Actuarial masters or not

[Nerdfatuation]

I've been accepted into Boston University's Actuarial Masters. I'm really happy because I really want a masters, but Ive been reading forums and most people say that is a waste of time and all you need is the exams passed. Is it really a waste of time? I mean a masters has to mean something, right?

[mf161]

I've been accepted into Boston University's Actuarial Masters. I'm really happy because I really want a masters, but Ive been reading forums and most people say that is a waste of time and all you need is the exams passed. Is it really a waste of time? I mean a masters has to mean something, right?

I ventured a bit down that path (I took P1 and started studying for FM2), and I read much more information against graduate school than for it.

I had no problem interviewing for entry level jobs (exams are the main consideration) without a degree in actuarial science, and my impression was that the exam process was potentially more indepth than grad school.

Have you passed an exam yet? I imagine if you have a relative background (Actuarial Science, Finance, Applied Mathematics, etc.) you should be ready to take the exams and work.

[mhnaomi]

I've been accepted into Boston University's Actuarial Masters. I'm really happy because I really want a masters, but Ive been reading forums and most people say that is a waste of time and all you need is the exams passed. Is it really a waste of time? I mean a masters has to mean something, right?

Hi, I'm in the program now. Some of the courses will help you to prepare for the exam but not all of them. 

[oiseau]

I've been accepted into Boston University's Actuarial Masters. I'm really happy because I really want a masters, but Ive been reading forums and most people say that is a waste of time and all you need is the exams passed. Is it really a waste of time? I mean a masters has to mean something, right?

 

If you can pass the exams with self-study, a masters is not necessary or really very useful. My understanding is that most programs only teach to the preliminary exams, so after you graduate you'd still have the toughest parts ahead of you. You could even argue that someone who has an MS in Actuarial Science hasn't demonstrated the ability to pass exams on their own, because they've been taught everything in a classroom.

 

I can only think of two ways a masters (in Actuarial Science) would really help you. First is if an HR person thought that made you a better candidate, but the final hiring decision is usually made by an actuary, and they'll give your MS almost no weight. Second is that the school might have career services which could connect you with companies for internships or jobs.

 

The traditional thought is that a masters (of any kind) is not at all useful for becoming an actuary, but if you really want one, consider Statistics, Computer Science, or Economics. Those would provide you with useful skills you wouldn't typically pick up on the job and could make you more marketable for e.g. predictive modeling roles.

Edited March 16, 2014 by oiseau

[maggiemay22]

Hi,

 

I work in the actuarial field and think this may actually make you overqualified for entry level positions if you want to go into the actuarial field, as the majority I work with have just a Bachelor's which I feel is the norm except for maybe a few consultants.

 

I would say if you have a relevant quant undergrad major, just try taking exams and fulfill all your VEEs and you should have the necessary background for an entry level job.

 

FYI if you want to continue learning, actuarial exams/modules will provide you with a lot of material. Plus actuaries can also study for other certifications like chartered risk analyst or even become a CFA is you end up in the financial services area

[Y.T. Safire]

The good part of the degree might that one can take advantages of various resources to gain more skills.

 

I know someone with the background actuarial science & economics who did a MS in biostats and ended up a data-mining related position in an insurance company. He definitely gained stills in modeling and SAS programming from the training..