HappyPessimist

I agree with everybody's replies. There is one situation however where it could help. If your college transcript has a less-than-stellar grade in a Probability course (or if you didn't take Probability in college), then having Exam P passed could help. But, for somebody looking at your transcript who sees the bad Probability stuff, having Exam P would only help to the extent that that person knows about Exam P. So if you are in this boat, mention it in somewhere. In an email, or in your Statement of Purpose essay.... make it known that you have filled in the Probability hole in your transcript.

I agree with every word (except for CMU, I don't know anything about them). You're not aiming too high -- find more programs you're interested in and apply to those as well. You may want to look at North Carolina State University and UNC Chapel Hill biostats. They are both close to Research Triangle Park which has huge potential for employment in industry. NC State in particular has excellent relationships with many companies there and sends lots of graduates to work in that area.

This was basically my experience as well. It sounds like you have a very good math background, so I wouldn't worry about that unless you are applying to a school that recommends the Math GRE Subject Test. There aren't many of these schools. I also had several actuarial exams under my belt when I applied. (I am entering in fall 2012.) They did not really factor into any of my interviews or conversations. Don't try to make too much of them, because (in my opinion, although I don't know for sure) the math you are likely to face in your PhD coursework is more intense than actuarial exam studying. In my interviews and conversations, the other party was more interested in why I was changing careers. Why am I drawn to statistics? Some interview advice: Think of the questions you would ask somebody who's in your exact situation, but let's say, a couple years ahead of you. Think of what questions you'd ask that person, and then ask yourself the same questions. This will help you prepare, and it will help you have natural answers to questions you'll face. And be yourself! In my interviews, I saw answers from others that seemed to be applicants maybe not being themselves. This stood out to me. Hmm, I would have some more things to say I guess, but hope this helps. I'll stop here.

Agree with cyberwulf

Google "hulu don't buy stuff you can't afford".... very funny SNL skit which pretty much sums it up!