An actuary manages risk by using strong analytical skills to help organizations make plans for their future and ensure that they are protected from loss. They help business to grow by playing a dominant role in the financial, physical and financial stability of society. They work indifferent setting and make an impact by using their strengths and solving problems. They work for multinational corporations, financial planners and insurance companies.
1. Qualifications required to become an Actuary
To become an actuary you need three to six years to qualify. The first step is to taken an A level in math or equivalent. Your chances are brighter if you get a degree in actuarial science, economics, math, stats, engineering, chemistry or physics. Hard work is the only way to reach your goal as a successful actuary. Make sure to enroll in AP (Advanced Placement) classes that offer courses in calculus and statistics and learn to excel at SQL, VBA, Access, Excel and other computer skills. You have to be dedicated and motivated to put in many hours of work which includes independent study and preparations for every exam.
2. Securing a Trainee position in an Actuarial firm is an advantage
There is no age limit for joining this profession. You can develop your skills by joining an actuary firm while you qualify. There are many companies that offer graduate trainee positions for students seeking working experience.
Once you pass the exams you can become an Associate or Fellow of the Institute and Faculty of Actuaries. Employers generally offer support to students who require passing the examination through distance-learning. It is important to take hard practice exams and pass them by working for hours at a time. Try to solve as many mathematical puzzles as you can to keep your mind alert and sharp.
3. Job Description
As an actuary you hold a very responsible position as you are responsible for huge amounts of other people’s money. The job is highly paying and a prestigious one with very low stress levels though very demanding. An actuary should always thirst for knowledge and continue learning science and mathematics in order to improve their analytical and quantitative skills. Your financial acumen should be high to be able to read balance sheets of other financial institutions. It is necessary to have excellent communication and people management skills to compete with other professionals in the same field. Look for opportunities in industry development and network through industry committees or professional associations.
An actuary can look forward to being a chief actuary, chief executive officer and chairman of the board by displaying the various skill levels and expertise. They can then become investment banking leaders or leaders of a consulting firm or a board member of a financial institution when looking for senior positions.
4. Job Outlook
You can get a job anywhere in the world when you become an actuarial professional and get involved with technical research or focus on commercial activities. You can also end up as a practicing specialist in a traditional field of finance or join a firm of consultants as their senior manager.