I have a Masters in Actuarial Science. While it did not make a direct difference in terms of my employment prospects (strictly from a qualification perspective), it was beneficial for me. As an international student, that was the only way for me to live in the United States legally and then subsequently seek employment here. So I think the answer to this question is situationally dependent on the individual and their unique circumstances. Another example: there are also candidates who have a Bachelor’s degree in another discipline who use the Master’s to learn actuarial science. Hope this helps.
Hi Dominic! Thank you so much for this. I can totally see why a Master's in Actuarial Science was beneficial for you, and how it could benefit other future actuaries in similar positions! Thank you for showing me another perspective on this, I really appreciate it and I'll keep that in mind for the future! :)
I got my Master's degrees yesterday in Denmark. Here, you get the title "Actuary" with the Master's so it has really been benefitial for me. We don't have the extra exams like in the US. And btw, the state payed for my education. Not only that. They gave me money for studying Master's (ca. 5000 dkk a month) :D
Hey, I'm thinking about enrolling in a masters degree and saw your comment here which made me have 2 questions: 1 - I saw in the University of Copenhagen website that the master's degree is 100% free for EU citizens. Haven't see anything about they paying the students, tho! How do I know if I can get paid? Or they do that for anyone who goes there to study? Or you need to have good grades? 2 - The Master's degree in Lisbon, which is pretty expensive, give you equivalence for some IFOA tests. These one in Copenhagen give some of this or you will need to do the test by your own? To work in Denmark as an Actuary you don't need these tests?
@@aclavenosshows 1) Only the citizens of Denmark are getting the payment. It is an educational support from the state where you get monthly payments for 70 months if you study. It's called SU. 2) No, you don't need any test to work as an actuary in Denmark - you only need to graduate and get the title cand. act.
I’m starting my freshman year at Penn State with the intent of majoring in actuarial science. Your videos are extremely helpful. Thanks so much! I’m very excited
I definitely get what she's saying and can't say that I disagree. What happened in my case was that I was out of school for a few years and wanted sort of a an introduction to financial mathematics, accounting and some of the non mathematics related topics that I'll need in an actuarial career. It also was inexpesnive for me and a part of the programme had a placement in an insurance company.
Hello Brea! I am in my senior year as a undergraduate mathematics major and am pursuing an casualty actuarial science career - I am specifically interested in catastrophe modeling, though my heart is not perfectly set on that. I currently have a 3.8 GPA, have passed exams P and FM, had an actuarial internship, and gave a Ted Talk for TedxGeorgiaTech that highlighted my communication skills. However, despite all of this and the fact that I was a teacher's assistant for two different math classes, I am finding it difficult to get a job in the actuarial field. I am receiving a decent number of interviews, but consistently get stuck on the second or third stages. With this in mind, I noticed that the Casualty Actuary Society actually gives out awards each year to the top Casualty Actuary university programs. Because of this, and the fact that these masters programs are only 3 semesters long, I am taking the GRE in several days and also applying to several of these programs - these programs have classes specifically related to catastrophe modeling and that interests me. However, your video seems to suggest that this is a bad idea. I am going to continue applying to jobs in the mean time, and hoping for the best. If I were to receive an offer, with the salary on the slightly lower end, should I take the job, or should I go pursue my masters, potential research, and an internship? Thank you for the consideration!
Hey there! Personally, I would recommend a couple options to you above getting a master's degree: passing your third exam, and/or getting more related experience. That's because a master's degree will basically give you the same benefits, but you pay a lot more for it! You could also do more practice with mock interviews (especially going over things that may have tripped you up at the second and third stage). Even with excellent communication skills (congrats on the Ted talk, by the way!), interviews are a beast of their own and getting extra practice can make a big difference. To answer your final question: I think whether or not you should take the job depends on what your end goal is. If you really want to get a master's and do potential research, you should prioritize that! But, if your goal is to get your foot in the door at an actuarial job, getting that entry-level experience will definitely help you move into a position with better compensation later down the road. I hope that helps, and wish you all the best!
Just a few things I wanna add as a Masters student. 1) Cost can vary a lot. My degree, which gives me full exemption from level 1 and half of level 2 (2 exams out of 4) is 36,000 USD 2) You get exemptions from doing a masters by getting a credit average (65) 3) Say your background is not suitable for studying Actuaries and you come from a purely non math field. It would be unnecessarily difficult to study for those exams on your own. A master’s degree makes it easier to tackle those extremely difficult exams by dividing the hard courses, giving you a better chance at getting the exemption in your first attempt. Not to mention daily support from professors and classmates. 4) For this field, the professors are all experienced industry professionals. I dont think you can put a price tag on the knowledge and exposure you get by being around them. 5) My courses actually go deeper than what the syllabus for actuarial exams require. Which makes graduates from my uni particularly desired by employers. 6) Campus society and networking. Absolutely no one who graduate from my course is unemployed! More on the cost side: I think how you present the cost is misleading. The higher level exams cost a lot more than the foundations exams. Not to mention, if you study alone, you would end up buying course material and lectures too. Additionally, the time you need to finish is not necessarily lower if you study alone. For me, 2 years, 6 out of 6 foundations levels and 2 out of 4 actuary level exemptions.
Hey there! Thank you for sharing this. I can totally see the benefits you're referring to, and I'm glad you had a good experience! A master's degree definitely gives you an extra advantage and it can be a big help if you're from a purely non math field. Do you think you would recommend your program to someone who already has a Bachelor's in a related field though (ActSci, statistics, or finance)? I'm curious to hear your thoughts!
@@EtchedActuarial Thanks for the question. Since part of the level 2 (Control cycle and Data Analytics) is required to be taken at IFOA designated universities, I think it's beneficial in the sense the candidate can move forward with their qualification. But I think you are asking if it is worth considering if someone is qualified to take the exams on their own? For those with an actuarial background, I would recommend my course only if they have not received all the foundations exemptions and/or if they want to move forward with level 2. The course duration and cost would be significantly shortened, in that case and they would only take courses they dont have exemptions for. Maybe 1 year or 6 months. I suppose I should mention that the masters is designed for exemptions from the foundations exams and half of the actuary level exams. I think if you already have a bachelor's in actsci and full exemptions for the foundations, the only reason to do a master would be for the completion of the second level to becoming an actuary. For someone with a statistics background, it should be okay to take the foundations level statistics courses. But I suppose it's up to the individual to determine if they are okay with sitting for the finance, business, and economics subjects. I recon if someone feels confident taking the stats exams they should definitely do it. On the other hand, if they don't feel confident with the other subjects, they should get exemption from doing the statistics courses by taking the exam first and finish the rest by enrolling. Cost is greatly reduced here as well. I can speak about my experience too. I studied Applied finance for my bachelors and could have taken the finance, economics, and business courses on my own, but perhaps would have failed the statistics courses. However, I decided to take on the full 2 years instead of taking a reduced program by sitting for exams first, as I felt I would be better off studying at uni. This was because I would be taking a mix of subjects at once. And the higher difficulty exams would be split across 2 courses over a year. So better chance of passing with the first attempt.
@@bodyweightbrain2356 Macquarie University in Sydney. You can study from offshore. Currently, you can get exemptions from IFOA and transfer over to SOA if you are based in Canada. But I just had a conversation with one of the course directors who said we will be getting SOA exemptions directly soon.
I’m in the US Air Force as an officer with an undergrad in applied math. I passed exam P in 2019, joined the Air Force, and am looking to get a masters in something because it will be mostly covered. I have to serve for another 4.5 years so my thought is why wouldn’t I get a masters in actuarial science, and take a couple more exams before my contract is up. I’ve also considered other degrees such as MBA finance online and then take exam FM and others before the contract is up. Any thoughts are greatly appreciated! I’m considering AAC when closer to the end of my contract!
If your master's will be mostly covered (as in your case!) and you plan on becoming an actuary, then it might be worthwhile to get your master's in actuarial science for all the extra benefits, especially if you can get exam credits through your courses. I think you have one of the rare cases where it might be worthwhile!!
Hi, Nice to meet you. I'm an ex-military officer working as an actuary in Asia-Pacific. In my case, I took a masters degree before I joined the army so it's a little different but in the sense that I also used my free time in the army to take further exams I can definitely relate to how you plan to use your spare time to prepare for your future career. I think it really depends on how badly you want to become an actuary. If you're absolutely sure, I think it's a smart choice. Not only you'll get help in understanding each complex principle, you could also make some contacts which I think is hugely beneficial given the relatively small profession. I myself got a lot of help getting my first job from people I met doing masters in actuarial studies. Good luck~!!
I rather take my chances with the master's degree. You could still score good paying jobs,even in management. These exams are extremely difficult plus the Master's program give you comprehensive and job-ready skills. I'm currently signing up for a Master's degree. I'm getting older and I can't afford to be failing so often It's costing me alot of time and money. I would suggest these to anyone and then you can spend the rest of your life challenging yourself to passing the exams.
If i have a bachelor in maths and i want to become a actuary in the near future should i do a master first in actuarial science or do something else like passing the exams
I don't recommend getting a master's degree! Passing exams will give you the exact same qualifications and it'll be way less expensive (especially since exams will be covered once you get your first actuarial job).
I have a Masters in Actuarial Science. While it did not make a direct difference in terms of my employment prospects (strictly from a qualification perspective), it was beneficial for me. As an international student, that was the only way for me to live in the United States legally and then subsequently seek employment here. So I think the answer to this question is situationally dependent on the individual and their unique circumstances. Another example: there are also candidates who have a Bachelor’s degree in another discipline who use the Master’s to learn actuarial science. Hope this helps.
Hi Dominic! Thank you so much for this. I can totally see why a Master's in Actuarial Science was beneficial for you, and how it could benefit other future actuaries in similar positions! Thank you for showing me another perspective on this, I really appreciate it and I'll keep that in mind for the future! :)
I got my Master's degrees yesterday in Denmark. Here, you get the title "Actuary" with the Master's so it has really been benefitial for me. We don't have the extra exams like in the US.
And btw, the state payed for my education. Not only that. They gave me money for studying Master's (ca. 5000 dkk a month) :D
Hey, I'm thinking about enrolling in a masters degree and saw your comment here which made me have 2 questions:
1 - I saw in the University of Copenhagen website that the master's degree is 100% free for EU citizens. Haven't see anything about they paying the students, tho! How do I know if I can get paid? Or they do that for anyone who goes there to study? Or you need to have good grades?
2 - The Master's degree in Lisbon, which is pretty expensive, give you equivalence for some IFOA tests. These one in Copenhagen give some of this or you will need to do the test by your own? To work in Denmark as an Actuary you don't need these tests?
@@aclavenosshows
1) Only the citizens of Denmark are getting the payment. It is an educational support from the state where you get monthly payments for 70 months if you study. It's called SU.
2) No, you don't need any test to work as an actuary in Denmark - you only need to graduate and get the title cand. act.
Brea you are doing an awesome work! Keep shedding light on the profession. You're making a huge difference.
Thank you so much! :D I'm so glad I could help!
I’m starting my freshman year at Penn State with the intent of majoring in actuarial science. Your videos are extremely helpful. Thanks so much! I’m very excited
That's awesome! I'm so excited for you and glad the videos have been helpful! :D
Hi, this video was very helpful. I thought about pursuing a masters degree but hearing the pros and cons I think I might hold off on it.
Hi Marlyn, I'm so glad I could help! You definitely don't need a Master's degree to become an actuary. Wishing you luck with your future career! :D
I definitely get what she's saying and can't say that I disagree. What happened in my case was that I was out of school for a few years and wanted sort of a an introduction to financial mathematics, accounting and some of the non mathematics related topics that I'll need in an actuarial career. It also was inexpesnive for me and a part of the programme had a placement in an insurance company.
Thanks for sharing your experience! I'm so glad you found something that works for you! :D
Thank you for this video it was very informative and helped me a lot
Hi Kyle! I'm so glad this video helped you! :)
Hello Brea! I am in my senior year as a undergraduate mathematics major and am pursuing an casualty actuarial science career - I am specifically interested in catastrophe modeling, though my heart is not perfectly set on that. I currently have a 3.8 GPA, have passed exams P and FM, had an actuarial internship, and gave a Ted Talk for TedxGeorgiaTech that highlighted my communication skills. However, despite all of this and the fact that I was a teacher's assistant for two different math classes, I am finding it difficult to get a job in the actuarial field. I am receiving a decent number of interviews, but consistently get stuck on the second or third stages. With this in mind, I noticed that the Casualty Actuary Society actually gives out awards each year to the top Casualty Actuary university programs. Because of this, and the fact that these masters programs are only 3 semesters long, I am taking the GRE in several days and also applying to several of these programs - these programs have classes specifically related to catastrophe modeling and that interests me. However, your video seems to suggest that this is a bad idea. I am going to continue applying to jobs in the mean time, and hoping for the best. If I were to receive an offer, with the salary on the slightly lower end, should I take the job, or should I go pursue my masters, potential research, and an internship? Thank you for the consideration!
Hey there! Personally, I would recommend a couple options to you above getting a master's degree: passing your third exam, and/or getting more related experience. That's because a master's degree will basically give you the same benefits, but you pay a lot more for it! You could also do more practice with mock interviews (especially going over things that may have tripped you up at the second and third stage). Even with excellent communication skills (congrats on the Ted talk, by the way!), interviews are a beast of their own and getting extra practice can make a big difference.
To answer your final question: I think whether or not you should take the job depends on what your end goal is. If you really want to get a master's and do potential research, you should prioritize that! But, if your goal is to get your foot in the door at an actuarial job, getting that entry-level experience will definitely help you move into a position with better compensation later down the road.
I hope that helps, and wish you all the best!
Just a few things I wanna add as a Masters student.
1) Cost can vary a lot. My degree, which gives me full exemption from level 1 and half of level 2 (2 exams out of 4) is 36,000 USD
2) You get exemptions from doing a masters by getting a credit average (65)
3) Say your background is not suitable for studying Actuaries and you come from a purely non math field. It would be unnecessarily difficult to study for those exams on your own. A master’s degree makes it easier to tackle those extremely difficult exams by dividing the hard courses, giving you a better chance at getting the exemption in your first attempt. Not to mention daily support from professors and classmates.
4) For this field, the professors are all experienced industry professionals. I dont think you can put a price tag on the knowledge and exposure you get by being around them.
5) My courses actually go deeper than what the syllabus for actuarial exams require. Which makes graduates from my uni particularly desired by employers.
6) Campus society and networking. Absolutely no one who graduate from my course is unemployed!
More on the cost side: I think how you present the cost is misleading. The higher level exams cost a lot more than the foundations exams. Not to mention, if you study alone, you would end up buying course material and lectures too. Additionally, the time you need to finish is not necessarily lower if you study alone. For me, 2 years, 6 out of 6 foundations levels and 2 out of 4 actuary level exemptions.
Hey there! Thank you for sharing this. I can totally see the benefits you're referring to, and I'm glad you had a good experience! A master's degree definitely gives you an extra advantage and it can be a big help if you're from a purely non math field. Do you think you would recommend your program to someone who already has a Bachelor's in a related field though (ActSci, statistics, or finance)? I'm curious to hear your thoughts!
@@EtchedActuarial Thanks for the question. Since part of the level 2 (Control cycle and Data Analytics) is required to be taken at IFOA designated universities, I think it's beneficial in the sense the candidate can move forward with their qualification.
But I think you are asking if it is worth considering if someone is qualified to take the exams on their own?
For those with an actuarial background, I would recommend my course only if they have not received all the foundations exemptions and/or if they want to move forward with level 2. The course duration and cost would be significantly shortened, in that case and they would only take courses they dont have exemptions for. Maybe 1 year or 6 months. I suppose I should mention that the masters is designed for exemptions from the foundations exams and half of the actuary level exams.
I think if you already have a bachelor's in actsci and full exemptions for the foundations, the only reason to do a master would be for the completion of the second level to becoming an actuary.
For someone with a statistics background, it should be okay to take the foundations level statistics courses. But I suppose it's up to the individual to determine if they are okay with sitting for the finance, business, and economics subjects. I recon if someone feels confident taking the stats exams they should definitely do it. On the other hand, if they don't feel confident with the other subjects, they should get exemption from doing the statistics courses by taking the exam first and finish the rest by enrolling. Cost is greatly reduced here as well.
I can speak about my experience too. I studied Applied finance for my bachelors and could have taken the finance, economics, and business courses on my own, but perhaps would have failed the statistics courses. However, I decided to take on the full 2 years instead of taking a reduced program by sitting for exams first, as I felt I would be better off studying at uni. This was because I would be taking a mix of subjects at once. And the higher difficulty exams would be split across 2 courses over a year. So better chance of passing with the first attempt.
What university are you referring to? And is there an online option?
@@bodyweightbrain2356 Macquarie University in Sydney. You can study from offshore. Currently, you can get exemptions from IFOA and transfer over to SOA if you are based in Canada. But I just had a conversation with one of the course directors who said we will be getting SOA exemptions directly soon.
I’m in the US Air Force as an officer with an undergrad in applied math. I passed exam P in 2019, joined the Air Force, and am looking to get a masters in something because it will be mostly covered. I have to serve for another 4.5 years so my thought is why wouldn’t I get a masters in actuarial science, and take a couple more exams before my contract is up. I’ve also considered other degrees such as MBA finance online and then take exam FM and others before the contract is up. Any thoughts are greatly appreciated! I’m considering AAC when closer to the end of my contract!
If your master's will be mostly covered (as in your case!) and you plan on becoming an actuary, then it might be worthwhile to get your master's in actuarial science for all the extra benefits, especially if you can get exam credits through your courses. I think you have one of the rare cases where it might be worthwhile!!
Hi, Nice to meet you. I'm an ex-military officer working as an actuary in Asia-Pacific. In my case, I took a masters degree before I joined the army so it's a little different but in the sense that I also used my free time in the army to take further exams I can definitely relate to how you plan to use your spare time to prepare for your future career. I think it really depends on how badly you want to become an actuary. If you're absolutely sure, I think it's a smart choice. Not only you'll get help in understanding each complex principle, you could also make some contacts which I think is hugely beneficial given the relatively small profession. I myself got a lot of help getting my first job from people I met doing masters in actuarial studies. Good luck~!!
I rather take my chances with the master's degree. You could still score good paying jobs,even in management. These exams are extremely difficult plus the Master's program give you comprehensive and job-ready skills. I'm currently signing up for a Master's degree. I'm getting older and I can't afford to be failing so often It's costing me alot of time and money. I would suggest these to anyone and then you can spend the rest of your life challenging yourself to passing the exams.
I'm glad you found what works for you, Ketty! Wishing you luck with your Master's! :)
If i have a bachelor in maths and i want to become a actuary in the near future should i do a master first in actuarial science or do something else like passing the exams
I don't recommend getting a master's degree! Passing exams will give you the exact same qualifications and it'll be way less expensive (especially since exams will be covered once you get your first actuarial job).