This article is for you if you are interested in being an actuary or if you have always wondered about this profession. This article will help to clarify you on this profession.
The actuarial profession is challenging. It is a job that involves mathematics on a daily basis. As an actuary, you will have to analyze facts, risks and returns in order to make a financial planning decision. The work of an actuary is not only about numbers and skills, you will also need to be a good communicator, as an actuary works most of the time with people to be able to set goals and works with them. There are two primary types of actuaries; pricing actuaries and valuation actuaries. Pricing actuaries are responsible for the pricing of old insurance products, projects that have not yet been reviewed or new insurance products. They evaluate the feasibility of features and assumptions. Valuation actuaries are responsible for the calculation of reserves for an insurance company, it is a more repetitive job.
They use their knowledge of finance and statistics to predict how much money a company should set aside for events. So, the two main tasks are to predict when events might occur and to calculate the amount of money to put aside in order to ensure financial losses
At the beginning of his or her career, the actuary will be responsible for the collection, analysis and interpretation of data. They will have to use software such as Excel to evaluate the probability of events, the frequency with which these events may occur for each month in the future. The more experienced actuaries are responsible for making decisions on the given reports. They have the means to make the assumptions and statistics more accurate
Most actuaries work in insurance companies, they calculate premiums, insurance payments and reserves, while protecting people from financial losses.
First, you need at least a Bachelor's degree in mathematics, economics, finance, statistics or business. There is also series of exams to pass, to pass you need at least 70%. Then, you will have to improve your technical skills because you will have to work on computer. After this, you have to get an actuarial internship, for this you have to do it before you graduate from school and pass one exam. The next step is your first entry-level Actuarial position and for this you must have done four to five exams, then there is the associateship, it will be necessary to have completed 7 exams. It's after fellowship that you are considered actuary, and for this you will have to pass all your ten exams.
The annual salary varies between $66 030 for the lowest and $196 010 for the highest.
At the beginning, they are in entry-level actuarial position, it is as if they have the position of intern since they learn everything that happens in the company, so it's the more experienced actuaries that teach them everything. They do the basic tasks, like data compilation.
There is no extreme danger, except the fact that it is a hard and long job, it is often a lot of hours of work. There is also a lot of competition which can become a lot of stress.
The average age of retirement is 65 years.
In conclusion, although being an actuary is difficult and requires a lot of effort and work, I am ready to dedicate myself to it. It's a very demanding job, but it gives you a sense of assurance at the end of the day. I really hope I can make it to this level, I will give all the efforts to do so in any case.
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Rationale: to inform or educate
Authority: personal testimony
Date: still relevant
Accuracy: probably true
Relevance: relevant for this document
Sources: no sources cited