goldenlion
Level: Master Delver

Rank Points: 199
Registered: 11-30-2003
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For those of you who don't know, actuaries assess financial risk in various mathematical ways. Long story short, an actuary was responsible for your auto insurance premium going up $500 after that time you got caught doing 110 in a 40 by Officer Friendly.

Anyway, to become a fully credentialed actuary, you must pass a long series of exams. I've recently been using DROD as a break from studying for the first actuary exam on stats and probability. I'm taking this test on the 15th, and am beginning to hit the nervous stage. DROD is currently keeping me from going all day.

I'd be pleasantly surprised if anyone here has had actual experience with one of these exams, but has anyone had a friend who's dealt with these, or at least has heard of this profession I'm potentially going into? I'm curious...

____________________________
'Remember what the poet Shakespeare said, Jeeves.'
'What was that, sir?'
'"Exit hurriedly, pursued by a bear." You'll find it in one of his plays.'

RoboBob3000
Level: Smitemaster

Rank Points: 1978
Registered: 10-23-2003
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Heh, I very nearly took one of the exams, but I don't suppose that's much help to you.

I actually went in and spoke to an actuary about his work and the exams, and he told me that it isn't expected that someone take all of the exams before becoming an actuary. It's actually something that actuaries are expected to complete within the first few years of employment, and that many actuaries get their foot in the door after only taking one or two of them. Some will even pay you to study for the exams on the job. Of course, this depends on the place you're looking at.

I never wound up taking any tests. I decided that I didn't want to get back into studying more math immediately out of college. But in the end, going in and talking to an actual actuary really helped me understand what it was that I was eyeballing. I'd suggest trying to get in touch with somebody on your own.

Good luck with the exam!

Edit: Also, there are very detailed practice exams online, which I'm sure you've found, but it's probably worthwhile to mention them on the offhand chance you haven't.

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[Last edited by RoboBob3000 at 08-14-2006 05:35 AM]

Rabscuttle
Level: Smitemaster

Rank Points: 2460
Registered: 09-10-2004
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Last year I completed a Master of Commerce in Actarial Studies and although I haven't done any actual official exams, I am able to get exemptions from a number of them (thanks to good results in uni exams) I'm now working at a company that writes software for banks, so I'm only using a small part of what I studied (at least at the moment)

If you're doing practice exams and are running out of practice exams to do (heaven forbid!), you might want to check out the exams from both the UK and US Actuarial Associations. I think the subjects have a one-to-one relationship and it can give you a different perspective on some things.

Hmm. Although the 15th is in a couple of days - I wouldn't worry about it.

Keep cool and good luck!

goldenlion
Level: Master Delver

Rank Points: 199
Registered: 11-30-2003
IP: Logged

Cool stuff about the Master's degree, Rabscuttle, and that's very interesting about getting exemptions from the official exams in your degree. I guess the Australian Actuary organization is a little more flexible about their requirements... sounds nice. Is it competitive down there?

Today, I'm just going to be going over the official sample problems and the formulas I need to know. After having done some practice tests, I think I understand the format well enough. Still a bit nervous...

____________________________
'Remember what the poet Shakespeare said, Jeeves.'
'What was that, sir?'
'"Exit hurriedly, pursued by a bear." You'll find it in one of his plays.'