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Actuarial Science Career

Apostacious

Apostacious

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Jul 17, 2007
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I wish to pursue a career in the insurance industry as an actuary. I can see that the health insurance industry is going to be facing much continual change, such that there will be more demand for actuaries in the future. Now, I'm alright at math. I basically lost interest in it in high school, waited 10 years to finally go back to college, and through private study, was able to place into Calculus I after quiting math at the algebra level in high school. I am currently taking Calculus 3 in my third semester, and am planning on taking Linear Algebra and Differential Equations. After that, I will transfer to university with a very strong standing in math (starting at 300 (junior) level upon transfer). Now, I can tell that I have strong math skills, because I generally get 100% on every exam in math, and find that I enjoy dealing with relatively difficult problems which are needlessly complex (many transcendental/irrational numbers, with of course fractions, radicals, logarithms, etc). So, I think that I would get bored in a physical science, (unless its physics), because the physical sciences I am interested in seem to not use very much math, aside from multiple-variable calculus.

Anyway, with that background, I think that I have decided that I enjoy statistical analysis. So, I plan to transfer in with an associates degree from a local community college with honors to a nearby state university, which has an excellent Actuary program. However, the modules are available to take privately (for a bit of a fee). Therefore, I could get a job in the actuary field simply through passing rigorous exams created by SOA. The downside to choosing this path is that I wouldn't have a rigorous and diverse education to go along with the modules. But, I would probably just go into private study to pass the modules after I get my associates degree if I would have the same chance to get a decent job even after a B.S. in Actuarial Science. Does anyone have any advice? I am of course leaning towards getting a B.S. in Actuarial Science, as it would be much more versatile, and I may be able to have a broader choice of jobs, compared to simply a certification.
 
Unless I want to be a math teacher, what good is a B.S. (or even a Masters) in Theoretical Math in the real world? I mean, I'm not too worried about impressing anyone, or being considered smart. I'm just looking for the best way to apply my skills in a field that would provide financial security.
 
If you were able to get a bachelors degree in math, then you certainly have the skills to be an actuary. Actuarial math is just a lot of probability, stochastic processes, and single-variable calculus. I mean, there is some usage of multiple-variable calc (from what I've read), but not as much as I would have thought.

I have done what you have done (sort of; air-duct cleaning and commercial carpet/upholstery cleaning), and loved it. Too bad I was employed by a man that didn't like to pay his employees. He basically did this to everyone he employed and once I found out I was out of there. I don't know how he is still in business, but he's just taking advantage of all the people that are unemployed in the area (especially college students who come and go and never really develop a rapport with local businesses). If I were paid regularly, I would have been happy doing just that and wouldn't have thought twice about college. So, yeah, my motivation I guess is just the fact that I live in a city where the only jobs available pay minimum wage, and the unemployment rate is around 16% (it was over 20% in early 2009). I know that I may deeply regret the decision to become an actuary, but hey, chances are it'll pay better than working at a gas station.
 
My advice is always to "overdo it" - if you are capable of getting a math degree, GET ONE. With the way the job world is going (and not just because of the economic crisis), companies are increasingly using people's degrees as a major measuring point. Lots of places won't even interview people without "good" degrees. A BS in anything is a major selling point.

If you're not entirely digging the actuary thing, you should try talking to some professors in theoretical physics or biophysical chemistry. They are INTENSELY math-driven and have lots of really cool problems to work on.
 
Thanks for the responses hypnotik1 and rNr. I was thinking about physics... but I have talked with quite a few physics students, and they all are unemployed. These people weren't stupid either, and knew their shit. They just graduated from a state college. Re-biophysical chemistry... that would require a lot of classes, and therefore a lot of money. I've already got quite a bit invested so far in math & economics, etc. But, you are absolutely correct in sticking with it, I am too old to change my mind now, lol.
 
Apostacious said:
Thanks for the responses hypnotik1 and rNr. I was thinking about physics... but I have talked with quite a few physics students, and they all are unemployed. These people weren't stupid either, and knew their shit. They just graduated from a state college. Re-biophysical chemistry... that would require a lot of classes, and therefore a lot of money. I've already got quite a bit invested so far in math & economics, etc. But, you are absolutely correct in sticking with it, I am too old to change my mind now, lol.
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A lot of math and physics bachelors degree holders are unemployed because they intend on working precisely as mathematicians and physicists, which is more or less impossible because each title requires likely a doctorate in either field.

Me personally: I majored in math and computer science in my undergraduate years. I went straight into the corporate world as a level one actuary. I found the businessworld degrading to my career as a mathematician. I quit after six months and went back to graduate school in pure mathematics, where I'm now a second year. If you love the theory behind any physical science, (at least for me) working in the corporate world was torture.

As for physics, it depends on whether you are interested in theoretical physics or experimental physics. The vast majority of physicists are experiment physicists and the math requirements are lower so much of what you have done would be a "waste", at least credit wise. However, for the theoretical route things are different. As a undergraduate I wanted to become a theoretical physicist, and the physics department at my university told me to immediately switch my major to math (where I'm currently doing pure mathematics, funnily enough). When you hit graduate school theoretical physics it involves a lot of very pure mathematical areas of study, such as PDEs, differential geometry, and group theory.

My advice would be to stick with it, tough it out and get your degree. If you do well academically and take some courses in a secondary, more applied field of study such as economics or computer science, you'll find yourself in a very flexible position when you graduate.
 
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