Why do many people pour cold water on people who want to take the actuary exam?

The first one is difficult to take.

As actuarial science students, there are indeed some people in our major who are taking the actuary exam. Generally, it is a North American SOA or Yingjing. As for the middle essence - you know, it doesn't carry much weight.

Not explained. Ordinary people can pass the top five courses of SOA during school, that is, P, FM, C, MLC MFE. Now the cost of these five doors is approximately:

The exam fee is $800-$900, which is about RMB6000. Plus the cost of other textbooks or something, ignore it here. The remaining 4 courses, plus 8 modules, cost more than RMB10,000 each.

So I basically don't think about it during my school days. And the last 8 modules are to be taken online, which is very time-consuming.

It is said that it will take 5-7 years to pass all the exams. But I think that's just a conservative estimate. And the further you go, the more difficult it becomes.

Second, as long as you don't finish the last course, you should never think about earning millions of dollars a year; Even if you finish the last course, you don't necessarily have an annual salary of several million.

How many insurance companies are there in the world? Tens? Several hundred thousand?

There are only one or two chief actuaries in each insurance company. The chief actuary, that's super awesome. The rest of the actuarial department is basically hard work but the pay is average - don't doubt it, it's really average.

We saw this very clearly in our actuarial internship. In Shanghai, the staff of the actuarial department of a Sino-foreign joint venture insurance company generally have a salary of 5,000-7,000 when they first join the company, which is at most an ordinary white-collar worker. After that, as the number of doors you pass through SOA or Yingjing increases, the salary will also follow.

If you can grit your teeth and continue to take the exam, it is still very promising to reach an annual salary of 15-200,000 yuan in 5 years (excluding inflation) in 5 years.

Third, if you only take the first few exams, then to put it mildly, you only get a piece of chicken ribs.

It's not that you don't take the top five exams, but that it's a road to death. In our major alone, there are a total of 12 people at our level, and there are as many as 6 people who have passed the top five courses, not to mention other schools or already working. Therefore, the first five doors are just a necessary condition for you to enter the actuarial department, a stepping stone that is not very powerful.

Of course, there is still a good chance of entering the actuarial department of an insurance company. But all that's left is to keep trying, and trying.

I'm not pouring cold water. It's just my personal experience. I sincerely hope that those who have chosen the path of actuarial science can stick to it.

First, there is no saturation, actuaries do not necessarily have to go to insurance companies, the employment is good, but it is really not possible to enter a company as a financial employee, it must be very popular!

Second, it is difficult to test, so many people are full of confidence and enthusiasm at first, but the result is that they give up halfway, pour cold water on themselves, and also give others the opportunity to pour cold water.

Three, jealousy. Fourth, this is a cold society, not encouragement, but irony.

I am an associate actuary in China. There are 8 subjects in the associate actuary part, and after obtaining the associate mastery, you will have to work for three years before you can continue to apply for the actuary exam, and you will need about two or three subjects. The prospective actuary exam has high requirements for mathematics, and if there is a far gap between the university major and the mathematical statistics and actuarial insurance majors, it is best not to take the exam, it is too tiring, and it is useless.

I started applying for the exam six years ago when I was an undergraduate, and I heard the so-called actuary on the Internet that actuary is the most lucrative career in the future. Only now do I realize that it's all.

First, there are many subjects, difficult exams, and long cycles, and it takes at least five or six years to become an actuary; Second, with the current situation in China, actuaries do not need so many at all, just imagine, how many insurance company headquarters can be in China. Up to now, there are about 2,000 quasi-actuaries and actuaries in China, but the actuaries are popular, and the treatment of quasi-actuaries is not high.

If you think you have ideals, energy, determination, and stamina to apply for the actuary, then apply for a certified public accountant. Certified public accountants are a powerful tool for finding a job.

To add: the textbooks are available in various online bookstores.

Actuaries and CFAs are both highly valuable credentials, but they involve different areas of expertise and are not comparable. If the work is focused on bond analysis, then CFA will be more suitable; If you are working in insurance, then it is recommended to take the actuary exam.

FRM: There are two levels, there is an exam in May and November each year, you can take the first and second level exams at the same time, and the content of the exam mainly focuses on risk management. Among them, Level 1 has quite a lot of calculation problems, and Level 2 is more subjective around the Basel Accord.

Although the Level 1 and Level 2 exams are both 4 hours long, with 100 questions and 80 questions respectively, Level 2 is more difficult because many of the options and 4 answers seem to be correct and incorrect, and you will face great difficulty in choosing.

Actuary is a Chinese term that refers to a mathematical professional employed by an insurance company, mainly engaged in the calculation of insurance premiums, compensation reserves, dividends, sum insured, pensions, annuities, etc. The calculation is based on the claims reference table and accounting standards, and the operating conditions of the insurance company.

CFA: There are three levels, the first level is relatively easy, and students with a foundation can even pass the naked test, and the second level is obviously more difficult, combining a large number of knowledge points, not to mention the third stage, the content is more abstract and obscure, and the essay writing part is a roadblock for the majority of Chinese candidates.