![]() I think a lot of the skills you learn are highly transferable, but it's still a tough sell. Actuaries are highly regarded within the insurance industry, but many people in outside industries have never even heard the term. Pass rates are 30-50%, so it takes some people 10-15 years to finish. Even if your company gives you study time you will have to spend a lot of your own time too. Expect to have to study 200-400 hours per exam. Even highly ranking actuaries are mainly relied on to provide numbers that senior management will use to make decisions. Don't expect to strike it rich in your twenties or thirties though, it takes a long time to move up. A chief actuary can easily pull in $1M+ per year. There are many high profile opportunities at large insurance companies. Once you finish your exams you'll be over 6 figures for sure - for 50 hour weeks thats pretty solid User an investment banking associate, gives an amazing example of the pros and cons of actuary: Why to Choose Actuary over Investment Banking Regarding investment banking, you can refer to the chart below from the investment banking report: Average Salary for both Actuary vs Investment BankingĪs user mentioned, once you finish your exams for actuary, you can expect to make over 6 figures. This position revolves around research on companies, valuations, and creating content for firms to view a snapshot of potential mergers & acquisitions. They deal with writing new debt and equity for all types of securities, aid in sale of securities, and help facilitate merger & acquisition. Investment banking relates to creating capital and funds for other companies, governments, or any entities. ![]() It doesn't matter if you were "actuary major" at a 2nd tier State U, if you can't pass the actuarial exam, you won't get the job as an actuary. To become an actuary, you need to pass a series of very math-intensive exams. That is equivalent to the situation, where you don't need to be a biology major to get into a med school. IvyGrad:You don't need to be in the actuary program or major to become an actuary.
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