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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To think I could be an actuary one day?

38 replies

deepbreathandgo · 26/02/2012 22:02

So... I pretty much f*cked up my education (totally my fault) and ended up doing a job that I love and enjoy every day but it's just not what I really want to do. I've been thinking about going back studying, but somehow it was never the right time, I didn't know what to study, excuses, excuses...

A few months ago I came across a thread where somebody mentioned actuaries - English not being my first language I had to google it and I just felt it sounds like my dream job. I thought it'll pass, but I kept thinking about it, looking it up and I'm more and more into it.

I know it's extremely hard work to qualify especially that I'd have to start at the very beginning, with a BSc (I'm thinking Maths at Birkbeck as I'll have to work too to support myself and also I think it's too late for the 2012 entry anywhere else) which would take 4 years and then I could actually start studying for the actuarial qualifications.

But I'm panicking a bit worried that I'm way too old now? I'm 32 so I'd be 36 when I could actually register as an actuarial student and, and, and I don't know what to do. Really it's my age that's making me think I'm being ridiculous but I also think if I don't start studying now I'll never do - and I don't want to look back at my life later and wish I'd tried.

So I'd love to hear your opinions - I'm afraid it's more a wwyd than an aibu, but hope it's ok. I really need either some support or a big slap to wake up...

(and I have namechanged, not that I post sooo much, but still :D)

OP posts:

abbierhodes · 26/02/2012 22:08

YANBU! Do it. If retirement ages continue to rise as they are, you could be doing your dream job for at least 20 years, possibly 25. I think that's worth retraining for.

I know nothing about being an actuary, but I know one and I know it pays well and he enjoys his job. On that basis, I'd go for it if it was something I wanted to do.

Good luck.

mumofthreekids · 26/02/2012 22:11

Hi OP

I'm an actuary! (At least I was for 9 years - currently SAHM.) You don't actually need a BSc if you have A level maths at grade B or above - I know one or two people who didn't have a degree. I don't know anyone who started the exams at your age though (sorry).

I enjoyed being an actuary so I don't think YABU to try. I would recommend getting a job with an actuarial company so they sponsor you through the exams - nearly everyone does this. If you can't get one, I would be very very hesitant about starting them on your own. This might give you the answer as to whether it is feasible for you?

strictlycomedancingdiva · 26/02/2012 22:14

It's a great job, but very hard to get into, you have to have an excellent level degree to get there. However, there is nothing to stop you working towards your dream.

I would go for the degree, because even if it didn't lead to an actuarial job, it could well open up a lot of other doors

GoingForGoalWeight · 26/02/2012 22:15

YADDDNBU!!!!!!!!!!

Good luck :)
GO FOR IT!

trumpeter · 26/02/2012 22:20

I went to uni when I was 30. Mature students consistently gain better degrees than younger students. Myself and 3 other 'oldies' all gained firsts in our degrees and I know of only 1 young student on the course who did the same. I know for a fact had I went to Uni at 18 or 19 I would not have done as well. I am a BIG advocate of education in later life, go for it!

Whatmeworry · 26/02/2012 22:23

All you need is maths - but you need a lot of it.

Helenagrace · 26/02/2012 22:32

I'm married to an actuary.

It seems to be a great career. DH enjoys what he does and it's well paid. The exams are awful though. There are so many part qualified actuaries who are just one or two exams short of qualifying but have never got there. Having said that there's a huge difference between trying to combine studying whilst in your twenties with partying / dating / children and doing it whilst being a decade older and wiser.

If you can't get into uni for this autumn why not look for a job in a related field if you can. That would also give you interview material to make you stand out from the crowd. DH's bugbear in interviews is candidates who are mathematically brilliant but clueless about the fields actuaries work in and about basic economics.

I do have a contact who has set up work experience for wannabe actuaries before. PM me if you'd like his details.

Original poster

deepbreathandgo · 26/02/2012 23:13

Huh, thank you all... I didn't expect so many answers, I kind of thought it will get lost among the more hardcore topics... but whoever I mentioned it before (not too many people just a few work friends) all raised their eyebrows and said something like 'but you're so good at your job, why bother?'

GoingForGoalWeight and abbierhodes thanks, so nice of you

Whatmeworry - I know, and that's the only thing I was am really good at, I did actually start uni at 18 studying maths but then I left, because everybody assumed I'll be a teacher and I didn't want to. So I went travelling to figure out what to do ... and then never went back. I was just an idiot, grr.

trumpeter thanks that's actually really inspiring! I think too, that now I've grown up, I know what I want to do and I will do my best.

strictlycomedancingdiva - What's yours? Your dream degree?

mumofthreekids - I know that you don't have to have a degree (actuaries.org.uk is my new bible) but I thought and scaddiva said too it's a job that's very hard to get into and as I'll be much older than the other people applying I need to have excellent qualifications? To go to an actuarial company and say 'take me on, I'll be a fab actuary if you sponsor me' I have to show them something to take me seriously?
My idea is to study for a degree and after the first or second year I could maybe find a job in a related field as Helena suggested and when I graduate I'll be ahead of the other graduates who spent their uni years enjoying their lives partying.

Helenagrace thank you and I will pm you! Do you (your dh) think it'd be worth doing a mathematics and economics degree?

OP posts:

trixymalixy · 26/02/2012 23:23

Hi I'm an actuary. It is a good job, I enjoy it and it's well paid.

Rather than do a maths degree and then train, have you considered doing an actuarial degree. It will give you exemptions from the first part of the exams and most likely lead to earlier qualification.

There was a lady studying at the same time as me who must have been around 50, so you're definitely not too old.

The exams are very hard, only about a third of people who start actually qualify. There are still lots of jobs for part qualified actuaries though.

Actuaries are massively in demand at the moment so plenty of job opportunities.

trixymalixy · 26/02/2012 23:27

list of actuarial degree courses here

scotsgirl23 · 26/02/2012 23:30

I'm a trainee actuary and although you don't need a degree from the perspective of gaining entry in to the Institute and Faculty, the reality is that the majority of actuarial traineeships demand a degree, most places looking for a numerical subject with a 2:1. I'd also say that if you have not studied maths for years then you would probably find going straight to the acty exams tough - I have an accounting degree so really only just scraped past the numerical content requirements and I am finding it tough as some of the notes are written in a way that assumes a much higher level of maths knowledge than someone who has only done higher/a level. So, personally, I'd do the degree.

Oh, and I did what you are suggesting regarding getting a relevanct job - I was working for a life insurance company while I did my degree so had relevant experience. It's the main reason I got this job, in reality. SO if you can do it, do it.

If you can, try to choose your modules very carefully - exemptions from CT exams can be obtained even if you don't have an actuarial degree, so if there are options for modules in stats, economics, accounting etc then seriously consider taking them as you could cut down on your time to qualify.

Final thought, if you want to get a feel for it, did you know that you are allowed to sit CT1 without joining the profession?

Please feel free to PM me if you have any questions.

trixymalixy · 26/02/2012 23:31

So for example a BSc from the London school of economics could exempt you from the first 8 exams, cutting out a good few years of post degree studying. Someone I used to work with then qualified within 18 months.

FayKnights · 26/02/2012 23:37

Go for it! I work in HR for a large unpopular bank and we are crying out for Actuaries. Its a well paid role too.

strictlycomedancingdiva · 26/02/2012 23:46

deep, mine's Psychology, but as a LP to 3DC and a stressful job, I have no idea how I would find the time or the energy!!

Original poster

deepbreathandgo · 27/02/2012 00:30

trixymalixy I thought about that too, in fact that was my first idea, but all the actuarial degrees are full time (at least that's what I found at the ucas course search) and I'm not sure that's possible to do when working. That's why I looked at Birkbeck, they specialize in mature/part time students and I hope I can do better there even if it'll take an extra year.
But a lady in her 50s that's so inspiring!

Scotsgirl thanks for the advice, I'll check the exemptions again. I saw this but didn't think too much about it i don't know why. But you're totally right.
I just downloaded the CT1 syllabus and oooh, now I really, really, really want to study this! If you really don't mind i will pm you once I thought it through properly, I'll probably have a million questions

I think I'll do it! I don't know how to say thank you to all of you, but I sooo appreciate all the help and support. FayKnights I'm coming to your rescue :)

OP posts:

complexnumber · 27/02/2012 04:53

Getting back into the mindset necessary to study maths/stats at a graduate level is extremely difficult. Speaking for myself, it seemes the brain loses some of its momentum in thinking things through mathematically. I tried studying for an MSc in Applied Stats p/t distance, it was a hell of a lot of work and put a lot of unfair pressure on DP to cope with a young family while I was studying. And sitting exams again was an absolute nightmare (quite literally, I really did have nightmares about it)

By all means follow your dreams, but make sure you have considered how you will feel about yourself if you don't succeed, and have you asked yourself what you are prepared to sacrifice in terms of time and money in order to achieve your dreams. Are there implications for other dreams you may have with regards to family or other personal wishes?

I know I am being a miserable old killjoy, and there is probably more than a hint of sour grapes about my post, however, I do wish you well.

Original poster

deepbreathandgo · 27/02/2012 07:22

complexnumber no you're not being a killjoy, just realistic - and thanks for pointing out the other side.
I think I can do the studying part, I'm ready to put my life on hold for a few years and do everything to gain a degree. And if I don't succeed I can still look in the mirror and say I've tried my very best.

OP posts:

antsypants · 27/02/2012 07:27

Well I'm 36 now and had studied and worked in quite a specialised field for a long time before I fell pregnant unexpectedly. I was 34 when I had my DD and have started from scratch with no useful qualification, started at the bottom and worked up to a really good position at work.

I know it's not studying, but it's determination.

If you have it you will be successful.

It sounds like a great idea and if you are in a position to be able to go for it then nothing should stop you

mumofthreekids · 27/02/2012 07:29

Also the actuarial exams will need a lot of motivation and hard work after you have completed your degree. It sounds like you realise that though. Good luck! I'm planning to return to work next year, and it's quite exciting to hear from someone who is so keen on what I do!

scotsgirl23 · 27/02/2012 08:34

Absolutely OP, feel free to PM me with any questions.

trixymalixy · 27/02/2012 08:40

The average time taken to qualify as an actuary is something like 7 years, but bear in mind that that includes people who will have done courses at uni which will have given them exemptions. A lot of people take a lot lot longer. Also your competition in the exams will all have a 1st or a 2:1 from their first degree so all very bright people. It is very rare not to fail at least one of the actuarial exams which is tough for people who have probably never failed anything before.

As long as you are fully prepared for how tough it will be, I say go for it!!

Wrigglebum · 27/02/2012 08:49

My DH is an actuary and mostly enjoys his job. He has found that people who did statistics in their degree struggle less with exams that people who do mostly pure maths. He did economics and econometrics and got a few exemptions from exams. A lot of places also do modules in actuarial studies in the degrees so that should get you exemptions and save a bit of time.

I know where he used to work they had actuarial technicians who assisted the actuaries, they didn't need to do all the training. Is it worth trying to get a job like that whilst doing your degree and that might lead to a training contract?

You'll also need to think about what field of actuarial you want to go into- consultancy or in company; life, pensions or general insurance. DH works in life and has done consultancy and in company. We have lived abroad with it and might consider it again.

It's a good career but be prepared for a lot of blank stares, people generally haven't heard of it so you'd spend your life explaining what you do!

mumofthreekids · 27/02/2012 09:37

Yes wrigglebum, people often think I am an actress!

OP, my degree was in engineering. Also I used to run tutorials for the students in my company on exam technique, so drop me a line in a few years time if you are struggling!

LizzieMo · 27/02/2012 09:44

I would say that you will never know until you try!!! You are not too old, if you can manage it then don't let the fact that you are not 18 hold you back. Mature students often do much better, as someone has already pointed out.

DrowninginDuplo · 27/02/2012 09:45

Go for it. mumofthree kids you always know when someone has misheard for actress when they say "gosh how interesting".

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