HOW TO BECOME AN ACTUARY ?
Before knowing any other thing one must know :
Question: What is an Actuary?
Answer: A specialist in Mathematics of insurance who calculates rates, reserves, dividends and other statistics. While sometimes the term is used loosely. The title ACTUARY belongs to those who meet the requirements of the Actuarial Society, the Casualty Actuary Society (CAS), for property and casualty insurance, or the society of the Actuaries (SOA), for life and health insurance. To qualify for membership in these associations, the individual must pass a number of extremely difficult mathematical examinations. Because of the rigorous requirement for memberships, Actuaries are very much in demand in thee insurance industry and command very high salaries.
Casualty Actuary Society
It takes an average between three to six years to qualify as an actuary, but the rewards are well worth the effort. Most actuaries start their training once they complete their graduation. But the information given below also apply to those people who wants to be an actuary and entering from a different career.
The below listed and explained are the basic basic five steps which helps a person to become an actuary. They are as follows :
a) Take an A-level or a Higher in Maths or an equivalent.
b) Get a good degree.
c) Find a Trainee position.
d) Register as an actuarial student and gain your qualifications.
e) Enjoy a job anywhere in the world.
Step-1 Take an A-level or a Higher in Maths or an equivalent.
You will definitely need this to become an ACTUARY. But its worth noting that whatever you eventually decide to do, taking maths will broaden your career option.
Step-2 Get a good degree.
For most actuarial employers, a 2.1 or better is essential. Any subject is acceptable but employers prefer candidates with numerate degree such as : actuarial science, maths, stats, economics, engineering, chemistry or physics.
There are many links present so that a student should visit there and get almost all the possible knowledge required for them so that it could help them efficiently.
Step-3 Find a Trainee position.
Join an actuarial firm and develop your skills while you qualify. Your career advisers can help, and you can download a Directory of actuarial employers and offering work experience or graduate trainee position, or visit the actuaries pages of the Inside career website. There is no age limit for joining the profession. If you are interested in changing from another career or profession, we usually recommend you undertake one or two of our examinations independently, to assess your skills. Your experience in your current career may be valuable to an actuarial firm, and you may wish to contact actuarial employers directly to discuss your potential.
Step-4 Register as an actuarial student and gain your qualifications.
To Become an Associate or a Fellow of the institute and Faculty of the Actuaries you must pass our examinations, or be granted exemption from them, and also attain a satisfactory level of work-based skills. This usually takes between three and six years. You study by Distance learning, and many employers offer support for study, some offering paid study leave during your training. In the Student section of the website you can learn about all the qualifications you need to enter the profession, how and when to apply for student membership, and you can download and complete an application form. Our qualification section shows you what exams you need in order to qualify as an Associate or a Fellow of the profession. The student handbook is a helpful resource in outlining the route through the exams we recommend.
Step-5 Enjoy a job anywhere in the world.
Within the actuarial profession there are many different and exciting career paths, and once you are qualified, your skills can take you anywhere. Some actuaries specialize in technical research, while others may focus more on commercial activities. Most go on to be practicing specialist in one of the traditional financial fields, with may becoming senior managers in insurance companies or firms of consultants.
For more information on HOW TO BECOME AN ACTUARY visit www.actuaries.org.uk
This is something very interesting to come across.. all the mathematics lovers will definately work on it..
Very few people know about Actuary, and those who know, specially the mathematics lovers, they don’t get proper guidance for it. This article is really helpful for them.
Being an actuary is the demand of the season.But the exact process of becoming an actuary is not known to many.This article presents the actual process in proper sequence.Rare article and very well written.Proper guide for all those who want to become an actuary.