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).
EPT
