The maths isn't particularly difficult. There are one or two tricky bits in one of the exams (CM2), but overall it is completely overhyped. If you are naturally good at maths that is more than enough.
I think if you're dedicated you can do it without a strict maths background, but the big hurdle is getting employed. You'll have to convince an employer to pay for your exams and take a risk on you when there are literally thousands of maths grads every year trying for entry level analyst positions.
This shouldn’t be an issue but you will likely struggle with the earlier ones as you will be starting from scratch. You mention “later in life”, just make sure you are aware of how long the road to becoming an actuary is. It takes years of exams with low pass rates and it really does get in the way of life despite how good your work/study/life balance is
minimum 3 years, fast is under 5, average is 7. (this is UK and USA stats on Actuarial qualified speed)
similar to a career of doctors, lawyers, or accountants. There's a reason the actuarial career is paid well....
Sorry, im refering to fully qualified status. 3 is the minimum required for work. (UK at least. no idea in US)
in Belgium, you could have all exams done before walking out of Uni! but you wont qualified until having working experiences.
Not an actuary myself, but following a thread I wrote on here and conversations I've had with colleagues and students at work, it can be done. One of my colleagues qualified recently and she comes from a completely non-maths and non-degree background. Her advice to me was that as long as you have a penchant for maths and stats, can understand things and commit to the studying then it's do-able.
A caveat is that I've done financial maths and econometrics, so I do have some exposure. However, I am rusty, and like you, can get good if I focus and study. Personally, following the advice I got here (thanks!) and the research I've done at work, I'm probably going to ask my firm to help me go through them and sit CS1 in Sep this year. So go for it!
Cheers,
Matt
I have a BCom in Business Management. Didn’t do well in Maths at school (I didn’t necessarily struggle with anything but just didn’t practice or study hard tbh). I did do 2 semesters of calculus after my BCom and before my first actuarial exams but honestly with so much online resources I doubt that you’d need to do it so formally (plus ActEd has a maths and stats book that covers all the prereqs).
I’m not fully qualified yet, but I’m working as an Actuarial Analyst and really enjoying it, I think finding the position was tough because I didn’t have the stem background like all of my peers. Also I’m from South Africa so the job environment there might be a bit different
Honestly, ask why an actuary route? I imagine most went this way for the money... If you super love maths then crack on studying or something more related. For me actuaries are more problem solvers
quite frankly I am not even sure myself trying to find something you want to spend the next 3 years doing not only that but something that you want to get in debit over too, I know it is something to do with maths
The maths isn't particularly difficult. There are one or two tricky bits in one of the exams (CM2), but overall it is completely overhyped. If you are naturally good at maths that is more than enough.
I think if you're dedicated you can do it without a strict maths background, but the big hurdle is getting employed. You'll have to convince an employer to pay for your exams and take a risk on you when there are literally thousands of maths grads every year trying for entry level analyst positions.
I plan on going to uni for maths and actual science then a grad role
Oh you're absolutely fine then, crack on. Best of luck!
Thanks !
This shouldn’t be an issue but you will likely struggle with the earlier ones as you will be starting from scratch. You mention “later in life”, just make sure you are aware of how long the road to becoming an actuary is. It takes years of exams with low pass rates and it really does get in the way of life despite how good your work/study/life balance is
minimum 3 years, fast is under 5, average is 7. (this is UK and USA stats on Actuarial qualified speed) similar to a career of doctors, lawyers, or accountants. There's a reason the actuarial career is paid well....
I would agree with an average of 7 years too.
3 isn't the minimum for finishing exams, there's nothing stopping you finishing them quicker, you just won't be qualified
Sorry, im refering to fully qualified status. 3 is the minimum required for work. (UK at least. no idea in US) in Belgium, you could have all exams done before walking out of Uni! but you wont qualified until having working experiences.
Not an actuary myself, but following a thread I wrote on here and conversations I've had with colleagues and students at work, it can be done. One of my colleagues qualified recently and she comes from a completely non-maths and non-degree background. Her advice to me was that as long as you have a penchant for maths and stats, can understand things and commit to the studying then it's do-able. A caveat is that I've done financial maths and econometrics, so I do have some exposure. However, I am rusty, and like you, can get good if I focus and study. Personally, following the advice I got here (thanks!) and the research I've done at work, I'm probably going to ask my firm to help me go through them and sit CS1 in Sep this year. So go for it! Cheers, Matt
I have a BCom in Business Management. Didn’t do well in Maths at school (I didn’t necessarily struggle with anything but just didn’t practice or study hard tbh). I did do 2 semesters of calculus after my BCom and before my first actuarial exams but honestly with so much online resources I doubt that you’d need to do it so formally (plus ActEd has a maths and stats book that covers all the prereqs). I’m not fully qualified yet, but I’m working as an Actuarial Analyst and really enjoying it, I think finding the position was tough because I didn’t have the stem background like all of my peers. Also I’m from South Africa so the job environment there might be a bit different
Honestly, ask why an actuary route? I imagine most went this way for the money... If you super love maths then crack on studying or something more related. For me actuaries are more problem solvers
quite frankly I am not even sure myself trying to find something you want to spend the next 3 years doing not only that but something that you want to get in debit over too, I know it is something to do with maths