Frequently Asked Questions by Career Changers

Question: I am currently working in the computer industry. I graduated seven years ago with a degree in business. I am interested in switching careers to the actuarial profession, but I am not sure how to get started. Any insights would greatly appreciated.

Answer: First, I suggest you read the Future Actuary article on changing careers to the actuarial profession at http://www.BeAnActuary.org/newsroom/futureactuary/2000sept/fa_0009_3.htm

As you may already know, in order to work as an actuary, you must pass a series of actuarial exams. The advice we usually give a career changer is to take the first actuarial exam as soon as possible. If you are able to pass the first exam, you will indicate to potential employers that you have the aptitude, interest, and commitment to be an actuary. Employers would prefer to hire potential actuaries with at least one exam passed. Most companies will hire actuarial trainees with just one exam, and then you will "earn while you learn," which means the company will employ you and support you throughout the exam process while you complete your on-the-job training.

The exam process is designed to be completed through self-study, without requiring specific university coursework. While certain skills are important, actuaries come from a variety of educational backgrounds, and many have degrees in areas other than actuarial science or math, such as operations research, physics, engineering, and even fine arts. Major in college is not the most important factor in entering the career. The ability to pass actuarial exams determines if you are able to enter the profession.

The Actuarial Exams section of the Be An Actuary Web site will be helpful in getting started. To prepare for the first exam, review the Syllabus to get an understanding of what is covered on the exam and what will help you prepare for the material. I also suggest you download and review the sample exams.

As for job opportunities, I suggest you review the list of Actuarial Training Programs, which can be accessed from the Finding a Job page. The list of training programs contains companies that hire actuarial trainees and interns. The list is sorted geographically. These lists should give you an idea of the companies to contact about jobs.

You may want to seek additional input from actuarial recruiters. The recruiters are in the front lines of placing actuaries and could provide you with the latest information on current market conditions. There is an interesting article on actuarial recruiters on the BeAnActuary Web Site at http://www.BeAnActuary.org/findingajob/recruiters.htm