Can I Become an Actuary With a Mathematics Degree?

Introduction

A question many students with a mathematics degree often ask is whether they can pursue a career as an actuary. The answer is a resounding yes. A strong foundation in mathematics is indeed highly beneficial for a career in actuarial science. This article will guide you through the steps involved in becoming an actuary with a mathematics degree.

Academic Foundations

The first step in becoming an actuary is to obtain the necessary educational background. A degree in mathematics, statistics, finance, or a related field is a common prerequisite. Some universities offer specific actuarial science programs, but a general mathematics degree can also serve as a strong starting point.

Actuarial Examinations

Passing a series of professional exams is a crucial part of becoming an actuary. These exams, overseen by organizations like the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), cover topics such as probability, financial mathematics, and actuarial models. The SOA and CAS are two prominent organizations that manage these examinations, particularly in the United States.

Internship Experience

Gaining practical experience through internships can be extremely beneficial. Many employers prefer candidates with relevant work experience. Actuarial internships provide valuable real-world exposure and can enhance your resume, making you a more competitive candidate upon graduation.

Professional Designation

After completing a certain number of exams and accumulating the required work experience, you can achieve professional designations such as the Associate of the Society of Actuaries (ASA) or the Fellow of the Society of Actuaries (FSA). These designations signify that you have met the rigorous standards set by these organizations.

Continuing Education

The actuarial profession is constantly evolving, and ongoing education is a requirement for maintaining your professional status. Actuaries are expected to stay current with the latest developments in the field through various continuing education programs and seminars.

Exploring Actuarial Science in Different Institutes

Absolutely, you can pursue actuarial science from either the Institute of Actuaries of India (IAI) or the Institute and Faculty of Actuaries (IFOA, UK).

Institute of Actuaries of India (IAI): To start your journey with IAI, you must appear for the ACET (Actuarial Common Entrance Test) MCQ exam. This exam consists of five subjects: mathematics, statistics, English, data interpretation, and logical reasoning. If you successfully pass the ACET, you will be eligible to clear the 13 exams required to become an actuary. The next ACET Entrance Test will be on June 27, 2020.

Faculty of Actuaries UK (IFOA): For IFOA UK, you can give your first exam directly in September 2020. You can start with either the CS1 or CM1 exams as a non-member.

Regardless of which institution you choose, the curriculum for both bodies is essentially the same. This ensures a consistent and comprehensive learning experience.

Conclusion

In summary, a mathematics degree is an excellent starting point for a career as an actuary. However, additional exams and practical experience are necessary to achieve professional qualifications. The world of actuarial science is rich with opportunities for those willing to invest the time and effort required for success.

If you are interested in pursuing a career as an actuary, it is essential to start preparing early. Whether you choose the IAI or IFOA path, remember that the journey to becoming an actuary is both challenging and rewarding.