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Actuarial Sciences
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Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuarial science includes a number of interrelating subjects, including probability and statistics, finance, and economics. Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website Career Cast ranked actuary as the #1 job in the United States. it’s a lot of hard work and you must have really good quantitative skills to pull it off. It usually takes anywhere from 6-10 years to pass all the exams (about four years for associateship & 7-8 year for the fellowship) But you can usually start working as an actuarial assistant as soon as you pass a couple of exams. Thats one of the good things about this career that you can earn decent money while studying for your exams. Moreover ,
An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. Actuaries may work for insurance companies, consulting firms, government, employee benefits departments of large corporations, hospitals, banks and investment firms, or, more generally, in businesses that need to manage financial risk. A career as an Actuary is better described as a "business" career with a mathematical basis than as a "technical" mathematical career.
An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. Actuaries may work for insurance companies, consulting firms, government, employee benefits departments of large corporations, hospitals, banks and investment firms, or, more generally, in businesses that need to manage financial risk. A career as an Actuary is better described as a "business" career with a mathematical basis than as a "technical" mathematical career.
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and in pakistan its scope is too much bright, as the acturies are few in pakistan, if i m not wrong 18 to 20, no one is getting less than 100,000 - 125,000 
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University of Punjab
Karachi University
These universities offer you the course Actuarial science
Karachi University
These universities offer you the course Actuarial science
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acha and what are the requirements of grades in these universities????
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@axa: nice info..
@hamiz: punjab uni will require atleast 60% marks and matric n fsc....u can covert ur O/A lvl marks into it.. dont know abt karachi uni..
@hamiz: punjab uni will require atleast 60% marks and matric n fsc....u can covert ur O/A lvl marks into it.. dont know abt karachi uni..
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@ Can a guy who has done O and A level with ONLY sciences and mathematics pursue actuary??????? My A'level subjects are the 3 sci+ Accel+ Further.
Please do reply.
Please do reply.
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i think that u can do....80% sure!!
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'British Council said:
yeah u can
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there are a couple of exams
Exams P, FM, M and C are compulsory to pass.
btw for its preparation go for Marcel's book.
Exams P, FM, M and C are compulsory to pass.
btw for its preparation go for Marcel's book.
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These are the MOST frequently asked questions for this field, you can have a look, this surely will help!
1. "I’m currently working in computer science, accounting, biology, ceiling tile counting, …."
It doesn’t matter what field you’re in now. You must understand what an actuary does before you ever think about the switch and be committed to staying in the field once you get in. (Roughly 70% of those who start down the actuarial career path drop out before earning the FSA or FCAS designation - employers want you to be one of those 30% who make it!) The best place to get most questions answered (besides here!) is http://www.beanactuary.com – it’s a great site with information targeted at people like you aren’t in the actuarial profession but are thinking about it.
2. "How do I get started?"
Assuming you don’t have previous experience as an actuary, pass an exam. Even better, pass two exams. Your chances of getting started are greatly enhanced if you’ve taken and passed an exam – it shows you’re not just giving lip service about being an actuary, you’re actually taking steps toward getting into the field. To learn more about the exams, go to http://www.beanactuary.com and click on "Actuarial Exams".
In addition, apply early and apply often. Every job you don't apply for is one you're guaranteed not to get. Insurance companies and consulting firms are almost always looking for new actuaries - go to their web site and submit your application. Use a recruiter. Talk to someone you know who's already in the field. The more things you do to land a job, the better your chances are of getting one.
If you can get an internship somewhere, that's fantastic - but it's not something that will make or break your chances of getting into the field. (I didn't have an internship and someone hired me; if I got hired, there's hope for everyone else.)
3. "What courses should I take?"
While the exact list is subjective and will vary from person to person, here’s a good starting list:
-- Calculus (through Calculus III)
-- Linear algebra (if you’re majoring in math, you’ll have to have this anyway)
-- An calculus-based introductory class in probability and statistics
-- An advanced class in probability and statistics (regression, time series, analysis of variance are great topics to cover)
-- Economics (micro and macro – this should be 2 separate classes)
-- Interest theory (if your college offers this class)
-- Finance
-- At least 1 computer science class, preferably 2 classes (emphasis on programming – it doesn’t matter what language)
-- Public speaking (perhaps the most overlooked class on everyone’s list)
-- At least one technical writing class (I’m not talking English 101 or English 102)
5. "Should I go into life, health, pension or P&C?"
If you don't have a preference for one, don't worry about it - get into the field first. If you *do* have a preference, then that's the one you should try to work to eventually. I don't know that there's a "good" choice or a "bad" choice - I'm in P&C and I wouldn't go into another line if I could help it, while there are others who would fight going into P&C down to their last breath.
6. "I'm getting a degree in ...."
To a point, it doesn't matter what you get your degree in (see #4 above). It's more helpful if it's in math, economics, or business, but if it's in computer science it's not a problem. Even if it's zoology, it's not the end of the world ... it'll just be a little tougher since your degree likely didn't cover topics you'll see on the actuarial exams.
7. "Should I get a master's degree?"
Pay in this field isn't based on education. It's based on passing exams and doing well on the job. If you want to get a master's, then get it - but it's not necessary (or in many cases, more helpful) when finding a job.
8. "I think I'm too old to start, ...."
Grandma Moses took up painting in her 70s, and there's always a story about someone 80+ or 90+ going back to college and getting a degree. Why should it be any different here? If someone wanted to get into computer science at the age of 45, which would be more important - the person's age, or the person's knowledge and ability?
If you know this is what you want to do, forget about how old you are. Make the committment and make it happen.
9. "I have (x) exams, can I get a job in this field?"
If you have 0 exams, the answer is quite likely "no". The more exams you have passed, the better your chances are of getting hired (to a point). It is possible to have too many exams; if you've got more than 4 and no work experience, you're hurting your chances of getting hired. If you have 4 and an degree in actuarial science, it's not as bad; if you don't have a degree in actuarial science, IMO don't go past 3 exams.
Ideally you should have 2 exams completed. If you have solid grades (above 3.5 GPA overall and in your major), you can likely attract interviews with just 1 exam passed. However, a lot of people have 1 exam complete - you want to make exam progress to show that you're committed to getting through the exams and getting the FSA/FCAS designation, and you want to make progress to set yourself apart from everyone else. [I've mentioned the same things in point #2 above] HOWEVER, simply passing exams does not stamp your ticket to a job. See the threads here on interviewing - if you can't interview well, you will not get your foot in the door.
10. "When should I start applying for a job?"
See point #2. If you're in college, start early your senior year just like you would if you were applying for any other job after college.
11. "I took (insert exam here) and only got a 6 - I was hoping for a higher score. Can I retake the exam?"
NO. Page 9 of the 2006 SOA Catalog states very clearly: "A candidate may not write an examination for a course for which the candidate already has credit." This has been a rule for many years now ... don't expect it to change.
12. "What is the requirement for getting an ASA/FSA/ACAS/FCAS designation"
ASA: "Effective January 1, 2006, candidates may also earn the Associateship designation by completing the following requirements:
i. All candidates must complete Exams P, FM, M and C, collectively known as the preliminary education component. (Credit earned from a passing score on previous administrations of former SOA Courses 1–4 will be converted appropriately.)
ii. All candidates shall satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics. (VEE credit earned from a passing score on Course 2 and/or 4 will be converted appropriately.)
iii. All candidates must complete the Fundamentals of Actuarial Practice (FAP) Modules 1–8 and the two associated exams, FAP Exam #1 and #2.
iv. All candidates must also complete the Associateship Professionalism Course (APC). Candidates must also have an approved Application for Admission as an Associate on file, as described above."
FSA: "Associates must complete all remaining educational requirements including the PD Requirement. The FAC is required of all candidates for Fellowship, and candidates may not attend the FAC until they have completed the Preliminary Education examinations and Courses 5-8 and the PD requirement."
ACAS: "Candidates for Associateship in the Casualty Actuarial Society must fulfill the examination requirements by successful completion of, or credit for, Exams 1-7, and have credit by Validation by Educational Experience (VEE) for the required topics of economics, corporate finance, and applied statistical methods. Exam 7 is nation specific, covering U.S.- or Canadian-specific material, and passage of either of the two examinations fulfills the completion requirements. Candidates must complete the CAS Course on Professionalism prior to admission to the CAS."
FCAS: "In addition to fulfilling all the requirements of Associateship, successful completion of, or credit for, all nine examinations is required to fulfill the examination requirements for Fellowship and to be designated as a Fellow of the Casualty Actuarial Society (FCAS)."
13. OMG, I FAILED AN EXAM - AM I '''''ED? WILL EMPLOYERS KNOW? (answered from the viewpoint of students who aren't in the field yet)
A. Failing an exam is not the end of the world. On average, more people are going to fail an exam than pass, and the number of people who get through all of the exams and never fail once is really small. Chief actuaries have failed exams, it happens. They realize it. Now ... if this is your 3rd or more shot at one of the preliminary exams (especially the first two) and you still haven't passed, it may not be a good sign of things to come b/c the exams don't get any easier. If you get to this point, it may be time to (A) evaluate how you're approaching the exam, (B) change study methods, or (C) realize that maybe you're not cut out for the actuarial field - and there's no shame in that; a lot of people get into the field, start through the exams, and drop out before finishing the exam process.
B. No, employers will not know how many times you've failed an exam (or exams total) - the SOA and CAS do not track total sittings, they track which exams you pass. However, if a prospective employer asks, you should be truthful about your success rate - because if your transcript from the SOA or CAS shows it's been 3 years between exam passes, they're going to get suspicious if you say, "Well no - I didn't fail an exam" or "Well, I took it once and failed but passed the 2nd time" without a really good reason why you would have only sat once in between.
1. "I’m currently working in computer science, accounting, biology, ceiling tile counting, …."
It doesn’t matter what field you’re in now. You must understand what an actuary does before you ever think about the switch and be committed to staying in the field once you get in. (Roughly 70% of those who start down the actuarial career path drop out before earning the FSA or FCAS designation - employers want you to be one of those 30% who make it!) The best place to get most questions answered (besides here!) is http://www.beanactuary.com – it’s a great site with information targeted at people like you aren’t in the actuarial profession but are thinking about it.
2. "How do I get started?"
Assuming you don’t have previous experience as an actuary, pass an exam. Even better, pass two exams. Your chances of getting started are greatly enhanced if you’ve taken and passed an exam – it shows you’re not just giving lip service about being an actuary, you’re actually taking steps toward getting into the field. To learn more about the exams, go to http://www.beanactuary.com and click on "Actuarial Exams".
In addition, apply early and apply often. Every job you don't apply for is one you're guaranteed not to get. Insurance companies and consulting firms are almost always looking for new actuaries - go to their web site and submit your application. Use a recruiter. Talk to someone you know who's already in the field. The more things you do to land a job, the better your chances are of getting one.
If you can get an internship somewhere, that's fantastic - but it's not something that will make or break your chances of getting into the field. (I didn't have an internship and someone hired me; if I got hired, there's hope for everyone else.)
3. "What courses should I take?"
While the exact list is subjective and will vary from person to person, here’s a good starting list:
-- Calculus (through Calculus III)
-- Linear algebra (if you’re majoring in math, you’ll have to have this anyway)
-- An calculus-based introductory class in probability and statistics
-- An advanced class in probability and statistics (regression, time series, analysis of variance are great topics to cover)
-- Economics (micro and macro – this should be 2 separate classes)
-- Interest theory (if your college offers this class)
-- Finance
-- At least 1 computer science class, preferably 2 classes (emphasis on programming – it doesn’t matter what language)
-- Public speaking (perhaps the most overlooked class on everyone’s list)
-- At least one technical writing class (I’m not talking English 101 or English 102)
5. "Should I go into life, health, pension or P&C?"
If you don't have a preference for one, don't worry about it - get into the field first. If you *do* have a preference, then that's the one you should try to work to eventually. I don't know that there's a "good" choice or a "bad" choice - I'm in P&C and I wouldn't go into another line if I could help it, while there are others who would fight going into P&C down to their last breath.
6. "I'm getting a degree in ...."
To a point, it doesn't matter what you get your degree in (see #4 above). It's more helpful if it's in math, economics, or business, but if it's in computer science it's not a problem. Even if it's zoology, it's not the end of the world ... it'll just be a little tougher since your degree likely didn't cover topics you'll see on the actuarial exams.
7. "Should I get a master's degree?"
Pay in this field isn't based on education. It's based on passing exams and doing well on the job. If you want to get a master's, then get it - but it's not necessary (or in many cases, more helpful) when finding a job.
8. "I think I'm too old to start, ...."
Grandma Moses took up painting in her 70s, and there's always a story about someone 80+ or 90+ going back to college and getting a degree. Why should it be any different here? If someone wanted to get into computer science at the age of 45, which would be more important - the person's age, or the person's knowledge and ability?
If you know this is what you want to do, forget about how old you are. Make the committment and make it happen.
9. "I have (x) exams, can I get a job in this field?"
If you have 0 exams, the answer is quite likely "no". The more exams you have passed, the better your chances are of getting hired (to a point). It is possible to have too many exams; if you've got more than 4 and no work experience, you're hurting your chances of getting hired. If you have 4 and an degree in actuarial science, it's not as bad; if you don't have a degree in actuarial science, IMO don't go past 3 exams.
Ideally you should have 2 exams completed. If you have solid grades (above 3.5 GPA overall and in your major), you can likely attract interviews with just 1 exam passed. However, a lot of people have 1 exam complete - you want to make exam progress to show that you're committed to getting through the exams and getting the FSA/FCAS designation, and you want to make progress to set yourself apart from everyone else. [I've mentioned the same things in point #2 above] HOWEVER, simply passing exams does not stamp your ticket to a job. See the threads here on interviewing - if you can't interview well, you will not get your foot in the door.
10. "When should I start applying for a job?"
See point #2. If you're in college, start early your senior year just like you would if you were applying for any other job after college.
11. "I took (insert exam here) and only got a 6 - I was hoping for a higher score. Can I retake the exam?"
NO. Page 9 of the 2006 SOA Catalog states very clearly: "A candidate may not write an examination for a course for which the candidate already has credit." This has been a rule for many years now ... don't expect it to change.
12. "What is the requirement for getting an ASA/FSA/ACAS/FCAS designation"
ASA: "Effective January 1, 2006, candidates may also earn the Associateship designation by completing the following requirements:
i. All candidates must complete Exams P, FM, M and C, collectively known as the preliminary education component. (Credit earned from a passing score on previous administrations of former SOA Courses 1–4 will be converted appropriately.)
ii. All candidates shall satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics. (VEE credit earned from a passing score on Course 2 and/or 4 will be converted appropriately.)
iii. All candidates must complete the Fundamentals of Actuarial Practice (FAP) Modules 1–8 and the two associated exams, FAP Exam #1 and #2.
iv. All candidates must also complete the Associateship Professionalism Course (APC). Candidates must also have an approved Application for Admission as an Associate on file, as described above."
FSA: "Associates must complete all remaining educational requirements including the PD Requirement. The FAC is required of all candidates for Fellowship, and candidates may not attend the FAC until they have completed the Preliminary Education examinations and Courses 5-8 and the PD requirement."
ACAS: "Candidates for Associateship in the Casualty Actuarial Society must fulfill the examination requirements by successful completion of, or credit for, Exams 1-7, and have credit by Validation by Educational Experience (VEE) for the required topics of economics, corporate finance, and applied statistical methods. Exam 7 is nation specific, covering U.S.- or Canadian-specific material, and passage of either of the two examinations fulfills the completion requirements. Candidates must complete the CAS Course on Professionalism prior to admission to the CAS."
FCAS: "In addition to fulfilling all the requirements of Associateship, successful completion of, or credit for, all nine examinations is required to fulfill the examination requirements for Fellowship and to be designated as a Fellow of the Casualty Actuarial Society (FCAS)."
13. OMG, I FAILED AN EXAM - AM I '''''ED? WILL EMPLOYERS KNOW? (answered from the viewpoint of students who aren't in the field yet)
A. Failing an exam is not the end of the world. On average, more people are going to fail an exam than pass, and the number of people who get through all of the exams and never fail once is really small. Chief actuaries have failed exams, it happens. They realize it. Now ... if this is your 3rd or more shot at one of the preliminary exams (especially the first two) and you still haven't passed, it may not be a good sign of things to come b/c the exams don't get any easier. If you get to this point, it may be time to (A) evaluate how you're approaching the exam, (B) change study methods, or (C) realize that maybe you're not cut out for the actuarial field - and there's no shame in that; a lot of people get into the field, start through the exams, and drop out before finishing the exam process.
B. No, employers will not know how many times you've failed an exam (or exams total) - the SOA and CAS do not track total sittings, they track which exams you pass. However, if a prospective employer asks, you should be truthful about your success rate - because if your transcript from the SOA or CAS shows it's been 3 years between exam passes, they're going to get suspicious if you say, "Well no - I didn't fail an exam" or "Well, I took it once and failed but passed the 2nd time" without a really good reason why you would have only sat once in between.
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though its a 'bit' lengthy to read
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So? what's the big deal? Yes i did, i dont know about this field, but unlike doing shitty stuff like u , i am searching and compressing the info so that people needing them can utelize it. If u are smarter enough then come here and REPLY to people asking questions, people like u have no other job but to criticize others. Haan? Next time, try to REPLY the questions asked by people, instead of doing this SHIT.
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Better.