Actuary Careers Information
Actuaries analyze statistical data to predict costs to companies and individuals of certain events. Most actuaries work for insurance companies, creating insurance policies based on certain financial and legal factors.
Actuary Careers & Degrees
- Colorado Technical University - Undergraduate: Undergraduate - Online
American Intercontinental University: Online
Jones International University: Online
For example, actuaries working in automotive insurance may calculate the expected number of claims from auto accidents, based on the age, sex, driving history, geographical location, and other factors of the insured.
Actuaries working within the health and life insurance field develop policies by predicting the likelihood of occurrence of certain diseases and chronic ailments based on statistics on applicable groups of people.
Actuaries can work in financial services and personal finance industries as well, building statistical models to predict the best way to structure corporate security offerings, or the best way for someone to invest in order to retire at a certain age.
Actuary Careers Path
Because the job relies so heavily on statistical modeling and prediction, as well as financial procedures, actuaries need a solid understanding of mathematics and business practices. Most entry-level actuaries have bachelor’s degrees in mathematics, statistics, calculus, or actuarial science.
Degrees in finance or business administration may be applicable as well, provided the student took several mathematics and statistical coursework during their undergraduate career as well.
There are two professional societies offering actuarial programs, and these certifications are becoming increasingly important in order for potential actuaries to be attractive to employers.
The Society of Actuaries (SOA) offers certification in the fields of life insurance, health benefits systems, retirement systems, and finance and investment.
The Casualty Actuarial Society (CAS) offers licensure in property and casualty, which include automobile, homeowners, workers’ compensation, personal injury, and medical malpractice fields.
Actuary Careers: Compatible Personality Traits
Excellent mathematical abilities, comprehensive statistical knowledge, very strong computer literacy including familiarity with statistical programs (in some cases working knowledge of programming languages can be helpful), knowledge of business practices and finance, strong communications skills, multitasking abilities
Actuary Interview
Want to know more about the daily responsibilities of an actuary? Read More from an Actuary…
Actuary Careers: Salary Expectations
Most actuaries earn between $62,000 and $119,000, with the median salary falling just under $85,000. According to the National Association of Colleges and Employers, the average starting salary for graduates with a degree in actuarial science was approximately $56,000.
Actuary Careers: Job Outlook
Employment numbers for actuarial position is expected to rise much faster than the average demand for all occupations. Though actuarial positions within the insurance industry will experience only modest growth, positions within financial and consulting industries will grow much faster.
Slightly Off the Footpath
Sources: www.bls.gov/oco/ocos041.htm
