Both of the articles I picked about actuaries are very useful for anyone interested in a career that combine's math and problem solving. It uses a lot of statistics, so you have like working with numbers. The articles I read give a clear picture of what actuaries do and what interests you should have if you intend on becoming one. These articles are also very helpful for students that like math and are trying to decide what to study in college. I am motivated to write about this topic because I have been curious about this career for a long time. It's not a well-known career and reading these articles made me understand more what actuaries do.
Being an actuary is a lot of problem-solving. Most actuaries spend their days working with numbers, analyzing data, and using programs to try and predict financial risks. The work can be demanding because it requires to pay a lot of attention to not make mistakes. Actuaries need to focus for long period of times but it's also rewarding knowing a company is doing well because of your decisions. Many actuaries say the best part of the job is seeing how their work impacts positively companies.This job values logic and patience, and it gives people a sense of accomplishment when their results are accurate.
Actuaries use math and statistics to study uncertain future events and their possible financial effects. They mostly work for insurance companies. In these companies, their role is to figure out how likely something is to happen and what is the best way to react when it happens. Actuaries use this information to help set insurance rates that protect both the company and the customers. Actuaries can also work with pension plans or investments. Basically anything that's related to the likeliness of events happening. Their main goal is to predict risk and help businesses make smart decisions
On a typical day, actuaries spend a lot of time working with computers and data. They analyze statistics and create charts or reports that explain their findings. Much of their work involves using software like Excel or programming languages to calculate probabilities and predict outcomes. In the actuary job, you will also need to meet with managers, clients and other team members to discuss their results. Their day usually mixes quiet and focused analysis with teamwork and communication.
Actuaries can work in different places, but most are in the insurance industry. Actuaries mostly work in an office but after 2020, more and more actuaries started working from home or mix home and office.
To become an actuary, you need a strong background in math. You will need to have completed cegep and then get a degree related to mathematics. You can get a mathematics degree, an actuarial science degree or a statistics finance degree. After finishing school, you must pass a series of professional exams that test your knowledge of probability, statistics and financial theory. These exams are said to be very challenging and can take multiple years to complete.
Actuaries earn a very good salary compared to other professions. According to my articles, the median annual wage for actuaries was around 125000$ in 2024. New actuaries who are just starting out usually makes less, but their pay increases quickly. Those with a lot of experience can earn well over 200000$ a year.
Actuaries need a lot of additional training even after earning their degree. Most of this training comes from passing a long series of professional exams that can take multiple years. Actuaries also continue to learn throughout their careers because of laws and technologies are always evolving and changing.
There are not many physical dangers of being an actuary since most of the work is done in an office, but the job does have some challenges. One of the biggest challenges according to the articles is the pressure to be accurate. One mistake in calculations can cost company a lot of money. The long hours sitting at a desk focusing can also be tiring and stressful.
The chances that actuaries are going to be replaced y robots anytime soon are very low. While computer and artificial intelligence are already used to process data and run models, actuaries are needed to interpret the results and make the important decisions. This is what the robots struggles to do. Technology has helped actuaries by making calculations faster and more accurate but its no where near close to taking their jobs.
Actuaries do not have a fixed retirement age, but many choose to retire around the same time as other professionals, usually between 60 and 65 years old.
In conclusion, I am happy that I had the opportunity to learn more about my future job, and I think this projects is very good for us students. I learned a lot reading these articles and I hope that you have to reading my summary. For anyone that enjoys numbers, critical thinking, and long-term career growth, becoming an actuary is a smart path to follow.
Rationale: to inform or educate
Authority: research journal
Date: still relevant
Accuracy: probably true
Relevance: relevant for this document
Sources: cites sources
Rationale: to inform or educate
Authority: government
Date: still relevant
Accuracy: probably true
Relevance: relevant for this document
Sources: cites sources