How to Know If You Should Be an Actuary

Actuaries develop models and analyze data to determine risk.

If you like math, problem-solving and making recommendations, actuarial science might be for you. The Jobs Rated Almanac, an annual reference compilation based on data from the Bureau of Labor Statistics and the Census Bureau, consistently places "actuary" as one of the best jobs in America, based on the average income, long-term employment projection, low physical demands and favorable office environment. Becoming an actuary might be right for you if you enjoy performing demanding work during standard business hours in an office environment.

Instructions

1. Apply for college and prepare for lots of exams. Becoming an actuary begins with pursuing a college degree. Some universities, like the University of Connecticut and Brigham Young University, offer programs in actuarial science, but many actuaries major in other subjects like math, economics, statistics, business or liberal arts.

   Certification as an actuary requires passing a series of rigorous exams, but it is not necessary to pass them prior to starting work. You may "earn while you learn," beginning your exams while still in college, or you may receive paid time off from your job to study. Exams cover areas such as probability, derivative securities, economic simulation, risk management and actuarial model construction.

2. Consider whether you enjoy math and working with numbers. As an actuary, you will determine the cost for various levels of risk associated with key business options. You will need to use models to analyze information, develop supporting arguments and communicate well, both orally and in writing. You will compare and reconcile current data with prior information. You will interact with people in other areas of the business, including finance, marketing, sales, underwriting and possibly external clients. You will write and evaluate reports, and offer expert recommendations to help business or social leaders make decisions.

3. Visualize the life you want, short and long term. During the early years of your career, when you are pursuing certification, you will spend a lot of time studying and taking exams. Becoming certified can take as much as ten years.

   Although the majority of your work will be conducted during regular business hours, you may find, on occasion, that you need to put in long hours. As an actuary, you may experience above average stress due to the demanding and challenging nature of the job. However, salaries for actuaries average significantly above the nation's average wage, often into the six-figures, which will afford you opportunities for a comfortable life.

References

• The Wall Street Journal: The Best and Worst Jobs
• Be An Actuary: Top 10 Reasons to Consider Being an Actuary
• The University of Arizona Math Department: Becoming an Actuary
• University of Wisconsin-Milwaukee Actuarial Science: A Career in Actuarial Science
• Pittsburg State University: What is An Actuary?
• Wisdom and Wonder: What is so bad about being an actuary?

Resources

• Be An Actuary
• Actuary.com: Actuarial Science Schools
• Society of Actuaries
• Casualty Actuarial Society
• International Association of Black Actuaries