In a recent study by CareerCast.com; the Actuary profession came out as the most desirable profession based on 'physical demands, work environment, income, stress and hiring outlook'. Even though being an Actuary, where the main tasks are to evaluate and advise on financial risk, has always seemed like an extremely boring career; it is highly paid. Due to all of this, it seems prudent to give a guide on how to become an Actuary.
What Do Actuaries Do?
Actuaries apply mathematical, economical, and statistical knowledge to real financial situations. This is usually associated with the following sectors:
Actuaries are historically known for calculating risk especially in regards to insurance and pension companies. However, they now perform a large
number of day-to-day tasks such as:
- Using statistics to calculate, accident rates for particular demographics.
- Assessing the value of assets and liabilities.
- Providing advice on investment strategies and assessing the profitability investments.
- Calculating funding rates and considering assumptions for pension scheme liabilities.
- Performing risk assessments for Insurance companies.
- Mitigating enterprise risks.
- Conducting mathematic modeling on assets and liabilities, and improving product development and profit testing.
- Working with Software Engineers to make sure they meet regulatory standards when developing certain software. Software for defence contractors would be a good example of this.
Actuaries are extremely well paid even as trainees. A look at this table makes that extremely clear: