How COVID-19 is Affecting Aspiring Actuaries

How COVID-19 is Affecting Aspiring Actuaries

It’s no surprise that the advent of COVID-19 has affected our daily lives in numerous ways. Of those affected, aspiring and future actuaries are included as well. Actuaries are people who compile and analyze statistics to calculate risks in an insurance company and with the disease spreading throughout the world, it has now become more difficult than ever before to enter or advance in the actuarial science industry. The reason for this difficulty? Actuarial exams.

 

What Are Actuarial Exams?

There are two major actuary organizations that host actuarial examinations, the Society of Actuaries (SOA), and the Casualty Actuarial Society (CAS). The SOA deals with life and health insurance, while the CAS handles property and casualty insurance. For both organizations, there are a total of ten exams available. However, the first three exams count for credit in both organizations, so you only have to determine a career path after successfully completing the first three exams.

For an actuary, passing exams is how one furthers their career. Passing seven exams certifies you as an associate and passing all ten exams grants you a fellowship. Additionally, every exam passed raises your salary by a sizable amount, so it’s best to write as many as possible, as soon as possible.

Generally, the consensus around actuarial science students is to complete the first three actuarial exams during your college years before graduation. After that, they can slowly work their way to a fellowship while working. Though this isn’t a rigid rule and people can take it as fast or as slow as they wish to.

 

What are Prometric Centres?

Exams are administered through the use of testing sites known as Prometric centres. Which are large rooms with lots of computers, not unlike computer labs. Examinees must register at least two months before a scheduled exam in order to write one. However, because of COVID-19 epidemic that has been ravaging the world, governments have started to restrict large public gatherings. Since Prometric centres typically have a large number of candidates writing different exams all at the same time, the restriction affects actuarial exams as well. 

Long time actuaries will recognize the familiar sight. The interior of a Prometric centre.

Obtained from https://ashtontesting.ca/prometric-center/

 

The Impact of COVID-19

For all aspiring actuaries, this has caused harsher restrictions to be put in place when writing an exam. Speaking from my own experience, masks must be worn throughout the exam, and hands must be washed after you sign in and before you enter the exam room. For some people, who had their examination scheduled around the time COVID-19 started getting serious, found their tests being pushed back or canceled outright as Prometric centres around the world faced harsher restrictions. Though that had never happened to me personally, I have heard the stories of many people who have suffered because of the epidemic.

Aspiring actuaries are suffering due to the effects of COVID-19 around the world. Writing and completing tests are an important part of an actuary’s career path as it earns them certifications and a pay raise. Less people allowed in testing centres mean that less people are able to write their actuarial exams. Some actuaries have even found that the exam they’ve had scheduled for over two months was pushed back or canceled due to Prometric centre restrictions. The worldwide problem of COVID-19 affects everyone, including actuaries.

 

What about you?

I know that not everyone reading this blog is an actuary themselves. But, if you know of any actuaries who have been affected by the pandemic situation, or if you want to share your own experiences, feel free to make a comment down below about it. Be sure to recommend this blog to any of your friends, and come back for more weekly posts.