In the actuarial world, rather than go on to get a masters or an MBA, we take exams. Nine exams to be exact. I passed my first exam this past summer, and am currently studying for my second exam. I will be sitting for this exam in early November.
People say that in order to pass these exams, one needs to study for approximately 300 hours. Actuarial students begin studying for these exams months in advance, for a couple hours a day. Companies that employ actuaries, actually reserve some time for students to study during their work day. It's not a bad system, and if someone is dedicated enough, the exams are passable. Plus, there are major incentives. With passed exams come bonuses, raises, and promotions.
However, since I am still in college... it is basically like taking an extra class. I spent the majority of my Sunday in the library, but rather than doing homework or study for my classes, I was studying for my actuarial exam. The exam I am studying for now, covers financial mathematics. So all of the numbers and formulas behind things like bonds, internal rates of returns, spreads, stocks, etc.
Personally, I love my major. The classes, the work, and yes, even the exams. Although the idea of taking 9 exams, is a bit daunting, I know it'll be worth it in the end.
So what do you think? Want to become an actuary?
- Paige
- WELCOME! Please feel free to leave comments or email me at cpmca@wpi.edu
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Paige McAuliffe
Class of 2009
Hometown: Pepperell, MA
Major: Actuarial Mathematics
I am a senior Actuarial Mathmatics major at WPI. On campus I participate in the Big Sisters Program, play intremural sports, am the treasurer of the actuarial club, and work as an admissions intern. I hope you enjoy reading about what it’s like to be a student at WPI!
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