The first set of exams brings the actuary to the associate level and takes 4 to 6 years to complete. Preparation for the exam requires hours of study outside of work, dramatically impacting the personal and social lives of potential actuaries. Actuaries can spend up to 10 years or more taking exams and studying to reach the title of Fellowship, particularly if they stop along the way to get married and have families. Career Path Completion of the actuarial promotion process takes from five to 10 years. The first rung on the advancement ladder is associate, followed by the fellowship level.
Most actuaries reach the associate level within four to six years.
Associates generally specialize in courses that lead to a career in life insurance, health insurance, investment, or pension services. Fellowship candidates usually have several years of experience. Most actuaries complete the fellowship exams a few years after they become an associate. Beginning actuaries often rotate between jobs to learn the ropes, which may include rotations in insurance marketing, underwriting, or product development. As they gain experience, they are given the opportunity to supervise clerks, prepare correspondence and reports, and do research.