I am currently in my third year of my actuarial science major. I am afraid my lack of exams may hurt me in the job hunt next year. When I first came to this board years ago, people have always described an ideal candidate as someone who loves math and data, self-studying (to pass exams), and programming/data analysis. And that's what I have strived to do throughout my years in college. I have coursework in market microstructure, stochastic calculus, partial differential equations, time series analysis etc, essentially quantitative stuff. My minor is computer science, which I learned C++, Python, and R. I wanted to apply what I learned to the real business world, and programming and research allowed me to do so.
It has been nearly 4 years since I took my first (and only) exam, but it's really difficult for me to actually find hundreds of hours of time to study for another exam. I have a full schedule (while trying to maintain my GPA high), extra-curriculars, part-time work, research (reading papers daily and working on my own paper that I am hoping to publish in the next 2 years), programming (adding new functionality for my algorithmic trading platform), and studying things for future research (conic finance, optimal control theory etc.) and programming (more machine learning techniques, low-latency programming, basic networking etc.) Then there's applying for numerous internships this Fall and prepping for possible math and programming interview questions. My free time/social life is practically non-existent. The only time I can salvage for studying is from sleeping less.
I enjoy programming and statistical analysis (C++/Python/R are what I use), as it allows me to apply the theory I learn to the business world. It's also a valuable skillset for actuaries and I can show companies my project. I have worked on my algorithmic trading platform for a long time now. It can currently perform limited orderbook simulations and modeling, portfolio optimization, portfolio tracking, basic risk management, some technical analysis, performance analytics, and a lot of other things. Right now, I am trying learn more robust optimization and analysis techniques, and also adding in iceberg and hidden orders detection. You can't really code something you don't know anything about, so learning the underlying theory and mathematics also takes some time.
Researching is my other hobby, and having publications in a decent journal while in undergrad can be beneficial. I enjoy learning niche areas of finance and math, and find ways to apply them to current problems. For example, my current work in progress derives a new formulation of Vega that allows call and put options to have negative Vega's using Good-deal bounds, due to an incomplete market. I have proved and formulated the model, and I am getting empirical data and doing simulations. I just began writing and collecting data last month, but I have been reading papers, learning the prerequisites, and formulating/calibrating the model for the past few months.
That's all current stuff, but there's a lot more to come. For programming, I would need to learn low-latency coding to allow my program to trade efficiently without too much input lag. Market fluctuations and arbitrage happens extremely fast, and no matter how much theory/math you know, you still need fast programming techniques and hardware to actually implement it. For future research, I am most likely going to apply contract theory to market microstructure or model constant elasticity of variance model to incomplete markets. Either of these would require learning more math.
I can't really give up classes (or GPA), extra-curriculars, or my part-time work. Programming and research are necessary because they are both my hobby and a valuable skillset to have for the future. Actuaries need to be proficient with technology/programming, as well as being able to work with quantitative data and learn indepedently/self-study (math/finance). At least that's what I gathered from all the previous threads about what makes a good candidate.
How do you all juggle everything, find hundreds of hour of time per exam, and manage it so well? It sounds like I am making excuses to avoid studying and procrastinate, but I am trying my best to find time, and it's impossible. Is it possible to get an actuarial job with only 1 exam, given my programming experience and research? Anyone can write they know this and that on the resume, but I can prove it. It's impossible to be a perfect candidate and have everything, but I think I have what really matters on the job. Do I have a chance with only 1 exam that I took 4+ years ago (by the time I apply for a job)? I just feel like exams are just testing arbitrary concepts, while programming and original research are what people really do on the job. Sorry this is so long, and thanks for all the advice and feedback!
It has been nearly 4 years since I took my first (and only) exam, but it's really difficult for me to actually find hundreds of hours of time to study for another exam. I have a full schedule (while trying to maintain my GPA high), extra-curriculars, part-time work, research (reading papers daily and working on my own paper that I am hoping to publish in the next 2 years), programming (adding new functionality for my algorithmic trading platform), and studying things for future research (conic finance, optimal control theory etc.) and programming (more machine learning techniques, low-latency programming, basic networking etc.) Then there's applying for numerous internships this Fall and prepping for possible math and programming interview questions. My free time/social life is practically non-existent. The only time I can salvage for studying is from sleeping less.
I enjoy programming and statistical analysis (C++/Python/R are what I use), as it allows me to apply the theory I learn to the business world. It's also a valuable skillset for actuaries and I can show companies my project. I have worked on my algorithmic trading platform for a long time now. It can currently perform limited orderbook simulations and modeling, portfolio optimization, portfolio tracking, basic risk management, some technical analysis, performance analytics, and a lot of other things. Right now, I am trying learn more robust optimization and analysis techniques, and also adding in iceberg and hidden orders detection. You can't really code something you don't know anything about, so learning the underlying theory and mathematics also takes some time.
Researching is my other hobby, and having publications in a decent journal while in undergrad can be beneficial. I enjoy learning niche areas of finance and math, and find ways to apply them to current problems. For example, my current work in progress derives a new formulation of Vega that allows call and put options to have negative Vega's using Good-deal bounds, due to an incomplete market. I have proved and formulated the model, and I am getting empirical data and doing simulations. I just began writing and collecting data last month, but I have been reading papers, learning the prerequisites, and formulating/calibrating the model for the past few months.
That's all current stuff, but there's a lot more to come. For programming, I would need to learn low-latency coding to allow my program to trade efficiently without too much input lag. Market fluctuations and arbitrage happens extremely fast, and no matter how much theory/math you know, you still need fast programming techniques and hardware to actually implement it. For future research, I am most likely going to apply contract theory to market microstructure or model constant elasticity of variance model to incomplete markets. Either of these would require learning more math.
I can't really give up classes (or GPA), extra-curriculars, or my part-time work. Programming and research are necessary because they are both my hobby and a valuable skillset to have for the future. Actuaries need to be proficient with technology/programming, as well as being able to work with quantitative data and learn indepedently/self-study (math/finance). At least that's what I gathered from all the previous threads about what makes a good candidate.
How do you all juggle everything, find hundreds of hour of time per exam, and manage it so well? It sounds like I am making excuses to avoid studying and procrastinate, but I am trying my best to find time, and it's impossible. Is it possible to get an actuarial job with only 1 exam, given my programming experience and research? Anyone can write they know this and that on the resume, but I can prove it. It's impossible to be a perfect candidate and have everything, but I think I have what really matters on the job. Do I have a chance with only 1 exam that I took 4+ years ago (by the time I apply for a job)? I just feel like exams are just testing arbitrary concepts, while programming and original research are what people really do on the job. Sorry this is so long, and thanks for all the advice and feedback!
No time to study for exams, still possible to get a job?
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