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Just starting out and would greatly appreciate any advice/tips

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  • Just starting out and would greatly appreciate any advice/tips

    I'm currently a casualty claims rep for attorney rep'd injury claims for a large insurance company. I've decided to transition to an actuary position.

    I'm just curious if the salary surveys posted by D.W. Simpson are accurate. I've run into a couple actuaries who felt like their numbers were very high. Thanks.
    Last edited by BeauDup; January 30 2016, 12:29 PM.

  • #2
    Depends

    As you would normally think, salary depends on location and how qualified you are. You know, what you can bring to the company? I am studying to be an actuary as well and am taking Exam P in May 2017. I have an acquaintance who is from the same town as I (Owensboro, KY), who has been an actuary for 6 years or so. That is a rough estimate, since I am not entirely sure. I know it is at least 5 or 6. He is an ASA and is working on two more exams for this year, but from what he told me, he works in Denver, CO, and makes roughly $130k before he gets any kind of raise this year. If he passes his two exams, he is looking at another 14k raise on top of what he already makes. So assuming he passes both exams, he will be making $144k this year. I am not sure what the website said specifically (the one you were looking at), but I can tell you that that kind of money is ridiculous around where we are from. The only people who make that are specialized doctors from what I can tell, and I am fairly confident that they are a lot more stressed and work crazy hours as well. That is one of the reasons why I wanted to go this route. I love math and its applications, I want to make a good living for me and my little boy, and I have always felt like the black sheep, so to speak, around everyone. After I finished my BA in Applied Math, online no less, I finally realized that I wasn't meant to stay around here where I could just get any job and "settle" for something that I would regret for the rest of my life. I don't see anyone else around me here that make me jealous of their life. I don't want to be rich but I want to be able to pay for my son's college and give him things. This is a great job to do all of that and I get to be challenged intellectually. It's perfect but daunting. A big part of me thinks that maybe I will never get there or that I am not good enough to do it, but then I realize that I thought the same thing taking Calc 3 and I really ended up enjoying that class. If you are looking to take Exam P, and would like a study partner or someone to offer another set of eyes, just let me know. If you reply to this post, it will go to my email, which I constantly monitor. These exams are very hard from what I can tell. The friend of mine in Denver told me that a math degree was nothing but a joke compared to these exams. Of course, my friend could have been exaggerating a lot but then again, I have read the same thing from MULTIPLE other people on VARIOUS different websites, so I would say that there is definitely some truth to it. But I would say that becoming an actuary is definitely attainable, it is just going to require a lot of time and effort.

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