Can I Be an Actuary if I Major in Economics?

Many aspiring professionals wonder if they can pursue a career as an actuary without a specific actuarial science degree. The short answer is that it is indeed possible to become an actuary, even if your background is in economics. However, several key steps and qualifications are required.

Can I Become an Actuary with an Economics Degree?

At first glance, the answer might seem no. Traditional paths to becoming an actuary typically involve earning a degree in a related field or passing a series of rigorous exams. However, this does not preclude you from switching paths later on.

The transition from economics to actuarial science is quite feasible, especially if you have taken relevant coursework or conducted internships in actuarial science. To improve your chances, we recommend reaching out to actuarial firms to understand their specific requirements. Many firms value versatility and a strong foundation in quantitative subjects.

Common Majors for Actuaries

While it is possible to become an actuary with an economics background, most actuaries come from specific academic backgrounds. Typically, common majors include:

Actuarial Science (Although uncommon, it provides a strong foundation) Mathematics (The most common background for actuaries) Statistics Physics (Very rare but occasionally seen)

Even if you majored in economics, you can still achieve success in the actuarial field by taking additional courses to fill in any gaps. Many universities offer specific courses in actuarial science, which can help you gain the necessary knowledge and skills.

Passing the Actuarial Exams

The path to becoming a fully qualified actuary involves passing a series of professional exams. These exams are typically intricate and challenging, requiring additional study beyond a standard bachelor's degree.

If you want to work as an actuary without first having a degree in actuarial science, one viable option is to become an apprentice in an actuarial firm. This allows you to start working while simultaneously preparing for the exams. Employers may also offer financial support for your studies, making the process more manageable.

Estimating the cost of these exams can be significant. For example, each level of the fellowship exam, which is a crucial step in the process, can cost around $5000, factoring in both materials and the exam cost. Additionally, you are likely to fail several times, which means incurring multiple charges.

Given the international nature of the exams, you may need to travel to find test centers, which are often concentrated in the United States, Asia, and Canada. This factor, combined with financial and time constraints, makes it less practical unless you have a company that supports your education.

In summary, while it is possible to become an actuary with an economics degree, it requires additional steps and preparation. Leveraging any relevant background you have, such as coursework or internships, and reaching out to actuarial firms for guidance can significantly enhance your chances of success.