Looking for a profession that pays well, provides pleasant working circumstances, is anticipated to grow rapidly over the next decade, and allows you to put your math talents to good use? If you are, being an actuary could be the appropriate career choice for you. This area is ideal for STEM students because it is predicted to grow by 37% by 2022, with approximately 6000 new employment in industries such as health insurance, property and liability insurance, and consultancy. Even better, actuaries are well compensated for their expertise, with monthly salaries averaging six figures.

Actuarial work is also a fantastic way to transform a passion for math into a satisfying job. Actuaries assist organisations manage risk by determining the chance of events occurring and the financial expenses associated with those occurrences if they do. They do this using financial theory, statistics, and various mathematical methodologies. The most common industry in which actuaries work is insurance, where they develop policies that protect the insured while keeping insurance companies competitive and profitable. However, some actuaries also work for private consulting firms, where they assist in the development of investment and business strategies, as well as the creation of retirement and healthcare plans for employees. Actuarial work is extremely in-demand because to the excellent working conditions, income, and prospects it provides, and despite development, students who take this path will face intense competition for positions.

Education and Training

A specific degree in actuarial science is not required to become an actuary, though it is available in a few nations and universities. A degree in math, statistics, or business is common among actuaries. Students should take courses in economics, corporate finance, applied statistics, business, calculus, accounting, and management regardless of their degree programme to guarantee they have the abilities needed to pursue a career as an actuary. They must also take classes outside of these fields, such as computer science and programming courses so that they can create spreadsheets, databases, and analysis tools, as well as public speaking and communication courses because actuaries must discuss their findings and work in groups.

Skills to Develop

Computer Skills: Actuaries use computers for a maximum part of their job. Actuaries must be familiar with programming languages and have the ability to develop spreadsheets, databases, and analytical tools.

Communication skills: Actuaries will need to use a variety of communication skills on the job on a daily basis because they frequently work in teams to produce products and solutions. To produce reports, strong writing abilities will be required, as will speaking skills for presenting findings and explaining technical topics in an understandable manner.

Problem Solving skills: Figuring out the best approach to solve a problem (typically to limit a risk's obligations) is an important element of being an actuary, hence excellent problem-solving skills are required.

Mathematics: Being an actuary necessitates a solid understanding of mathematical principles, particularly calculus, probability and statistics.

Management skills: Actuaries must be able to lead teams and manage their own and others' work to fulfil deadlines and meet employer standards.

Career Advice from the Experts

The best thing students can do for their careers, according to Gena Long, Manager of Stakeholder Relations at the Society of Actuaries (International), is to focus on obtaining certifications from actuarial societies. Employers typically seek individuals who have completed at least two of the exams required to obtain these certificates, according to Gena Long, but this varies by location. She acknowledges that passing the examinations can require a lot of time and work, so she advises students to locate a mentor within their programme or through the Society of Actuaries. This relationship can not only help students keep on course and avoid being disheartened, but it can also be beneficial when it comes to seeking work.

Internships, which provide students with the opportunity to make industry relationships and gain practical on-the-job experience in the actuarial field, are almost as significant as actuarial tests. Unfortunately, while internships are valuable, there are often insufficient possibilities to meet the demands of all students interested in participating. This, according to Long, isn't a disaster. Instead, students should look for other business-related jobs, particularly those that are closely tied to actuarial work. When it comes to obtaining a job, any work experience is preferable to none, and she recommends people without internship experience to highlight the abilities they gained from any business-related employment to potential employers.

Students who are still pursuing their degrees might begin developing the communication and leadership abilities that employers need by joining math or actuary clubs. These, according to Long, allow students to take on leadership roles and meet professionals who come to campus as speakers and mentors. Maintaining a good GPA or grades is particularly important for students who want to work as actuaries; it's one of the elements employers consider when hiring.

Long recommends that actuarial science isn't for everyone, but it may be a satisfying and meaningful career path for people who appreciate math and want to use it in a commercial setting.