How to Become an Actuary
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WHAT IS AN ACTUARY?
Becoming an Actuary is about more than crunching numbers. Instead, it’s about trying to tell the future in order to decrease the risk for individuals and companies by combining key concepts in mathematics, statistics, and finance, as well as elements of computer science.
In fact, many students don’t earn their degree in actuarial science at all. Instead, they earn a degree in a field of mathematics and apply the lessons in a career as an actuary. Actuary online programs actually typically focus on other degree types, so the degree to become an actuary may more likely end up being a math, statistics, or finance degree.
ACTUARY PROFESSIONAL REQUIREMENTS
The Society of Actuaries says that actuaries are:
- Part super-hero
- Part fortune-teller
- Part trusted advisor
That’s because they have to understand that the world is full of risk. As a result, actuaries evaluate the likelihood of a future event using numbers, not crystal balls and design creative ways to reduce the likelihood of undesirable events.
Plus, because these undesirable events are unavoidable, actuaries look for ways to decrease the impact of these events when they do happen. Many entry-level actuaries start in a training mentorship program with other more experienced professionals. During this time, they may be encouraged to seek certifications, which typically lead to raises and bonuses.
This career is more than just crunching numbers. In fact, usually, actuaries are key members on management teams and help protect companies and individuals against emerging risks in a fast-changing world.
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WHAT DO ACTUARY COURSES LOOK LIKE?
Some common courses include:
Theory of Interest Learn how interest works and how to calculate it. This course may cover topics like annuities, investments, and bonds.
Actuarial Modeling In this course, you could discover how to use math to predict a person’s lifespan, and more! This may be used to figure out life insurance terms and costs.
Macroeconomics Explore big picture factors that have an effect on the economy. This course may cover ideas like growth and inflation.
Calculus This course may cover key theories in calculus. You could explore functions, limits and continuity, and more.
Linear Algebra Learn how to represent linear equations. In this course, you could explore concepts from vectors to matrices.
PROFESSIONAL ACTUARY CERTIFICATIONS
Two professional societies offer certifications for actuaries. They both offer two levels of certification, associate and fellow.
- Society of Actuaries (SOA): certifies actuaries in life insurance, health insurance, retirement benefits, investments, and finance
- Casualty Actuarial Science (CAS): certifies actuaries in the property and casualty field, which includes automobile, homeowners, medical malpractice, and workers’ compensation insurance
|Organization||Types of Actuaries||Types of Certification||Number of Tests to Earn Certification||Number of Years to Earn (Estimated)|
|Society of Actuaries||Life Insurance, Health Insurance, Retirement Benefits, Investments, Finance||Associated||7||4-7|
|Society of Actuaries||Life Insurance, Health Insurance, Retirement Benefits, Investments, Finance||Fellowship||7||6-10|
|Casualty Actuarial Science||Property and Casualty Field (Automobile, Homeowners, Medical Malpractice, Workers’ Compensation Insurance)||Associate||7||4 – 7|
|Casualty Actuarial Science||Property and Casualty Field (Automobile, Homeowners, Medical Malpractice, Workers’ Compensation Insurance)||Fellowship||7||6-10|
Both professional societies require applicants to complete actuary training programs, certain educational requirements in economics, finance, and mathematical statistics while in college, so it’s important to understand the criteria while you’re earning your degree and becoming certified.
Don’t forget, a statistics or finance degree may also develop similar skills and knowledge as an actuary degree, making these legitimate options to pursue a career as an actuary. Complete the form on this page to get matched to the perfect program for you!
POTENTIAL ACTUARY SALARY AND RELATED CAREERS
There are many career paths you may choose to pursue after attending online courses in an actuary program. Because the foundations of a career as an actuary include math, statistics and business, there are many other similar positions you may be prepared to seek after schooling. Study which options may be available using statistics compiled by the BLS.
Entry-level actuaries complete basic tasks. They compile data and spend time in other departments – such as marketing, product development and more – to learn how the work they will do later on fits into the broader fabric of the company. They may be asked to do research and complete reports as they garner more experience.
Median Annual Salary: $101,560 per year
Job growth through 2028: 22% (Much faster than average)
Typical Entry level education: Bachelor’s Degree
Financial analysts study organizational history, business trends and past investments to provide guidance to organizations about future decisions. They are often required to analyze financial statements and prepare written reports. They frequently work for banks, pension funds, mutual funds, securities firms and insurance companies as well as other organizations.
Median Annual Salary: $84,300 per year
Job growth through 2028: 11% (Much faster than average)
Typical Entry level education: Bachelor’s degree
ACCOUNTANTS AND AUDITORS
Accountants and auditors review, organize and prepare financial records to ensure that all information is accurate. They see that taxes for an organization or an individual are paid on time and appropriately. They will also examine financial data to explore ways that businesses and people can use their assets more effectively, suggesting ways to increase revenue while driving down costs.
Median Annual Salary: $69,350 per year
Job growth through 2028: 10% (Much faster than average)
Typical Entry level education: Bachelor’s degree