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hello!
So I've decided to try to pass Exam P of the actuarial examinations in winter, as of right now I feel like I'm pretty comfortable with the material having taken a few upper division courses in probability. My questions for you guys are:
1. Have you passed any of the examinations? What was your experience? How often did you study? What was your experience taking the exam? Did you get to finish the test in the 3 hours given?
I really would like to pass this thing given that it's a $200 test, are there any good/reccomended manuals, guides to study for the test? I've seen a lot online but am unsure of which one is the best for most students.
Do we have any actuarials on teamliquid? Can you give any insight onto what the job is like? How easy it was to find a job?
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I used to take one but it was basic just a little bit advanced. I was given the materials to prepare for the test so I only worked on them.
That job is really attractive and there is always vacancy in an insurance company. The thing is you will have to pass alot of tests to be given the certificate or something like that. I know that for upper levels, the tests are extremely hard that require very solid math background
Good luck
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200 dollar test? whats all that money for??
heh i have no idea what exam this is, but good luck dude!
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On July 17 2010 13:50 Polar_Nada wrote:
200 dollar test? whats all that money for??
heh i have no idea what exam this is, but good luck dude!
P is the first and easiest SOA (Society of Actuaries) exams, which are required for becoming a fellow in the society. Benefits of passing each exam are higher pay, sometimes significantly more.
Actuaries are in quite high demand right now and for the foreseeable future; it's not an easy job and you have to be very qualified. Very math and statistics heavy. Many people don't make the cut simply by failing out of their university program or by never passing the exams.
It's quite a bit of money though. My girlfriend is an actuarial student and has worked at a few insurance companies; they give very nice raises every time you pass your exam, plus they pay for your exam fee (if you pass) and your textbooks/financial calculators, plus they give you study days (i.e. days off to study)
However you do have to study A LOT. I know lots of actuarial students and most of them just can't make it. And by A LOT I mean like... A LOT, starting at least 1 or 2 months in advance, even if you've taken a course in it. The P is supposed to be the easiest but I know a 4th year actuarial student who has failed it 3 times.
The entry-level work is usually doing pricing on insurance policies, and can be a bit dry, but as you move up you get the expertise to build the models and handle multibillion dollar deals.
When I worked at Manulife Financial (biggest insurance company in North America) the actuaries were very serious and intense, but it paid well... 3rd year co-op with P and FM exams got paid $28+/hr, which is pretty high for someone who still doesn't have a university degree yet.
It's really important to get your foot in the door with an insurance or consulting company, because it's a lot easier to penetrate once you're in (heh heh).
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Actuarial exams are.. hard
I'm on a straight pure maths course in UK (where you only do mathematics courses and modules), and i can easily rank them just as difficult as some of the higher level pure maths that i do in terms of the exams.
Some modules can simply be overwhelming with the sheer amount of material, some of them just have crack hard exams and some have both.
The first few are probably not so bad, but if you start going for certain exemptions in order to pass you need a fairly high mark compared to the rest of the exams you might be taking
a 2.1 is the minimum pass level for them i think
If your maths and probability, combined with an ability to simply memorise reams of definitions and proofs, and just general material, is at a good standard then you can pass them.
Alot of mathematicians have a distinct difficulty remembering anything except the barebone definitions for their course, but have a good grasp of the general concepts and thought flow which allows them to get high marks, but you can't do that in actuarial exams
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hey guys, I'm going into my second year in September and I'm hoping to get at least one exam done before April 2011 (for my coop term). The problem is the P exam is only scheduled for Sept-Dec of 2010 and I still haven't taken any of the courses yet...is it still possible to pass the P exam by April? :/
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EPT
