Actuary Jobs By the Numbers
If you’re numbers oriented, you’ve probably wondered what kinds of careers you can qualify for in the future. Have you considered a role as an actuary? If you’ve never thought of it before, or if you’ve never even heard the term, here is a quick primer to help you decide if an actuarial job is right for you. Let’s take a closer look at the requirements, functions, and potential for actuaries.
- What education do you need? Someone interested in becoming an actuary needs to start out with a bachelor’s degree. This should be in mathematics, statistics, or other analytical field. In fact, you could even major in actuarial science to give yourself a leg up on the competition. The essential components to a degree that will help you get a job as an actuary will be economics, applied statistics, and business finance. Once you graduate, you will also need to pass exams designed for actuaries to become certified.
- What companies are hiring actuaries? At its core, a job as an actuary is about risk assessment and management. Therefore, it is no surprise that the majority of companies hiring actuaries are insurance firms. You could specialize in property and casualty or life and health insurance to work in a specific branch of the industry. There are also opportunities for actuarial consultants in a variety of fields or even government jobs.
- How much does this job pay? Of course, the salary that you will receive as an actuary depends on a number of variables. The best place to review what actuaries make in your area is on Salary.com. Search for salaries in your city to find out what is possible. However, in general, an actuary can make between $150,000 and $25,000 annually and sometimes more depending on the location or the specialization.
- How do you get started? Does becoming an actuary sound like the right path for you? So how do you get started? If you’re just starting or going back to college, consider a degree in math or actuarial science. Be sure to focus on the requirements. Once you’ve graduated, or if you already have an applicable degree, sign up for the certification exams and begin to prepare now. Then, like most career paths, you’ll need to start out in a basic actuarial job to build your resume and experience.