From CPA to Actuary?

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  • #200974
    Anonymous
    Inactive

    Would it make sense to transition from a CPA to an Actuary (I am at the Staff Accountant level right now)? I know that to accomplish that I will need to go back to school and take all Advanced Math and Statistics classes. However, Actuaries take a lot of Business/Economics even some Accounting classes in school, which I already took when studied Accounting. So that helps. Did anyone think of this? Would it be worth it, career/salary/future opportunities – wise? I am just not too excited about working in accounting especially in public where I am right now.

Viewing 7 replies - 1 through 7 (of 7 total)
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  • #769940
    maloney021
    Participant

    I think that's a question only you can answer. The career path and opportunities may be more plentiful in another field, but if you wake up everyday and loathe the fact you have to go to work, then it's probably not worth pursuing.

    I personally like the flexibility of all the different types of roles accountants can take, public or private. If you don't enjoy working in public, maybe you should explore a change to industry and see if you enjoy it. I work in a CPA firm right now, but a year ago I was working for a small business handling the books and major business operations. I enjoyed my time working for the small business, but the days became very structured and the company did not offer enough to eventually allow me to become a CPA. I enjoy my new role much more than my last one currently.

    This is a decision that takes a lot of thought. Consider all the pros and cons carefully.

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    #769941
    kayfcpa16
    Participant

    I agree with maloney021, you will have difference experiences in public accounting vs private.
    If you are tired of your current job in public maybe you should think about moving into private and if it doesn't work out then go for it.
    Actuaries do make more than CPAs however, the process of becoming an actuary should not be taken likely. It takes a lot of work, time and energy.

    May the force be with you .

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    #769942
    Stilgoin
    Participant

    Some schools have actuary degrees, and from what I understand, the material is not easy. I would say definitely worth doing if you are interested.

    Stilgoin, CPA

    There are enough critics. Be an encourager

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    #769943
    Anonymous
    Inactive

    I just feel like I am bored to death when I do accounting. I worked in private for 1.5 yrs., I felt like I could do better, to do work that would be more high-level, complex and interesting. So I passed the CPA and went to public, hoping that there I would work on VARIETY on different projects and clients. I do work on variety of different projects, but I was bumped down one level (feels like that), maybe because I am new. So along with some interesting assignments I perform A LOT of tedious tasks, like a first-year accountant. I like to do analytical work, but the tedious work and following absolutely stupid rules that contradict to each other is just killing me. I either need to move to a Sr. Accountant level (but I doubt that it's going to be much better) or just change my profession. Did anybody have such thoughts? Anybody? Does it get better if you work as a Senior in Private?

    #769944

    Actuary is a COMPLETELY different job than an Accountant. You really have to love higher math and stats because that is a large part of it. I'm not trying to burst your career bubble but usually people that turn out to be an actuary major in math, then graduate and realize they need to figure out a way to make some money with a math degree: Enter actuary. You will start with no experience and 1-2 exams passed at around $80k (socal prices). Gain a few years experience and you hit the century mark + and it just grows from there. It's hard and few people pass all 8 exams; hence the payoff. If your career has led you to Accounting odds are you either won't pass the exams or you won't love it. I say DEFINITELY dig into it, take a few practice exams (they are out there), etc. Just don't sell out on the transition unless you are sure…
    good luck!

    MBA,CMA,CPA, CFF?, ABV?

    #769945
    AJE
    Participant

    I'll be honest – sounds like a lot of work/time spent for something very meh. Unless you are already prequalified (e.g., math major) it seems that going backward to become an actuary is an odd choice (just doesn't seem like a job most people dream of having). If you are willing to put in effort to make a career change I'd highly recommend at least learning more about every field out there. From what you say it seems like a data scientist could also be something to think about. They have intense programs (in SF) that bootcamp your education and get you hired with a high salary (maybe).

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    #769946
    ScarletKnightCPA
    Participant

    This is an area that I am toying with as well. I am in insurance accounting so there is some overlap it appears with the conceptual knowledge. I am not entirely sure if it is worth it from a monetary standpoint, it doesn't look like it if I need to start from the ground floor again.

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