How To Get Started In An Actuarial Career!
When you are planning a career, you are not just chalking out a way to make a living –
So let not the prospects of a career, no matter how lucrative it seems to be, influence you in your choice of career. You should understand that a job chosen by someone else, no matter how much it suits him, may not be the right career choice for you.
So before you get started on the path to becoming an actuary, it is imperative that you find out if you have the basic skills to make a name in this profession:
- Check if you have the educational qualifications necessary to become an actuary.
- Consider the other factors essential to become an actuary.
Once you are convinced that an actuarial career is just the type of job you have always wanted to pursue, you should start taking the preparatory steps right away.
You will need to go a long way before you actually start working as a full time actuary.
So start preparing yourself for the big game right from your high school days!!!
As you lay the foundation for your career, you can:
- Sign up for classes that help you in preparing for the actuarial career.
- Take mock actuarial exams so that you can pass your actuarial exam in flying colors.
- Find out if you can get scholarships to pursue higher studies.
- Decide on what type of actuary you want to become.
- Look for the right actuarial course to enroll in.
Earning An Actuarial Credential
To become an actuary, you will need to complete a set of actuarial examinations, and E learning components and other requisites via an actuarial membership organization like:
The different examinations you will need to appear for include:
- It is known as Exam 1 by the CAS and Exam P by the SOA.
- The questions are set in a multiple choice format.
- The duration of the exam is 3 hours.
- To succeed in this examination, you need to be proficient in calculus and probability.
- Plus, you need to have a basic knowledge of insurance and risk management.
Financial Mathematics Exam
- It is also denoted as Exam 2 by the CAS and Exam FM by the SOA.
- The exam involves three hours of MCQ.
- Candidates are supposed to have elementary knowledge of probability and calculus.
- The exam includes questions on interest theory. You also need to have an elementary knowledge of derivative securities.
Models for Financial Economics Exam
- It is denoted as Exam 3F by the CAS and Exam MFE by the SOA.
- Even this exam needs you to answer multiple–choice questions and has a duration of 3 hours.
- Questions can be asked on pricing derivative securities, interest rate models, and risk management methods and simulation.
- It is called Exam 4 by the CAS and Exam C by the SOA.
- The test involves three and a half hours of multiple–choice questions.
- The syllabus includes elementary knowledge of actuarial modeling and the methods involved.
- Candidates are also required to have a strong command on calculus and probability.
- Besides, questions on useful frequency and severity models might also come.
Apart from passing the preliminary exams, you will also need to acquire Validation by Educational Experience (VEE) credit to start your actuarial career.
The VEE requirement is endorsed collectively by the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS) and the Canadian Institute of Actuaries (CIA).
- The topics included for VEE are:
- Applied Statistical Methods
- Corporate Finance
Though the VEE topics are not a prerequisite for the preliminary exams, you need to pass at least two SOA /CAS actuarial exams before applying for your VEE credit.
Also, the topics can be covered independently of the exam process.
So, are you ready to pursue your dream career now?