2 answers
Andrew
Student
Brentwood, NH
1
Question
Updated
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What are the most important things to know regarding the process of becoming an actuary?
I am an aspiring actuary heading into my freshman year at Bryant University and want to learn the best methods to study for the exams and for life skills
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2 answers
Donna Weinstein
actuary
23
Answers
Potomac, Maryland
Updated
Donna’s Answer
Mr. Alfaro's response is dead on.
The exams are hard and pass rates can be low so persistence and good study habits are key. Don't get discouraged.
It is helpful recognize the type of student you are and cultivate good study habits - - the ones that work best for you.
For example, I study best in the morning and would put in time then and then get on to other aspects of my daily life. I studied a bit every day but for me that wasn't that big a sacrifice since I actually liked the material and enjoy studying. The exams and requirements have changed a lot since I passed my first exam in 1974 but the difficulty to get through the exams and other requirements and dedication the process requires has not.
One major help for me was working at a company that provided study time (as part of your basic workday) to those in their actuarial program.
To get into the actuarial program (note this was back in 1974 for me), I needed to demonstrate having passed the first two exams which at that time were calculus and probability/statistics. I was able to pass those based on my undergraduate education. At that time there were 9 exams.
Also, I took the exams of the Society of Actuaries which was life, health and pensions. There are other actuarial career paths such as becoming a property and casualy actuary or risk management actuary. My career was in the pension area and my first job was at a life insurance company. Subsequent jobs were at large consulting firms. When I left the life insurance company, I had passed the next 3 exams and was an Associate Member of the Society of Actuaries. Not only did the insurance company grant study time, we got bonuses and pay raises for passing and reimbursement for exam fees and study materials. Although the consulting firm I worked with from 1976 through 1979 when I completed my exams and became a Fellow of the Society of Actuaries proficed study time at work, as my work responsibilities grew, getting in study time at work became much more difficult.
I would advise studying hard for each exam to maximize your chance of passing the first time. That will get you through the syllabus much faster.
An actuarial career is generally very well-paying and offers many diverse career paths.
I never found my work boring - - and over a 40 year career I got to explore many different roles.
Some actuaries are more people-focused and others more technical but even within those categories, a broad range of how that manifests itself exists. That was one of my main attractions to the career. One can take it in many directions and pivot from time to time to explore different opportunities.
Best of luck to you as you pursue your career.
Go to the Society of Actuaries (soa.org) or Casualty Actuarial Society (casact.org) website and get familiar with the exams and accreditation process and also the types of careers gaining your professional designation opens up to you.
Take courses that help with the syllabus. Some universities have actuarial programs or specific courses that could be helpful. Consider business, economics, accounting, computer science, data analytics courses as well as math courses. Good writing and communication skills are important as well. .
The exams are hard and pass rates can be low so persistence and good study habits are key. Don't get discouraged.
It is helpful recognize the type of student you are and cultivate good study habits - - the ones that work best for you.
For example, I study best in the morning and would put in time then and then get on to other aspects of my daily life. I studied a bit every day but for me that wasn't that big a sacrifice since I actually liked the material and enjoy studying. The exams and requirements have changed a lot since I passed my first exam in 1974 but the difficulty to get through the exams and other requirements and dedication the process requires has not.
One major help for me was working at a company that provided study time (as part of your basic workday) to those in their actuarial program.
To get into the actuarial program (note this was back in 1974 for me), I needed to demonstrate having passed the first two exams which at that time were calculus and probability/statistics. I was able to pass those based on my undergraduate education. At that time there were 9 exams.
Also, I took the exams of the Society of Actuaries which was life, health and pensions. There are other actuarial career paths such as becoming a property and casualy actuary or risk management actuary. My career was in the pension area and my first job was at a life insurance company. Subsequent jobs were at large consulting firms. When I left the life insurance company, I had passed the next 3 exams and was an Associate Member of the Society of Actuaries. Not only did the insurance company grant study time, we got bonuses and pay raises for passing and reimbursement for exam fees and study materials. Although the consulting firm I worked with from 1976 through 1979 when I completed my exams and became a Fellow of the Society of Actuaries proficed study time at work, as my work responsibilities grew, getting in study time at work became much more difficult.
I would advise studying hard for each exam to maximize your chance of passing the first time. That will get you through the syllabus much faster.
An actuarial career is generally very well-paying and offers many diverse career paths.
I never found my work boring - - and over a 40 year career I got to explore many different roles.
Some actuaries are more people-focused and others more technical but even within those categories, a broad range of how that manifests itself exists. That was one of my main attractions to the career. One can take it in many directions and pivot from time to time to explore different opportunities.
Best of luck to you as you pursue your career.
Donna recommends the following next steps:
Leonardo Alfaro
9
Answers
Alajuela, Alajuela Province, Costa Rica
Updated
Leonardo’s Answer
Congratulations on starting your journey toward becoming an actuary! It’s a challenging but very rewarding career path that combines math, statistics, business, and problem-solving.
Here are some of the most important things to know early on:
Start preparing for exams early
The actuarial exams are one of the biggest parts of the profession. Many students begin studying for Exam P (Probability) or Exam FM (Financial Mathematics) during college. Consistency is key — studying a little every day is usually more effective than cramming.
Focus on understanding concepts, not memorization
The exams test problem-solving and critical thinking. Practice as many sample problems and timed exams as possible. Learning how to manage time during exams is just as important as learning the material itself.
Build strong technical skills
Besides math, actuaries often use tools like Excel, SQL, Python, R, or data analysis software. Developing these skills early can help you stand out for internships and future jobs.
Communication skills matter a lot
One thing many students do not realize is that actuaries need to explain complex information to non-technical audiences. Being able to communicate clearly, work in teams, and present ideas professionally is extremely valuable.
Internships are extremely important
Try to gain internship experience during college if possible. Internships help you understand the industry, build connections, and often lead to full-time opportunities after graduation.
Learn time management and discipline
Balancing classes, exam preparation, work, and personal life can be difficult. Creating a study schedule and maintaining healthy habits will help you succeed long-term.
Do not get discouraged by setbacks
Many successful actuaries do not pass every exam on the first attempt. Persistence and resilience are part of the process.
My advice would be to stay curious, stay organized, and focus on steady progress instead of trying to do everything at once. You are already ahead by thinking about this before your freshman year, and that mindset will help you a lot throughout your career. Best of luck at Bryant University and in your actuarial journey!
Here are some of the most important things to know early on:
Start preparing for exams early
The actuarial exams are one of the biggest parts of the profession. Many students begin studying for Exam P (Probability) or Exam FM (Financial Mathematics) during college. Consistency is key — studying a little every day is usually more effective than cramming.
Focus on understanding concepts, not memorization
The exams test problem-solving and critical thinking. Practice as many sample problems and timed exams as possible. Learning how to manage time during exams is just as important as learning the material itself.
Build strong technical skills
Besides math, actuaries often use tools like Excel, SQL, Python, R, or data analysis software. Developing these skills early can help you stand out for internships and future jobs.
Communication skills matter a lot
One thing many students do not realize is that actuaries need to explain complex information to non-technical audiences. Being able to communicate clearly, work in teams, and present ideas professionally is extremely valuable.
Internships are extremely important
Try to gain internship experience during college if possible. Internships help you understand the industry, build connections, and often lead to full-time opportunities after graduation.
Learn time management and discipline
Balancing classes, exam preparation, work, and personal life can be difficult. Creating a study schedule and maintaining healthy habits will help you succeed long-term.
Do not get discouraged by setbacks
Many successful actuaries do not pass every exam on the first attempt. Persistence and resilience are part of the process.
My advice would be to stay curious, stay organized, and focus on steady progress instead of trying to do everything at once. You are already ahead by thinking about this before your freshman year, and that mindset will help you a lot throughout your career. Best of luck at Bryant University and in your actuarial journey!