Talk to actuaries about their jobs, and you'll find them to be very frank about what they like and dislike about their careers. For most, the likes well outweigh the dislikes -- another sign of the stability and opportunities available for would-be actuaries. The dislikes, however, are very real, and may apply to you.
Pros:
A great salary. Again, actuaries quickly rise to a level well beyond a "living wage." They can generally afford to live wherever they want and fully support their families without any sort of real financial stress.
A good lifestyle. As previously mentioned, actuaries can essentially set up the lifestyle they'd like, balancing reward and stress to their taste. The hours are generally stable, and the benefits are good. Few ever face layoffs or other unexpected career interruptions.
An intellectual challenge. If you already have a taste for mathematical analysis, the job is rarely boring. Whether you're managing a pension fund or building investment vehicles for a financial services firm, there will always be challenges. And as you advance in skill, your employer will eagerly put you to work on new things.
Security. Actuaries are in demand. That means not only are most jobs fairly secure, you'll also be able to work with your employer on flex-time, study time, vacations and other related matters.
Cons
Test pressure. Many employers really want to see their new hires become full Fellows in about 10 years or so. Even with company-sponsored classes and time off for studying, the first several years of your actuarial career can seem like you're juggling advanced graduate work with a full-time job. And you will be. While it's not absolutely imperative for you to gain Fellowship, your career will be effectively curtailed otherwise. Again, being curtailed at a $200,000 base salary may not seem so bad to many people. But it can be tough to see others advance. "There's just a ton of pressure to get those tests done and out of the way, and nobody wants to hit the wall and stall out," says one insurance actuary in her 20s. "I've already seen some of the people I started with now stuck in a really boring job because they couldn't get through the fourth exam. It creates a ton of pressure. Once you're done and get Fellowship, it becomes a lot easier."
Specialization. You may also find yourself having to adopt a specialty in your career far sooner than you'd like. If you have an aptitude for understanding the effects of pharmaceuticals, you could be stuck doing it for years before you're able to branch out again -- usually after you've earned Fellowship. Though for some that's not a bad thing, it can be frustrating for other actuaries who developed accidental specialties simply by having done a good job on a single project their first year in.
Internal competition. At some of the larger firms, there can be intense competition between actuaries in the same "class." As each new batch of graduates comes in, there's also more pressure to outperform them as well. This is somewhat tied to test performance, but you can often find it even after you've earned Fellowship. Most companies are a pyramid, and there are only so many positions at the top. For less business-inclined actuaries, this can sometimes come as a shock.
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