Ingeniously touted as the “cool kids of the insurance world,” Actuaries attempt to value the future by analyzing the financial costs of risk of potential events. They help businesses and clients develop policies that minimize the cost of that risk. Continue Reading
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Explore Career What are the typical responsibilities of an Actuary?
An Actuary would typically need to:
Although Actuaries usually work in an office setting, those who work for consulting firms may need to travel to meet with clients. The dress code would be business casual unless otherwise specified.
Most Actuaries work full time. You should expect to work overtime, but not necessarily over the weekends or in shifts. In traditional areas of employment, graduate trainees can devote more time to studying for professional examinations.
Flexi- and part-time work, as well as career breaks, can be negotiated.
Most Actuarial trainees begin their careers in the financial services industry. Recruitment agencies sometimes handle vacancies and often advertise in the financial vacancy sections of the press or professional journals. Jobs are widely available in most large towns and cities. It is unusual for an Actuary to be self-employed and work as a freelancer.
Actuaries are generally employed by:
Membership in one of the significant Actuarial societies and associations can provide increased networking opportunities and access to resources that might not otherwise be available to individual Actuaries.
Internships may help students zero in on the one Actuarial track from the various options available, including health, life, pension, and casualty. Pre-entry experience in the form of talking to people already in the job and acquiring some work experience will prove invaluable.
Some companies offer work placements or internships to students interested in becoming Actuaries. Aspiring Actuaries should approach professionals at career events or enquire about work shadowing where possible.
Your chances of success increase exponentially with a graduate degree in Actuarial Science, Actuarial Mathematics, business or finance, economics, engineering, mathematics, statistics, risk management, physics, or chemistry.
In addition to focusing on statistics and probability, prospective Actuaries should take classes in computer science to learn programming languages and develop the ability to use and develop spreadsheets, databases, and statistical analysis tools.
Classes in writing and public speaking will improve your ability to communicate in the business world. A degree, postgraduate diploma, or an MSc in Actuarial Science may allow exemption from core technical subjects and allow qualification in a shorter time.
A Certificate in Financial Mathematics offers a valid starting point to university students and people working in financial services, considering a career as an Actuary.
Some professional organizations offer associate and fellow levels of certification to an upcoming Actuary, leading to full professional status. To become certified Actuaries, graduate students must complete coursework in economics, statistics, and corporate finance, pass exams for associate-level certification, take mandatory e-learning courses, and seminars. Many employers expect students to have given at least one or two of the initial Actuary exams needed for professional certification before graduation.
Advancement depends largely on job performance, and the number of Actuarial exams passed. Actuaries with a broad knowledge of risk management and how it applies to business can rise to executive positions in their companies, such as Chief Risk Officer or Chief Financial Officer.
Once qualified, Actuaries can progress quite quickly to managerial positions with greater responsibility for project work and team management, including mentoring new trainees.
An Actuarial career offers a great deal of flexibility; an Actuary may choose a particular area of specialization such as consultancy, investments, life assurance, general insurance, pensions or reinsurance, but can change areas later in their career. Other related areas of work open to experienced Actuaries include investment systems, technical research, commercial activities, financial modeling, software development, valuation work, and general administration.
Actuaries may choose to move into product development, marketing, and senior sales roles where the complexity of the product and value of sale requires a consultative sales approach. It is also possible to pursue particular areas of interest, such as genetics, energy supply, or climate change.
Job opportunities should be somewhat competitive for entry-level applicants for the number of students sitting for Actuarial exams has increased in the past few years. Students who have passed at least two Actuarial exams, have had an internship while in college, and have strong analytical and business skills should have the best job prospects for entry-level positions.
Most entry-level Actuaries start as risk analysts or trainees on teams with more experienced mentor Actuaries. They begin by compiling data and move on to researching and writing reports. Fresh recruits may work in other departments, such as marketing, underwriting, and product development, to learn all aspects of the company’s work while understanding how Actuarial work applies to each one.
Most employers support their Actuaries throughout the certification process through mentoring, coaching, and meeting the learning materials’ costs. Many firms provide paid time to study and encourage their employees to set up study groups. It is important to choose the area of work you are most interested in and then apply for suitable posts.
To qualify as an associate member of the profession takes three to six years of passing exams, completing several practical modules, and gaining a satisfactory level of work-based skills. The associate-level qualification is recognized internationally as meeting the minimum requirements for an Actuary and qualifies members to use the letters AIA or AFA.
Actuaries who wish to continue their studies to an advanced level or who wish to specialize in a particular Actuarial field may take further specialist exams to qualify as a fellow, becoming an expert in areas such as investments, enterprise risk management, pensions or insurance.
Qualifying for fellowship can take between three and six years. Students who have studied to an appropriate standard in a relevant degree or studied Actuarial science at the postgraduate level may seek exemption from some of the exams. The degrees FIA or FFA label an Actuary as an expert in their chosen field.
Professional organizations have a continuing education requirement. Most Actuaries meet this requirement by attending training seminars sponsored by their employers or the professional organization to which they belong.
Most Actuaries are employed by large financial institutions while some work with teams that often include managers and professionals from other fields such as accounting, underwriting, and finance.
In essence, most Actuaries love being an Actuary because it allows them to use their talents and have a meaningful positive impact. They help people get good health care and protect themselves in old age and create economic growth while working in one of the top-ranked, most secure, and influential jobs that fetch handsome salaries and allow for a low-stress, highly sought-after work/life balance.
Work spares us from three evils: boredom, vice, and need.
Studies show that Actuarial Science graduates had an unbelievable near-zero unemployment rate in 2010, whereas the average unemployment rate for college grads was 8.2 percent.
What do Actuaries do?
An Actuary would typically need to:
Accredited
$37,916
