About the job:
As an Actuary, your job is to perform complex calculations to determine the likelihood of various outcomes related to accidents, illnesses, consumer demand, and investments. You will basically analyze uncertain events to put a dollar value on them. The majority of actuaries work for companies dealing with life, health, property, and casualty insurance.
As an Actuary, you will probably have to:
- Study for hundreds of hours for the actuarial exams
- Be very patient - Many people take 7-10 years to become fully qualified, and within that time frame you will not get many breaks from studying. Many people don’t even finish all the exams
- Outside of the insurance industry, an actuarial science degree and actuarial exams aren’t necessarily as highly valued. Many employers won’t even know what an actuary is
Note: Being a Self-Employed Actuary is extremely rare, so this job does not tend to attract students with an entrepreurial spirit.
As an Actuary, you will get to:
- Help people when they are in times of need (If you choose to work in Insurance)
- Do a whole bunch of math!
- Have opportunities for growth & advancement in this path
- 40+ hours a week
Are you the right fit?
Will you make money?
- A Bachelor's degree in Mathematics, Actuarial science, or Business
- Coursework in statistics, economics, computer science, calculus, and corporate finance provide an excellent foundation for actuarial exams and entry-level jobs
- To maximize your potential to land a fulfilling entry-level job as an Actuary, you should also try to perform at least one internship where you can work in partnership with experienced actuaries
- Actuary internships are typically offered by major insurance companies
- You will have to sit for professional actuarial exams of the Society of Actuaries (SOA), Casualty Actuarial Society (CAS) or Institute of Actuaries (IoA)
There is a small fee of $75 for participating in this activity, which also includes a meal, a take home certificate, and more.
For questions, please email [email protected]