Question 1

What does an actuary do?

Accepted Answer

An actuary uses statistics and probability to measure uncertainty and quantify risk. They look for mathematical patterns and do their best to prevent a company from financial loss and unnecessary risk. Actuaries can have various roles within a company.

Question 2

Why become an actuary?

Accepted Answer

• Actuaries have consistently been rated as one of the top jobs in the United States in terms of satisfaction and work life balance by the Wall Street Journal
 • The profession is well compensated with generous starting salaries that increase based on the number of exams and years or actuarial experience
 • Actuaries are always in demand as the world confronts risk and Actuarial jobs have a high expected growth rate
 • Actuaries participate in high-level business decision-making and address problems in many industries

Question 3

What do you need to do to become an actuary?

Accepted Answer

A Bachelors in Actuarial Science or any Quantitative and Statistics heavy major.
Actuarial credentials by passing Actuarial Exams 
Coding, modeling and other non technical skills necessary for most Actuarial roles
Join BASS! (recommended but not required)

Question 4

What are actuarial exams?

Accepted Answer

Actuarial exams are similar to other common certifying exams for their respective professions such as CPA for Accountants and the Bar Exam for Lawyers. Students and full time actuaries take exams given by SOA (Society of Actuaries) and CAS (Casualty Actuarial Society).These two organization certify actuaries to work in the life insurance and casualty insurance industries respectively; depending on the industry you wish to gain certification in, you only need to take the exams given by the respective society.

Question 5

Are Actuarial exams difficult?

Accepted Answer

Yes, Actuarial exams are nutritiously difficult.  We understand the difficulties members face during exam preparation and encourage members to take part in club meetings where we do our best to provide sufficient resources to members seeking assistance.

Question 6

How can I begin receiving weekly emails about upcoming meetings?

Accepted Answer

Subscribe to our weekly newsletter at this website's home page or email us at baruchactuarialsociety@gmail.com (mailto:baruchactuarialsociety@gmail.com)asking to be added to our mailing list and you'll begin receiving emails from the club within days.

Question 7

When should I begin taking exams?

Accepted Answer

Begin taking exams as early as possible. Ideally, plan out your schedule so that you have one or more exams passed before you begin applying for internships in the fall of your junior year; and graduate with two or more exams.

Question 8

How many hours of studying should I put into studying for an exam?

Accepted Answer

Many sources recommend 100 hours of studying per hour of exam; i.e.. Exam P (Probability) is 3 hours- therefore it is recommended to study 300 hours for that exam. Club members at Baruch have found that they typically devote 100-150 hours per exam. 
This, however, is not a rule. Some individuals may need more time while others may need less.

Question 9

How many exams should I have passed before applying for an internship?

Accepted Answer

We recommend you apply to internship regardless of your exam progress to gain workplace experience. |
It is best to apply with at least one exam passed, but ideally at least two.

Question 10

Is is possible to have passed too many exams?

Accepted Answer

Most companies are in agreement that there is no such thing as having too many exams passed. 
However, if you've passed three or more, you may want to focus your efforts on an internship instead. Companies want to see a balance between exam progress and workplace experience.

Question 11

Are there any positions available for BASS E-board?

Accepted Answer

Yes! BASS is actively recruits E-board members at the end of each semester! 
Those subscribed to our mailing list will receive email how to submit an application during that timeframe. If you have not received any emails and are interested in joining E-Board you should message us at baruchactuarialsociety@gmail.com.(mailto:baruchactuarialsociety@gmail.com)

Question 12

Who are the Actuarial Science Guidance Counselors?

Accepted Answer

Tim Ridenour
Deputy Chairman
(Eve. Supervision)
RM 6-287
Email: Timothy.Ridenour@baruch.cuny.edu(mailto:Timothy.Ridenour@baruch.cuny.edu)
Phone: 646 312-4185

Peter Gregory
Deputy Chairman
(Eve. Supervision)
RM 6-295
Email: peter.gregory@baruch.cuny.edu(mailto:peter.gregory@baruch.cuny.edu)
Phone: 646-312-4132

Question 13

What on my resume will make me stand out for a potential internship?

Accepted Answer

The following, in order of importance, is what recruiters look for:
(This list is not arbitrary, but exam is the primary determinant.)
 • 1. Actuarial Exams- Sitting(studying) & Passed
 • 2. Previous Internships/ work experience- with description
 • 3. Education/GPA
 • 4. Programming Skills (Excel, Python, VBA, SQL, C++, R, SAS, etc.)

LOOK OUT FOR OUR LINKEDIN/RESUME WORKSHOPS!

Question 14

What can you do with an actuarial experience if you decide being an actuary is not for you?

Accepted Answer

The following is a non-exhaustive list of possible exit options:
 • Benefits Analysts
 • Underwriters
 • Statisticians
 • Programmers
 • Data Analysts
 • Financial Analysts
 • Portfolio Managers

Question 15

What type questions are expected to come up in my interviews?

Accepted Answer

Actuarial Interview Questions are typically separated into these 4 categories
 • ​Industry Question (ex: What is the role of an actuary?)
 • Behavioral Questions (ex: What are your strengths?)
 • Technical Questions (ex: How well do you know Excel?)
 • Puzzle/Brain-teaser/Unusual Questions (ex: How many ping-pong balls can you fit in an airplane?)

LOOK OUT FOR OUR INTERVIEW WORKSHOP FOR MORE IN-DEPTH ANALYSIS OF COMMON INTERVIEW QUESTIONS

Frequently Asked Questions

Welcome visitors to our site. Learn more about the Actuarial Science field and understand common questions and confusions about the field

Have any more questions on BASS, the Actuarial Science Exams, the career, or anything Actuarial related?
Don't hesitate to email us at baruchactuarialsociety@gmail.com

Frequently Asked Questions

Welcome visitors to our site. Learn more about the Actuarial Science field and understand common questions and confusions about the field

Have any more questions on BASS, the Actuarial Science Exams, the career, or anything Actuarial related? Don't hesitate to email us at baruchactuarialsociety@gmail.com

Have any more questions on BASS, the Actuarial Science Exams, the career, or anything Actuarial related?
Don't hesitate to email us at baruchactuarialsociety@gmail.com