They are recognised to be pragmatic, innovative and numerate. Actuaries operate within a strict professional and ethical framework, advancing equity across all stakeholders and promoting the public interest. Actuaries undergo rigorous academic and practical training in order to master a wide range of skills, including. Once you have your associate certification and gain a few years of working experience, you can pursue a fellowship certification through the CAS.
You have some flexibility in this process, however, and can start your career right out of college if you plan ahead. You have the best chance of landing an entry-level job if you have your degree, have some actuarial experience, and have passed at least two certification exams. You can begin taking certification exams while in college, so if you pass two exams and take on a few summer internships, you can set yourself up as a strong candidate for employment right after graduation.
While demand for actuaries is growing, there were only 21, actuaries employed in the United States in You can enhance your prospects by pursuing internships and by passing some associate certification exams before seeking a job.
The Bureau of Labor Statistics expects growth to be strong in health insurance due to the passage of the Affordable Care Act, and especially strong in actuarial consulting. Growth in the life insurance field is expected to be weaker.
A career as an actuary has many paths for advancement. If you gain experience and earn a fellowship certification, you can advance into management and executive roles in insurance and consulting agencies.
Many actuarial jobs are in insurance, so search for openings in insurance agencies. More and more businesses are using actuarial consulting services to manage employee benefit plans and to assess and minimize risk, so you can direct your job search to these firms as well. Most employers are looking for candidates with experience, so it helps to do internships in college.
Internships can be great networking opportunities as well. If you find that employers are looking for more experience than what you already have, consider finding other entry-level work at an insurance company. Professional societies like the Society of Actuaries and the Casualty Actuarial Society offer career resources and job boards that you may find helpful.
Ideally, if possible your two pre-graduation internships should be in different environments - for example, if your first was with an insurance carrier, see what other industries are looking for actuarial interns. This gives you a more well-rounded view of what an actuary does, and may even give you a clearer picture of where you want to do your work.
You've made it this far. You've graduated college, passed some exams and completed internships. Now, it is time for you to make your way into the working world and find a job in your field. Certainly this is easier said than done, but if you've put in the work, studied hard for your exams and paid close attention during your internships and can expertly showcase all this in an interview , you just may find your first entry-level position.
Concurrently with finding a position, you'll also be determining what direction you want to go in as an actuary. The primary difference between the two organizations is the field these actuaries are employed in. The SOA is more geared toward health insurance, retirement and life insurance. Each association also brings with them different exams you will have to take after the first few general exams you already took.
Either during college or after preferably during , regardless of association you will need to take courses on Validation by Educational Experience VEE topics. You are required to have VEE-approved courses on topics like economics, accounting and finance and mathematical statistics. Courses specifically approved for this can be found online. In addition, you will need to have at least two exams passed before putting in a request for VEE credit. You still have exams to take and prepare for, even while you're in the midst of a career.
Luckily, many employers will actually sponsor your exams to help you officially become a member of the association you chose. To become a member of the SOA, or an Associate of the Society of Actuaries ASA , you'll need to take exams on both long and short-term actuarial mathematics, statistics for risk modeling and predictive analysis - all in addition to the initial exams and VEE requirements.
All of these have their own unique sets of exams and courses. If you wish to become an associate of the CAS, other exams you'll have to take involve modern actuarial statistics, ratemaking and estimating claim liabilities, regulation and financial reporting, financial risk and more. Why go through all the work necessary to become an actuary? The intense education, the hundreds of hours of studying, all of the exams and added courses? It's to get into a stable career that compensates its employees quite nicely.
Another reason actuary is a career that could be worth looking into? A rise in actuary positions can likely be attributed to the need for risk management in industries that tend to have actuaries, such as health insurance.
Companies in industries like these will require more people to look at data and crunch numbers. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. I agree to TheMaven's Terms and Policy. What Does an Actuary Do?
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