Entry into the actuarial profession and advancement within the field involves passing a series of examination administered by the actuarial societies. The Society of Actuaries gives examinations covering life and health insurance and pension planning. Examinations given by the Casualty Actuarial Society cover the property and liability field. Graduates typically need to have passed two or three exams to be hired by insurance companies. Once employed, they are expected to continue their studies to pass further exams, and are normally given released time by their employers to study and attend classes.
People also form study groups, and there are study guides for the exams.
These all help in the preparation for the exams, but one should still expect to study 10-20 hours per week after work and on weekends for several months. Intensive short courses can be substituted for certain exams. Courses outside of mathematics which are helpful to prospective actuaries are economics, finance and investment theory. The Department of Applied Mathematics and Statistics of the University at Stony Brook prepares students to become actuaries with courses covering the material on the first seven examinations of the Society of Actuaries. Beyond the formal courses offered, tutorial sessions will be organized by the Department to aid students in preparing for the first actuarial examinations.