Becoming an Actuary?

Oakbark

Hi all.

Just wondering what's involved, how difficult training is, the costs, etc. I've been on the main Irish site but I'd rather get actual workers' opinions on the job.

I'd have a few exemptions from the exams. The job itself appeals to me, but I'd like a realistic idea of the work involved and the odds of getting into the area.

Anyone?

3DataModem

Oakbark wrote: »

Hi all.

Just wondering what's involved, how difficult training is, the costs, etc. I've been on the main Irish site but I'd rather get actual workers' opinions on the job.

I'd have a few exemptions from the exams. The job itself appeals to me, but I'd like a realistic idea of the work involved and the odds of getting into the area.

Anyone?

The exams are very hard. No published pass mark - you can get 100% in 4 questions and 30% in the fifth and you'll probably fail the paper. It's all about "demonstrating aptitude".

The work is hard (although it depends on where you are working).

70% of people who start the exams don't finish.

Average qualification time used to be about 10 years (that is because lots of people take their time). The record is 3 years. 7 is pretty realistic if doing it part time (as everyone does).

There are some intermediate qualifications (e.g. Diploma in Actuarial Techniques).

When I worked in the industry, you had to work in insurance / assurance to qualify (not sure if that's true now).

It is not particularly expensive, unless you fail a lot and have to resit exams.

You may have to go to UK for tutorials etc (in my day only 8 trainees started in Ireland that year).

The pay is awesome as you approach qualification.

(PS for the record; I found the exams tough so quit in 1996 after 5 years and moved into a more IT centric job and got a degree in that instead... however the actuarial training is a wonderful experience and contributed a lot to me getting the job I have now.)

Nolanger

Is this a bad time to be getting into actuary with all the pension funds collapsing?

3DataModem

Nolanger wrote: »

Is this a bad time to be getting into actuary with all the pension funds collapsing?

No.

gman2k

The maths end of the training is meant to be unbelievable.
Had a buddy who went into it straight from school, got As in honours Maths, Physics and chemistry cos it was easy for him.
Spoke to him a few months later and he said the maths were out of this world.

Oakbark

Thanks for the input everyone. Much appreciated.

As someone who's just graduated, what would be your advice to someone looking to get into this area? What companies should be approached, or what kind of job could be a good starting point to lead towards this area?

DON_08

There are not too many graduate positions in Ireland this year - and there is an oversupply of graduates from the Actuarial Degrees in Irish universities. Your best bet would be to try and get a placement in the UK. A list of graduate employers can be found on www.actuaries.org.uk

The exams are hard - the problem is they only pass 30-40% of people sitting each one, and the other people sitting them are top quality, firsts from Oxford, all As at Leaving Cert etc - but totally worth it if you succeed. The pay during training is good too, unlike accountancy for example. All exam expenses will be paid for by your company.

If you are not superb at maths though, I would give it a miss. The maths is tough, anyone with less than an A at Leaving Hons will find it very hard.

But I must say I really enjoy the work, very challenging and interesting. BEst of luck with it.

Young_gunner

DON_08 wrote: »

The maths is tough, anyone with less than an A at Leaving Hons will find it very hard.

i'm sorry but definitely not true - the level of maths ability required is not that high. if you've gotten a B3 or better in the LC, you'll be good enough, down to you to work hard.

Eoin

Hi, please don't bump old threads