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actuary as a career

  • 25-02-2019 7:47pm
    #1
    thebourke
    Registered Users, Registered Users 2 Posts: 1,362 ✭✭✭


    I have a 2. 1 honours Maths degree from UL (graduated in 1994).If i was thinking of going down the road of studying to become an actuary,would i need to do a refresher course or how does it work.I currently work in the IT sector but lately have been thinking about changing my career.I am 46.is it too late?


Comments

  • #2
    Yakuza
    Registered Users, Registered Users 2 Posts: 5,141 ✭✭✭Yakuza


    It's never too late, though speaking from personal experience, studying in your 40s is not as easy as in your teens / twenties :) I'm a few years older than you and still picking off the exams (two left). I started as a trainee, went into IT for almost 20 years and went back.
    The exams have changed recently, you might be able to get an exemption on one or two of them, depending on the mathematical content of your degree. When I took up the exams again, I did need to give myself a refresher in calculus, that plays a part in many of the early exams. I had passed the stats exams in phase 1 of my actuarial career so I didn't need to revise that much. The later exams are more about communication, strategy (in addition to rote bookwork) etc. and having a bit of worldly experience is of a benefit to you.

    Going in as a trainee might be a drop in salary, however. You could always join the Institute yourself and start at the exams in your current role, but a support package (as in time off to study etc) while not theoretically necessary is very helpful. If you're working in the financial sector, would your current employer provide some support?

    Anyone joining the IFoA (Institute and Faculty of Actuaries) after 1.1.2019 has to become an Associate before coming a Fellow (a relatively new rule) which entails doing the mathematical, business awareness, risk and modelling modules. The more technical ones (that examine the traditional Life insurance / Pensions/ Health / Investment areas) are only required for Fellow. Have a gander at https://www.actuaries.org.uk/studying.

    There is also the CAA (Certified Actuarial Analyst) qualification (perhaps an analogue would be Accounting Technician) which was brought in a few years ago, but I don't know how much traction it's gained. It involves doing fewer exams (a subset of the FIA / AIA ones) but it seems something for relatively junior roles.


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