FAQ

What is an actuary? 

Essentially the job of an actuary is to put a price on risk. This typically takes the form of pricing, monitoring or developing products in life insurance, health insurance, property/casualty insurance (auto, home etc.) and retirement planning. 


How do you become an “official” actuary? 

You become accredited by one of the professional bodies in Canada that is usually the SOA or CAS. For both of these there are numerous exams, modules and courses you have to take independent of university. However, you can start working before you are officially accredited, so you would be working as an actuary long before you are officially one. 


What is the SOA? 

The Society of Actuaries is a professional body that licenses actuaries. If you are interested in being a Life, Health, or a Pension Actuary the SOA is the organization that will accredit you. The path to accreditation can be found on the Exam Tracks page. 


What is CAS?

Casualty Actuary Society is the equivalent of the SOA but for P&C (Property & Casualty) actuaries, these actuaries work in home, auto, commercial business and liability insurance. They have the same first three exams as the SOA, and after that the exams are different  The path to accreditation can be found on the  Exam Tracks page.

 

What kind of degree should I take? 

Most people take AcSc, Math, Stats, CpSc or a Finance degree, however any degree works really as the exams are what really matter, so if you can pass those then you are golden. The pro to taking an AcSc degree is that the classes you take should correspond with the material on several exams. 


When should I start writing exams? 

Now! Write them as soon as you can. Most people start with FM or P, there is some calculus perquisite knowledge you need to know, but not much. 


How do I start writing exams?

Check out our  Exam Tracks and register for an exam with the SOA here. On that same page, it will tell you what university courses correspond to which exam syllabus. Each exam is offered during a specific 7 – 15 (ish) day window in certain months. Please consult the SOA schedule to see all the dates. It takes a serious amount of studying to pass these exams and if you are starting fresh with the material it would be wise to budget 3 – 4 months of study time. This however, can vary greatly depending on what else you have going on in your life. Are you taking 5 other courses? Are you working full time? Are you going into summer with nothing but free time? Have you covered the material already through a class? The answers to these questions should help you decide how much time to budget. Another rule of thumb is to study 100 hours for every hour of the exam. Both FM and P are 3 hours so that’s about 300 hours studying. The one thing to take into consideration is that it is highly recommended to spend at least one month on practice tests/questions once you are finished with the material. The exams are all essentially pass/fail even though you get a grade. The score you get on the test generally won’t be brought up by an employer, more emphasis is put on whether a passing score was achieved or not. 

 

What resources can I use to study? 

 

What is the Salary like for an actuary? 

Please consult the DW Simpson Salary Survey here. Most companies use the number of exams and years of experience to determine salary. P&C tends to pay more than Consulting, but Consulting tends to have more hours, meaning more take home pay. There is raises/bonuses for passing exams. 


How can I get an internship? 

The best advice is to network. Make use of the networking event the club offers throughout the year and go to them. This applies to first years as well – even if you feel like you don’t know anything. During the networking Events that UCAS hosts, companies will start with a presentation about themselves and what kind of work they do. This is the great opportunity to learn about the industry. Companies will be very explicit if they have internship openings at that time. If they do, this is something you can talk to the employers you connect with about. We can’t stress networking enough – the actuarial world is very small, making connections will be very beneficial for your career. In addition to the networking events put on by UCAS, ASNA is a fantastic way to network. I would highly recommend attending ASNA if you want to learn about the industry, network or are looking for internships (or full-time jobs). Check out our ASNA page for more details.

It is also important to focus on completing exams. Companies prefer students with at least one or two exams completed. This shows that you are committed to the industry and are capable of understanding the basic material. While it is entirely possible to get internships without exams (if you are good at networking), having exams passed will only make you a stronger applicant. 


Do you have to have internships to get a full-time job?

No, but they definitely help getting said full-time job. They are also good for seeing if you really like a certain industry. The type of work and methods you use can vary vastly across industries, so it’s good to see if you like your work during these internships.  


I don’t know where to start, but I want to connect with other Actuaries / Actuarial Students. 

That’s why UCAS is here. If you are not yet a member sign up on the Membership page. By attending events, it will allow you to get to know your peers. Another great option is to sign up for the mentorship program. This program will pair you with a senior actuarial student who will be your go to person and contact for all things actuarial related. Whether you want someone who can help you navigate course selection, ask questions about the exam process, ask general industry questions, or just to have a friendly face to make you feel more comfortable at club events, this program is for you. Sign up on the Mentorship page.

If you have a specific question and you are not sure where to look for an answer, feel free to get in touch through email, discord, Instagram, or linkedin. 

 

What programming languages are used by Actuaries? 

 


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