calculus for humanists
August 1, 2005 8:19 AM Subscribe
So I want to be an actuary. My grasp of calculus at present is sketchy. This is a problem.
The first actuarial exam is calculus based probability. I've done noncalc stats, and some simple applications of calculus in grad school, but I've managed never to actually take a college level calculus class. What's the best way to learn calc solidly over a relatively short period of time (say 4-6 months?) Any book or course recommendations?
The first actuarial exam is calculus based probability. I've done noncalc stats, and some simple applications of calculus in grad school, but I've managed never to actually take a college level calculus class. What's the best way to learn calc solidly over a relatively short period of time (say 4-6 months?) Any book or course recommendations?
How about community college? If you're not mathematically inclined - and I'm assuming you aren't since you've gotten this far without taking college level calculus - you'll want some instruction, tests, and all the other stuff to make sure you learn it. You'll even have an instructor to help out when you get stuck, which you wouldn't have if you trie dto self-teach.
posted by clearlynuts at 8:56 AM on August 1, 2005
posted by clearlynuts at 8:56 AM on August 1, 2005
Well, fortunetly the semester is starting soon, so you could start a class somewhere, hopefully.
posted by delmoi at 9:15 AM on August 1, 2005
posted by delmoi at 9:15 AM on August 1, 2005
This is an interesting career choice for someone who hasn't taken Calc-- out of curiosity, how did you arrive at it? The actuarial exams are EXTREMELY DIFFICULT, with low pass rates even among the self-selective group who take them. (Remember that Actuaries engineer them specifically to limit the number of people entering the profession in any given year. Heh. They are actuaries, after all!) If you don't have a solid math background, you may want to enroll in an undergrad Actuarial Science program.
You will need to be well-practiced at what I call "Speed Calc"-- be sure to memorize all the formulas and know all the shortcuts. They will be essential during the exam. I took Ramanathan's course and didn't find it very helpful at all, due to the lack of individualized help or grading. It was very expensive for what was essentially "sample questions and answers emailed to you weekly."
On a positive note, once you sign up to take your first exam, you can expect to start getting calls from recruiters and insurance companies right away. They'll want to get a jump on hiring you "Just In Case" you pass your first exam.
posted by Gable Oak at 9:27 AM on August 1, 2005
You will need to be well-practiced at what I call "Speed Calc"-- be sure to memorize all the formulas and know all the shortcuts. They will be essential during the exam. I took Ramanathan's course and didn't find it very helpful at all, due to the lack of individualized help or grading. It was very expensive for what was essentially "sample questions and answers emailed to you weekly."
On a positive note, once you sign up to take your first exam, you can expect to start getting calls from recruiters and insurance companies right away. They'll want to get a jump on hiring you "Just In Case" you pass your first exam.
posted by Gable Oak at 9:27 AM on August 1, 2005
Response by poster: Dad was an actuary, and as a result I avoided math almost for spite. I've since realized that I actually really like it, have some aptitude for it, and could be quite happy spending the rest of my life problem-solving with it.
Plus, statistics is deeply fascinating to me, as is the whole field of risk management. Reading Shiller's 'New Financial Order' really turned me on to the possibilities.
Gable: so could I get an initial position before actually passing the first exam?
posted by leotrotsky at 9:39 AM on August 1, 2005
Plus, statistics is deeply fascinating to me, as is the whole field of risk management. Reading Shiller's 'New Financial Order' really turned me on to the possibilities.
Gable: so could I get an initial position before actually passing the first exam?
posted by leotrotsky at 9:39 AM on August 1, 2005
Best answer: I am an actuarial student, about halfway through the exams. I assume you're looking to write SOA Exam P in the May 2006 sitting. This exam tests the rough equivalent of the first two years of undergraduate Math & Stat.
Learning the material in 4-6 months is doable, if you consistently spend at least 20 hours per week on this and have the talent for math. But I don't think any college courses (unless they are super-accelerated or tailored specifically to passing actuarial exams) will get you to your goal in your desired timeframe, because they are typically run over at least two months (usually three or four) and must be taken sequentially.
Far and away the best training training materials for the exams are the ones put out by BPP. I'm using it, and a lot of the actuarial students I know swear by it. You can try G.V. Ramanathan's internet course -- I've heard great things about it but I personally dislike the internet delivery format. Actex (look under Study Materials) does stuff too, but I've heard mixed opinions about their in-house materials. Finally you could just buy the textbooks listed on page 34 of the SOA Basic Education Catalog for Fall 2005 and plow through them yourself. Some of my friends insist this is the best method (and these are the friends who usually ace the exams), but I think they're masochists.
My final advice: don't give up your day job while you're studying for this, especially if you have a weak grasp for calculus and fundamental statistics. The actuarial exam process is long and arduous (min 3 years, usually 4 or 5 for most people), and the pass rate is depressingly low. The vast majority of people who try their hand at the SOA exams give up pretty quickly.
posted by randomstriker at 10:00 AM on August 1, 2005 [4 favorites]
Learning the material in 4-6 months is doable, if you consistently spend at least 20 hours per week on this and have the talent for math. But I don't think any college courses (unless they are super-accelerated or tailored specifically to passing actuarial exams) will get you to your goal in your desired timeframe, because they are typically run over at least two months (usually three or four) and must be taken sequentially.
Far and away the best training training materials for the exams are the ones put out by BPP. I'm using it, and a lot of the actuarial students I know swear by it. You can try G.V. Ramanathan's internet course -- I've heard great things about it but I personally dislike the internet delivery format. Actex (look under Study Materials) does stuff too, but I've heard mixed opinions about their in-house materials. Finally you could just buy the textbooks listed on page 34 of the SOA Basic Education Catalog for Fall 2005 and plow through them yourself. Some of my friends insist this is the best method (and these are the friends who usually ace the exams), but I think they're masochists.
My final advice: don't give up your day job while you're studying for this, especially if you have a weak grasp for calculus and fundamental statistics. The actuarial exam process is long and arduous (min 3 years, usually 4 or 5 for most people), and the pass rate is depressingly low. The vast majority of people who try their hand at the SOA exams give up pretty quickly.
posted by randomstriker at 10:00 AM on August 1, 2005 [4 favorites]
Gable: so could I get an initial position before actually passing the first exam?
I don't think that's what he meant, it sounded like he was saying they want to start a 'relationship' with you before you take the test, so that you'll be more likely to work with them if you do pass. They're not just going to hire everyone who signs up.
Anyway, good luck. I could never pass something like this because I'm pretty dependant on my graphing calculator for complicated integration.
By the way, what functions do they use? Mostly log-based stuff? Those are pretty easy to work with, it's the complicated sine and cosine stuff that kills me.
posted by delmoi at 10:00 AM on August 1, 2005
I don't think that's what he meant, it sounded like he was saying they want to start a 'relationship' with you before you take the test, so that you'll be more likely to work with them if you do pass. They're not just going to hire everyone who signs up.
Anyway, good luck. I could never pass something like this because I'm pretty dependant on my graphing calculator for complicated integration.
By the way, what functions do they use? Mostly log-based stuff? Those are pretty easy to work with, it's the complicated sine and cosine stuff that kills me.
posted by delmoi at 10:00 AM on August 1, 2005
BTW...it's a bit unrealistic to expect recruiters to call you as soon as you've registered for the first exam. Perhaps that was true many years ago, but don't expect to be headhunted nowadays until you're close to getting your ASA. For some reason or another, the number of kids throwing themselves at the actuarial exam process has spiked dramatically -- here in Vancouver we used to get maybe 30 or 40 applicants per sitting of Exam 1/P, nowadays it's well over 250.
posted by randomstriker at 10:07 AM on August 1, 2005
posted by randomstriker at 10:07 AM on August 1, 2005
My friend Bruce is an actuary, and he set up this site to help people struggling with calculus. Good luck!
posted by greatgefilte at 10:38 AM on August 1, 2005 [1 favorite]
posted by greatgefilte at 10:38 AM on August 1, 2005 [1 favorite]
My experience was from 2002-03 in the Hartford/Boston area, so arguably the situation could have changed. (Maybe it was regional?) I didn't get a job before passing the first exam, but a few of my college classmates did. (with a great GPA and a contingency on passing the test within a certain period) Interning at an insurance company helps, too. Jobs will usually say "0-1 exams" in the description.
posted by Gable Oak at 11:17 AM on August 1, 2005
posted by Gable Oak at 11:17 AM on August 1, 2005
This thread is closed to new comments.
posted by edd at 8:53 AM on August 1, 2005 [1 favorite]