I recently achieved a major career milestone! I am now a fully credentialed Actuary. The official designation is “Fellow, Casualty Actuarial Society (FCAS).” It helps me in my career, for sure, but it also means something to you, the consumer. But first, a quick explanation of what an actuary does. In the insurance world, we set insurance rates, set levels of reserves the company holds to pay claims and keep our eyes on big risks to the company. It’s a very important job!
I started this process as an “Actuarial Candidate”. This term describes someone who is taking actuarial exams, but has not passed 7 of them. Once you pass the first 7, you earn the designation of Associate. Then, once you pass the final 2 exams, you earn the full title.
I use a lot of math in my job, so let me show you some numbers about how hard this process is:
- For those who pass at least one exam, approximately 40% are expected to achieve Associateship, and 35% will reach Fellowship.
- On a normal exam, only 30-50% of the candidates taking the exam will pass.
- Because of the difficulty, and the fact that there are only 2 exams offered each year, on average it takes about 9 years to reach the designation of Fellow.
- How about the intensity of studying? It’s normal to study more than 400 hours for each exam. That’s ten full work weeks!
Why would anyone put themselves through this process? To be able to have the best job there is! CareerCast.com’s 2010 rankings put Actuary at the top of the list as the number 1 job (out of the top 200), based on its environment, income, outlook, stress, and physical demands. Those that make it through the marathon are rewarded for it.
And it means I’ve learned how to keep COUNTRY a financially sound insurance company, which helps keep our clients financially secure.
If you have questions or comments about Actuaries or actuarial exams, let me know by posting a comment.
Thanks for reading!
