Why You Should Never Major in Actuarial Science - Actuarial Outpost

So you want to be an actuary? Great. Join the club.

Want to major in actuarial science? Not so great. Here's why:

In short, you are pigeonholing yourself. You might be signing up for a "great" program that will help you pass exams, but it will limit your marketability. There are only so many actuarial jobs out there, and the competition is stiff with new graduates who have multiple internships, have all pre-lims passed, and need no visa.

I work in a fairly non-traditional field, but I've worked in a traditional actuarial role as well. Thankfully, I had the opportunity to get into some stuff like real analysis, partial differential equations, stochastic calculus, and statistical modeling in college, an opportunity I wouldn't have gotten had I studied actuarial science. It's opened up a lot of doors for me. These are all things which I use regularly and have some serious applications with actuarial exams.

How will you pass the exams without your college exam prep classes?

You don't really need them. The exam prep classes at college really only go over some of the pre-lim material. It doesn't cover all of it, so you'll have to do a lot of studying on your own anyway. Past those initial pre-lims, what you learn as an actuarial science major will have very limited applicability. Besides, it's best to get into the habit of teaching yourself the exam material as soon as you can.

So what happens if you don't get an actuarial job?

Major in actuarial science, then walk into any job interview outside of the insurance field and you'll be met with blank stares. Same thing with applying to grad school. Your commitment to being an actuary is apparent, but it is also apparent you are only interested in being an actuary.

What are some alternatives?

Math (Personally I think pure or theoretical mathematics is the way to go)
Economics
Physics
Engineering
Finance
Business
Anything that gives you enough math background and time to pass exams in college (outside of actuarial science)

And no, we hiring managers won't fault you for studying other things in college. If anything it will make you stand out against the pack.

Sidenote: Don't be that guy in school that majors in Actuarial Science because you didn't think you could pass complex analysis or abstract algebra. If you don't have the study skills and the rudimentary level of intelligence necessary to pass that stuff, you will probably have difficulty with some of the later actuarial exams as well. Do the rest of the thousands of desperate EL candidates a favor and focus your efforts on something that will be more beneficial to you in the long run.

Source: http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=259999

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