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Friday, 11 July 2014

Actuary Update - I am Qualified!!!

Hi Everyone,

Last night I received the brilliant news that I had passed my final exam, SA3, and was therefore qualified as an actuary. The official qualification that I will receive is FIA or Fellow of the Institute of the Actuaries.

If you are wondering what an actuary is, it's basically a person who tries to use maths to predict the future, mainly relating to when people will die or when some some kind of accident will happen (a fire or a crash for example). I specialised in 'General Insurance' which is the type of insurance which does not relate to life and death, so we are talking about types like car insurance, home insurance, travel insurance, or business insurance which I work in.

It is said that you can fit all the actuaries in the world into the Emirates Stadium in London. Wow, that would be a pretty fun event! The capacity is about 60,000 so we are a pretty select bunch and I am honoured to be fully qualified as one now!

Actuaries are in high demand at the moment and thankfully there is a great career path in store as specialised maths skills are always sought after!

I always knew actuary would be a great job for me. Back when I was 16, I did a week's work experience in an actuarial department of a life insurance company. I decided not to study Actuarial Science in college, going for the more broad Economics and Finance, then I took a little detour into credit risk before taking my first actuarial exam aged 25 in 2011. 3.5 years and 13 exams later, I am finished!

I have had a very lucky track through the exams. Most exams have a pass rate of about 50%, meaning only half the people who take it will pass. Some are even lower, the last three have been between 30 and 45%. I passed every exam first time, except one, which I passed on my second attempt. I have basically qualified in the minimum time possible. I am so proud of myself as this is quite an achievement!

I will do another post for actuary students where I will try to disseminate some of my study techniques, although do remember that what works for me may not work for everyone!

I can't wait to throw all my notes into the bin and have my weekends back again. I will miss study days, which are basically a paid day off work each week to study, but not too much!

I'm off now for a big celebration in work!

xxx

Rach

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