WHAT IS ACTUARY?
An actuary is a person who compiles and analyses statistics in order to calculate the insurance risk and premium. An actuary should utilise the knowledge and information from financial methods, statistics, mathematical theories and business scenarios to study the misfortunes of the future events, especially those concerned with insurance schemes and pension plans. An actuary considers the future to be unpredictable i.e. he presumes the future to be full of risk. Risk is a situation that could be dangerous or have an unpleasant outcome, but risk is also an opportunity.
HOW CAN ONE BECOME AN ACTUARY?
To choose the profession of an Actuary one must acquire the complete knowledge of the organisation he/she choose to work with. The Casualty Actuarial Society (CAS) is the organization which trains the actuaries working in automobile, fire, and liability insurance and workers compensation. The largest of the professional groups is the Society of Actuaries (SOA), the organization for actuaries working in life and health insurance, employee benefits, and pensions. The foreign Society of Pension Actuaries is the organization for actuaries working in the pension field, in particular, those actuaries who certify to the federal and state governments that pension plans are sound.
- Expert in mathematics
- Project management with problem solving skills
- Great business sense
- Sound communication skills (verballed and written)
- Sharp computer skills
- An Associate
- Should be a motivation for others
- Should be self-dependent
- Team work
- Should not panic
In addition, actuaries get fresh knowledge to the association, they solve the typical problems by getting a unique solution to them, actuaries do not solve the problems which have a set of predefined solution, they encourage interaction and new set of ideas, can work effectively alone or as part of a team, are interested in a variety of historical, social, legislative, and political issues, and are self-motivated achievers.
The skills developed by successful actuaries include an excellent business sense with knowledge of finance, accounting, and economics; keen analytical, project management, and problem solving skills; specialized math knowledge; strong computer skills; and solid written and oral communication skills.
COLLEGES OFFERING ACTUARY PROGRAM :
There are various colleges under several universities offering many actuarial science programs to choose from. To earn an actuarial authorisation, one has to complete a series of actuarial examinations, e-Learning components and several specifications through an actuarial membership organization such as theory of Casualty Actuarial Society (CAS) and Society of Actuaries (SOA).
The colleges offering Actuary program are:-
- Centres of Actuarial Excellence
- Undergraduate Introductory
- Undergraduate Advanced
- Graduate Education
- Graduate Education and Research
SOURCES FOR ACTUARIAL JOB
Both the CAS and the SOA, the sponsoring organizations of Be An Actuary, provide its candidates with online career centres through their individual organization websites.
For more queries one can visit the sites of CAS and SOA
ACTUARY AS PROFESSION
Landing that first actuarial position may be one of the biggest challenges in your career, but through hard work and perseverance you will enter into a highly rewarding profession. Actuaries should expect strong competition for most jobs. Actuaries are a small field, and the relatively high pay and comfortable working conditions make being an actuary a desirable career. Students who have passed at least one actuarial exam and have had an internship while in college should have the best job prospects for entry-level positions. Employment in the actuary is expected to increase by approximately 27 % in the next 7 years. The hike of employment is expected to increase by 25% in insurance sector.
A good balance life with flexibility to balance professional commitments with personal interests and good management skills.
PAY SCALE: $53,000 – $150,000
MINIMUM QUALIFICATION: Bachelor Degree
EXPERIENCE: 0 yrs
TRAINING: Long Term Training
NUMBER OF JOBS: 21,700
INCREASE IN EMPLOYMENT: 5800
SIMILAR JOBS: Accountants, Auditors, Budget Analysts, Economists, Mathematicians etc.