Will Ferrell Says “Saturday Night Live” Was His 'Hardest but Most Fun Job' (Exclusive)

The actor starred as a cast member on the late-night comedy sketch series from 1995 to 2002

Starring on Saturday Night Live was a mix of fun and hard work for Will Ferrell.

In an exclusive interview with PEOPLE, the actor, 57 — who starred as a cast member on the late-night comedy sketch series from 1995 to 2002 — reflects on memories from his time performing on the Studio 8H stage.

"I had a wonderful seven seasons on that show, where I made lifelong friends," Ferrell, who has partnered with PayPal, says.

"I knew in that moment it would be the hardest but most fun job I would ever get to do, and I still look back on it that way," he continues.

During his time on SNL, Ferrell was a part of various memorable sketches, including "More Cowbell," "Spartan Cheerleaders at Tryouts" and "Dr. Beaman's Office: Test Results." He also provided various iconic celebrity impressions, including those of Alex Trebek, George W. Bush and Dr. Phil, to name a few.

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Looking to current day, as SNL celebrates its milestone 50th season, Ferrell says it's a feeling like no other to see the show still be successful after five decades.

"It's really an amazing thing that you have this live television show that still continues to put its finger on the pulse of what we're all thinking about, and it's a real credit to [creator] Lorne [Michaels] for having thought of it in the first place," he tells PEOPLE.

"It was the one thing I always dreamed about being a part of," continues Ferrell, adding: "It's kind of enormous to think about in a way, 50 years of what has really defined American comedy."

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As for celebrating SNL's season 50 with other cast members past and present in the months to come, the father of three says, "Thank God I don't have to put together the show, whatever they're planning on doing, ... because I don't know how you distill 50 years of great moments, spanning from music to comedy to cultural things, into a show."

Saturday Night Live airs weekends on NBC.