Preparing for a Career in the Actuarial Sciences
A Guide for Applied Mathematics and Statistics Majors
What are the actuarial exams?
There are two major professional societies for actuaries: the Casualty Actuary Society and the Society of Actuaries. These organizations provide mechanisms for certification of prospective actuaries: a battery of exams taken over several years, as well as validation by educational experiance.
Many students take the first exam or two while in college. The first two exams are referred to as Exam P (Probability) and Exam FM (Financial Mathematics). Comprehensive information about these exams, including syllabi, references, and sample exams, can be obtained by following the links below to the Society of Actuaries web site.
Exam P (Probability): probability tools for the quantitative assessment of risk
Exam FM (Financial Mathematics) basic concepts of financial mathematics and evaluation of cash flows
When should I take them?
The exams are offered every November and May. Information, sample exams, and application material can be found on the Society of Actuaries website.
Students should take these exams as soon as possible. The pass rates for these exams are low, so please do not be discouraged if you are not successful on your first attempt.
Funding is available!
To encourage and to support Applied Mathematics and Statistics majors in their preparation for a career in the actuarial sciences, the Department will cover the costs for our majors for one try of each of the two exams: Exam P (Probability) and Exam F (Financial Mathematics).
Students should contact Ms. Sandy Kirt in the Applied Mathematics and Statistics office to arrange for reimbursement for taking exams..
Having passed one or two exams, students can study for subsequent exams while working as actuaries. Many employers provide paid release time for study.
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This program is available thanks to a generous gift from our alumnus Gail Dubois and a matching gift from Transamerica/AEGON, her employer.
Gail graduated from JHU as a Mathematical Sciences (AM&S's former name) major in 1980. As Gail tells it "I felt lucky that the father of a friend of mine had told me about the actuarial profession while I was still in high school (because most people have never heard of it!). So, I took several exams while I was in college (graduated with the first 3 exams passed). Passing the first exam during my sophomore year led to me getting a great summer job at Monumental Life in downtown Baltimore, where I continued to work every summer and then got a full-time job after I graduated."
AEGON N.V. is one of the world's leading listed life insurance companies ranked by market capitalization and assets. AEGON's head office is in The Hague, the Netherlands. At the end of 2004, AEGON companies employed about 27,000 people worldwide.
AEGON's businesses focus on life insurance and pensions, savings and investment products. The group is also active in accident and supplemental health insurance and general insurance, and has limited
banking activities.