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How Can I Become an Actuary?
For people that have a strong acumen for advanced mathematics, enjoy working with numbers, and would like to work in an office environment, it would be a good option to become an actuary. Actuaries are individuals that work for insurance companies, investment banks, and other financial institutions to analyze complex sets of numbers to determine patterns, which are then used to either assess risk or make investment decisions. If you are looking to get a job as an actuary, there are several things that you should do first, which will enhance your chances of getting a good actuarial job.
Education
The first step to becoming an actuary will be to get the right education. You educational track really should start in high school. Whenever possible, you should try to take advanced math courses, including calculus, algebra, and trigonometry, as these will be the basis for your college education. In some cases, you may even be able to receive college credit. Once you have graduated from high school, the next step is to get your college degree. While some schools have degrees in actuarial science, those that don’t will still have plenty of options that could get you onto an actuarial track. Other great degree options would include getting a degree in mathematics, calculus, or even business analytics.
Complete Necessary Certification Programs
According to the Bureau of Labor Statistics, once you have received a degree, it would also be a good idea to receive the various certifications offered in the field. There are a variety of actuarial exams, which you will need to pass in order to be certified as an actuary. Those include Exam P and Exam FM. Both of these exams are challenging, even for those that have done well in school. It is a good idea to spend at least a few months studying before completing the exams.
Related Resource: Master of Accounting Careers
Join an Association
The third step to become an actuary is to join a professional organization. Similar to many other professional fields, there are a couple actuary associations that would be beneficial for you to join. The two largest professional organizations in the field are the Casualty Actuarial Society and the Society of Actuaries. When joining these organizations, you will be able to attend regular conferences and networking events, which will keep you up to date in any changes in the field and will also give you the opportunity to network and meet new people in the industry
Find a Job
If you have already completed your degree and have at least started the process of certification, the next step to become an actuary is to find a job. The professional organizations have regular career fairs and have current job boards, which will give you plenty of job opportunities. Entry level actuaries are commonly hired by the major insurance companies, investment funds, and other financial institutions. After receiving some experience, you could also find a job working for a consulting firm that provides actuarial support to third party companies.
In conclusion, actuaries are individuals that are hired by insurance companies, investment firms, and other financial institutions to analyze numbers to either assess risk or make investment decisions. If you have a strong acumen for mathematics and would enjoy that type of work, these are several steps that you should follow which will help you to become an actuary.