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hardik

Post subject: On Actuarial Exams and Jobs

Posted: Sep 08, 2007 - 02:59 AM

Site Admin

Joined: Jul 13, 2005
Posts: 145

Status: Offline

I am writing this because I am faced with countless queries day on day with one recurring theme which I would like to address in the best manner possible.
Before I go to the crux of the matter, let me tell you all that I started working just about a year back and I too have gone through the anxieties and trepidation of deciding where one wants to steer his career. So, I can totally relate to your questions and queries and by no means ill-consider them. The very reason that I am writing this is that I am very eager to help.

There seems to be a slight confusion among the student community who have not yet started working as far as the correlation between passing exams and getting a job is concerned.
Actuarial profession is largely about qualifying as an Actuary (becoming a Fellow) and the importance of exams cannot be understated. If you want to be in this profession for a long term, if you want the growth of your career to remain smooth you will have to qualify as a Fellow eventually. Being a student of this esteemed profession it is of paramount importance that you study for all your actuarial exams seriously and pass them.

Now, let's talk about jobs. I am going to take a Question-and-Answer route, while talking about jobs which would also serve as an added FAQ.

Do I need to pass exams to get a job in Actuarial profession?
When an organization is looking for employees in this profession, they are looking for potential Fellows. And what better way is there to show your potential to be an Actuary than by having passed exams. So the answer is yes, you do need to have passed some exams in order to be hired in entry level jobs in the profession.

So that means, the more the number of exams I pass, the more likely I am to get a job?
Actuarial exams are a good indicator of how hard working and dedicated person you are, which are some of the typical qualities that every employer looks for in an employee. But one should not forget that Actuarial exams are after all, another set of exams; undoubtedly very important exams, but still they remain on-paper qualifications of your knowledge.
When hiring people for his/her organization a manager will look for someone who is not only sufficiently qualified but also carries other qualities which would help adding value to the company. These qualities are very abstract in nature and their magnitude would differ from employer to employer.
In conclusion, more actuarial exam passes would definitely help shape the decision of people who are going to hire you, but they are, by no means, sole factor which are going to be considered. You will have to be a well rounded individual; and in fact, this applies not only in the actuarial field, but in any profession, not all doctors or engineers from the same year and institution of graduation achieve the same levels of success, do they? In campus recruitments in engineering colleges, don't we often see examples of the class toppers not being the ones who get the best offers?

Will passing some specific papers give me a better chance of landing a job?
It is possible that some papers are preferred by some organizations owing to the kind of work they are involved in, but then different organizations might be looking for different things. More importantly, as an actuarial professional you are ultimately going to have to pass all papers. In my opinion, it is a flawed and very short term-ish strategy to study specific papers with the aim of getting a job.

What about pay packages in the profession?
Each and every employer has his/her own policy of compensation. In the long term, if you are good, you will be paid sufficiently well. That being said, I would like to add that current speculation about pay packages in the profession are slightly over-optimistic.

I hope this has helped many a anxious minds. Feel free to reply with your opinions.

Hardik

Adi

Post subject: RE: On Actuarial Exams and Jobs

Posted: Sep 08, 2007 - 06:51 PM

Joined: Jul 17, 2006
Posts: 5

Status: Offline

Hi Hardik,

I have been visiting this site quite regularly since I first came to know of it and from what I observe, the posts (messages) do tend to get repetitive. As you mention, there seems to be one recurring theme, exams and jobs (read money. come to think of it, is there anything else of importance?). Anyway, the answers to such questions seem sporadic with minimal participation. For example, it may be possible that there are at least a few qualified actuaries (associate, fellow) and insurance/industry professionals who visit the site but do not participate in answering job specific questions (thats a statistic which you would know better). It would be of much help if there could be a way to get them to participate to answer general questions.

In my opinion, most people (even if they are qualified to answer the question) may not respond without the cushion of "anonymity". For example, if I asked you what your salary is as a practicing actuary, you would most certainly ask me to seek other forums. But if you were to do this anonymously, perhaps you would state your salary.

What I am suggesting is to have a quick questionnaire/poll be put up on the site that allows people to answer multiple-choice questions anonymously. For example, a few questions could be as follows:

(1) Are you a member of ASI, SOA, IOA? Y/N
(2) If so, what level? (Student, Assoc, Fellow)
(3) How many papers have you passed?
(4) Are you employed? Y/N
(5) If yes, which industry (typical choosable industries: Insurance, Banking, Software etc)
(6) What is your years of experience? (0-1, 1-5 etc)
(7) Are you employed as an actuary? (Y/N)
(8.) If yes, how many papers did you pass before applying for an actuarial position?
(9) If yes, after passing how many papers did you actually get an actuarial job?
(10) If employed in an actuarial position, what is your salary range? (exact figure not required, but user should choose from a set of ranges: 5 lacs - 8 lacs etc)
(11) Have you applied/enrolled for other courses? (eg. PGDAS, Mumbai Univ.)
(12) Are you registered on this site? Y/N

Note that all the above questions can be multiple choice based allowing the user to select options (so that the survey can be completed quickly). What this allows is the following:

(1) If the questionnaire is designed well, it would provide quite a bit of insight into salary, job prospects etc
(2) Perhaps it would also provide information on the user profile of the site (if I go to the member list I get no clue as to how many people are qualified or even interested)

The results of the survey should (ideally) be published or be able to viewed by those who participated (this ensures greater participation). But of course, this leads to some issues with anonymity (though they can be sorted out).

I hope the above makes at least a little sense. You can tank the whole thing if you dont think it useful or dont have the time. All of this, of course depends on whether there is sufficient volume on the site.

Thanks

jagdeesh

Post subject: RE: On Actuarial Exams and Jobs

Posted: Sep 10, 2007 - 12:55 PM

Joined: Jul 21, 2006
Posts: 6
Location: Lower Parel
Status: Offline

Hi Hardik,
That Was very informative post.
I have passed CT1(nov 05) failed CT7(may 06) again failed CT2(nov 06).
I have a feeling that I may take longer duration to clear the papers and feeling like giving a last attempt before quitting.

justlikethat

Post subject: RE: On Actuarial Exams and Jobs

Posted: Sep 16, 2007 - 11:22 PM

Joined: Jul 16, 2006
Posts: 6

Status: Offline

Hello all,

I completely agree with Adi's post. great thinking Adi!
Hardik you have done an fantastic job with this site. But see if you can incorporate some of Adi's suggestions, that is, if you think it is a good idea in the first place.

pranavk

Post subject: queries

Posted: Sep 19, 2007 - 12:02 PM

Joined: Jul 19, 2007
Posts: 1

Status: Offline

hello sir,
i am a student of class 12 and have just finished with my boards. having immense interest in maths i decided that i would like to make my carrer in the field of banking. i explored about acturian sciences and found it to be very interesting. i would be greatful if you could offer me a little help in knowing about the admissions, instititus and the exams i would need to give to be an acturian. also, i have done 12 with my main subjects as science (PCM) would that cause any problem in admission or later in gaining a job?

thanks

saiprema

Post subject:

Posted: Sep 13, 2007 - 04:01 PM

Joined: Jul 08, 2007
Posts: 1

Status: Offline

Hai hrdik,

am a student member for the past one year....basically a maths graduate...employed in insurance.....took ct7 initialy...but failed in 2 atempts..cud u suggest me the series in which it wl b better 4 me to take d exams.......thanks.bye ...........vsp

priyankawin

Post subject: details abt the exams related to actuary

Posted: Sep 11, 2007 - 04:43 PM

Joined: Jul 11, 2007
Posts: 1

Status: Offline

Hi. I am priyanka. I have finished my postgraduation in mathematics from the mumbai university. I am interested in Actuary and would like to know the details about the examination held:date, syllabus, venue, etc.... if anyone cud help me, kindly let me know the sites where i cud get these details. also i wud like to know where and when are the forms of the exam available?

yashica1981

Post subject: RE: details abt the exams related to actuary

Posted: Sep 27, 2007 - 10:08 PM

Joined: Jul 23, 2007
Posts: 3

Status: Offline

Hello Hardik!!!

Am new to this community....Planning to take Ct exam in May08.really appreciate your contribution to this site and information.thanks!!!!

Raghavendran

Post subject: RE: details abt the exams related to actuary

Posted: Sep 21, 2008 - 12:29 PM

Joined: Jul 21, 2008
Posts: 1

Status: Offline

Hello Hardik

I am new to this community cleared two papers in actuaries

dmody

Post subject: Re: RE: details abt the exams related to actuary

Posted: Sep 29, 2008 - 06:40 PM

Joined: Jul 29, 2008
Posts: 1

Status: Offline

Raghavendran wrote:

Hello Hardik

I am new to this community cleared two papers in actuaries

Hi Hardik,

I just joined this site today. I wish i knew about this site before. I am appearing for CT2 in May2008 but have old series of study material. Can you help me to find downloadable updates for recent exam? acted.co.uk does not have the same.

sainigaurav_1982

Post subject: Re: RE: details abt the exams related to actuary

Posted: Sep 01, 2008 - 12:29 AM

Joined: Jul 23, 2007
Posts: 106

Status: Offline

[quote="dmody"]

Raghavendran wrote:

Hello Hardik

Hi Hardik,

I just joined this site today. I wish i knew about this site before. I am appearing for CT2 in May2008 but have old series of study material. Can you help me to find downloadable updates for recent exam? acted.co.uk does not have the same.

Dear u need to purchase the study material before filling the examination form..... no examination form will be accepted by the institute without the copy of study material payment receipt....

_________________
JEET

subhasis

Post subject: hi

Posted: Sep 27, 2008 - 10:54 PM

Joined: Jul 27, 2008
Posts: 2

Status: Offline

Hi hardik

I am an engineer (28 yrs ). 4 years experience in production industry. I am interested in actuarial science and i think i am good at maths. Please suggest / guide me if it is advisable to take up this course at this point of time in my career. also advise me on career prospects and the average duration it takes to clear the 1 st level (CT papers)

purnabiswas

Post subject: RE: hi

Posted: Sep 06, 2009 - 02:56 PM

Joined: Jul 06, 2009
Posts: 1

Status: Offline

Hi! Hardik,
I am new in this site.I hav done my M.SC in Applid Mathematics and want to appear for the actuarial exams in November.I hav applied for CT-1 paper.Will it be suitable for me to appear forCT-1 examination ,considering my background.

pragyajain

Post subject: Re: On Actuarial Exams and Jobs

Posted: Sep 14, 2009 - 01:57 PM

Joined: Jul 14, 2009
Posts: 3

Status: Offline

Hi,

i am appearing for ct1 and ct3 in oct 2009.
when can i start applying for a job. can u also name a few companies whr i can apply? do any companies in provide actuarial training program in india?