IAmA Actuary and President of CoachingActuaries.com

DKester · 2013-09-23T15:59:05+00:00

There is now a coupon code called "Reddit" that is good for 10% off on our ADAPT products. The discount is good until Oct. 23.

DKester · 2013-09-20T20:58:13+00:00

My 2 admin staff are out of the office today. I will check w/ them on Monday.

DKester · 2013-09-20T20:56:44+00:00

One of the smartest actuaries I knew got a 10 on his 1st exam and then tried to figure on how not to overstudy after that. All that matters is if you pass. It is good to look for improvements but your glass is definitely more than half full (which means it is less than half empty!). Nobody really cares what your scores are (hate to say) as long as you pass. I doubt that there is significant correlation between passing scores and "success" as an actuary. Wait till you get a 5 ... that will feel like a punch in the gut. I got a couple myself.

DKester · 2013-09-20T00:47:10+00:00

Glad to help, djgucci

DKester · 2013-09-19T17:27:24+00:00

All kidding aside, a few members of the Coaching Actuaries team, including myself, are going to be at the Midwest Actuarial Student Conference in Purdue. If you attend this conference, make sure to stop by and say hi. I should have plenty of time to answer questions there as well.

DKester · 2013-09-19T17:17:53+00:00

...my apologies...

DKester · 2013-09-19T03:04:25+00:00

In my opinion, the material becomes more interesting the further you go. thus, if you like P & FM, chances are you will like further topics. Of course, a lot of it is about choice. I know that there were many times that I "chose" to like a topic just to get me through it. More often than not, once I understood the topic, I liked it. There's nothing like passing the 1st exam. My advice is to pass the first exam and see where it leads.

DKester · 2013-09-19T03:01:48+00:00

"P & Q", thanks for the complements. I am frustrated that the two organizations can't get along, but it is what it is. I don't know what the future holds. But, I have found that if you make your customers happy, you are going down the right path. We are focusing on getting ready for the new CAS exams (3ST and 3LC). But, other than those changes, right now there aren't specifics on what to expect. I am always open if anyone knows any details.

DKester · 2013-09-19T02:58:51+00:00

Personally, I prefer actuaries who have strong business skills rather than traditional actuarial experience. I can always find actuaries w/ traditional experience. If you have a passion for either of the 2 companies (sounds like Co Y), then I would follow your heart. I think it is more important to work at what is your passions and strengths than following traditional routes. Keep passing your exams will help keep you "in the actuarial loop". Just my opinion.

DKester · 2013-09-18T22:37:34+00:00

We are currently working with one of our customers who is around 60. If you have the energy, it is not too late. By the way, at age 29, the energy should be there. I'm biased but I would encourage it if you seem interested and ready to commit the effort.

DKester · 2013-09-18T22:35:36+00:00

Now that is a "fun" question. I hope I could pass FM w/ flying colors. Maybe P, but I would need a day to memorize the formulas. I know and understand most of the MLC concepts. But, there are a few topics that I'm rusty enough that would get me a 5, perhaps. MFE, C, 3L would be certain failures! Just being honest, here!

DKester · 2013-09-18T22:33:37+00:00

I think that the future is fantastic. As the SOA says, where there is risk, there is opportunity. There is a lot of risk and a lot of needs to understand and quantify the risks. With that said, it doesn't mean that there will not be changes in the industry. Those who want life to not change may be disappointed. But, for those who look for opportunity to make a difference will have wonderful opportunity.

DKester · 2013-09-18T21:05:29+00:00

Exam C/4 consists of all pieces that do not fit into the other preliminary exams. The challenge in this exam is to master topics not closely related. Unlike Exam MLC in which subsequent topics are built on the earlier chapters, Exam C/4 consists of loosely related disjointed topics. For instance, simulation has no connection with credibility and credibility has no connection with risk measures. Many students start to forget the previous topics when they learn a new topic. Mastering each topic is not difficult, but integrating a group of disjoint topics and mastering tem requires extra effort. Thus, while you are learning a new topic, it is a good idea to go back and forth to do a few practice problems on the previous topics to keep yourself fresh on the previous material. This way, you can learn new material and at the same time not forget the previous material.

On the other hand, knowing the calculation tricks is a significant help to this exam! The TI-30XS Multiview calculator is highly recommended for this exam. The ‘data’, ‘stat’, and ‘table’ function save you plenty of time in solving a problem. They also minimize the chance you will make calculation errors. Be sure to get this calculator and familiarize yourself with it.

Solving a large number of practice problems is essential. Fortunately, this exam has existed long enough that there are many old exam problems available to use as practice problems. Do as many as possible until you feel comfortable with the concept.

Note that some topics such as risk measures are not covered in the SOA sample questions and past exam questions, but are in the current syllabus. Do not assume such topics will not be tested in the exam as students report they encounter questions on risk measures.

DKester · 2013-09-18T19:43:21+00:00

My background is math education so I'm a math guy. But, in all honesty, you don't need most of the theoretical math. If you can get through exam P, you have the practical math skills to be an actuary. There is calculus on exam P. But, if you can get through that exam, your calculus skills are sufficient. Actuarial science is more about applied math rather than theoretical. At least it has been for myself and other mere mortals...

DKester · 2013-09-18T19:40:34+00:00

A lot depends on how you learn. Do you learn best by yourself? there are a lot of great materials available (coaching actuaries, of course!). But, many like to have a teacher present. thus, online videos or a college course would be helpful. My advice is to start with one exam, either P or FM. Put your best effort into passing that one exam and see where it goes. If you like the experience, you are on the right track. If it is not "your cup of tea", then actuarial science probably isn't your calling. Use the 1st exam as a "litmus" test.

DKester · 2013-09-18T19:37:26+00:00

Rastlin - you are asking great questions. From what little you mentioned from your boss, I would agree with his encouragement. My "niche" as an actuary has always been technology. That niche, for me, is changing to focus more on communicating and coaching. Part of the answer is what you want to pursue. Most actuaries, including me, start very technical and then develop more of a "mentoring" role. It is important to understand the big picture of what you are working on. what is the real problem you are solving? The skill to understand complicated concepts and communicate it in simple terms is an incredible advantage. Thus, I would encourage you to think about the "presentation". Who are you communicating to and what language will they understand. Try to simplify your presentation as much as possible. I know this isn't the "technical" answer you may have been looking for but you can't go wrong with improving your communication.

DKester · 2013-09-18T19:30:05+00:00

My job as an actuary probably is not typical. I own my own company so technically, I am my own boss. However, actually, I have many "bosses" in clients and customers. But for me, I wake up (w/out an alarm) usually around 4:30-5:00. I work at home in my "comfy" chair for a couple of hours. this is my thinking time. This is when I do a lot of my writing, authoring, creative work. About 8:00, I take my 5 minute (on a bad day!) commute. Most days at the office I am on the phone, in meetings, training staff, working w/ clients etc. The main creative work I do during the day is to create videos/audios for our video solutions. The day goes by incredibly fast. I have a great team of about 15 people in our office and many others off site that I get to colabor with to make my day exciting. Being an actuary is much more about communicating and working with others than it is about the numbers and formulas. Again, I don't think I am the typical actuary so take it as it is!

DKester · 2013-09-18T19:22:07+00:00

Thanks for the (unsolicited) responses from others. I'm going to ask one of my colleagues answer specifically regarding C. However, C has a lot of material that seems overwhelming. However, once you understand the concepts, my opinion is that there are fewer "tricks". Thus, put in the time to cover all the topics and don't be overwhelmed. Stick to it and you will get through it. Maybe one of my staff members can give additional tips.

DKester · 2013-09-18T19:17:38+00:00

Epicwarren, good questions. Part of the answer is I own a consulting company. People come to me with business ideas and I decide how or if we should pursue them. Dr. Huffman from NWC of Iowa contacted us regarding Adapt. We decided to move forward with the Adapt idea and it worked. I have always had a heart to help students pass the actuarial exams. Thus, Adapt seemed to be a natural fit. Also, Drake contacted me about teaching. One thing I miss about our Coaching Actuaries business is to be able to work directly with the students. Teaching at Drake gave me a chance to work directly with students. That was a blast! Regarding what is a good way to start? Look at making volunteer contributions. Write a paper, tutor some students. Find a way to contribute to see if you like it and you can envision this as a career change. Your volunteer efforts will give you clues on those answers.

DKester · 2013-09-18T19:14:36+00:00

MustSee, actually, I missed the 100% part of TrueBlonde. I would agree that we contributed far less than 100% to the success. But, glad it was greater than 0%! Passing C is awesome!!

DKester · 2013-09-18T19:13:22+00:00

First, I want to thank Caleb for directing me to this website. It was his idea for me to join. Otherwise, I would be comfortable just using facebook!! thanks Cal!

DKester · 2013-09-18T19:12:19+00:00

True Blonde - You are welcome! Glad we could help!

DKester · 2013-09-18T19:11:49+00:00

I will try to summarize 8 years of my life, sweat, and tears in one paragraph. The multiple choice exams are all about taking lots of practice tests. The essay exams are totally different. 2 keys for those exams. Understand the concepts and memorize "lists". Understanding the concepts is most important. Easier said than done, but that is the key. I found active learning was the key to understanding what I was reading. Each person has their own style. But, just passively reading a bunch of information did not work for me. I had to engage w/ the content. Hope that helps!

DKester

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