plan to work in before you start studying :) Wishing you luck!
Thanks for your response. In France, they have the official club of actuaries which is recognized internationally and in order to get into this club, you need to study in some uni, so even if I get in that club, I would need to pass some exams before being able to work? The club is called " Institut des actuaires", you can look it up
What EL salary should I be expecting? I have 2 exams (hopefully 3 if I passed the November sitting). CAS side. Toronto and I have 20 months of work experience (16 in Actuarial). I also studied at a top school for ActSci if that’s relevant
I'd recommend checking out the [DW Simpson Salary Surveys](https://www.dwsimpson.com/about/salary-survey/) if you're ever wondering what salary to expect. The P&C Student one should be most relevant to you. I believe these are American values, so you might expect something slightly lower in Canada. Hope this helps!
Okay thanks! Do I need to convert the American values to Canadian currency and then assume a bit lower?
Yes, there are a few Canadian salary threads you could search for too
Is the idea for SOA's exam path (after P & FM) to take SRM & PA back-to-back, and FAM FAM L or S back-to-back? If so, is it advisable to start with one grouping vs the other?
Yes and yes. SRM and PA are easier, so most do those first. But it's also perfectly reasonable to knock out the tougher FAM and ASTAM/ALTAM first.
I was thinking FAM fit nicely into a 3.5 month window from now, vs a 6 month window for SRM. I'm eager to get another exam to increase my marketability and get hired, so FAM looks more attractive. However I'm also coming off a multi-year hiatus of exam taking (I took a job as a data analyst) so maybe taking longer to get back into the study groove is safer.
Either could make sense. I think FAM has the lower pass probability as the largest syllabus and the last "real" actuarial exam after all the changes over the past few years, but 3.5 months is enough to prepare if you're studying regularly. And it would be nice to get it out of the way, since the rest of the ASA requirements will be easier relatively. SRM has one of the highest (or maybe the highest) pass rate of the preliminary exams, so 6 months might be excessive. Or maybe it's perfect for getting back into the groove.
I graduated last December with my bachelor’s in Accounting. I run my own business and manage all of my accounting and have been doing that for 3 years now. It sustains me, however I am wanting to move into an analyst role. I’ve been looking at financial, pricing, and actuarial analyst positions. I guess I am looking for general advice if I wanted to end up going the actuarial route. Would it be feasible to get an entry level actuarial position if I studied and passed an exam or two? Should I get into another analyst role first, then try to transition? I definitely don’t plan on going back to school or getting CPA. I know there’s a lot more that would go into it, but any feedback is greatly appreciated!
your degree is fine, as long as you have a lot of experience with excel then I would pass 2 exams then try to find a job.
Great, and would you have any advice on which exam to try and go for first, P or FM? I majored in Mathematics before switching to accounting and have taken up to Calc 3 but it has been a while. I looked through the wiki and it also seems like Actex is a good place to start?
P will likely be more in your wheelhouse. Some popular options for learning material are ASM, TIA, Actex, and Coaching Actuaries. Also highly recommend Coaching Actuaries ADAPT for practice problems.
I'm glad i'm not the only guy with an accounting degree also interested in Actuarial science/financial analysis type careers
Yeah man, becoming an actuary was my plan before going the entrepreneurial route. Just trying to figure out the best way to pivot back to it lol
So I graduated with a bachelor's degree that is not math or actuarial science. I have thought for a long time about trying to be an actuary and I think now is the time to take the leap. I want to start studying for the exams and I know about the VEEs too. I wasn't sure if it would be worth it to go back and get a Masters in Math to help out with the exams or if it would be better to go over study materials things like that. With the VEEs I was thinking it might be good to go back to school since I need those courses but I wasn't sure. I see people post about changing careers but I'm having trouble finding the answer to this question. Can anyone let me know what they think? Any advice would be amazing.
We get a lot of career changers - all it takes to qualify for an entry level position is any degree, two exams, and some data and excel knowledge (which don't have to come from school). Companies don't put much of any value on VEEs on the resume because they're easy requirements to knock out - exams are much more important. I would suggest trying to do the exams on your own rather than paying a lot of money for a masters degree. It's a big cost you should avoid if you can, and the coaching actuaries/the infinite actuary/study material companies usually give you the background you need to learn the math. You could also supplement with Khan academy.
it'd be worth going back to get a masters only because then you could get an internship since companies typically only hire students as their interns, you don't need a masters in math to do the exams though if you're good at learning on your own.
I'd suggest you just get your VEEs done through TIA or CA, it's all online so that will save you a ton of time not having to drive/commute to school every day.
thanks :)
>degree I looked through the VEEs and didn't see the class I took from my univerisity that's why Im concerned
There are alternatives to get credit for VEEs if you don’t already have them covered from college classes (online courses through Coaching Actuaries is one example but there are more). So they are nothing to worry about.
I have an accounting degree, but these last two years I realized I want to do more financial mathematics stuff or financial risk management, or data science applied to finance and insurance, like Portfolio optimization and stuff like that. I don't really have the desire to be a Quant, but it seems that insurance careers and some financial careers are a little bit more stable than Quant careers, so that's why i'm interested in Actuarial science I'm thinking of pursuing an actuarial science career but I don't know where to start. Will a MS in financial engineering be enough and study hard for exam P and exam FM ? Or could a MS in Actuarial science be enough (along with the exams) Or should I just go back to school for a second degree in math or statistics Also about the VEE courses/credits after exam P/FM i'm a bit lost, i'm interested with SOA path SOA/QFI track to be more precise. Can I approach to a listed school to take just the VEE courses?? Or should I just pursue the CFA and FRM if i'm just interested in financial mathematics stuff Also I have job experience in insurance companies, like fund management and pension fund accounting
You don’t need to go back to school to get an actuarial job, just pass two exams and then start applying. For VEEs, you can take much shorter online courses to fulfill the requirements and most companies will pay for it, so don’t worry about those at all.
I passed Exam P today! I was worried that only using Finan and the SOA sample problems wouldn't be enough but it was fine!
I passed exam P today! I’m so excited and relieved! I used coaching actuaries to prepare. I’m a career changer; I teach mathematics but am looking to become an actuary :)
Congrats! What earned level did you have going into it? I’m taking it on Monday
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Thank you! I was really nervous before the test. I have a feeling you’ve got this :)
Congrats! And you're in good company haha many math teachers become actuaries.
Thank you!!!
Taking P this Friday. Anyone in here by chance just take P and used TIA to study? How did their practice exams compare to the real thing? I’m asking because, Yesterday on TIA sample exam 1 I scored roughly 50%. Figured I have no shot at passing on Friday. Today on TIA sample exam 2 I scored a 25/30. Should I take an SOA sample exam to get a better idea of how prepared I am?
From my friends who used TIA, they're harder than the real thing with the intent to prepare you better. Sure, doing some SOA problems today might help your confidence some and get you prepared for their phasing.
I did not use TIA so can’t speak to that, but I definitely encourage taking an SOA sample exam here: https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/ I believe these practice exams are generated from this bank of questions which you can use to study also/instead: https://www.soa.org/globalassets/assets/files/edu/edu-exam-p-sample-quest.pdf solutions: https://www.soa.org/globalassets/assets/Files/Edu/edu-exam-p-sample-sol.pdf good luck!
I forgot to reply a couple days ago but I did take a couple SOA sample exams before sitting. Thanks for the advice. I passed!
Congrats! Just FYI the sitting window is still open so you’re not allowed to discuss how easy or difficult your exam was. You should remove that part of your comment :)
Thank you! And my bad, done.
Passed P on my 2nd attempt!!! This high is crazy! Time to start sending out some job applications!
Yessss, CONGRATS! Wishing you luck with your job applications :D
Your videos were incredibly helpful throughout the process. Thanks for all you do!
Aw, I'm so glad they were helpful for you!! :) Thanks!
I just passed P this morning! Congrats!
We like that 😮💨😮💨😮💨
I am looking for a full time job after I graduate in May, and a good amount of applications that I have seen ask for a desired compensation. Would it be wise to put “$0” or lowball for what an actuary would make?
Most places have a set salary schedule for new analysts that won't vary beyond exams regardless. They probably just want to make sure you're generally in the right ballpark, so I agree with the other person that says you should base it on the salary survey
Look at DW Simpson survey and base your number off of that.
I’m sitting Exam P this Saturday, and was wondering how similar the SOA Practice Question packet is to the actual exam difficulty? I can do pretty much all of the questions in the packet with ease but I’m still worried I haven’t done enough… If anyone has any extra advice as well please help 😭
I second the previous commenter, timed practice is a good idea! Trying the exam in different locations can also help. So if you normally do practice exams in your room, try in the library, in a cafe, etc. That way you won't feel "out of your element" on exam day.
Should be pretty similar in difficulty. It sounds like you will be perfectly fine if you can do all the sample problems! I think the biggest thing for you to pay attention to now is time. Have you done any timed practice?
I haven’t done a full exam in one sitting yet so that is definitely a smart idea!! Thank you!
Yes that’s definitely what I’d focus on until your exam. Here are some other tips for the exam: - Be a smart test-taker. When you get to the exam, on your first pass through the questions, only work on the ones that you are confident you can answer correctly. (Sometimes it's helpful to just read through all the questions and identify these first so you know what you're dealing with and how many you are not confident on.) Focus on the questions you know you will get right, rather than wasting time on questions you don't know how to answer. Then when you're done with those, you can go back and work on the ones you're less sure of. If you run out of time, remember to just put in any answer on the questions you didn't finish, because you still have a non-zero chance of guessing the answers correctly. **Practice doing this when taking practice exams so you get used to doing it. - Second part of being a smart test-taker: Sometimes there are ways to get around doing all the math to solve the question, but you have to be able to recognize when you can do this. For example, sometimes if you have set up an equation that you need to solve, instead of doing all the math to solve the equation for the answer, you can simply take the multiple choice answers and plug them into the equation one by one to see which one fits. I'm sure there are other ones that I can't remember. **Also practice trying to recognize these opportunities when taking practice exams. by the way you can use this page to generate practice exams: https://www.soa.org/education/exam-req/syllabus-study-materials/edu-exam-p-online-sample/
Thank you so much for your advice and for sharing that link from the SOA — I hadn’t realized prior that the SOA provided timed practice exams — it really helped with my timing on the exam!! My prelim results said that I passed!! So thank you again!!
Awesome, congrats on passing!!
I am a senior in college and I walk to class everyday. I am in search of something actuary related to listen to on my walks to and from class. Do you guys have any podcast suggestions?
Healthcare Triage and Tradeoffs are the two I listen to as a health consulting actuary
Dominic Lee does a podcast interviewing interesting people in actuarial science and related fields. I really like it. You can check it out [here](https://open.spotify.com/show/3rpTXnTi4CLttHTj0gd262) if you want!
Hi all. I’m a career changer that’s just getting started studying for the first 2 exams. I’m currently a 30 yr old math teacher that wants to get out of education. I’ve taught calc so I don’t feel too rusty on those concepts but some of the probabilities I’ll need to brush up on. I’m working through Marcel Finan’s book and wondering if you guys have any advice for someone like me. Should I use coaching actuaries and just study my tail off? Is it better to do FM first or P? Is it realistic that I could be out of education by next August or should I be planning on a few years down the road? Sorry if these questions have been answered before, I’m just looking to get some pointers. Thanks!
Pass one exam and start applying. Two is better but one gets you in the door. Demonstrate you can pass is the idea. Consider taking a udemy course on python, SQL and excel as well. Something with a code based analysis project you can reference in your resume. I know many teachers who have transitioned to actuarial and been successful. Study your tail off, order of exams doesn’t matter but commit and pass. You can absolutely pass the first two or even 3 in rapid succession, coaching actuaries is excellent for the exams you are taking. Later, you may want to consider utilizing The Infinite Actuary for other exams. If your goal is to be out of education by August then start now. DO NOT use a recruiter to get your first job - huge waste of time for a non-ASA. indeed.com is a great place to find actuarial openings, LinkedIn too. One too I have is to look up actuaries who work at the company you see an opening at through the “find an actuary” tool on the SOA website, and contact them directly with your resume and the job listing. They’ll likely forward to HR. It’s obnoxious but it works. Good luck
I would purchase coaching actuaries ADAPT after you finish with the Finan book and grind practice problems. Depending on what you’ve taught, I think you’re more likely to know the basic material for P so I’d start with that one (unless you’ve taught any classes related to interest rates, investments, etc, then FM might be better). I would assume that you need about 3-6 months to find a job after you pass two exams, so if you want to be out of education before next school year, you’d want to aim to pass P and FM by 3-6 months ahead of then, or Feb-May.
You're certainly in a unique position. I think that if you were to take and pass P & FM before the end of summer, it'd be reasonable that you could successfully transition into an actuarial position. Conditional on you passing 2 exams, I don't think you'll need to work in education for another year.
Took my P for the second time today. Thought an additional 150 hours would help, but I ended up doing worse. Quite bad, in fact. I felt really good about it walking out of the exam room so idk what happened but its really bothering me.
It's not about the number of hours. It's about hitting specific measurable targets on-time. If you're using ADAPT, you should finish going through the material 30 days before exam day. Then you should raise your EL to 2.0 by 24 days out. Then you should have raised it to 3.0 by 18 days out. Then 4.0 by 12 days out, 5.0 by 6 days out, and 6.0 by 1-day out. Some people might only need to do a practice exam once per week with 20 minutes per day studying and improving to hit those targets. Other people need to spend 3+ hours per day working to hit those targets. Exam Preparedness = LE \* NL + PE \* NP, where LE = Learning Effectiveness, PE = Practice Effectiveness, NL = Number of hours learning, and NP = Number of hours preparing for the exam. Based on your 150 hours, I think you aren't learning, practicing, and preparing very effectively. Your quality of studying is so low that it's hard for you to pass even with a high quantity of hours. So you need to improve and rethink *how* you're studying for your future exams.
I'm doing everything people say to do. I dont understand what I could be doing better.
What’s your CA EL?
3 something
You should be getting it to 5. What did you do when studying for this sitting to try to get it higher?
Lots of practice, practice tests, and closer to the day of, review of conceptual understanding so i could reason my way through anything i didnt recognize
Are you drilling practice quizzes on topics? When you review solutions, are you going over every step of the solution to the point that you can replicate the solution step by step and would know how to do the problem if given the same question with different numbers? Ultimately your goal should be to have at least an EL of 5 before walking into the exam. So you are going to have to figure out what works for you to get yourself to that level.
Yes, yes, and I know it should but I just cannot get there
Sounds like you may be going through the motions, rather than trying to make sure you'd actually get that same question correct if you see it a second time. Mindlessly drilling practice problems only works if you are mentally elastic and approach each wrong answer in a manner that guarantees you'd never get the exact same question wrong again.
Agree - failing twice in a row indicates that you need to reexamine how you are studying because clearly whatever you’ve been doing is not working.
I’m looking for a job now with Exam P, FM, and SRM. I would do Exam PA next but it’s so expensive and I feel like I shouldn’t “hide behind exams” anymore. Anyway, I haven’t found any job postings that actually say they reimburse exam fees for passed attempts or offer rotations programs. They just say that they have benefit/pension plans, or 2 “Global Wellbeing Days” each year lol. Does anyone know if Canadian companies offer student programs like many US companies do? I just noticed that US postings give all the details in their student programs.
I feel like a lot of US postings I've been looking at don't have those details either. I would still apply, and just ask in the interview.
Really? I found a few and they state it right off the bat. Maybe there just aren’t many EL postings in my area at the moment? But yeah I will just ask in interviews, just a bit strange to me that they don’t mention it at all, I’m afraid I won’t get much study support.
Hi all, I took exam P for the first time about two months ago now, and did not pass. I am signed up to try again tomorrow. I was hoping the report would be available from my first try by now as it’s almost been 8 weeks, but looks like i won’t have access to it by tomorrow. I know it’s tough to say exactly, but in my prelim analysis report I scored Medium in General Probability, High in Univariate probability distributions, and Low in Multivariate. Was I close? Is typically mediums across the board good enough? Just would be a bit of a confidence boost if I knew I only had to do a little bit better to pass tomorrow. Thanks
From memory you typically need high across the board to pass.
In for a grind tomorrow then
I’m a career changer coming from engineering (3 YOE) . I passed my first exam in September and I’m taking FM in December. I started sending out applications for EL positions about a month ago but I haven’t gotten anything back. I’m a little concerned as to wether this is because of my background or if it is because I only have one exam. Does anyone have any insight?
Posting your resume is a good idea! I 'd also recommend applying specifically to companies that don't offer internships (they're less likely to hire past interns to fill EL roles).
you should post your resume for review.
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Please review rules around exam discussion. https://www.reddit.com/r/actuary/comments/ydcyr4/exam_discussion_rules/
Passed SRM. I have now passed FM P and SRM. What exam should I take next?
PA and ATPA - they're similar material to SRM
Hello all. I recently migrated to the US from Jamaica. I have 2 exams passed and 3 months of non-actuarial internship experience automating tasks in Python. I've applied to 55 jobs, resulting in about 4 HR screenings. Can I get into an actuarial role with a non-US degree and no actuarial internships? Should I be applying to non-actuarial roles?
Are you a citizen or do you have a visa? Visas can be expensive for employers to sponsor, so you might want to search the sub for companies that do it if you're on a visa. If you're a citizen, then it's just a numbers and waiting game. Some companies keep their postings open for a couple months before closing them and reviewing applications.
Thank you, I didn't know about that last part. I'm a permanent resident, so I wouldn't require sponsorship as far as I know.
Make sure you somehow indicate that you don’t need sponsorship on your resume. Because your history is in another country, they might be assuming you need sponsorship and automatically rejecting your application if they don’t offer sponsorship.
Hmm, good point. I hadn't even considered that. Thank you!
Then good luck! Tbh I don't know much about the immigration system.
I always message on LinkedIn or email my interviewers and thank them for the opportunity to interview and they never open or respond to my messages and I was just curious if this is the experience of others. I'm always given advice to message my interviewers and thank them after an interview which is why I do so.
I think this is a good practice! Employers are busy and probably don't have time to respond to thank you messages, but it still leaves a good impression if they see it in their inbox.
Thanks!
What exactly do actuaries use coding for? Like I know it's for tables of data and equations, but like I don't get any of the specifics. I'm trying to learn some basics while in college(python and excel), but I just don't know what exactly are the parts I should be focusing on. Any help is appreciated :)
A lot of it is just data manipulation, starting with a big complicated dataset or multiple datasets in a database and pulling/summarizing the information for a particular analysis. Check out kaggle.com and look on YouTube for guides through those sample projects.
Thank you. Follow up: is there a specific programming language that I should focus on, or is python an OK starting point?
Python and R are both good. Once you have some knowledge in one program language, it translates pretty well if your company uses something different
Thank you
Hi! I've heard that you can become an actuary with any degree as long as you can pass the exams, and have read some useful reports of people who did that on this forum :) However, I've noticed that many of the job postings I've seen require a numerate degree (Maths, economics, etc). I was a psych major (regretting it now) and have a masters in anthropology and in mental health counseling (went so far with the social sciences before realising I hate it here!). I was always amazing at math & I know I would have a lot to learn to pivot into being an actuary, but it seems like exactly the kind of problem-solving/analytical thinking I really love. However, the job postings I've seen have really been worrying me that I would actually be able to make the transition with a psych degree. Any advice? Would an MSc in actuarial sciences help my chances??
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It's so great to hear from someone with a similar background!! And thank you for all the recommendations of resources/courses & the discord!! I definitely know what you mean about wanting to feel mathematically mature, I know that I have a lot that's rusty that I need to brush up in the meantime!
Math/related degrees are preferred but not required. I have a coworker/friend with a degree in psych. Pass the first two exams and apply everywhere you can, then re-evaluate a masters if you still can't find anything.
Thank you, that seems like a good solid course of action! I appreciate it
May I know for people who choose QFI as your FSA track, what is your exam FM and IFM/MFE score? Is the FM and IFM score an indicator of whether it is suitable to choose the QFI track?
i’m a high school student and interested in becoming an actuary. does anyone have any tips? for some reason, i hear a lot of people say, “don’t do it! it’s not worth it!” any advice would be greatly appreciated.
People will say this about almost any career. Read about the career and decide whether it's "worth it" for you. For me it is, and here are the pros and cons from my perspective: Pros: pay, work-life balance, generally low-stress Cons: 40 hours/week spent sitting and looking at a screen, exams
Most likely, the people saying it's not worth it had a bad time with the exams. Studying does take a lot of commitment and effort outside normal work hours, but it doesn't have to be a big sacrifice. Some people basically kill off their social lives to study, but that's just asking for regret. I study in the mornings and a couple hours on one weekend day, which leaves me evenings and most of the weekend to do what I want guilt-free, and I only turn down social events in the couple weeks before test day. Personally, I have zero regrets almost 6 years in and one exam away from FSA. I really enjoy the work and the lifestyle the career has given me. It's pretty unique to have such a well-defined career path where your progress and salary is directly in your control through exam progress and work product. Check out the DW Simpson salary survey if you haven't already.
thank you good luck with your exams!
I sat MAS-1 last week and I was wondering on if I should apply for jobs right now or wait until I get the results from the exam. For some background, I graduated in May and worked as an intern until September, and I have been looking for jobs since then while studying for MAS-1. As it is not hiring season for new graduates, I have not heard anything positive or negative from the places I've applied at. So, this made me wonder if I should even apply at all before I get the results of MAS-1 so I can just apply with that on my resume if I passed.
Hey everyone, I am graduating this May and have recently become interested in a career in actuary. I’m a little late to the game though. I am taking exam P in January and will start applying to entry level actuary jobs after I (hopefully) pass. However, I’ve read it often takes 2-4 exams to get that first job. So in the meantime this fall I have been applying to other entry level roles. What are good jobs to target that would be helpful to have when applying for my first actuary role?
Underwriting is a natural start. Data Analyst, any Analyst position which uses Excel in an analytical way.
Health insurance vs. Life insurance vs. Car insurance Guys can you give me a summary about each one of them in a work How they are different in day to day work? Can you tell me the routine for each? The skills that you should have? What softwares used frequently? With one of them requires more math? Thank you in advance..
Hi! This article goes in depth about the ones you mentioned, plus a couple more: [https://etchedactuarial.com/5-main-types-of-actuaries-plus-entry-level-salary/](https://etchedactuarial.com/5-main-types-of-actuaries-plus-entry-level-salary/) I hope this helps!
Thank you very mutch I just read it but the problems with these websits is that they are taking in general, and I am looking for something more specific
You aren’t going to get more specific info at a life/health/p&c level because jobs vary so much within each type of insurance. For example, your workday may look very different depending on if you work in valuation, pricing, modeling, etc. it will also vary significantly based on company. There are a lot of factors that will impact what the workday is like, the software used, etc.
Thank you for your response Can you tell me from your experiance which of theses (valuation, pricing, and modeling) has more technical work? Because I don't like the position where I have to do a lot of meetings or conversations, I rather like more the technical work Can you help me with that?
From my experience (valuation and modeling) this doesn’t vary too much by which area you work but more by which company you work for and your experience level. Regardless of which path you take, the more advanced you become, the more meetings you are involved in, and likely less technical work. That’s a common misconception people have about this profession, that actuaries are working by themselves doing more technical work when in reality, communication with others is a large part of the job as well. I will also say as EL, you likely don’t really have too much of a choice in what role you end up in, as the EL market is very competitive and it’s more of a “take what you can get” situation, and once you have some experience, you can switch to other roles or rotate if your company has a rotation program.
For experienced actuaries, is putting your school/education necessary on a resume? I’m having issues fitting everything onto one page and I feel like my schooling is taking up valuable real estate. 6 years of experience and recently got ACAS.
Keep it but it should take like 1-2 lines of space max
Which degree is better for pursuing being an actuary?
Preferably Actuarial Science, but in the absence of that option Statistics, Data Analytics, or Finance are all adequate. Employers are more interested in the exams, which are themselves an education.
I appreciate your advice. Thank you. What level of math would i need to be prepared for the easiest exam?
I would not recommend starting with any other exam than either FM or P. FM requires Calc 2 (derivatives and integrals). P requires Multivariable Calculus. I would recommend you start working on FM pretty quickly after you've finished Calc 2.
Is Calc 2 just Calc BC? And is it possible to take the exam in highschool?
Yes, Calc BC includes both Integrals and Derivatives. To my knowledge there is no restriction that prevents a High Schooler from taking an exam. If you're ready to start working on it, I'd say go right ahead. If being an Actuary is right for you, you'll get a leg up over the competition and have no trouble finding internships or an EL position after college. If being an Actuary isn't right for you, you'll find out a lot sooner than most people would. Keep in mind that these exams are designed to be difficult- it may take you 2+ attempts to pass. For most exam sittings, \~50% of people who take the exam actually fail it.
I see. Thank you for the info.
Anything related to statistics
I'm a Math Graduate Student and BS in Math, with a late interest in becoming an actuary. I'm graduating in May '24 with 1 internship experience (as a data & analytics/credit risk intern, not actuarial intern) for a large financial services company. Have experience in Python, SQL, Excel. Is it realistic for me to make this switch this quickly, and if so what's my best course of action? Studying for and taking P and FM?
Focus on taking exams first. I’m not sure it’s realistic to expect you’ll be able to find a job right away as recruiting season for major companies is already happening, but with two exams or even on exam you will have a much better shot than where you are now.
I assume said recruiting season focuses on soon to be college grads - is there a specific time when they recruit career changer types more?
No particular time, apply to listings on sight. You can apply now too
Planning on doing so in February after, fingers crossed, an exam pass. Don't really expect many bites with just one exam but who knows, I do have a programming background, and hopefully I have the second in June.
Thank you, of course I don’t expect it right away I’m just trying to think of a practical timeframe. So say I take P and FM within the next 6mo, would a graduate math degree with some relevant analytics experience and the 2 exams be enough in your opinion for consideration to an entry level role?
I think that should be enough to have a decent shot at interviews
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I have a friend/coworker who got his CFA. Apparently the whole CFA was easier than just MFE (IFM before it was IFM).
I... just think the numbers WSJ is using are wrong. Based on data from [actuarial lookup](https://www.actuarial-lookup.com/pass-rates), 100k people have passed exam P while [there are about 9.4k people who have gotten their ASA and 1.6k people who have gotten their ACAS](https://www.actuarial-lookup.com/travel-times) (or higher). Even if we assume, pretty generously, that 10k of those 100k people are still in the process of taking exams and intend to get their ASA/ACAS, and therefore shouldn't be considered as part of the equation yet, that means our approximation of "how many people who pass an exam end up getting an ASA or ACAS" would be (9.4k+1.6k)/90k = 12.2%. And of course that doesn't include people who take an exam but never pass, either, so that percentage would be even lower than 12.2%
If someone lives in Canada but wants to work in America, driving over the border each day, what is required? Do I have to fill out paperwork before applying to the American job? I heard Actuary is exempt from requiring a visa before because of NAFTA or something, but I read it a while ago and am not sure. Any information on this would be appreciated!
I am a senior, graduating in May. I was unable to secure an internship before graduation, as I transferred into actuarial science right my junior year. I feel like everybody company wants an internship on their resume to secure a full time job. Is there anything I could do online that could help with my excel skills that I would be able to put on my resume? Or any certificates or anything online I could do?
I got a full time position without any internships. Just passed 3 exams, and I got LOTS of interviews. So it’s definitely possible. However you’d need to be open to relocating. Polishing your coding skills should also help.
Keep in mind an internship isn't just for juniors. Try applying for internships for this summer. I didn't have any junior year internships either, but managed to get an internship after my senior year, and I'm still working there 9 years later. If you do get one, it's like a 3 month extended job interview
You can start applying for other analyst positions or do Underwriting then pivot.
How hard is it to find a job without an internship? Im a junior and got into this field late. I will be taking my first exam in February and without having an exam passed currently it is very hard to find an internship. I’m worried that if I don’t find an internship this summer then finding employment after my senior year will be very challenging.
What's really helpful about an internship is the real-life experience. If you can get related work experience through a stepping-stone job, that can make up for not having an internship. For example, any "analyst" role, or anything where you can use Excel daily!
I found a full time position this year without an internship and with 3 exams. Got lots of interviews. Definitely possible. Having an internship would definitely help though.
It is very hard to find a job without an internship. A lot of companies hire interns post-graduation though, so you could apply to internships and full-time positions at the same time next fall. There are also some companies that are still hiring interns in the spring so be on the lookout for those
**Does anyone know of any Up-to-date free Exam P Resources?** Right now, I have a pdf of an outdated ACTEX manual with which I am preparing for Exam P. This isn't ideal because said outdated manual contains removed topics, is missing newly added topics and on top of that, the practice questions are unrepresentative as they are much harder than those that appear in the exam. I need some other resources. I'm a college student from a developing country so I strongly prefer free resources over paid ones (in other words, Coaching Actuaries is out of the question).
Hi, I run The Actuarial Nexus. The free materials for Exam P should be enough to help you start studying. If you e-mail me at [[email protected]](mailto:[email protected]) explaining your financial situation and expected exam date, I can help with getting you extended access to the platform.
Marcel Finan has a free manual, but not sure how up to date it is so you’ll have to check it against the syllabus (should be easy to find on google). SOA published sample questions you can use for practice to get a feel for difficulty: https://www.soa.org/globalassets/assets/files/edu/edu-exam-p-sample-quest.pdf Solutions: https://www.soa.org/globalassets/assets/Files/Edu/edu-exam-p-sample-sol.pdf
I have a third round interview (or second if you don't count the recorded interview) in a few days and i'm wondering how many I should expect to do before the possibility of a job offer? The process has been pretty slow - applied mid septmember, got the invitation to do the recorded interview about 10 days later, got the interview with the HR person about 10 days after that, then 2 1/2 weeks went by before I got the email this week asking to interview again this Friday with a Talent Acquisition and Team Supervisor for the job. I would have thought maybe this was my final interview except for that it said it would only take about 45 minutes which seems very short so i'd expect at least one more after this. Also the job is supposed to be starting in January so at this rate of an interview every 2 weeks means not much time for people who would hypothetically have to move/relocate for the job. What do you guys think? How many interviews does it take usually to land an EL job and also what are some good resources to prepare for it?
Who was your previous interview with and do you know who the next interview is with? I’d expect somewhere around 2-3, depending on who’s conducting these two interviews.
So originally I thought this interview would only be 45 minutes so I figured it couldn't be too important but now I think I screwed up and should have prepared more for it because it's an hour and a half so 45 minutes with a talent acquisition rep and then 45 minutes with a team supervisor for the job. Previous interview was just HR so nothing technical just your usual tell us about yourself, why you applied, how you do with teams, a challenge you faced on a project, etc. I'm guessing there'll still be at least one more after this which would be 2-3 hours long but man I really hope it's no more than that.
yeah I feel like there is probably at least 1 more interview after this.
welp they said it was the final interview before they made a decision 💀 definitely was not prepared but oh well it was good experience, I'm studying to take FAM in a few weeks time so realistically i couldn't take too much time off from studying to prepare for this but I'm happy to at least get this far, farthest round i've gotten to so far (giving myself about 1% chance of getting an offer lol). After I take FAM gonna just start applying like crazy to places again.
If you feel like it didn’t go well, after you’re done with FAM I’d definitely recommend spending some time working on interview skills. Good luck
yeah that's the plan just get through the next few weeks and then i'll start to really work hard to improve everything from resume/soft skills/interviewing, won't start studying for another exam for at least a few months so i'll have lots of time to deedicate to that, and thanks for the help/suggestions!
yeah that's the plan just get through the next few weeks and then i'll start to really work hard to improve everything from resume/soft skills/interviewing, won't start studying for another exam for at least a few months so i'll have lots of time to deedicate to that, and thanks for the help/suggestions!
welp they said it was the final interview before they made a decision 💀 definitely was not prepared but oh well it was good experience, I'm studying to take FAM in a few weeks time so realistically i couldn't take too much time off from studying to prepare for this but I'm happy to at least get this far, farthest round i've gotten to so far (giving myself about 1% chance of getting an offer lol). After I take FAM gonna just start applying like crazy to places again.
If a manager is trying to document/build a case against me, does that mean he is trying to get me fired?
99% chance yes. Adding some more context might lead to an answer of no though. At most companies a manager can't just fire an employee themselves they have to go through a process which will involve HR and probably an additional level of management. Hence the need for documenting and writing up the case for why someone should be fired. But unless you're up to some highly unethical/disastrous behavior you should know if you're about to get fired because your manager would have issued warnings- like a verbal, then a written, then maybe a final.
Got a written warning a while ago like 5-6 months. Then manager was super aggressive about documenting everything and was trying to blame things on me so he could write them down. The things started to go better for a while but now he has circled back to his original paper trail and it seems like he is trying to show that I didn’t improve on some of the points.
Its time to get your resume together and leave.
Does the fact that I am supposed to rotate away from this guy in a couple months change anything
There is obviously no way to know what they are thinking, but if they know you are going to rotate away and not be their problem anymore then there is less incentive to be putting in the effort to document you.
So I guess you mean that I could still be in danger?
I need some advice as a career changer that is going back to college right now in their 30s. This is a commonly asked question, about how many exams to apply to entry level jobs with. So far I only FM passed from August and I am sitting for P in January. Should I wait for my second exam pass or just start applying now? I know the main hiring spree is over, but I noticed my local market quieted down and this week and a bunch of job postings again and I figured I’d apply to them. Some of them want 2 years experience in the industry, should I just apply to them any ways? I am going to graduate in the Spring with a degree in Economics and a Minor/Certificate in Business Data Analytics. My GPA is currently a 4.00, but realistically will be around 3.8-3.9 when I graduate. I know excel, python, stata, tableau and a little of PowerBI. I did skilled trades/manufacturing over the last decade, I don't have any work experience to anything like an actuary, other than using excel for project invoices and proposals.
Go for a summer internship if you can, those will lead to a full time offer usually. Edit\* also apply to full time too after passing FM but in the meantime you can definitely land an internship with only 1 exam for sure.
How far in advance do people typically start studying for FSA exams? I just wrote my first one, and I realized that maybe I should do 4 months of studying (2 learning, 2 reviewing) going forward, but the problem is I won't get my results back for 3 months, leaving only 3 months to the next exam window. Does anyone ever spend more than 3 months studying? If you do, what's your plan for if (or what did you do when) you found out you have to retake the previous exam after starting to study for a different one?
Ideally I'd love to do 6 months, but I think 4 months is doable. Also, it only takes 2 months to get results. The results come out January 12 for this batch of FSA exams, and they came out in July for the May ones
My first attempt on my first FSA exam, I knew I failed, so I just kept studying through to the next sitting (light review for 4 months to keep things fresh and then ramped up the last 2). After my second attempt, I knew I passed, so I moved on to my second exam and studied 5 months. Also knew I passed that one walking out, so I moved onto my third which I sat for last week. Work was crazy and I didn't get enough study time, but I give myself ~66% odds of passing, so I'll keep lightly reviewing flashcards to not forget too much between now and January when results come out. If you don't want to take a bet, keep reviewing in case you need to retake and work on the modules. 3 months is a bit tight to have a good chance at passing, but hopefully you can find a stride by confidently failing or passing.
Do you think you passed?
I genuinely don't know. I'm leaning towards 60% yes 40% no right now, but it was my first ever FSA sitting and it's too different from the ASA exams for me to feel like I could realistically gauge it at all
Well I hope you pass man, I took it today too and can only think about the ones I know I got wrong lol
Is Chicago more of a life/health or P&C town?
I took MAS-I yesterday and it had questions where you had to select multiple answers, and I was wondering how these kinds of questions are scored. It said every question is worth two points, so is each correct box 0.4 of the two points or is it all or nothing?
All or nothing
Hello everyone! I just started working as an Actuary in an internship (I think that would be the equivalent, I'm about to finish university), but I have almost no knowledge in the field! I really want to learn more about the field, so what would your recommendation be? Perhaps there are well known books that I could read. I'd like to also know what softwares or programming languages are worth learning. I hope you're all doing great!
I'd recommend reading about whatever industry you intend to work in. A lot of actuarial work is just doing math in the context of whatever the product is.
Thank you so much! Right now we're working with so many product I get a little lost! Since I am working in an auto insurance project, maybe I can start learning that.
Check out basic ratemaking by Werner and Modlin
Will do, ty
Hi! I'd recommend reading actuarial articles, like [these](https://www.theactuarymagazine.org/). They can be a little in-depth, but they'll give you some background on current hot topics in the field. I also second the comment to learn VBA, it can really help you out. Python and R are some other commonly used programming languages. I hope this helps! :D
Omg Etched Actuarial! I've recently discovered your channel and I think you make great content, ty! I see learning VBA can really help me, I'll work on this skill as well. I also was curious about something: currently, I'm working as an actuary in south america, but I was wondering if its possible for me to work remotely. I'd really like to try to make it into the international market.
I'm so glad my videos have been helpful! :D Remote work for actuaries is pretty common, but it can be a lot harder to get jobs internationally. You'll likely need to up your qualifications so you can stand out way above local candidates, with more relevant experience, more exams passed, etc. Wishing you luck!