• Apple Pay
  • Venmo
  • Escrow
  • Usaa
  • Escrow
  • Chime
  • Grubhub
  • Student Discount
  • Reviews
  • Credit Card
  • Electronic Benefits Transfer (EBT)
All About Careers
  • Looking for a Job
    • Six Month Certificate Programs
    • Highest paying agriculture jobs
    • Best paying jobs in industrial machinery/components
    • Jobs at 14
    • Jobs that don’t require college
    • Interview
      • Behavioral questions and answers for interviews
      • Technical Interview
      • Sample thank you email after interview
      • You were fired on an application
    • Job Application
      • Kohl’s Job Application
      • Baskin Robbins Hiring Age
      • Subway Hiring Age
      • Target Hiring Age
      • Apply to hobby lobby
    • Job Profiles
      • Physiologist
      • Golf Caddy
      • Environmental Consultant
  • Student Finance
    • Credit Card
      • Maurices Credit Card Payment
      • How can I pay my Verizon bill?
      • How to Pay my TJ Maxx Credit Card?
      • How To Apply For Dicks Sporting Goods Credit Card?
      • How Suddenlink bill can be paid?
      • How to make Furniture Row credit card payment?
      • Bed Bath & Beyond’s Credit Card Payment Process
    • Netspend Atm
    • Trial deposit Amazon Creditbuilder
    • Transfer Money From EDD Card to a Bank Account
    • Credit online shopping
    • Transfer funds with Routing and Account Number
  • Student loans
    • Increase Total Loan Balance
    • Bad Credit Loans Urban BCL
    • Reduce Total Loan Cost
    • Canceling Student Loan Debt
    • Unsubsidized Student Loan
    • Borrow money from a millionaire
    • H&R block Emerald Advance
    • Chevy offer 0 Financing
    • Days Mortgage Approval
    • Mortgage on 1 million
  • Insurance
    • Subscriber Id Insurance Card
    • United American Insurance Provider Portal
    • Unregistered Vehicle with Insurance
    • Home Insurance Claim Adjuster Secret Tactics
    • Agi renters condo insurance
    • Walgreens accepted insurance
    • Dentist that take caresource
    • Redpoint county mutual insurance company
    • Insurance walgreens accepts
    • Cricket wireless insurance claim
  • Social Security
    • Stop paying child support
    • Home depot health check
    • Beat contempt of court for child support
    • Medical Schools that don’t require mcat
    • Social security Recipients Stimulus check
    • Find 401k Social Security Number free
    • Cash Advance Unemployment Benefits
    • Laminate Social Security Card
  • Ubication
    • Xfinity
    • Spectrum
    • Ice Skating
    • Tattoo Shops
    • Verizon Store
    • UPS store
  • Looking for a Job
    • Six Month Certificate Programs
    • Highest paying agriculture jobs
    • Best paying jobs in industrial machinery/components
    • Jobs at 14
    • Jobs that don’t require college
    • Interview
      • Behavioral questions and answers for interviews
      • Technical Interview
      • Sample thank you email after interview
      • You were fired on an application
    • Job Application
      • Kohl’s Job Application
      • Baskin Robbins Hiring Age
      • Subway Hiring Age
      • Target Hiring Age
      • Apply to hobby lobby
    • Job Profiles
      • Physiologist
      • Golf Caddy
      • Environmental Consultant
  • Student Finance
    • Credit Card
      • Maurices Credit Card Payment
      • How can I pay my Verizon bill?
      • How to Pay my TJ Maxx Credit Card?
      • How To Apply For Dicks Sporting Goods Credit Card?
      • How Suddenlink bill can be paid?
      • How to make Furniture Row credit card payment?
      • Bed Bath & Beyond’s Credit Card Payment Process
    • Netspend Atm
    • Trial deposit Amazon Creditbuilder
    • Transfer Money From EDD Card to a Bank Account
    • Credit online shopping
    • Transfer funds with Routing and Account Number
  • Student loans
    • Increase Total Loan Balance
    • Bad Credit Loans Urban BCL
    • Reduce Total Loan Cost
    • Canceling Student Loan Debt
    • Unsubsidized Student Loan
    • Borrow money from a millionaire
    • H&R block Emerald Advance
    • Chevy offer 0 Financing
    • Days Mortgage Approval
    • Mortgage on 1 million
  • Insurance
    • Subscriber Id Insurance Card
    • United American Insurance Provider Portal
    • Unregistered Vehicle with Insurance
    • Home Insurance Claim Adjuster Secret Tactics
    • Agi renters condo insurance
    • Walgreens accepted insurance
    • Dentist that take caresource
    • Redpoint county mutual insurance company
    • Insurance walgreens accepts
    • Cricket wireless insurance claim
  • Social Security
    • Stop paying child support
    • Home depot health check
    • Beat contempt of court for child support
    • Medical Schools that don’t require mcat
    • Social security Recipients Stimulus check
    • Find 401k Social Security Number free
    • Cash Advance Unemployment Benefits
    • Laminate Social Security Card
  • Ubication
    • Xfinity
    • Spectrum
    • Ice Skating
    • Tattoo Shops
    • Verizon Store
    • UPS store
No Result
View All Result
All About Careers
No Result
View All Result

How to Become an Actuary?

Several economics aspects must be taken into account when becoming an actuary

by Luciana Galán
31 December, 2022
in Career Path
How to Become an Actuary? Complete guide

The uncertainty of teenagers who must enter college can often generate stress and frustration for not knowing what profession to study. If you are good at mathematics or subjects related to the exact sciences and financial matters, a career as an Actuary is your next step.

You can take a vocational test if you need more convincing about what to do after high school and help find a field you like. If you have a penchant for numbers or finance, a great option is to study to become an actuary.

Contents

  • What is an Actuary?
    • Where does an actuary work?
  • Which are the types of actuaries?
  • How to become an actuary: Step by Step
    • 1. Bachelor’s degree
    • 2. Exams
    • 3. Technical skills
    • 4. First job as an entry-level actuary
    • 5. Reach the Partnership
    • 6. SOA or CAS?
    • 7. Teamwork

What is an Actuary?

An Actuary is a financial professional who is increasingly present in commercial businesses. Their main task is to manage and evaluate different economic risks that may be presented to companies or individuals in the future and could have consequences if not controlled in time.

Actuaries have studied careers in economics, business management, statistics, mathematics, and finance. They are experts in helping and controlling the economy of an entity, avoiding the least possible impact of external factors that may harm the institution. Actuaries, in short, create a strategy to prevent or minimize such risk.

For example, an actuary evaluates a company and prepares a strategy so that the company suffers the least possible impact in the event of a natural catastrophe that damages the facilities. In addition, they estimate the expenses and money the company will need to replace the losses in case something terrible happens.  

Where does an actuary work?

Actuaries can work in many different fields of employment where actuarial science professionals are needed. The most common are banking, consulting, retirement funding, health and insurance, enterprise risk management, investment and fund management, predictive analytics, and marketing and sales.

Which are the types of actuaries?

There are several types of actuaries, which depend on the function they perform within a company. After graduating as an actuary, the person must choose among 12 specializations, among which we can mention:

  • Actuarial associate.
  • Actuarial Product Manager.
  • Analyst.
  • Consultant.
  • Corporate actuary.
  • Financial advisor.
  • Forensic.
  • Investments.
  • Life insurance actuary.
  • Pricing actuary.
  • Property and Casualty.
  • Senior Executive Actuary.
Check ➤  Why get into psychological science?

How to Become an Actuary? Complete guide

How to become an actuary: Step by Step

1. Bachelor’s degree

Before getting a job as an actuary, you must complete a bachelor’s degree in mathematics, statistics, business, finance, or actuarial science. If you still need to finish high school, start studying finance-related subjects to get a smooth entry into college.

You can choose among several careers to become an actuary, not only the Actuarial Science degree. The only thing you should consider is that the profession you select has subjects or courses on algebra, economics, computer science, calculus, and often psychology is necessary; however, it is optional.

As long as you know all the topics mentioned above, looking for a job as an actuary will be even easier if you do not have a degree in actuarial sciences. 

2. Exams

To become an actuary, you must pass two Society of Actuaries exams: the P and FM Exams. There are 10 exams, so it takes a long time, but it will be worth it, especially if you are passionate about the profession. Generally, being such a complicated exam, a student spends an average of 3 to 6 months of preparation before taking the exam.

According to studies, the probability of obtaining more than 70% of the correct answers (necessary to pass the first two exams) is 40%.

3. Technical skills

Nowadays, in almost any work environment, one of the essential requirements for any worker is to know about technology and, in this case, about programming and computer science.

The technological skills that an actuary must have, are not only based on knowing the essential operation of Excel, which is extremely necessary for this field, but it is also necessary to know Vlookup, Hlookup, or IF instructions, among other Microsoft tools.

Check ➤  The responsibilities of a role in landscaping

There are many online courses to learn how to use Excel; even YouTube tutorials will help you with it. Still, having a degree certifies that you have studied and professionalized in a particular subject is always advisable. In addition, it will also be necessary to know how to sort and filter information, use tables to divide and organize data and use conditional formatting.

On the other hand, it will be of great help to know about computer programming, coding languages (VBA, SAS, or Python), and other programs that facilitate the work.

Although some subjects are not exclusive to getting a job as an actuary, the more knowledge you have, the better your chances of being chosen.

4. First job as an entry-level actuary

It is time to put all your knowledge into practice, so you should look for a job or an internship that suits your expertise as an actuary. An advantage of the entry-level is that it allows the student to look for a job with 2 or 3 exams passed to gain experience in the sector.

After entering the labor field as an actuary, you will begin to learn different subjects and will be able to put into practice everything you have learned during your years of studies. In addition, it will be a nurturing experience, and you will learn as much from your colleagues as from yourself.

Remember that you can always ask a colleague or your boss if you have any questions. It is normal not to understand everything we are taught, but you should not see asking for help as a bad thing, quite the contrary. Your bosses will know you are enthusiastic about your work and chosen career.

5. Reach the Partnership

The Association is the first level of the career, and to achieve that, it is necessary to complete at least 7 of the 10 exams, meaning that the first two exams taken in school are included among these ten.

After passing the first two exams, the student must decide which course to take before continuing with the Association. You can take one of two routes as if you were on the road divided into two parts: CAS or SOA.  

Check ➤  How to become a Software Developer?

6. SOA or CAS?

You can choose two associations depending on the orientation you want to give to your actuarial career. It will depend on the type of job you wish to obtain.

On the one hand, there is the SOA (Society of Actuaries), which teaches subjects related to mathematics, health risks and prevention, life and retirement insurance, and other topics related to employee safety. 

On the other hand, the CAS (Casualty Actuarial Society) focuses on homeowners, property and casualty insurance, financial reporting, statistics, budgeting, etc.

7. Teamwork

To obtain an actuary degree, you must pass three more exams. The last two are taken while performing field work, that is, while the student is working full time.

Students can apply for scholarships through the Student Actuarial Programs, jobs that various companies give to students to help them become professionals and start working as certified actives with their pairs.

This program helps with educational materials and exams and allows you to split your schedule so you can work and study simultaneously. After completing the exams, you are ready to enter the actuarial workforce.

References

  • Actuarial, Etched. How to Become an Actuary in 8 Steps! YouTube, 27 Oct. 2020, https://www.youtube.com/watch?v=SHxlIjG6tuk.    
  • “What Do We Do – Be An Actuary.” Be An Actuary, https://www.beanactuary.org/what-is-an-actuary/what-do-we-do/.
Click to rate!
[Total: 0 Average: 0]
Related Posts:
  1. Sales: Media & Advertising – What does a career in media sales actually entail?
  2. What is environmental education?
  3. What is a retail buyer or purchaser?
  4. Who handles foreign affairs & international relations in the UK?
  5. What do you do as a retail banker?
  6. These are three things that not everyone tells you about retirement and that we are going to show you
  7. How to maintain healthy careers and what to do to achieve it over the years
  8. Will Elon Musk buy Coca-Cola?
Was this Content Helpful?
YesNo

+ Categories

  • ACCOUNTING
  • CANCELING
  • COMPARATIVE
  • INVESTING
  • TRAVEL

Cash App

  • Bank cash app on plaid
  • Apps that pay instantly to cash app
  • Cash app bank name
  • Hack cash app with your name
  • Random person sent me money on cash app
  • Send money on cash app without debit card
  • Transfer money from gift card to cash app
  • Cash app payment completed but not received
  • how to add money to cash app card at walgreens
  • Need a debit card for cash app

Doordash

  • Doordash background check take
  • Free food on doordash
  • Make $500 a week with doordash
  • Doordash close
  • How old do you have to be to doordash
  • Chick fil a pickup

Paypal

  • Convert amazon gift card to paypal
  • Transfer visa gift card balance to paypal
  • Make $1000 per day
  • Split payment on paypal
  • Paypal pay in 4 refund
  • How old do you have to be to have a paypal
  • Buy money order online with paypal
  • Increase paypal credit limit

Zelle

  • Chime have zelle
  • Use zelle without a bank account
  • Ally zelle limit
  • Zelle with a credit card
  • Huntington bank have zelle
  • Varo work with zelle

Taxes

  • 971 irs code
  • Tax refund schedule chart
  • irs code 570
  • Code 150 irs transcript
  • Mail tax return regular envelope
  • 766 irs code
  • Form 1099-repossession house
  • Sales tax rate orange county
  • K-1 loss affect my taxes
  • Shopify report to irs

Careers

  • APPRENTICESHIPS
  • CAREER INDUSTRY
  • CAREER PATH
  • COLLEGE
  • COURSES
  • COVER LETTER
  • DEGREE
  • INTERNSHIPS
  • POSTGRADUATE
  • RANKINGS
  • REVIEWS
  • SCHOLARSHIPS
  • SELF EMPLOYMENT
  • STUDENT DISCOUNT
  • UCAS
  • UNIVERSITY
  • WORK EXPERIENCE
  • ABOUT US
  • CONTACT
  • TERMS & CONDITIONS
  • PRIVACY POLICY & GDPR
  • COOKIE POLICY
  • DISCLAIMER
  • JOBS

© 2004 - 2022 allaboutcareers.com

No Result
View All Result
  • Looking for a Job
    • Six Month Certificate Programs
    • Highest paying agriculture jobs
    • Best paying jobs in industrial machinery/components
    • Jobs at 14
    • Jobs that don’t require college
    • Interview
      • Behavioral questions and answers for interviews
      • Technical Interview
      • Sample thank you email after interview
      • You were fired on an application
    • Job Application
      • Kohl’s Job Application
      • Baskin Robbins Hiring Age
      • Subway Hiring Age
      • Target Hiring Age
      • Apply to hobby lobby
    • Job Profiles
      • Physiologist
      • Golf Caddy
      • Environmental Consultant
  • Student Finance
    • Credit Card
      • Maurices Credit Card Payment
      • How can I pay my Verizon bill?
      • How to Pay my TJ Maxx Credit Card?
      • How To Apply For Dicks Sporting Goods Credit Card?
      • How Suddenlink bill can be paid?
      • How to make Furniture Row credit card payment?
      • Bed Bath & Beyond’s Credit Card Payment Process
    • Netspend Atm
    • Trial deposit Amazon Creditbuilder
    • Transfer Money From EDD Card to a Bank Account
    • Credit online shopping
    • Transfer funds with Routing and Account Number
  • Student loans
    • Increase Total Loan Balance
    • Bad Credit Loans Urban BCL
    • Reduce Total Loan Cost
    • Canceling Student Loan Debt
    • Unsubsidized Student Loan
    • Borrow money from a millionaire
    • H&R block Emerald Advance
    • Chevy offer 0 Financing
    • Days Mortgage Approval
    • Mortgage on 1 million
  • Insurance
    • Subscriber Id Insurance Card
    • United American Insurance Provider Portal
    • Unregistered Vehicle with Insurance
    • Home Insurance Claim Adjuster Secret Tactics
    • Agi renters condo insurance
    • Walgreens accepted insurance
    • Dentist that take caresource
    • Redpoint county mutual insurance company
    • Insurance walgreens accepts
    • Cricket wireless insurance claim
  • Social Security
    • Stop paying child support
    • Home depot health check
    • Beat contempt of court for child support
    • Medical Schools that don’t require mcat
    • Social security Recipients Stimulus check
    • Find 401k Social Security Number free
    • Cash Advance Unemployment Benefits
    • Laminate Social Security Card
  • Ubication
    • Xfinity
    • Spectrum
    • Ice Skating
    • Tattoo Shops
    • Verizon Store
    • UPS store

© 2004 - 2022 allaboutcareers.com