actuary vs. stat grad school

[StatlyDude]

I'm interested in getting into a stat grad program, starting with a master's and eventually completing a ph.d.; I'm sure a ph.d. in stat would be pretty marketable.

At the same time, I wonder if becoming a full-time actuary might have its own advantages: not having to spend money and time in more schooling, mental challenges of its own such as studying for rigorous exams, etc., making decent salary and even six-figures after passing several exams.

If you're in a stat ph.d. program, I'm sure you have the brains to pass a few actuarial exams. So why did you choose graduate school over an actuarial career? Have any of you ever considered the actuarial path or worked at actuarial firms? If so, how was the experience?

[floffel]

I'm interested in getting into a stat grad program, starting with a master's and eventually completing a ph.d.; I'm sure a ph.d. in stat would be pretty marketable.

At the same time, I wonder if becoming a full-time actuary might have its own advantages: not having to spend money and time in more schooling, mental challenges of its own such as studying for rigorous exams, etc., making decent salary and even six-figures after passing several exams.

If you're in a stat ph.d. program, I'm sure you have the brains to pass a few actuarial exams. So why did you choose graduate school over an actuarial career? Have any of you ever considered the actuarial path or worked at actuarial firms? If so, how was the experience?

Stats PhDs are indeed very marketable. If you invest the time and money now into getting a PhD, you can easily get 6 figures and maybe end up running an actuarial firm yourself later down the road. Also consider that, generally speaking, the longer you wait after undergrad to begin grad school, the harder it will be to get in to your target programs. On the flip side, if you go to graduate school now and ultimately decide you'd like to go into industry, simply leave after a master's... which will get you significantly better placement anyway.

I don't know much about the actuarial exams, but if you like taking difficult tests there's always the GRE math subject test. =P

[statsguy]

I'm interested in getting into a stat grad program, starting with a master's and eventually completing a ph.d.; I'm sure a ph.d. in stat would be pretty marketable.

At the same time, I wonder if becoming a full-time actuary might have its own advantages: not having to spend money and time in more schooling, mental challenges of its own such as studying for rigorous exams, etc., making decent salary and even six-figures after passing several exams.

If you're in a stat ph.d. program, I'm sure you have the brains to pass a few actuarial exams. So why did you choose graduate school over an actuarial career? Have any of you ever considered the actuarial path or worked at actuarial firms? If so, how was the experience?

I had the same dilemma a few years back and ultimately chose grad school. One point of clarification: you will mostly likely not be paying for the PhD in Statistics. You will receive a tuition waiver and 15-20k/yr stipend for being a teaching assistant. Also, when you are applying, the standard in the field is to apply for the degree you eventually want to get. So apply to PhD programs if that is your end goal. You have the option of picking an MS up along the way. Some schools award it automatically after passing the Oral Prelims. This is true for most PhD programs (except maybe those in humanities.)

My reasons for choosing grad school:

1. The actuarial job market is very crowded right now, especially entry level.

2. I want to get all my education done with ASAP. Having a PhD at age 26 and never having to worry about school will be nice.

3. (The big one) More flexibility with a PhD (for example, you can work in Biostatistics with a PhD in Statistics, but can't with just a BS + actuarial exams.)

4. I really enjoy Statistics (both Theoretical and Applied) and want to really gain a deep understanding of the subject, rather than just know what's required for actuarial work.

I know one person who became and actuary and is going to be applying for PhD programs this fall. Another person I know who became an actuary really enjoys the work, makes great money, and may one day go back for an MBA. Stats grad school admissions are becoming very competitive and if this trend continues (more applicants, fewer funded spots), you may have a more difficult time getting in later. Just another thing to think about.

[StatlyDude]

I know one person who became and actuary and is going to be applying for PhD programs this fall. Another person I know who became an actuary really enjoys the work, makes great money, and may one day go back for an MBA. Stats grad school admissions are becoming very competitive and if this trend continues (more applicants, fewer funded spots), you may have a more difficult time getting in later. Just another thing to think about.

In the case of the actuary applying to Ph.D. programs now, what did he dislike about the actuarial field? Also, I happen to be older than most candidates here: if you were 35 now, would you definitely prefer the immediate earnings from an actuarial position? Would 35 be too old an age to start a Ph.D. program? If you don't mind, could you give the rough ranking of your program and your rough stats (GPA, UG major, etc.)?