If you are interested in math, statistics, probability, and estimating numerical values of risk, then entering a career in actuary may be right for you. Actuaries are basically responsible for compiling and investigating the financial costs of insurance risk and uncertainty. They do so by using advanced mathematical and statistical concepts, and are mostly employed by consulting firms, insurance companies, banks, and government agencies.
How to Become an Actuary
To become an actuary, you need to have a bachelor's degree, preferably in areas such as actuarial science, applied statistics, mathematics, or any other related field. Moreover, students should have taken courses in areas such as economics, calculus, and corporate finance in order to become actuary professionals; and to have a well rounded education pertaining to all facets of the corporate world.
Helpful skills
To become an actuary, it would beneficial for students if they have good computing and communication skills. Learning programming languages could be especially helpful for students as they would have of the knowledge to use and develop spreadsheets and make use of statistical analysis tools and various databases. Communicating effectively in the business world is a worthy quality and in order to possess good communication skills, prospective actuaries should build up their writing and public speaking skills by taking classes in these areas. Internships are also an important way of getting good hands on experience and knowing what the whole field of actuarial sciences is all about. If students perform well in their internship, they may have a better chance of securing job acceptances from their employers, even before they graduate.
Certifications
Two main professional societies in the US confer full professional status to actuaries; the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). They offer two levels of certification which consist of fellowship and associate certification. Actuaries who work in sectors of finance, investments, health and life insurance, and retirement benefits are usually certified by the SOA. Actuaries who work in the casualty and property field are usually certified by CAS. These actuaries work in the fields of medical malefaction, automobile, worker's and homeowner's insurance coverage.
Training
To learn the ropes, many actuaries begin their careers as trainees under the mentorship of experienced actuaries. They usually start to work in departments like marketing or product development, and learn how all facets of actuarial work apply to different aspects of the company. Many employers help their employees to successfully complete their certification. Some even fund the cost of the examinations and the various expenses related to studies.
Licensure
The US Department of Labor and US Department of the Treasury's Joint Board for the Enrollment of Actuaries grant licenses to actuaries who work with pensions. The two exams that these actuaries need to pass are administered by the SOA. The other types of actuaries do not need licenses to practice; certifications from the CAS or SOA usually show their knowledge of the area in which they work.
Job Outlook
Becoming an actuary is a desirable career option, usually because of the high pay and comfortable working environment. Given the booming health care and property industry in the US, the demand for actuaries is expected to rise. The US Bureau of Labor Statistics predicts a growth of 26 percent from 2012 to 2022, and reported a median annual wage of $93,680 in May 2012.