Actuary exam

Posted: Fri, May 22 2009, 8:37 am Post subject: actuary exam

Posting anon since this isnt for me its for my DH (and since ppl on here might know me IRL-thus know my DH, I dont think he wants the info public).

He took the first exam (P/1), and failed Sad

He bought has tons of study material and spent a while preparing for this, and I just feel absolutely awful. He is NOT working at an actuarial firm, he is working in a different but related industry. None of his colleagues have gone this route, most are stock brokers or CFA's so no one there can really point him in the right direction. He wants to take a sit down course, no matter how much it costs (way more than the books, I am assuming), or perhaps even get himself a private tutor. He tried searching online, and....nothing....there is no kaplan or princeton, etc for actuaries apparently! does anyone know where (on the east coast, he will even go travel to a weeklong sit down course somewhere else, if its soon!) he can attend such a course, or where, other than the typicals-craigslist etc, he can find a tutor?

Thanks!

Posted: Fri, May 22 2009, 8:59 am Post subject: re: actuary exam

Are you in the NY area? If so, he should contact St. John's university (they have campuses in Manhattan, Queens and possibly somewhere else). I took a prep. course for exam 2 (what is now FM but it had more material on it back then) and it was VERY helpful. My job paid for it but I believe it was around $1,500 or so.

The main trick in preparing IMO is after studying to go through the old exams to get an idea on what kind of questions are asked. A book I found helpful was "How to Pass..." and they have a series on all (?) exams.

And btw it's totally normal not to pass on the first try - he shouldn't feel bad.

Let me know if I can be of any help. And b'hatzlacha Razz

Posted: Fri, May 22 2009, 9:04 am Post subject: re: actuary exam

thanks so much amother, I sent my DH your post, maybe St. Johns is offering a course in the near future.

I also told him that - there is a high failure rate for these tests, and I also took a one of the certifying exams for my profession 2x because I didnt do very well the first. But it still hurts, and it is sad to see him so tzebrochen Sad

Posted: Fri, May 22 2009, 9:06 am Post subject: re: actuary exam

and PS, I wish his firm would pay for it! being that its not an insurance company or actuary firm, they dont pay for study materials or prep classes, although they were very generous in giving him ample time off to study and take the test. Its just not usual in his firm to go this route, its not that they are not being accommodating, but I (and of course DH too ) understand why they arent willing to pay for him to take it.

either way, B"H 1,500 wont break the bank and will be IYH a very worthwhile investment in the long run.

Posted: Fri, May 22 2009, 9:11 am Post subject: re: actuary exam

Like I said, it's totally normal to not pass on the first (and even second) try, however....and I don't mean it deragatory AT ALL. But your dh should think hard before going into this profession if this is something that he is willing and capable of doing. If he wants to get certified (get his ASA or even FSA) the exams get progressively harder and more time-consuming and maybe this is a sign m'shamayim that it's not for him. Again, I am not saying that he is not smart enough but these exams are murder (I've taken the 3rd exam 3 times already!!!) and if he is able to persue another field that pays nicely with less time investment it might be k'dai. I know if I would do this all over again, I would not pick this field. Oh well...

Posted: Fri, May 22 2009, 9:30 am Post subject: Re: re: actuary exam

Posted: Fri, May 22 2009, 9:37 am Post subject: re: actuary exam

there is a study group right now for the first exam in lakewood. I took the first test and passed and I actually am finding that the second test material is much much easier. so I would not give up if you can't pass the first test right away.

Posted: Fri, May 22 2009, 9:42 am Post subject: Re: re: actuary exam

Posted: Fri, May 22 2009, 10:16 am Post subject:

im not currently working as an actuary. I don't know if I want to be one. but I want to have something in my back pocket. it's cheaper then going to school and much easier because I can study when I want. I will try and find the number. I don't much about it.

Posted: Fri, May 22 2009, 10:28 am Post subject:

Senior Member Joined: Jan 26 2009 Posts: 243

Do you know whether full-time jobs in the city is the only way one can work as an actuary? Is there any option that is more suitable for us, full-time moms?

Posted: Tue, May 26 2009, 2:56 pm Post subject: re: actuary exam

L K whenever I am asked whether I would recomend this carreer to other frum women I answer with a resounding NO! Option of working PT is not really shayach and the FT schedule combined with the pressure/time consuming need to take exams is very taxing when you have a family to take care of.

I would never call this "back up option" - it's SO much easier to go back to school for couple of years and be DONE with schooling for the rest of your working lifetime then to keep taking this murderous exams. Small bean, I think you are either downplaying the difficulty or you are misinformed....or you are the most brilliant person I've met in my life. Confused

Posted: Tue, May 26 2009, 10:39 pm Post subject: re: actuary exam

I wouldn't do this p/t because just taking the exams are grueling. There are other options. My DH is in pension and most of the people in his office are pension administrators who have credentials through ASPPA rather than the other one (SOA?) and the tests are easier. So perhaps in life insurance and other actuarial fields there might be a similar set up.

My husband is beyond extremely brilliant. When other people were going to High School or Mesivta he was in college. He's so brilliant normal people bore him to tears. And I'm telling you one of the tests (they keep on changing the names so it's not useful to put them on) not the last test before getting an ASA but close) took him THREE times to pass. He said taking the California bar exam was easier than these actuarial exams.

Also his company is small and they couldn't cover any exam fees either so I'm with you with you on those fees.

Platinum Member Joined: May 22 2005 Posts: 13795

Platinum Member Joined: May 22 2005 Posts: 13795

Platinum Member Joined: May 22 2005 Posts: 13795

Posted: Wed, May 27 2009, 7:57 am Post subject: re: actuary exam

chavamom and amother before chavamom:
thanks for the reassurance that it is normal to fail. I keep telling my DH that, and I think its sinking in, its just that first of all, its not like he has a whole chevra of guys to compare results with- most of his friends from yeshiva (the ones who went to college that is) did things like CPA or majored in Business. Then the ones who are really intelligent, ended up doing the law or medicine route also tough but not the same thing at all! So he doesn't even have a single friend from college to study with -and Im not saying its all about having study partners, I have certainly never studied like that, but sometimes its just easier to gauge where you are at based on what your peers are up to, even if you don't actually study with them.
also, like I said, at work too, its not like there is someone who can give him a pat on the back and be like 'oh, its ok, look where I am now, Im a big [money/finance/insurance/investment something or other] and I also failed that the first time, it is murder!' because no one in his dept has done this.
Amother thanks for telling me that your DH failed 3x (or passed on the third). Im not saying my DH is uber-smart to get lauded for it (if I wanted the praise I wouldn't be amother right?), but really, hkb'h has blessed him with such a brilliant mind, and I have never seen him so frustrated and tzebrochen....well anyway, gam zeh yaavor....almost a week has gone by and he is getting back into the swing of things and its less upsetting and disappointing obviously, but I know he is still frustrated so....

anyhow, the course at notredame college that somoene on here before recommended, only runs earlier in the year, so missed the boat on that one, and he cant seem to find anything else in NY! only more books and DVDs which he already has spent lots of $ on. Does anyone know of any sort of study group in NY for this? Small Bean, any more info on the lakewood group?

thanks e/o

Platinum Member Joined: May 22 2005 Posts: 13795

My sister's OB told her that he thought of becoming an actuary, but decided to go into medicine b/c becoming an actuary was too hard. Tell that to your husband!

Posted: Wed, May 27 2009, 9:28 am Post subject: re: actuary exam

I'm the amother who has the DH who, for one of the tests, passed on the third time. I decided to choose a color! Anyway, I'm going to ask DH if he knows anything about classes.

Posted: Wed, May 27 2009, 9:31 am Post subject: re: actuary exam

oops. I've never used colors before. Embarassed