How Do I Become An Actuary?

When you want to work with numbers as a career, being an actuary can be the perfect option for you. As an actuary, you will have the opportunity to take your math skills to the next level. You will literally be able to make money by doing math problems. Actuaries are able to evaluate insurance statistics in order to determine the amount of risk that a company will take on in the future. The main task of an actuary is to figure out ways to make a company profitable for the future. When you want to become an actuary, it is always a good idea to pursue a bachelor’s degree in actuarial studies, statistics or mathematics. Maybe you have wondered, “How do I become an actuary?” One of the best ways to become an actuary is to simply take the time to research actuarial programs that are offered at colleges.

What’s it like to be an actuary?

When you are an actuary, one of your major tasks will be to analyze the financial risks that companies face. It will be imperative for you to figure out all of the ways that a company can reduce its expenses by simply analyzing the budgets of a company. As an actuary, you will likely work a normal 40-hour work week. You will not need to work many days of overtime as an actuary. There are also many part-time positions available in this career field. You may be given a research project to complete by one of your head supervisors. The typical research project as an actuary will involve doing a complex set of math problems. You may also need to organize all of the financial information for a company.

Education Requirements

There are no formal education requirements in order to become an actuary. If you do want to become an actuary, it is a good idea to pursue a bachelor’s degree in a field like economics or finance. Having a degree in finance will help set you apart from the other applicants. When you have a degree in finance, you will also be ready to do all of the budgeting analysis for a company. There are a series of actuarial exams that you will also need to complete every year. You can prepare for these exams by engaging in independent study. It is also a wise choice to participate in an internship program during your time in college. By participating in an internship program, you will be able to gain the connections that you need in order to succeed as an actuary. You will have a much better chance in being hired by a major company when you are an actuary.

Salary & How to Get a Job

The starting salary for an actuary is about $70,000 a year. When you want to obtain a position as an actuary, it is important to look for open opportunities at local small businesses. One may think that the only actuarial jobs out there are in finance firms or for major corporations. This is simply not true. One can find a variety of actuarial jobs that are at small businesses. Accepting an entry-level position can always be a smart way for a person to get his or her foot in the door at a company too.