Do actuarial exams get harder?

[@samadams1408]

Fellow here (FCAS) and I qualified a very long time ago. But one thing I remember from my very first job interview for an insurance job - the Chief Actuary made a point of telling me that if I didn't intend to pass the exams there was no point in even considering this as a career. On the question of travel time, last time I looked the CAS Travel Time Committee (part of the Ed Policy Committee) determined that the average travel time was between 8 and 10 years. There's some uncertainty in that because many students do write a couple of exams while still in university so it's difficult to gauge whether or not there are "gaps" in their studying. BTW, we used to say you could get a pretty good idea of when someone wrote their last exam by looking at the age of their oldest child. After all, many people are hesitant to start a family if they're going to be spending all their time studying and won't be able to spend time with their children. Not sure if that's still as true as it once was. As for the exams getting harder as you progress, one thing actuarial students should keep in mind is that after the first few exams most of the material you'll be seeing is "new", i.e., you didn't have any college courses on the subject. So those exams are mostly self-study. And yes there are seminars and various tutorials available but it's still a very different animal from college courses and exams. So not only are the exams harder but you're learning much (most?) of the material on your own. And another thing that happens - the percentage of people passing each exam doesn't really change but by the time you get to the more senior level exams everyone left is pretty good. And before anyone says things like "I aced my college courses without studying very hard" most of the people in that room with you can say the same thing. (Many of them will be sitting that exam for the second or third time.) So the only way to distinguish yourself from them is to study more than they do. So when you hear actuaries say that they studied for 400-450 hours for an exam that is not hyperbole. It's fact.

[@jacobwoodrome6310]

Taking my first exam (P) in January! Appreciate your videos!!

[@EtchedActuarial]

Wishing you best of luck!! Keep me posted. I would love to hear how it goes. What are you finding most difficult about Exam P so far?

[@Marcxman1991]

I just passed my second exam. I'm currently at of a cross road. The SOA just said that job prospects are going to suffer because of data science(as if the field wasn't competitive enough).

[@EtchedActuarial]

Oh where did they say that? I'm surprised they would say something like that. Data scientists don't have all the same skills and comprehensive understanding of insurance like actuaries do. Data science has been around for a while too. So it seems like an unexpected comment from the SOA! Anyway, if you want to be an actuary, you still can be. You'll just have to keep improving yourself to the point you're a top candidate that employers want to hire. More competition doesn't mean it's impossible so keep up your hard work! And congrats on passing 2 exams too. :)

[@valeluna4427]

Hello, I’m thinking on studying actuary but I don’t know what exactly do they do and is it difficult to pass the exams?

[@tomleibowitz2515]

One additional reasons the later exams are harder to pass is that the competition is much stronger. If you're taking a fellowship exam, you're competing against people who, like you, have passed their way through associateship exams. Those who couldn't make it through the associateship exams have already been weeded out. So the pass rates are roughly the same, but the competition is much tougher.

[@EtchedActuarial]

That's a good point!

[@aleksflores9016]

Excelent video! I am in the university, what are the most important subject in the first years?

[@EtchedActuarial]

Check out this blog post, Aleks: etchedactuarial.com/subjects-for-actuaries/

[@nehagewanlal2406]

Thank you so much! Your videos are amazing!

[@michaelkarl2968]

Hello, I passed exam FM in June and am sitting for Exam P next Thursday (November 19th)!

[@EtchedActuarial]

Congrats and good luck on Exam P!

[@syedatif3832]

Micheal can you help me in fm

[@michaelkarl2968]

@@syedatif3832 Yes of course, if you ever have any questions let me know!

[@syedatif3832]

@@michaelkarl2968 tell me your email address

[@michaelkarl2968]

@@syedatif3832 [e-mail]

[@mrpax2303]

Can I work as an entry level actuary, I say entry because I asked people and they said that if you passed 2-3 exams you could start working as an entry actuary and still study. Want to confirm it from you😁

[@EtchedActuarial]

Yes you can start applying to entry level positions if you have 2-3 exams passed! However besides exams there are a lot of other things you can do to become a top candidate. Find out more here kzbin.info/www/bejne/l5Oyf3WOd7CDadU

[@wesselbotha3928]

in South Africa there is 15

[@johnnyanderson3287]

Are you sure that binder you showed is not the White Pages from NYC or London?? 😳

[@EtchedActuarial]

🤣

[@jonch25]

How is working in quarantine? Can all of your work be done remotely and are companies hiring remotely as well?

[@EtchedActuarial]

I don't currently work as an actuary anymore, but I am always in touch with lots of people that are working in actuarial roles. And yes, all the work is being done remotely! We've had many members of our Actuary Accelerator Community get hired during quarantine too, so it's definitely possible. :)

[@Kevyn_Irizarry]

@@EtchedActuarial what do you work as now?

[@EtchedActuarial]

@@Kevyn_Irizarry See this video! kzbin.info/www/bejne/hJ-VmmN_f5Wml6M

[@jophyjophy1002]

hello! I am a sophomore of 22 years old.And I major in a applied science in japanese university. I want to be an actuary. I have a one question. Plan Ａ: I hold an accelerated class and enter the graduate school and can major in accounting and an actuary next year. Plan B: I learn Computer Sciences in a graduate school two years later without holding an accelerated class. Which do you prefer, Plan A or Plan B?

[@EtchedActuarial]

Unfortunately I'm not very familiar with the actuarial environment in Japan so I can't speak to which would be best.

[@jophyjophy1002]

@@EtchedActuarial OK！thank you!

[@EtchedActuarial]

@@jophyjophy1002 No problem!

[@KILLER-qk4fp]

will you make a video on eligibility of p exam

[@zechester6346]

I passed exam fm this past monday! I passed exam p 2 summers ago. IFM is up next

[@EtchedActuarial]

Congrats!!

[@valeluna4427]

Hi, I’m thinking of becoming an actuary, but I really don’t know because of the exams, are they really that difficult?

[@zechester6346]

@@valeluna4427 They are. Luckily there are good study materials available. P and FM arent awful but be prepared to devote 200+ hours for each of them. It only gets harder from there. But you will also get smarter. It's a good career, and if youre willing to put in the work and be disciplined its very rewarding

[@andyzhang2941]

Hi, I'm currently working in China as pricing specialist and am about to finish all ASA requirements. Recently I was contacted by a few headhunters with opportunities in the US and I wanna ask you if I will be recognized as capable if I got the ASA but haven't ever worked in the US? The language should not be a problem as I studied abroad for a few years, but I'm not familiar with the common practice there. I would really appreciate for your answer.

[@EtchedActuarial]

Hey Andy! If you have the credentials and skills to be a qualified actuarial candidate, I don't see why you wouldn't be recognized as capable working in the US. Just remember to do your research on the company before and during the application process, and don't be afraid to ask questions if you're unsure about something. Best of luck!

[@andyzhang2941]

@@EtchedActuarial Thank for your kind response! It helps me a lot. It would be a big decision to move, especially at the moment, so I'll probably take my time to think about it. And sure the company-specific questions are indeed very important. Thanks a gain and wish you a happy new year!

[@EtchedActuarial]

@@andyzhang2941 You're welcome and Happy New Year! :)

[@sadikmohammed4824]

Hello Ma'am, I have planned to devote my one full year completely for actuarial exams. I'm planning to write exams from Institute of Actuaries of India. My plan is to appear for 3 exams in a single diet as follows: June : CS1, CS2, CM1 November: CM2 , CB1, CB2

[@EtchedActuarial]

Love to see you're planning ahead! Good luck :)

[@wesselbotha3928]

Haha good luck with that one, I've passed them all, I would rearrange a lot, most universities do these over 3 years in SA

[@knowledgejones4425]

@@wesselbotha3928 l am from SA as well. how would you advice l take them. i don't go to varsity. wanted to do it solo.

[@knowledgejones4425]

how did it go sadik

[@nehagewanlal2406]

Hi there! I am a student in high school and am really interested in becoming an Actuary, do you have any advice as to what I could do to start prepping myself more or less from now?

[@EtchedActuarial]

Hey Neha! I think this is the video you're looking for :) kzbin.info/www/bejne/jWrIe2qwn9uaZrM

[@nehagewanlal2406]

Thank you!🤗

[@michaelcavuoto8366]

what are the 7 preliminary exams? I know that there is a difference between CAS and SOA with which ones you need to take but what comes after exam IFM?

[@EtchedActuarial]

Take a read at this etchedactuarial.com/how-many-actuarial-exams/

[@rzalgul4697]

Hi Brea, thank you for motivation. What is your linkedin adress?

[@EtchedActuarial]

www.linkedin.com/in/brea-fried/

[@divinecakesevents5880]

Do you get paid as you do the exams