In this time of financial crisis, does that mean Actuary is a better career path than CFA???
They are really different, so it depends what you are interested in.
yeah it’s very subjective it’s definitely better in terms of job security, the stability of the industry and the kind of income you’re reasonably assured of when you complete a given number of exams – but it’s very different from cfa and is a matter of taste as to what kind of work you want to do also, with the society of actuaries there are more stringent educational requirements than CFA, and there are 8 exams most of which are significantly more difficult than the CFA exams
Acturary is alot more stable in this crisis. But like others have said the test are hard as balls. Lot lot lot math.
Math won’t go beyond calc 3 and probably some basic stats
comp_sci_kid Wrote: ------------------------------------------------------- > Math won’t go beyond calc 3 and probably some > basic stats markov chains and other stochastic processes, limiting distributions, ruin theory, etc. = basic stats? i understand tooting your own horn but you’re just being dishonest cfa quant is what i would consider “basic stats”
supersharpshooter Wrote: ------------------------------------------------------- > comp_sci_kid Wrote: > -------------------------------------------------- > ----- > > Math won’t go beyond calc 3 and probably some > > basic stats > > markov chains and other stochastic processes, > limiting distributions, ruin theory, etc. = basic > stats? > > i understand tooting your own horn but you’re just > being dishonest > > cfa quant is what i would consider “basic stats” Agree with this assessment. You can pass CFA exams without knowing much math or stats. I know what I am talking about. I have proof.
Unless your background is in mathematics or engineering with lots of maths (especially statistics and probability), it will be extremely difficult. The level of difficulty of SOA tests are in complete different level as CFA exams IMO. Also usually if you are serious about being actuary, alot of math majors start taking their SOA exam from 2nd year of their undergrad. Usually most of them finish 2-4 exams by the time you graduate.
Guys, I am thinking about moving to Actuary. I am in mid 30, worked in high tech and then got MFE and then worked as quantitative developer. I excelled in math. Is it a smart move? Or I had better get a job in insurance firm first?
for one second I thought I misspelled my username. 
rohufish Wrote: ------------------------------------------------------- > former trader Wrote: > -------------------------------------------------- > ----- > > Joe, in what sense? > > > > I always thought that becoming an actuary is a > lot > > more diffucult than becoming an accountant. > > > you totally missed his wisecrack This JOE2010 character has quite a subtle/dry sense of humor - he must cause actuaries to die from belly laughs, lol. JOE2010, I actually enjoy your insults like how you always thought I was below average academically but above average in cheekiness and mischief. Please entertain me and insult me some more, the more subtle and dry, the better.
sublimity Wrote: ------------------------------------------------------- > rohufish Wrote: > -------------------------------------------------- > ----- > > former trader Wrote: > > > -------------------------------------------------- > > > ----- > > > Joe, in what sense? > > > > > > I always thought that becoming an actuary is > a > > lot > > > more diffucult than becoming an accountant. > > > > > > you totally missed his wisecrack > > This JOE2010 character has quite a subtle/dry > sense of humor - he must cause actuaries to die > from belly laughs, lol. JOE2010, I actually enjoy > your insults like how you always thought I was > below average academically but above average in > cheekiness and mischief. Please entertain me and > insult me some more, the more subtle and dry, the > better. Sub - I never used the word “below” earlier and I do not have any intention whatsoever to insult one of the most promising AFers.
True, I imagined the “below” in the same way I imagined that you were insulting me. Talk about mistakes.
MFE22 Wrote: ------------------------------------------------------- > What do you think makes a move to get a ASA > (Associate of Society of Acuturies)? IT is said > lot of actuaries actually work in risk management > and investment valuation. Options combining both designations: Our firm employs one individual who has her ASA and CFA (not to mention her PhD in Econ, Masters in Advanced Mathematics) as an ALM professional. 1) IMHO, from a risk reward perspective, you won’t get the time you’ve invested back monetarily. In Canada, to obtain your ASA designation, you need to complete 7 exams that are administered twice a year. You can specialize into pension, casualty, etc. Apparently the math you cover within the ASA program makes the math covered in the CFA look like basic fundamentals. From her experience obtaining the ASA was harder than the CFA. 2) There number of positions available for this kind of specialized work (a combined Investment and Actuarial position) are few and far between - so you’ll need to be quite competitive. Hope this helps.
JoeyDVivre Wrote: ------------------------------------------------------- > The big difference > is that passing actuarial exams is something that > gets lots of support from your company while CFA > exams usually don’t. Very true, I worked for a life company and every time I went to ask actuarial a question they were out of the office, in the coffee shop down the street studying…meanwhile the company gave me jack, well except one day off before the CFA exam.
Most of the actuaries I know graduated from university with 3-5 exams done. Starting at 30+ at a lifeco could put you in a job working for a 26 year old with 2 years of work experience. You may be a little late to the game, depending on your pride, where you want to go etc. Maybe an asa on the board can comment…
I actually have 3 of the actuarial exams, and I just passed the CFA level 1 exam this past December. And I am here to tell you that each of the 3 actuarial exams on their own were harder than the level 1 CFA. The actuarial exams are definately not the kind of exams you can get a little work experience in the field and pass after studying 2 weeks. Don’t get me wrong, I studied for quite some time for the CFA level 1 exam as well, while also studying for the actuarial exams I’ve taken. But some people on this forum have said that they’ve passed the level 1 exam with little studying because of their educational background and/or work experience. The only people you will find like this on the actuarial forums are those that are taking a college course geared specifically towards whatever exam they are sitting for, and even in those cases people still have to study extra. It is also a very very long road of studying/exam taking, even if you dont account for taking an exam and failing it. If you do fail then you have to wait another 6 mts, which can really increase someones travel time to ASA, let alone FSA! haha
I would also like to add, that although I’m 23 and I cant speak on this from personal experience - I work with 2 people who started the actuarial exams at about 30 and have been progressing very successfully with what seems to be hard work and diligence. Both have a math background, but it is totally possible if you are willing to stick through it!