Wha t is an actuary?
An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur.
Actuaries are an important part of the management team of the companies that employ them. Their work requires a combination of strong analytical skills, business knowledge and understanding of human behavior to design and manage programs that control risk.
SOA members work in life insurance, retirement systems, health benefit systems, financial and investment management and other emerging areas of practice. The majority of actuaries work within the insurance industry, although a growing number of actuaries work in other fields.
What is actuary's salary range?
From $46,000 all the way to $478,000+. Typically, entry level start out with $50,000 and as a rule of thumb, passing 1 more actuarial exam generally results with a $3,000 to $5,000 increase in salary. Associate of Actuary with
4.5-6.5 years of working experience generally make $88,000 to $107,000. For more detailed and accurate information, please click on actuary salary. Actuary is regarded one of the highest paying professions.
To enter the profession, generally, you SHOULD have completed a Bachelor Degree in a mathematics/statistics or highly quantitative major like engineering and MUST have passed at least 1 actuarial exam such as Probability. With a great interest in utilizing math concepts to solve business related problems especially in insurance, you will do a lot of quantitative stochastic modeling and risk management. You will also continue to take many actuarial exams. While the exams will be harder each time, it will focus more specifically in some concepts that are actually used at work. Once you have passed all exams, you will gain a title ASA--Associate of Actuary. At this stage, if you are eager enough, you can manage to pass 5 more specific exams in a specific sector (finance, investment, individual life & annuities, retirement benefits, group & Health) and gain a more prestige title FSA-- Fellow of the Society of Actuaries.
What it takes to be an actuary?
Extraordinarily working hard