I passed!!! WHEW!

**SonofaBish** · 01-10-2008, 05:33 PM

Background: I am a health insurance Actuary for Highmark. Most of you probably haven't even ever heard the word "actuary," let alone know what i do for a living. Put simply, its the analysis of numbers in order to make predictions about future contingent events. (a.k.a., calculus based statistical analysis). I dont expect people to know what i do - i mean, theres only 16 of us at Highmark, and about 15,000 in North America.

However, that's besides the point. I have a series of professional examinations i have to pass to get my credentials. After the first 6 exams you get your Associateship (ASA) and then pass 4 more to get your Fellowship (FSA). These exams are rediculous! With the obvious exception of some engineering types, across the country the best mathematical minds are taking these exams. Each of the first 5 consist of 40 multiple choice questions in which you get 4 hours to complete the exam. In the end, two months later, they release the scores and approx. 30 to 35% of those sitting for the exam pass, NATIONWIDE!! Exams are offered twice a year, so if you fail, its a total waste of 4-6 months of hardcore studying. The SOA (society of actuaries), which administers the exams, suggests 150 study hours per hour of the exam. (oh yea, FYI, the pass score is usually about 21/40 - LOL)

While in college i passed the first two of the exams (failing on my first ever try), and then got kinda lazy.. Didn't put in the time needed to pass the damn 3rd exam, which is notorious as the "make or break" exam. Usually if its passed, people go on to get their credentials. Simply, its the hardest of them all. Exams are graded on a scale of 0-10, and a 6 is required to pass. In college, i got (2) 5's on this 3rd exam. It was sooo disheartening, b/c this is probably only 1 question off.

Finally, i found out today that I have PASSED the dreaded 3rd exam

. Its such a relief! I came so close while I was in school but just didnt put in enough efford to clear the hump...

Sorry for such a long post, but i guess you have to understand just how rediculous these exams are to understand why i'm so pumped about passing. Unfortuantely, i still have lots more of these exams to go....

**Troll** · 01-10-2008, 05:38 PM

Originally Posted by SonofaBish

Finally, i found out today that I have PASSED the dreaded 3rd exam.

GRATS !!!

**SonofaBish** · 01-10-2008, 05:41 PM

btw, the 3rd exam is so hard b/c its based on Life Contingencies. Pretty much, its calculating the value or premium of an insurance on 1 or more lives based on unknown future events and decrements... Also reserves for insurance policies and asset share holdings for policies...

Also its tests a lot on modeling future lifetimes with different statistical distributions : e.g., You have two individuals aged 30 and 35. What's the probability that (30) dies before (35) but after 10 years from now. ---- and of course all this is based on the future lifetimes and what kind of decrements could come to affect the future lifetiems...

**03 OW SVT** · 01-10-2008, 05:41 PM

Way to go Bish.

**Viper_ed** · 01-10-2008, 05:42 PM

And you thought a Turbo's Oiling System and Fuel System were complicated.

**INSANELY CRAZY** · 01-10-2008, 05:55 PM

grats...

ed- nice pic of robbie as ur avatar..lol...

**87notch** · 01-10-2008, 06:01 PM

Congratulations man

**SV1000s** · 01-10-2008, 06:10 PM

Congrats Bish!

**One Sweet Day** · 01-10-2008, 06:21 PM

congrats!

**Sonic03snake** · 01-10-2008, 06:52 PM

Way to go!!!!

**phillysrt4** · 01-10-2008, 07:46 PM

Originally Posted by SonofaBish

Background: I am a health insurance Actuary for Highmark. Most of you probably haven't even ever heard the word "actuary," let alone know what i do for a living. Put simply, its the analysis of numbers in order to make predictions about future contingent events. (a.k.a., calculus based statistical analysis). I dont expect people to know what i do - i mean, theres only 16 of us at Highmark, and about 15,000 in North America.

However, that's besides the point. I have a series of professional examinations i have to pass to get my credentials. After the first 6 exams you get your Associateship (ASA) and then pass 4 more to get your Fellowship (FSA). These exams are rediculous! With the obvious exception of some engineering types, across the country the best mathematical minds are taking these exams. Each of the first 5 consist of 40 multiple choice questions in which you get 4 hours to complete the exam. In the end, two months later, they release the scores and approx. 30 to 35% of those sitting for the exam pass, NATIONWIDE!! Exams are offered twice a year, so if you fail, its a total waste of 4-6 months of hardcore studying. The SOA (society of actuaries), which administers the exams, suggests 150 study hours per hour of the exam. (oh yea, FYI, the pass score is usually about 21/40 - LOL)

While in college i passed the first two of the exams (failing on my first ever try), and then got kinda lazy.. Didn't put in the time needed to pass the damn 3rd exam, which is notorious as the "make or break" exam. Usually if its passed, people go on to get their credentials. Simply, its the hardest of them all. Exams are graded on a scale of 0-10, and a 6 is required to pass. In college, i got (2) 5's on this 3rd exam. It was sooo disheartening, b/c this is probably only 1 question off.

Finally, i found out today that I have PASSED the dreaded 3rd exam

. Its such a relief! I came so close while I was in school but just didnt put in enough efford to clear the hump...

Sorry for such a long post, but i guess you have to understand just how rediculous these exams are to understand why i'm so pumped about passing. Unfortuantely, i still have lots more of these exams to go....

Congrats man!

As an undergrad math major, I contemplated sitting for course 1 and course 2. Then I went to graduate school instead.

Im toying with sitting for the courses again, since it will open opportunities, but I know what a ballbuster those exams are.

Congrats man! you're on your way.

**SVTGT** · 01-10-2008, 08:25 PM

Congrats man.

**Wolfpack Speed** · 01-10-2008, 08:34 PM

sweet dude!!!

**weareweird69** · 01-10-2008, 11:09 PM

Congrats money bags! :D

**shawnsvtcobra** · 01-10-2008, 11:30 PM

Congrats man, good for you.

**SonofaBish** · 01-11-2008, 03:00 AM

Thanks everyone!! This is sooo huge for me!

**SonofaBish** · 01-11-2008, 03:04 AM

Originally Posted by phillysrt4

Congrats man!

As an undergrad math major, I contemplated sitting for course 1 and course 2. Then I went to graduate school instead.

Im toying with sitting for the courses again, since it will open opportunities, but I know what a ballbuster those exams are.

Congrats man! you're on your way.

Yea, they are very difficult, but the first 2 exams are now being offered more often. Exam P (old course 1) is now offered 4 times a year on a computer based system, and Exam FM (old course 2) is way easier than it was when i took it... It will also be computer based starting mid-year 2008.

If you're interested in being an actuary, the key is defintely to get that first exam and then start looking around.... And if you become serious about it, feel free to give me a shout... we have 2 full time openings currently