Actuarial Science or Statistics

[usmc3531]

I have a math degree and want to get a Master's in Actuarial Science or Statistics. I'm going with ILSTU because I don't have to take the GRE. I know I don't need grad school to become an actuary but I'm going to school on my GI Bill. I'd like to hear from Actuarial Science people and Statistics people. Which program provides more career options and better pay? Any input would be greatly appreciated. Thank you.

[Takoyaki7]

hey usmc3531,

I did an internship with an actuarial consulting firm a year ago during my undergrad, and am applying to Stats Ph.D. programs this winter. Although I can't really tell you about what a Masters in Statistics will do for you, I can probably answer some questions about the (entry-level) actuarial profession.

Actuaries don't typically work long hours (40~55hr/wk depending on your industry) and have pretty high earning potentials, but you have to remember that they have difficult exams that they're expected to pass fairly consistently.

A breakdown of typical pay for actuaries can be found here:

http://www.dwsimpson.com/salary.html

Everyone I talked to recommended against me going for a Masters in Actuarial Science but I don't think it's a bad idea to go ahead and get one if you're on the GI Bill. In the current economy it's going to be nearly impossible for you to find an entry-level position as an actuary without the first couple exams passed, and the Masters will probably get you through the first 3 or 4 exams.

What are you looking for in a career? Becoming a full-fledged FSA/FCAS takes a lot of commitment, and I don't think you'll last as an actuary unless it's really what you want to do.

Also, if you don't mind me asking, why don't you want to take the GRE?

[ilovedogs]

I'm not currently in either one of these professions, but I am a Math major applying to a Statistics MS program. There are a decent number of Statistician jobs in the Federal Government that pay well, have great benefits and job security. As a veteran I believe you would receive preference in Government hiring, so an MS in Statistics might be a great move for you.

[statzman]

I have a math degree and want to get a Master's in Actuarial Science or Statistics. I'm going with ILSTU because I don't have to take the GRE. I know I don't need grad school to become an actuary but I'm going to school on my GI Bill. I'd like to hear from Actuarial Science people and Statistics people. Which program provides more career options and better pay? Any input would be greatly appreciated. Thank you.

Hi, I did my Master's in Psychology at ISU and I think that MS in Actuarial Science is one of its strongest programs. Basically, the ISU college town is also the headquarters of State Farm. Another good thing is that it is relatively easy to get funded if your profile is strong.

Edited November 15, 2009 by statzman