How To Get A Job As An Actuary
Risk is a part of life. It is the job of an Actuary to use his/her analytical skills to help a wide variety of individuals, and organizations to interpret, measure, and manage risk, and so enable them to plan more efficiently for their futures.
The number of Actuaries being employed is increasing rapidly. However, there are presently more individuals looking for jobs than there are jobs available. Competition for these jobs is fierce. Actuaries are well paid for their work.
Actuaries are employed in insurance companies, financial institutions, investment firms, private agencies, corporations, government agencies, and consulting firms. Some Actuaries are self-employed.
An Actuaries day is spent seated in a comfortable office. Actuaries work a regular eight hour day, with overtime, when needed.
To be successful, Actuaries must have superior computer skills and mathematical skills, especially to statistics, probability, and calculus. They must be self-motivated, ambitious, independent, and good managers. They must have excellent communication skills and be equally comfortable working alone or with others. They must have good analytical minds and a good understanding of finance, economics, and accounting. Actuaries must be quick learners, as they must keep abreast of new developments in all aspects of the economic world.
Actuaries gather, and analyze date, both past and present, to establish probabilities. With detailed knowledge of how these probabilities will affect the growth or profitability, of their enterprises, organization can more confidently decide on premium costs, develop policies, manage social programs, set pension standards, manage investments, make their businesses competitive, and limit or extend their operations. Governments may also use the information provided by Actuaries to help form legislation.
Education
If you are interested in becoming an Actuary, start by getting your high school diploma. Take course in English, computers, a foreign language, and all the mathematics course available.
There are some summer programs available for high school students, who are interested in having a career as an Actuary. Ask your guidance councilor for help in finding the closest program available.
After obtaining your high school diploma, you will need to get at least a bachelor’s degree. Programs worth considering are those in mathematics, statistics, accounting, and actuarial science. In order to be eligible for certification, you must include courses in applied statistics, economics and corporate finance.
To become a professional Actuary, you need to pass a series of exams. The first of these exams tests mathematical knowledge. Many employers demand that potential employees pass this exam, before being considered for employment. It is therefore advisable to try to pass this exam as soon as possible, even before you graduate.
While still in college, investigate the possibilities or an internship. Interns have the opportunity to work, on a trial basis, under the supervision of a professional Actuary. In this way they will be gaining first hand knowledge of the actuarial world, and, if they do well, they may be offered a permanent position.
Once hired, Actuaries begin their professional career doing a variety of entry level tasks such as collecting data, and doing research. Once hired, Actuaries should concentrate on preparing themselves for the rest of the certification exams. This takes time, hard work, and dedication. There are seven exams in all, the passing of which, takes most candidates at least seven or eight years. The more exams you pass, the more in demand your services will become. Some employers will pay the cost of these exams, others give salary increases or bonuses, with the passing of each exam.
The exams not only test the individuals skills, they enable him/her to understand more clearly where their expertise lies, and in what area of the business world they would be most successful.
After passing the first five exams, the Actuary will obtain associate status, and after passing the next two exams, the Actuary will obtain fellowship status and will be considered a fully professional Actuary.
With education and experience, Actuaries may advance to become educators, supervisors, managers, and consultants.
