Can I get into actuarial profession with a Music degree...

I did do research into it, obviously not enough

Yes I've seen it, and I am in shock at the load...but I still don't think it's worth 114 pounds! But I'm stingy like that...

Hello.
You seem to know quite a lot about this kind of thing.
I am dead interested in becoming an actuary.
I just want to know if I am heading the right way and if there is any tips you could give me?

i) I am hoping to get an A* in Maths and an A in further maths as level. With Geography, Business and Economics, Law and General Studies. Hoping all to be A or maybe A*. They may consider some subjects to be weak though however?
ii) Economics as a degree, how suitable is it? Also the university I attend will this play a big part? Eg. York, Durham, Nottingham, Bristol and Warwick.
Aim for a firs, more likely going to end up with a 2.1.

Then I don't know really what else to do.
Your help, would be incredibly appreciated.
Thanks.

An A in further math is sufficient enough (i take it you take further stats) and a 2.1 degree is just what the firm wants. However, it really depends on the firm to hire you or not. Because I believe you can't be an actuary without working experience in the UK. I have a friend who go hired to HSBC with A-levels [He got A in further Math and he's an amazing guy] and he's doing his CT7 now I believe.

ActEd don't have thousands upon thousands of customers. They need to pay a lot of very specialised people to write these notes. You do the maths

Guck luck with the studying.

Not without further education. Do a Finance MSc then you'll stand more of a chance

I'm on Chapter 3: Force Of Interest and it's to do with proving delta(t) = d/dtlnF(t). In the exam I probably don't need to prove it but there's just a tiny thing I don't quite understand.

Firstly I DO understand how A(t,t+h) = [F(t+h)]/F(t) by noticing the principle of consistency and using the formula F(t)=A(t0,t) but then when I sub this back into lim [(A(t,t+h)-1)/h] I don't see how it's the same as lim [F(t+h) - F(t)]/F(t) x 1/h. Where does the minus F(t) come from and why is it not minus 1 like the original formula is??

$\frac{A(t,t+h)-1}{h}[br]= \frac{ \frac{F(t+h)}{F(t)} -1}{h}[br]= \frac{F(t+h)-F(t)}{hF(t)}[br]$

The last step coming from multiplying numerator and denominator by F(t). Simples.


EDIT: Goddamnit latex is still broken. Come on TSR bods get it sorted:

(A(t,t+h)-1)/h
= { [F(t+h)/F(t)] -1 } / h
= { F(t+h)-F(t) } / hF(t)

The last step coming from multiplying numerator and denominator by F(t). Simples.

Oh ok I understand that. I kept getting the middle line but I never multiplied by F(t). Why can't we just leave it like the middle line but have to multiply by F(t)??

Hi it's me again. This is probably really obvious but why does A(t0,t0+n)=e^dn?

Thanks.

It really is obvious. That's the accumulated value of the payment stream (of 1, at time $t_0$) at time $t_0 + n$, which is $(1+i)^n$ (assuming the rate of interest is constant at i% over the term of the stream, which it will be in your notes). Now use the identity $1+i = e^ \delta$ which you should have definitely derived...

I'm in my penultimate year at uni, studying for a maths degree. I've already got some work experience lined up over the summer, but would it be a good time to do CT1?

IMO CT1 would be desperate measures. If you have work experience lined up already (over the summer I assume) there is absiolutely no point what-so-ever. Go do a good job for these people and get it all down on your CV, and get a good quality class of degree (the subject is already ideal). You'll be completely set for a job.

I would only do CT1 if you feel like you'd be a weak candidate and need something - anything - to make you stand out in the current tough jobs market. You sir certainly won't fall into that category. Or maybe I'd sit it if I were dubious over whether the actuarial profession would be for me.

You have to remember that most other other Core Technical subjects will rely on CT1 in some way or another (be it for the material itself of the general way of thinking) so you'll ideally not want to take big breaks between sitting different modules. Like I say, just sit them all together once you're in a job!

The one thing you really have to bear in mind is that insurance bodies (assuming you work in that industry) don't treat the exams as the be-all and end-all of prospective employees. In fact i'd go as far to say that they couldn't give a flying **** about them. They want good quality people to train up.

By the way this is coming from someone who has been working for a large general insurer for the last year, so believe me you can trust me on this

Extremely Helpful Information

You have been incredible in this thread!

I just thought I'd ask you a pertinent question - you may not know the answer, but it seems worth a try.

I did English literature at university, but I've been interested in the actuarial profession for quite a while, and it's something I've continued to consider (I'm currently doing a Masters). Now, I did get an A at A level maths (94%), but I'm aware that I'd still be considered a poor candidate for not having done a quantitative (or even science-based) degree. I'd be more than willing to splash out on the CT1 materials and do the exam (indeed, the idea of flexing my maths muscles once more is quite appealing!) but I am wondering exactly how much that would help. I realise it would make me a better candidate, but do you think doing that would stand me in relatively good stead (on paper at least)? It's only the cost of the materials and registering for the exam that I'm thinking about, really - if I'm still unlikely to ever be considered seriously anyway then I think I'd rather know before I shell out

Thanks in advance for any help you can give. By the way, how are you finding actuarial [student] life so far?

I aim to please

It seems to me like there's a distinct lack of accurate information available on TSR, and most people replying to these kind of queries are fellow prospective actuarial students basing their knowledge entirely on hearsay. I'd happily contribute my knwoledge if the idea were popular enough, and we could definitely get a stickied thread going or something (I wouldn't fancy typing a load of stuff out only for it to disappear in a few days, which realistically would almost certainly happen...)

Well, first things first, you definitely meet the minimum requirements to join the Institute/Faculty of Actuaries, so there's nothing to worry about there.

You will be no means be considered a poor candidate. Employers will consider a wide variety of things, only one of those being your degree subject (though having said that, see my last bullet point further down the post). You'll obviously be at a disadvantage however, so it's very important you get all the knowledge you can and have enthusiam spew from every orifice in an interview, even if it means you rehearse answers. By knowledge, I refer to things such as the difference between life/general/pensions roles and working in a consultancy or non-consultancy role; and for each job you apply to, try and tailor your technical knowledge around that role (I work as a pricing analyst in a large general insurer, for example, and it definitely helped that I demonstrated basic knowledge of how you would price a motor or home policy in my interview, and of things such as how the voluntary excess level affects claim amounts). This kind of stuff will be absolute ******* gold to interviewers and will grab their attention. There are a lot of talented analysts out there with their sciency degrees, but a lot of mediocre interviewees who clearly lose sight of the job itself.

There are pros and cons to getting a Certificate in Financial Mathematics (i.e. Passing CT1 as a non-member), and it'll obviously vary from person to person. The way I see it, it's pointless trying to pass CT1 before you're in a job, unless your degree subject is completely inappropriate. So yes, I would recommend it

The reason I would recommend for people like you are numerous:

- Like you say, you'll be very rusty at maths. It will help you enormously for if/when you get a job and need to routinely call upon your statistical and financial knowledge (I have a maths degree so the former was no problem for me, but I definietly feel better off in terms of the latter having passed CT1!)
- It will give you a reasonable idea as to whether you're cut out for the exams, both mathematically and in general
- Passing will prove you're more than capable of performing well in your job (and in the exams). I can't emphasise enough that employers will care more about your ability to do the job than ability to sit some silly exams!
- Passing will also show other valuable skills to employers, such as dedication and ability to work diligently
- It will give you an idea of how much study is required. I had a PM only yesterday from a poor fellow shocked when half the Amazon rainforest came through the post. Each module will need at least 100 hours of work, and unlike in uni where you can ******** your way through to an extent, you WILL be caught out if you try the same here. Trust me on that
- Most importantly though, to be honest, with the current job market you simply won't get noticed. Competition is so high at the moment that your CV will probably get thrown out as soon as they see your degree subject. I really think a CT1 pass will be the only way you'll pursuade employers to invite you to interviews.

So yeah, I'd definitely give CT1 a shot if you're up for it. However, make sure you get a good block of time to do it in. Personally I spent a good 4-5 hours every Saturday morning in the local library (having worked 9-5 Monday-Friday) for about four months, and still felt I could have been better prepared for the exam.

I'm really enjoying it thanks

I'm going to be posting off my app to become a member of the Institute in the next couple of days, now that my study contact has officially come through. Very exciting stuff, not least because it'll mean I'll be a student again! OHaving a day a week off for study also sounds very appealing!

But I really do like my job at the moment, and find the studying very fulfilling. It can be so bloody hard sometimes but I'd much rather have that than not feel challenged by my job...

Thank you thank you thank you!

Just one or two more questions ...?

1.) I am currently deep in the throes of a Masters degree and I don't think it would be feasible to take the exam in April (especially as I am studying abroad and it would mean coming back to the UK just for the exam). It seems there is another CT exam in October, which is perfect, but I wouldn't get the result until December 10th. Assuming optimistically that I would pass, do you think I'd miss a lot of grad deadlines? I know I could look into this myself, but I was wondering if you knew offhand.

2.) Quite a few employers specify that applicants should have a numerical or semi-numerical discipline. Should I pay heed to this and not apply to any that say this? Or I guess I could email various companies to check that this is a steadfast rule?

3.) Re: "technical knowledge", do you have any suggestions for how to gain this? Obviously I will properly research the different actuarial roles and such, but I would never know that stuff about motor home insurance you mentioned I'm not sure what answer I'm expecting you to give here though ...

Thanks again, you are super kind!