Actuaries work in an office environment. Insurance agencies or financial brokerage firms typically employ an Actuary. Their job is to assess the financial risk involved in certain investments or insuring businesses or people. They gather and analyze much information to make their determination. Using statistical data, they determine the long-term solvency of an investment or business. It is the goal of an Actuary to help the company they work for protect itself against unreasonable risk and possible profit loss. Actuaries have a keen understanding of risk and use their analytical skills to minimize the risks for the companies that employee them.
Actuary Job Education Requirements
Someone interested in becoming an Actuary would need to earn a bachelor's degree. There is not a specific degree for Actuaries, but they would need to concentrate on math, statistics and business classes. Once they have a degree, a person would need to take a series of exams to become a certified Actuary. After passing the first two exams, they become qualified to work in a low-level actuary position. It takes a lot of time and study to prepare for each of the exams. Passing all of the exams usually takes between four and six years. After passing the exams, an actuary would get certification from either the Casual Actuarial Society or the Society of Actuaries.
Actuary Job Market
From 2012 to 2022, the actuary job market is expected to grow by 26 percent. The industry is expecting 6,300 new jobs over this span. Some of these jobs will come as a result of new healthcare laws. As the coverage requirements change and the number of customer increases, insurance companies will need more Actuaries to determine the risks. Also, an increase in storms and their severity will require more Actuaries accessing the risk on insuring personal property, homes and businesses. There are several other fields similar to actuaries that someone might be interested in pursuing. Other jobs to consider are Financial Analyst and Insurance Underwriters positions.
Actuary Job Salary Information
Actuary jobs are well paid with full-time employment and benefits. The average salary of an actuary is $93,680 or $45.04 per hour. While the lowest earners make an average of $55,780 per year, the highest paid actuaries earn an average of $175,330 annually.