Masters in statistics. Degree of difficulty - starting over at age 30.

I earned a MS in computer science at age 37. I had to complete the core undergrad curriculum too since my undergrad was unrelated. It can be done. I am now gainfully employed with no chance of getting laid off since I am exceptionally skilled and productive. It helped while earning the degree that I was paying attention to the concepts and instruction rather than goofing off like all of the teenagers. So age can be a benefit.

I have a MS in biostatistics. Having a biology background will not be much use. What you need is a math background. In addition to intro statistics/probability, calculus, and linear algebra, I'd also recommend a class on proof techniques and real analysis. Doing well in math stat classes will be tough without that background. I loved undergrad statistics, but the theoretical stuff from grad school is much different and much harder.

I thought I'd come back and update this thread since people always give advice on this site but we rarely find out how people end up.

Here has been the path so far, it has veered a little from a masters in statistics, but I am on one of the paths suggested earlier in this thread. This was all done while working full-time, so evening classes only.

Summer 2010 - Intro Stat (community college)

Fall 2010 - Calc I (state university)

Spring 2011 - Calc II (state university)

Fall 2011 - Discrete math & theory of interest (state university)

Spring 2012 - Calc III & financial mathematics (state university)

I've aced all my classes and I just passed my first actuarial exam, FM. The plan is to take a calculus-based stats course this summer and study for the P-exam. From what I've read once you have two exams passed you will be a competitive candidate for an entry level actuarial job and from there if you keeping passing exams your salary keeps going up and up and up.

So two years later I am 1 class, 1 exam, and hopefully not too crazy of a job search away from this career change being a reality. I live 30 minutes outside of Hartford, CT, so if there is any place where actuarial jobs should exist it is here.

To anyone looking to make a career change, there is no time like the present to start.

I am an engineer a few years older than you (I am 36, almost 37). I just studied for the FM and P exams on my own without additional coursework. Passed the exams. Seems like the entry level job market has gotten a lot more competitive. Trying to sell my house before I really start a hard job search.

The advice I have been given (and the job postings bear this out) is try to learn SQL, Visual Basic (in Excel) and/or SAS. A lot of employers seem to expect this for entry level.

Good luck and keep us posted.

Hello,

I'm in a very similar situation, just a tab bit younger. I am tired of my job, pays well for my age, but zero growth, so I have embarked on building up my math skills. Like you, I've taken Calc I, II, III, and linear. I've also taken Differential equations and a grad level mathematical stats course (currently). Like you, I live about 30 mins from Hartford, and recognize the dominance of insurance in our area. That said, how did everything turn out?? It has been a few years... Were you able to land an entry level actuarial job by passing the exams?

If everything worked, would you do it again now?

Thanks

Hello,

I'm in a very similar situation, just a tab bit younger. I am tired of my job, pays well for my age, but zero growth, so I have embarked on building up my math skills. Like you, I've taken Calc I, II, III, and linear. I've also taken Differential equations and a grad level mathematical stats course (currently). Like you, I live about 30 mins from Hartford, and recognize the dominance of insurance in our area. That said, how did everything turn out?? It has been a few years... Were you able to land an entry level actuarial job by passing the exams?

If everything worked, would you do it again now?

Thanks

J.R. wrote:

I finished my M.S. at age 38, and at the end couldn't want to be done. There was so much theoretical bull sh|t that it was a total waste of my time and money, plus a lot of ass kissing. If you didn't buy into the crap then it would come back. For example on one of my first exams I scored the highest including 30 points above someone else who got an A. The jackass professor gave me a B, and said there were other things to consider besides how I did on the test - meaning me asking pertinent and probably embarrassing questions in class.

I'm glad I click on this thread. Your post sums up your miserable personality nicely.

mcgato wrote:

There are lots and lots of jobs for statisticians, and with a biology degree the big pharma companies would really be interested.

^^^This. Bioinformatics is a hot field. If it were me, I'd take some stats classes online to validate that it's something I want to do.

The Johns Hopkins Data Science courses on coursera are an excellent start:

Good luck!

Do you want to be on an entry level salary in your mid-thirties?

Similar Situatio wrote:

Hello,

I'm in a very similar situation, just a tab bit younger. I am tired of my job, pays well for my age, but zero growth, so I have embarked on building up my math skills. Like you, I've taken Calc I, II, III, and linear. I've also taken Differential equations and a grad level mathematical stats course (currently). Like you, I live about 30 mins from Hartford, and recognize the dominance of insurance in our area. That said, how did everything turn out?? It has been a few years... Were you able to land an entry level actuarial job by passing the exams?

If everything worked, would you do it again now?

Thanks

Hey, this is random that I saw this thread. Unbelievably things actually turned out how I planned.

I ended up passing FM & P in 2012 then started applying to jobs. It took 9 months of searching, and I passed MLC in the meantime, but I started my new career in fall 2013. Since then I've also passed MFE and C. I've been at my job for about a year now, and am probably 6 months away from ASA (gotta finish the modules). I still pinch myself.

It's not easy but it's worth it. I get to use my brain more than I ever did in my previous career. I get study time, which simply rocks. After passing the first 3 without study time, I achieved my best two scores on the two exams with study time. Funny how that works! I've gotten 3 raises in 1 year (two due to exam passes). I couldn't be happier.

Good luck, let me know if you have specific questions.

Randy Oldman wrote:

Do you want to be on an entry level salary in your mid-thirties?

This is a concern, but the pay cut also depends where you are coming from. I started at $67k with 3 exams, which is on the high end of the DW Simpson Salary for entry level:

Looks like average would have been closer to $60k.

But things ramp up quickly. For Life with 5 exams & 1-3 years experience, the range is 67k to 94k, so now I find myself on the low end of that range (though of course my experience is on the low end of that range too).

And of course things look very good once you're at 10 years experience with an FSA.

TEXTDAR wrote:

I make $800,000 a year and never even graduated High School, you people are pathetic.

Care to clarify on how you make 800K a year?

Let me throw a different perspective at you.

I decided to go back to school at 27 for a PhD. I had no idea what I was really getting into (my fault). A year and a half in, and I am leaving. I have a 4.0 and have done well in my stats classes, but I wish I would have actually researched what it would be like to be a professor along with what it would take to get there and the realistic job opportunities I might have.

Do your research. Don't just jump into something because it sounds good (like what I did). Not saying you have not, but talk to people who work in those jobs that you are looking at, and ask them to be as honest as possible about what they do and how much they like it.

Go for it. Biostatistics sounds like a good route given your background, god knows there are enough worthless medical studies published by people who haven't a clue about statistical biases.

feeling old now wrote:

Randy Oldman wrote:

Do you want to be on an entry level salary in your mid-thirties?

This is a concern, but the pay cut also depends where you are coming from. I started at $67k with 3 exams, which is on the high end of the DW Simpson Salary for entry level:

http://www.dwsimpson.com/salary.html

Looks like average would have been closer to $60k.

But things ramp up quickly. For Life with 5 exams & 1-3 years experience, the range is 67k to 94k, so now I find myself on the low end of that range (though of course my experience is on the low end of that range too).

And of course things look very good once you're at 10 years experience with an FSA.

Wow dude, that's awesome. I'm pretty good at math but don't think I'm anywhere near smart enough to be an actuary. Congrats.

agc5k wrote:

feeling old now wrote:

This is a concern, but the pay cut also depends where you are coming from. I started at $67k with 3 exams, which is on the high end of the DW Simpson Salary for entry level:

http://www.dwsimpson.com/salary.html

Looks like average would have been closer to $60k.

But things ramp up quickly. For Life with 5 exams & 1-3 years experience, the range is 67k to 94k, so now I find myself on the low end of that range (though of course my experience is on the low end of that range too).

And of course things look very good once you're at 10 years experience with an FSA.

Wow dude, that's awesome. I'm pretty good at math but don't think I'm anywhere near smart enough to be an actuary. Congrats.

Yeah I agree. you must be pretty smart. I almost did the exact same thing as you with the exact same time frame. I had a little more stats and calc under my belt. I aced all my college courses, but failed the first actuary exam. I am not to good at studying and teaching myself, I guess.

You guys do realize that you are replying to some comments made in 2010?

I'm in the same situation. Hoping that you are done with your MS degree by now, I would like to know how hard it was for you and how long it took you to finish it?

I have MS in chemistry and but not a big background in Maths. What you would sugest me to study before I moving to further studies in Stat? I'm more interested in to Biostatistics. I also like to know about the certifications I need to have for a better job. Tottally new to this field, any answer is much appriciated. Thank you !

@feeling old now, I just wanted to say this whole thread has been really surprisingly informative and uplifting! I graduate with Bachelor's degree in Geology in 2012, after attending college right after high school. I've always had a great love for math but never thought a degree in mathematics or statistics would ever spark my interest. After struggling with the job market for the past 4 years (never found a geology job, and landed 1 GIS Technician position before being laid off), I've decided to look into a Master's in Applied Statistics through CSU. I had no idea about the whole actuary field really or the jobs related too it and i'm researching feverishly to see if this would be something i can excel i and be happy with. And mostly I just want to say thanks, because this forum has really let me know that there are folks out there in the world, just like me now, just like you 6 years ago, looking for a change like this. I'm elated to know it has all worked out for you and I hope things are continuing to do so. It is giving me the confidence to think my new dreams are not just hogwash and that maybe I should just go for it like you did. Please provide an update sometime if possible and any additional tips you may have for somebody in my position (where you were 6-7 years ago). Thanks!