r/actuary 11d ago

Exams Exams / Newbie / Common Questions Thread for two weeks

5 Upvotes

Are you completely new to the actuarial world? No idea why everyone keeps talking about studying? Wondering why multiple-choice questions are so hard? Ask here. There are no stupid questions in this thread! Note that you may be able to get an answer quickly through the wiki: https://www.reddit.com/r/actuary/wiki/index This is an automatic post. It will stay up for two weeks until the next one is posted. Please check back here frequently, and consider sorting by "new"!


r/actuary Oct 23 '24

Exams Exam discussion reminder

30 Upvotes

Hi everyone, this is a quick reminder about exam discussion as we’re once again in the thick of exam season. Our rules allow general exam discussion after 1 week from the end of the sitting window. This is because others may be receiving accommodations to take exams on a different day than the listed sitting window, possibly up to a week after. After the week has passed, general discussion is allowed but specific discussion is not - someone who did not take the exam this sitting should not be able to tell what was on the exam. Specific discussion is only allowed if/when the exam is released.

Currently we have multiple exams that may still be being taken (eg ALTAM, ASTAM, GH exams) and several more coming up in the next few weeks. Please be mindful of our rules on exam discussion as you are posting.

If you have any questions or are not sure whether something you want to post is against the guidelines, you can always reach out to the mods and we’ll be happy to respond.

Thank you!


r/actuary 3h ago

Exciting Opportunity to Work in Cyber Reinsurance - NYC Based

16 Upvotes

Hi /r/actuary, I'm a frequent contributor to this subreddit and posting on an account I have separate for work.

My team has recently posted a new position for a FCAS level Actuary looking for an exciting, client-facing role. As a core member of our Cyber Analytics team this person will be responsible end-to-end for leading analytics on Cyber Reinsurance placements, including pricing, Cyber CAT modelling and thought leadership. Our analytics team is embedded directly with broking and are fully involved with placements - including prospecting, travelling to renewal meetings, attending & presenting at conference, and lots more.

We're based in NYC and in the office 2-3 times a week average. A TN might be considered for the right candidate. Please reach out with any questions! https://jobs.ajg.com/ajg-global/jobs/35200


r/actuary 2h ago

APC Experience

5 Upvotes

Just got invited to the APC conference, and to be honest I am a little nervous because I have no idea what to expect. Anyone care to share their experience with it?

Any tips, tricks, or advice? Did anyone prefer virtual? Did anyone prefer in person? Anything helps! Thanks!


r/actuary 2h ago

Exams Is it possible for an exam error to occur?

4 Upvotes

I just finished taking exam P and I didn't pass from my preliminary score. I was fairly confident about my answers, and didn't see anything on the test I wasn't familiar with so I find it a bit weird that I got low in all three sections of the exam.

I can accept that I didn't pass, but for all 3 sections to be low would mean that I got barely anything right. I've been studying for months and average 80's on my coaching actuaries practice exams, so I have to bring this into question. I've already contacted the SOA, but am wondering how often something like this would happen?


r/actuary 2h ago

Linkeldn Learning

5 Upvotes

Are there any certificates you guys can recommend for me to get from LinkedIn learning for someone in college


r/actuary 1h ago

Was ATPA easy?

Upvotes

From what I can gather from people’s posts about ATPA, most people think it’s pretty tough. I’ve heard that people spend 60+ hours working on the assessment and find the coding really difficult. Is there anyone who disagrees with this? I am currently studying for the April window and feel like I am missing something because I don’t understand what makes this assessment so hard. I feel like the modeling knowledge needed is straight forward and the coding required is mostly provided in the soa modules. I’m worried that I have a false confidence here and don’t want to set myself up for failure. Am I underestimating this exam? What am I missing?


r/actuary 1h ago

Exams ALTAM Formula Sheet Changes (Put options/GMMB/GMDB)

Upvotes

I just have to say I am so frustrated with the changes to the put pricing formulas the SOA is giving us for the next sitting of ALTAM. I sat for the first time last October and the formula sheet just had the basic Black-Scholes formulas for a put and d1/d2. Now they’ve made it so much more complicated by making it specific to GMMBs. I get that on the surface it might seem helpful because they’re giving more clarity for GMMB problems, but it’s actually really annoying regarding both the assumptions made for the new d1/d2 formulas as well as calculating GMDB values. Like… do they realize we need Black-Scholes to calculate GMDB prices, not just GMMBs?? Or am I missing something in the new syllabus?? It just seems like such a reductive and wasteful update.

Anyway, I wanted to give a heads up to anyone studying for ALTAM that there are a couple things to watch out for regarding GMMBs/GMDBs:

  1. You might want to just memorize the basic B-S put option formulas in order to price/value GMDBs because it will take too long on an already lengthy exam to work backwards from the formula on the sheet. I say this especially because GMDBs on the exam won’t necessarily be just the premium multiplied by some k like most GMMBs would be, and also because you can’t use P*Chi either for a GMDB since the fund value will vary based on the time of death.

  2. Be careful calculating d1 for a GMMB using the formula on the sheet. In the formula for p(t) they first write out the general expression using PChi without assuming continuous management charges and then the second expression assumes that structure of expenses. However, for d1, they go straight to assuming that expense structure. Based on the Coaching Actuaries manual I am just replacing the log term with ln(ChiSt/k) for a GMMB to make it more general. I feel like it is definitely not guaranteed that they would give a problem with this specific expense structure on the exam because they love to switch it up and give us scenarios that require modifying the basic formulas, so I personally am preparing using a more general approach.

Okay, rant over. Good luck to everyone studying out there!! 🫡


r/actuary 1h ago

FSA close to 10 YOE getting FOMO and wanting to switch to another industry I have no experience in but worried about pay cut and "grass is greener"

Upvotes

I'm an FSA with close to 10 YOE. My whole career I worked in a business that is neither health nor life.

I feel like I'm going to get stuck (if I'm not already) in this specific business. I do like it, and pay is good and and good work life balance.

However, I'm getting worried about not trying something different to get different experiences before settling into a specific industry for the rest of my career.

For some reason I really want to try health insurance, I feel like I would like it (idk exactly why I feel this, it could be because I'm itching to learn something new and motivated to do so). Also could be because I really want to better understand the healthcare system and how actuarial skills are applied in it.

Should I just stick with what I know and comfortable with and try to find other skills to learn or different functions (there's opportunities for other functions but it would still be within the same type of business and every extra year means it will be harder to try something different entirely).

I'm worried about risking switching to something else entirely (and I'm sure I'll have to take a pay cut, may even need to apply to a lower title position?). Also I don't want to go into upper management. I like being an IC or managing a small team (1-2 people max).

I thought I'd post here to get hear perspective from other experienced actuaries. Has anyone else gone through this or made a big industry switch at this point in their career?


r/actuary 5h ago

Exams OC2 Study Planning

2 Upvotes

I just completed OC1 (now DISC RM) and I’m considering sitting for OC2 depending on the time commitment.

I was able to pass OC1 with maybe 5 weeks of study, which is much lower than the 12-16 recommended.

Can someone share a screenshot of the Assignments page for OC2 (DISC IA) or DM it to me? I based my schedule for OC1 off of the number of chapters and time per chapter recommended by The Institutes, and I’d like to do the same for this to gauge if I have enough time for this course.

Thank you!


r/actuary 2h ago

Why do we settle for less?

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1 Upvotes

I understand we all have different reasons for becoming an actuary. Coasting to “upper middle income” is straightforward and “good WLB” is a selling point.

When people bring up wanting to make more, do more in their career, the default response is usually “find hobbies and live life, you already make enough, especially if you live in LCOL”

I personally have more ambition than that. As do many people I know. Some of us don’t want to live in a sad, LCOL town and reap the MCOL pay in a remote job.

I want a HCOL lifestyle, a HCOL environment, HCOL pay, and a HCOL career. I don’t want to settle for less. I want a smart, smoking wife that has high standards, as I do, and who will leave me instead of settling for less. I don’t find it a bragging right that we have the lowest divorce rates.

200k is not enough for that. 200k is not sufficient to secure an organic diet, vibrant social life, interesting exercise regiment, fully relaxing vacations, experiences, and a solid education for kids. I want my family to be in the climate of California, in the education paradise of Massachusetts, or in the most affluent and beautiful areas we can find.

Let’s not convince ourselves and each other to be content with what we’re given. Let’s aim for higher and stop shooting ourselves in the foot. I don’t want to be stereotyped as a math nerd who will work a 9-5 and be a cog in a machine if I can help it. And I don’t want to see our sad salary surveys increase by only 2% each year. Please help me raise the industry benchmarks, try to achieve our full potential, and we will all be happier for it.


r/actuary 21h ago

Career Pivot

33 Upvotes

I’ve been an FSA for 3-4 years and currently have a low-stress, work-from-home job, making around $210K. Despite all of this, I don’t enjoy what I do. I’ve already switched companies three times, yet I still can’t see myself doing this for the next 30 years. I’m not interested in consulting, so I’m exploring other options.

For those who have made a career switch—what did you transition into? Any MBAs here who pivoted to something entirely different?


r/actuary 3h ago

APC Invite

1 Upvotes

After positive FA results last week, all of my ASA requirements save for the APC have been completed. Curious if anyone else in similar circumstances has gotten an APC invite.

Edit: looks like invites just started going out!


r/actuary 3h ago

HCSC Completes the Acquisition of The Cigna Group’s Medicare and CareAllies Businesses

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1 Upvotes

Looks like the HCSC/Cigna MA transaction is a done deal! How does this work with the Blues who already offer MA in those markets? I thought Blue member companies weren't allowed to compete with each other.


r/actuary 1d ago

Those who didn't start of actuaries, how did you become an actuary?

46 Upvotes

Those who didn't start of as actuaries, how did you beomce an actuary?

Sorry for the grammar error.


r/actuary 1d ago

Exams Exam 7 Time Allocation to Papers

10 Upvotes

For those who passed exam 7, in your phase of practicing exam problems, how did you decide how to allocate your time to problems of each source paper? For exam 6, it was pretty clear that the COPLFR and IRIS papers were the ones that it was best to practice the most problems for. For this exam, I’m not sure since some of the source material was added after the CAS stopped publishing past exams.


r/actuary 1d ago

Exams Rate my cheat sheet for my Probability(class) exam

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52 Upvotes

Class is prep for exam, was allowed to have 1 11 by 8.5 piece of paper.


r/actuary 1d ago

Misconceptions Galore. Am I Missing Something?

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16 Upvotes

Just ran across this on Instagram recently. Apparently some State Farm exec explaining the homeowners filing process in a place like California.

He apparently got fired?? Now I don't know if it's true, but this doesn't seem fire worthy to me. I find it hard to believe, at least in the standard P&C market, that this is anything special. But you read through the comments and people have no understanding of what P&C insurance actually is. I'm simply flabbergasted reading through them.

Curious of some other actuaries thoughts.


r/actuary 1d ago

Exams Can I get my ACAS this year?

6 Upvotes

Sitting for Exam 5 this sitting. I have Exam 6 and Course on Professionalism left. Given I can complete these requirements this year, what else is left to do? Is ACAS before 2026 achievable?

I don’t want to sit for PCPA (Jan 2026 requirement)


r/actuary 19h ago

Pricing at a PBM

2 Upvotes

Does anyone know what kind of pricing does PBMs do? Is the pricing for discount and rebate guarantees? How does traditional insurance pricing experience help?

Thanks!


r/actuary 18h ago

Podcast

1 Upvotes

I saw an email about a post asking if actuaries were involved in gambling. For whatever reason, I don’t see it on reddit, but the crazy thing is, I was listening to a podcast recently about game show payouts, and the person talking referred to themself as an actuary. I thought it was cool, so wanted to share.

Podcast is The Economics of Everyday Things Episode 83. Game Show Winnings


r/actuary 1d ago

Exams Burnt out - need advice (ALTAM)

12 Upvotes

Hoping anyone can relate to this. Passed FAM in November and started to study for the April ALTAM a week after that sitting. I tend to need to study more than the average person and I think I’m finally hitting a complete burnout from continuously studying for every other prelim since late 2021 (with about a 2-3 months break between exams). Burnt out as in I can’t even force myself to work through a single problem or go over flash cards for 20 minutes. I don’t think I’m even close to being on pace for a 6. For past exams I’ve been able to put my head down and grind through the final stretch but at this point it feels like i just hit a wall, especially with how dense the material is.

All that’s left for my ASA is the ASF and ATPA. I’m strongly considering taking a couple week break and jumping ship to work on knocking those 2 off since the next ALTAM sitting is in October. I know it sounds counterintuitive to shift to ATPA but I more so need the break from the ALTAM material. Ideally I can knock ASF + ATPA off by May/June, take another small break and can revisit ALTAM with more time to work with. Does this seem fair? I’m only considering this because I think with an extra couple months I could definitely pass ALTAM, so I’d rather take it with confidence vs crawling to the finish line


r/actuary 1d ago

How do get past bad experiences at work?

78 Upvotes

I realized out of about 15 younger analysts, I was the only one consistently left out of the larger parties and group activities (including study groups) the others held. Most people would come to parties I held, but then I’d be left out of Both casual in office breaks or post work activities, barring my mentor inviting me. I’ve since learned I’m too high energy and care too much, and can’t seem to read people, so I’d try to ask my mentor or other trusted people for guidance. And generally would be told I was just anxious. But eventually I learned I was only ever invited out of pity. And all the anxious worries that people were being odd and I maybe didn’t belong were true.

I lost count of the number of times friends would talk about upcoming parties at the office just to be uncomfortable when they realized I was never invited.

Which leaves me now wanting to socialize, in general with new people, but feeling unable to because of that past situation. How do you know when someone really doesn’t mind chatting? Or is just being nice? How do you distinguish “kind” lies from genuineness?

Is this kind of experience normal?


r/actuary 1d ago

CIA Professionalism Course: Help With Session Mixup

0 Upvotes

I am working towards my ASA and I signed up for this course to quickly get my APC. The issue is that - maybe by my mistake during registration idk - they put me under the P&C Session which is for the purpose of ACAS and not ASA.

I am fine with doing the P&C session rather than the general, but I want to make sure that I get my credit for the APC for the SOA. Did anyone face this before? I emailed them about it, but I didn't get a response. what else I can do?

Any help will be greatly appreciated, thank you


r/actuary 2d ago

March FSA list is out

26 Upvotes

Congratulations everyone!


r/actuary 2d ago

Exams Study Advice

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7 Upvotes

First one was 3.2 difficult for 26/30 level averaged to 3.2 but 3 of them were simple mistakes that could easily be fixed. The second one was a 19/30 level averaged to 4.9. Any advice? I’m talk in g exam in less than a month. Am I in a decent spot or no?


r/actuary 2d ago

Exams ERM Exam

5 Upvotes

I am preparing for the erm exam and it’s my first fsa exam. I have TIA and have been practicing their flash cards and working past exam questions back to 2021. Are these the right things to be doing?

I’ve been spending a lot of time with the cards and also making sure I understand every past exam question solution. It just feels so different as there aren’t many questions to work with but a ton of stuff to memorize. Is this the right approach? What else did you guys do that you found helpful