Is a Career as an Actuary Right for You?
Everyone is exposed to many types of risk. Some of these unpleasant facts of life such as fire, theft, illness, accident and death are unavoidable. An actuary is a person who manages those risks, and insurance companies, pension plans, government agencies and banks hire actuaries to mitigate them. Most actuaries are employed to do such things as calculate and manage insurance premiums, capital reserves and benefits.
An actuarial internship can give a student an inside look at exactly what it is like to be an actuary. Job seekers who are interested in entry level jobs as actuaries must have a strong background in mathematics and general business. Most have degrees in mathematics, actuarial science or statistics, though degrees in finance, economics or business are also acceptable. It is also helpful to have strong communication skills, and some education in computer science and liberal arts. An entry level actuary’s salary can be between approximately, $48,000-$58,000 per year, according to PayScale.com. Students who pass actuary licensing exams while still in college can command higher starting salaries and give themselve a competitive edge over competitors who go straight into the workforce after graduation, then begin taking the exams.
Actuary consistently ranks in the top five among the best professions in the United States. Their jobs are intellectually stimulating and their work environments are usually comfortable. Advancement is dependant upon job performance and the number of licensing exams the employee passed.
There will always be a need for actuaries as long as people strive to minimize risk. Many actuaries have also expanded their area of expertise to include asset management and financial consultation. Someone with a passion for math and problem solving might thrive as an entry level actuary.
Article co-written by a freelance writer.
