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Actuarial science ranked as most valuable college major

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Re: Actuarial science ranked as most valuable college major

#151

Post by Nursie »

rezeroed wrote: post #149
Nursie wrote: post #126

Earlier quoted context omitted.

> Have you considered software engineering because current pay starts at around 150k in big tech and I'm now making 215k This is highly area dependent though, surely? In the UK, outside of London, those figures would likely be $50k and $60k

Yeah, I work in Gherkin area of London, many insurance companies there. The actuarial types I overhear at the coffee-shops are earning around 3x my software dev salary.

/waves from just behind St Kats Docks by Tower Bridge

As a contractor, I'm making about 3x what I was for my last perm salary. But only if I work in London. I'm lucky to get two thirds of this near where I live, and AFAICT the perm staff in most places I've contracted nearer to home get paid really terribly.

Re: Actuarial science ranked as most valuable college major

#152

Post by dalbasal »

The remember this tidbit from college, where actuarial studies was ranked as the highest earning qualifications.

I think this comes down to a combination of (1) being relatively difficult and/or esoteric, so the pool of people is small and (2) having a strong guild structure which ensures a "market" structure that favours qualified) chartered individuals. Apart from being operationally important, actuaries are part of insurance companies CYA.

Ultimately, even today, when a profession can impose structure on itself (eg lawyers, doctors, accountants, etc.) that both admits/certifies a limited number of professionals and requires certified professionals for certain tasks... It still tends to work out well for members.

For the most part this is legacy, and is found in older professions.

If insurance was invented today, actuaries would probably be data scientists.

Re: Actuarial science ranked as most valuable college major

#153

Post by kitd »

onion2k wrote: post #121
p33p wrote: post #57

As an actuary, I can not recommend it to anyone with a technical background. I have degrees in mathematics and actuarial science, and I consider my actuarial science degree completely worthless. A mathematics and/or computer science degree will teach you more in terms of how to think than anyone with an actuarial science degree. If you’d like to take a major where your professors literally teach to the exam/test, the…

As the brother of an actuary, one of my favourite jokes is "Actuaries are people who tried accountancy but found it too exciting." :)

I started my programming career at an actuarial consultancy. My favourite was "There was once an actuary who was so boring, all the other actuaries noticed".

Actually I found the partners to be great people. I think some went out of their way to be unlike the image. I also think their particular skills can be applied more widely than the profession normally encompasses. A lot of the actuaries I met backed horses and I'm sure they had an unfair advantage!

AIUI, in the UK at least, it, along with veterinaries, require the longest period of training before chartered qualification.

Re: Actuarial science ranked as most valuable college major

#154

Post by vostok »

TangoTrotFox wrote: post #122
vostok wrote: post #65

Earlier quoted context omitted.

I'm very surprised that economics and finance are higher than computer science. I would have expected that corporate finance jobs would have brought the average below that of CS.

The value of any degree is always going to be measured against supply and demand. There has been a huge push to get more people into computer science, thus increasing the supply beyond the rate of demand. Declining wages would be the logical conclusion (and motivation) for this.

Do you have a source saying that they're declining?

Re: Actuarial science ranked as most valuable college major

#155

Post by amigocontigo »

mrep wrote: post #86
amigocontigo wrote: post #53

Earlier quoted context omitted.

> If you're good at math, and really good at standardized math exams you can advance through the various levels and work your way up the pay-scale ladder I was able to more than double my starting salary (ending at around 135k with bonus) 3 years out of school. I worked in consulting and thought the work was incredibly boring. The main issue is that a lot of people in the field, even those good at passing exams, aren…

>> If you're good at math, and really good at standardized math exams you can advance through the various levels and work your way up the pay-scale ladder > I was able to more than double my starting salary (ending at around 135k with bonus) 3 years out of school. Have you considered software engineering because current pay starts at around 150k in big tech and I'm now making 215k 2.5 years out of college? I say this…

I actually made the switch to software almost 5 years ago!

Re: Actuarial science ranked as most valuable college major

#156

Post by amigocontigo »

metaphor wrote: post #125
amigocontigo wrote: post #53

Earlier quoted context omitted.

> If you're good at math, and really good at standardized math exams you can advance through the various levels and work your way up the pay-scale ladder I was able to more than double my starting salary (ending at around 135k with bonus) 3 years out of school. I worked in consulting and thought the work was incredibly boring. The main issue is that a lot of people in the field, even those good at passing exams, aren…

> I was able to more than double my starting salary (ending at around 135k with bonus) 3 years out of school. Care to disclose locality?

Mostly the midwest and not in any major cities like Chicago. The key is finding a good company with a strong student program.

Re: Actuarial science ranked as most valuable college major

#157

Post by amigocontigo »

sizzle wrote: post #100
amigocontigo wrote: post #53

Earlier quoted context omitted.

> If you're good at math, and really good at standardized math exams you can advance through the various levels and work your way up the pay-scale ladder I was able to more than double my starting salary (ending at around 135k with bonus) 3 years out of school. I worked in consulting and thought the work was incredibly boring. The main issue is that a lot of people in the field, even those good at passing exams, aren…

What did you leave the field for? What do you do now and are you happier since leaving?

I left for software development and am now working on a PhD in CS. It was the best choice I ever made. Being an actuary was a valuable experience though, mainly because I learned money really does not make you happy (as long as you have enough to live comfortably) and I won't be happy in a job where I do not feel challenged mentally. I also got really good at self-study, which has turned out to be an incredibly valuable skill.

Re: Actuarial science ranked as most valuable college major

#158

Post by zv »

sizzle wrote: post #102
tfehring wrote: post #75

Earlier quoted context omitted.

The day-to-day is basically a combination of: * Moving data around - mostly using Excel + SQL, though R is growing in popularity * Using that data to calculate figures that are significant to the business - including premiums, IRRs, profit margins, and the value of future claims * Presenting the results of those calculations to management and recommending a course of action I'm not sure what "old-school original data…

How is this not automated by some type of QuickBooks/Intuit type bookkeeping plug and chug numbers software? Startup opportunity?

Look at something like Tower Watson. I would say high barrier of entry.

Re: Actuarial science ranked as most valuable college major

#159

Post by rezeroed »

Nursie wrote: post #151
rezeroed wrote: post #149

Earlier quoted context omitted.

Yeah, I work in Gherkin area of London, many insurance companies there. The actuarial types I overhear at the coffee-shops are earning around 3x my software dev salary.

/waves from just behind St Kats Docks by Tower Bridge As a contractor, I'm making about 3x what I was for my last perm salary. But only if I work in London. I'm lucky to get two thirds of this near where I live, and AFAICT the perm staff in most places I've contracted nearer to home get paid really terribly.

Ah, nice, I used to work there, in the royal mint. /wave Enjoyed watching yachts prepare for races; now I watch insurance people.
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