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  #61  
Old 01-04-2020, 04:38 PM
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Lucy Lucy is offline
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Originally Posted by EatSleepPLO View Post
Can I ask how did you know you wanted to be an actuary? Or are you just kind of lucky that you didn't start hating it after a few exams like a lot of other people.
I didn't know that. It was on the list of "stuff you might want to do if you are good at math", but I sort of fell into the field. You probably can't do that now, but I entered the field when it was easy to get in (before USN&WR ranked it the #1 job in America). A guy my husband met at a bridge tournament worked for a place that was hiring, and he brought them my resume, hoping for a finder's bonus. I was hired by his pension consulting group. I found the work dull and repetitive, and moved into their actuarial programming team. When we moved for my husband's career I decided to try to switch to P&C, which sounded like it had more unsolved problems of a mathy nature, accessible to entry-level folks. I loved that job and haven't looked back.

While I have used material from most of the exams on the job, the exams really aren't much like the job. So, while you have to be able to put up with (and pass) exams to succeed in this field, you shouldn't judge it too much by the exams.
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  #62  
Old 01-04-2020, 08:01 PM
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Money.

That's what got my attention.

Also, the prelims (math-based) were not too bad. I didn't start hating the exams til I hit regulations.
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  #63  
Old 01-04-2020, 08:26 PM
Chuck Chuck is offline
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Originally Posted by EatSleepPLO View Post
Westley (Hi friend!),

I say Summer 2021 as the earliest date to take exam 1 because that is what the head of the math department at my school told me. He admittedly didn't know that much about actuarial, but he said I have to take math classes 1 at a time. Can't stack Calc 1+2 in the same semester etc.

Yes I played poker full time for most of the past decade. Both online and live. About 3 years ago I got really into daily fantasy sports, which was probably one of several reasons for my downfall in poker ha. Not that I lost money at it, I can beat the rake but not make a living. But it took up so much of my time that my poker suffered. Anyway, even if my poker hourly was still > an actuaries' I'd still want out of professional gambling. It really is the hardest way to make an easy living.

For reading on the poker playing computer, google Carnegie Melon poker computer or something like that. I was predominantly a live player for the latter half of my career, but a few reasons online poker is not dead yet:

-The good computer is really expensive I think. And it randomly takes like 5 minutes to mull over some river decisions lol.
-Sites are getting better at bot detection and implementing one might be tough
-There will always be degens. Poker players love to talk the sky is falling stuff, but I have friends who still crush and make a living. And even if some people used game theory optimal bots, there is still fish money to be taken.
Go ahead and take classes whenever you can take them and get a degree. But, JMO, there is no reason to wait for classes to take exams esp at your age. You sound smart. Get the appropriate books, consume them, get some sample exams for practice, and then take the exams. If you can't teach yourself calculus, stats, etc, you may not be cut out for it at your age. Or if the material seems easy, double up on some exams.
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  #64  
Old 01-04-2020, 09:03 PM
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the earliest I could take the 1st exam is summer 2021.
why?
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  #65  
Old 01-04-2020, 09:42 PM
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What, in your opinion, is the best way to improve at poker?
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  #66  
Old 01-04-2020, 11:44 PM
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What, in your opinion, is the best way to improve at poker?
What is your current skill level? Live or online? What are your goals in poker/stakes you want to play?
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  #67  
Old 01-05-2020, 12:42 AM
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Originally Posted by Chuck View Post
Go ahead and take classes whenever you can take them and get a degree. But, JMO, there is no reason to wait for classes to take exams esp at your age. You sound smart. Get the appropriate books, consume them, get some sample exams for practice, and then take the exams. If you can't teach yourself enough calculus, stats, etc, you need for the Exams, you may not be cut out for it at your age. Or if the material seems easy, double up on some exams.
IFYP. There is a lot of material taught in calculus that's not really needed to pass the Exams.
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  #68  
Old 01-05-2020, 04:25 AM
EatSleepPLO EatSleepPLO is offline
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What type of work-related tasks do you enjoy doing?

If you came in here like I enjoy collecting together my credit card spending data and forecasting the trend in my different spending categories I'd be like I bet you'd like being an actuary.

But if you're like I need a stable job and this seems fair enough lemme commit to it I'd be like ur insane you're starting down a path of literally thousands of hours of personal time spent studying, and that's assuming you have the interest to actually turn those hours into exams passed. All to get a job that isn't like taking/studying for exams at all.
I enjoy "solving problems of a mathy nature" as Lucy puts it. I like figuring out optimal strategies to games. I'm the type of guy who can't just sit down and play a casual game of Monopoly with the family cuz I'll just be trying to figure out the mathematically correct play in every situation. Stop asking me if I want to buy Water Works grandma it costs $150 and will only make me $12.50 per 10 rolls and lowers my win probability by 0.8%. I made up these numbers of course but you get the point.

That's why I was attracted to actuarial because I thought it was mostly calculating EV and figuring out optimal pricing stuff. But now I'm learning that is just a very small part of the early exam process for actuaries.

I'm getting a little hung up on the "work-related" part of this question because I've never had a job and don't know what types of work are even out there. I doubt someone is going to pay me to figure out the fastest way to crush grandma at the new Monopoly Deluxe 2020.

So forecasting the trend in my spending categories sounds like a fine job. And I'm lucky enough to be in a spot where I don't need get a job immediately. That's why I made this thread asking about how I can best use my time to become a valuable person to employers in the next couple years.

Last edited by EatSleepPLO; 01-05-2020 at 04:52 AM..
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  #69  
Old 01-05-2020, 04:36 PM
Westley Westley is offline
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Quote:
Originally Posted by EatSleepPLO View Post
What is your current skill level? Live or online? What are your goals in poker/stakes you want to play?
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Originally Posted by hrm57 View Post
Sometimes play cash games with a few buddies at a local casino. Usually buy in for 50-100, though most others at the table usually start with bigger stacks around 200-250
This convo is borderline to be included in an Employment thread IMO. Off topic to both the thread and the subforum , and also considered somewhat unprofessional by some. Fine if you want to post a quick response here, but if it turns into a long convo, recommend you continue in PMs, or the poker subforum ( http://www.actuarialoutpost.com/actu...splay.php?f=63 ). Also, I would be interested in seeing if you continue elsewhere.
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  #70  
Old 01-05-2020, 04:48 PM
Westley Westley is offline
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Originally Posted by EatSleepPLO View Post
I made up these numbers
You sound qualified to be an actuary IMO

Sounds like you're getting lots of good thoughts, I don't want to be too negative on your plans, but for me, part of the benefit of being an actuary was that I passed exams and gained a higher income with increased responsibility in my 20s - and that will pay benefits for 30+ years. You won't get the same "bang for your buck" from exams, which is why I discourage people from taking up the field later. That said, I know many people that became actuaries much later than I did, and are happy with their decision.

And I wrote that for its own benefit, but here's an exercise that might be slightly educational:

Sit down with an Excel spreadsheet and make some assumptions around a 22-yo college student taking exams toward becoming an actuary. If he passes 50% of the time, when does he become FSA or FCAS, what's the salary growth involved, and come up with a payoff for the study time (NPV at some reasonable interest rate, of course).

Then do the same for yourself, what's the benefit for you on a dollar-return-per-hour basis? And all of this is very similar to your comments about "actuaries calculate the E(X)" - it's a bunch of calculations, performed in a spreadsheet, to come up with a value.

But, what's the value of the calc? Nothing, so far. The actual value comes when you use this calculation, which is founded in technical accuracy and appropriate analysis, along with a variety of subjective and intuitive criteria around how successful you could be in other pursuits and what they would require, what are your personal priorities and preferences, etc, to answer the question: should you be an actuary or not? Like most actuarial questions, you'll never actually know the correct answer, but you should be using analysis to inform your decision.
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