Question:
I am graduating in May with a BBA in Actuarial Science and I'm currently working for a major firm as an actuary but am somewhat unfulfilled. I am considering staying in school one more year and getting an MS in Finance. Do you think the Finance fields like Financial Engineering or Financial Analyst would be a good choice, and what is a ballpark figure for salaries starting out in those fields? I'm looking for something a little more interesting than Actuary Science.
Answer:
Bravo to you for understanding that if you are bored now, you should reconsider the role you are preparing for in this field; many people only figure this out when they are heavily invested in an unsatisfying career.
Only you can determine what makes a profession "more interesting" than actuarial science, because interests vary with each individual. You may wish to consult with your college's career services office for a career assessment. The "right" work for you will depend not only upon your skills, such as being good at math, but upon your preferences for working with people or with data, your interest in specific industries, your psychological profile, your interpersonal style, and your values. Some people need to feel a strong affiliation for the product or service they work on; others are motivated by being the best in their field, or by helping people, or by how much money a profession offers. Your career services office may be able to assist you in determining the professions in which you "fit" best, and therefore will be happiest, most productive, and most successful.
To answer your question about salaries, the just-released salary survey conducted by the National Association of Colleges and Employers found these average starting salaries. For bachelor's degree candidates in actuarial science of $43,080, and for consultants in actuarial science, $46,333. For master's degree candidates in economics/finance, $54,000; for MBAs with non-technical undergraduate degrees and one year or less of experience, $45,600 (these salaries rise astronomically with more years of experience, to $73,000 for candidates with 2-4 years of experience). Based on my experience as an MBA in finance who worked in that field, employers may consider an MS in finance as equivalent to an MBA; in comparing candidates, they look at the "whole package" of education, experience, and professional presentation.
I would also say that you will have more choice with a master's degree, which is the "entry ticket" for many professional jobs today, and in the broader field of finance than the more narrow actuarial finance degree.
-- Carol Anderson, Career Development and Placement Office, Robert J. Milano Graduate School of Management and Urban Policy at New School University in New York City.
