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To all actuarial consultants, I have no background in Math but am thinking about starting to study for the exams. I’m already making 125 base and am 5 yrs into my digital consulting career. Bad idea?

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Pass two exams and get back with us

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As in after passing two exams I’ll be at the same base?

Also don't discount the BS and talking, super useful when we need to sell. Definitely don't mention that your prep work for these exams is Calc 3 in front of any other actuary or they'll laugh you out the room. We're elitist sometimes but it really takes a lot of blood, sweat & tears to pass these exams. Don't be fooled if P & FM seem relatively easy, the exam board toned it down as too many people would quit on the first 2 exams

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Give exam P first and see if you like it AND are good at it. If you struggle with it, leave it. It gets exponentially harder and not worth it. You will likely start at staff level since you have no experience.

At Deloitte, you get ample study time for every exam, and study time counts towards your utilization. If you fail an attempt with a minimum score, you get the same amount of study time for the second attempt as well. Promotions are only tied to performance and not if you pass exams. If you go in industry (insurance companies), promotions are more heavily weighted on if you pass exams.

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Wow you get study time? So what’s the breakdown look like for project work vs study time?

100-120 hours depending on exam difficulty and length. Couple months out you can take a day each week & closer to the exam 2 days a week

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Don’t do it

I wouldn’t say it’s not worth it unless you are seriously ready to commit and are comfortable with math. There are few exams with calculus and for me it’s hard to get into that when you have been away for a bit. Maybe just me on that. But it’s a large undertaking

I taken up to calculus 3 and I can probably take some YouTube refreshers but I’m just wondering how long it’d take me to make the same kind of money again. The type of work just seems more black and white while digital consulting just seems to be a lot of bs and talking

It’s not worth it. The grass is not greener on the other side. Plus, the exams are no joke (less than 50% of people pass each exam on a given sitting) and you’d have to take a significant pay cut because you’d likely need to start from entry level since your experience isn’t related at all. If you are really set on it, then take exam P or FM and see if it’s worth it to continue on. Good luck!

I'm in actuarial consulting. It's a tough road, you work a lot & study a lot too so be prepared to struggle. Starting from scratch I think you can hit $125k in 3-4 years realistically. I'm at $100k at 2.5 and I suck at the exams (only 4 so far). Real money comes at Manager level & above ($150k minimum and keeps rising). Keep in mind these figures are Tier 2 city.
Promotions are tied to performance and exam passing with almost no fast tracking, at least at EY. Be prepared to start over from Staff level

Pro's - More personal but I enjoy what I do & the people that I work with. Can definitely take charge of the direction I want to specialize & and want my career to go. + You're never really unemployed as a credentialed actuary, if you burn out / are let go the industry transition is easier than a lot of other jobs

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