Insurance?

[BeaverLiquor]

thinking of getting into this field but just wondering how hard the course and test are?

[faken]

i know that the LLQP is not too hard.

[christonian]

ya LLQP is not to hard

and i didnt know Quebec had 6 exams that sucks

In ontario just pass LLQP course then go write license then your done

before 2005 i think it was 2 exams first one just write it then second was after some experience in the field. Its different now so were lucky if your still interested in going into the field

[german]

i hate this exam! they ask so many detailed questions! it is even harder than all of my university exam.

[HabsFan101]

If you really enjoy insurance becoming an actuary is the route to go.

We have by far the highest salaries in the field (http://www.dwsimpson.com/salary.html) and have a laid back job which is quite fun to do.

[random1315]

If you really enjoy insurance becoming an actuary is the route to go.

We have by far the highest salaries in the field (http://www.dwsimpson.com/salary.html) and have a laid back job which is quite fun to do.

"Laid back"? Give me a break you toolbag. It's not like your average insurance salesman can become an actuary overnight. There are extremely few actuary jobs, and the process of just having a shot at interviewing for one is incredibly difficult and competitive: You need a high GPA in university while taking brutal courses. You need to be gifted in math and statistics, being "determined" or a "hard worker" alone won't cut it. You need to pass multiple professional exams that make the CFA look like a complete joke.

I know a former actuary who worked at a major insurance company. She crunched numbers and programmed at a computer all day, then returned home to study for more exams at night. She burned out after just over a year, and became an elementary school teacher instead.

[Sampras5211]

I'm a storm claims adjuster in the West I travel from BC to MB all summer and work 12 days on and then a weekend off from April to November.
It is very busy (I like being busy) and I love this job.
I've taken my CIP classes, and would like to eventually get my FCIP. I have water and dehumidification courses. Arson level 1 and 2 course,
probably 30 other certificates from company field training over the years. The CIP classes are not very hard comparing them to University courses.

[BornRuff]

If you really enjoy insurance becoming an actuary is the route to go.

We have by far the highest salaries in the field (http://www.dwsimpson.com/salary.html) and have a laid back job which is quite fun to do.

"Laid back"? Give me a break you toolbag. It's not like your average insurance salesman can become an actuary overnight. There are extremely few actuary jobs, and the process of just having a shot at interviewing for one is incredibly difficult and competitive: You need a high GPA in university while taking brutal courses. You need to be gifted in math and statistics, being "determined" or a "hard worker" alone won't cut it. You need to pass multiple professional exams that make the CFA look like a complete joke.

I know a former actuary who worked at a major insurance company. She crunched numbers and programmed at a computer all day, then returned home to study for more exams at night. She burned out after just over a year, and became an elementary school teacher instead.

Being an actuary and selling insurance are two totally different worlds.

That being said, being an actuary can be described as a somewhat laid back job once you have passed all of your exams. The hours are really good compared to other jobs of the same salary range, and the work is less stressful.

To get there though, you need to spend pretty much all of your 30's working full time and then going home to study all night, so for that part of it, it is not laid back at all.

[p51dray]

If you really enjoy insurance becoming an actuary is the route to go.

We have by far the highest salaries in the field (http://www.dwsimpson.com/salary.html) and have a laid back job which is quite fun to do.

Please stop throwing around the dw simpson salary survey; it doesn't represent the Canadian market at all. Ignore currency conversion and drop each bracket by 10% if you are in Toronto, 20% for the rest of Canada if you want a more realistic picture.

Actuaries easily work very long hours, shoulder a lot of responsibilities, and it's not a "laid-back" job.

[BornRuff]

Actuaries easily work very long hours, shoulder a lot of responsibilities, and it's not a "laid-back" job.

It's all relative. There certainly is a lot of responsibility, but when you compare the hours to what lawyers or accountants or executives work, generally it is less.

My mom, who was an actuary, was able to be at my school to pick me up from the after school program by 6 every night. She went in a bit early in the morning, but her work week wasn't much more than 45 hours most weeks. My friend who is a lawyer works 12 hour days regularly.

That being said, you can always work more than that as an Actuary. One of the partners were my mom worked was a huge workoholic and worked much more than my mom did, but ya, he also earned much more than the average actuary.

[kenchau]

I just looked at the survey. It's interesting because the younger actuaries at the insurance company I work at definitely aren't making six figures in their current roles. I went to University of Waterloo for Math and by the time we graduated, most graduates from Actuarial Sciences would have already done 3 or 4 exams. So if by 5th to 6th work year, conservatively, they finished 6 exams, they are at 87k-122k. LOL.

Senior managers that report directly to VP's and are responsible for a number of groups are making mid 100's at best, but more likely low 100's. Next level down, the manager/leader of each specific group might not even be six figures in some cases. Then beneath them there are leaders - definitely not six figures - maybe high 80's at best. After that you have senior staff, as well as, regular staff, who are, at best, 70's for the senior staff, 60's and 50's for the regular staff..

A lot of the young staff in the actuarial department at the company, are l5 to 10 years. But they fit into that senior or regular staff bucket.

Having said all that, I'm not an actuary anyways - can't stand all that math. :cheesygri

[BornRuff]

I just looked at the survey. It's interesting because the younger actuaries at the insurance company I work at definitely aren't making six figures in their current roles. I went to University of Waterloo for Math and by the time we graduated, most graduates from Actuarial Sciences would have already done 3 or 4 exams. So if by 5th to 6th work year, conservatively, they finished 6 exams, they are at 87k-122k. LOL.

Senior managers that report directly to VP's and are responsible for a number of groups are making mid 100's at best, but more likely low 100's. Next level down, the manager/leader of each specific group might not even be six figures in some cases. Then beneath them there are leaders - definitely not six figures - maybe high 80's at best. After that you have senior staff, as well as, regular staff, who are, at best, 70's for the senior staff, 60's and 50's for the regular staff..

A lot of the young staff in the actuarial department at the company, are l5 to 10 years. But they fit into that senior or regular staff bucket.

Having said all that, I'm not an actuary anyways - can't stand all that math. :cheesygri

How do you know everyone's salary at your work?

[kenchau]

How do you know everyone's salary at your work?

I don't. But I know the pay bands and ranges. It's quite logical that someone with just 5 to 6 years experience who is a regular staff or senior staff in the actuarial department is not going to be near the same pay band or salary as a manager that reports directly to a VP or a lower level manager/leader.

Besides, I know for a fact that a new hire (as in new graduate into a regular staff role) into the actuarial department would have started at the same pay band as when I was first started at said company. And the only way you can move up pay bands is if they promote you from regular staff to senior staff, or you applied for an internal posting with a higher pay band. Other than those two methods, you're not moving up a pay band from just the standard annual reviews and raises.

[sungfra]

I just looked at the survey. It's interesting because the younger actuaries at the insurance company I work at definitely aren't making six figures in their current roles. I went to University of Waterloo for Math and by the time we graduated, most graduates from Actuarial Sciences would have already done 3 or 4 exams. So if by 5th to 6th work year, conservatively, they finished 6 exams, they are at 87k-122k. LOL.

Senior managers that report directly to VP's and are responsible for a number of groups are making mid 100's at best, but more likely low 100's. Next level down, the manager/leader of each specific group might not even be six figures in some cases. Then beneath them there are leaders - definitely not six figures - maybe high 80's at best. After that you have senior staff, as well as, regular staff, who are, at best, 70's for the senior staff, 60's and 50's for the regular staff..


Your numbers are fairly accurate.