Actuaries are trained experts in the fields of Economics, Statistics, and Mathematics who are talented professionals. They assist with risk assessment and premium estimation for all types of insurance businesses. Actuarial recruitment agencies look for candidates who can be responsible for tasks including developing new risk analysis techniques, working with statistical data, and reviewing company policies.
A candidate from a science or business background who has taken Mathematics and Statistics as core subjects can apply to become an actuary. They can enroll in undergraduate and graduate-level actuarial science programms such as the BSc in actuarial science, the PG diploma in actuarial science, the MSc in actuarial science, or the MBA in actuarial science.
After earning a degree in one of the actuarial courses, a candidate can get into investment companies, hospitals, big organisations, and government agencies through recruitment consulting, where they can earn an annual salary of around $125,000 with considerable increments. A senior actuary’s annual salary might exceed $300,000.
Quick Facts About Actuarial Career
What does actuary mean?
Actuaries evaluate risk by looking at data and statistics. They are the experts in charge of determining your insurance rates, making sure your retirement plan satisfies your financial requirements, and much more. They employ technologies to assist businesses in identifying prospective risks and minimising the damaging impacts of conceivable future occurrences. Actuaries provide firms with future planning assistance and loss protection. Their work is crucial to the insurance sector, as they assist in creating lucrative yet affordable rates and policy designs.
Why should you consider a career as an Actuary?
According to the US Bureau of Labor Statistics, the actuary industry is anticipated to develop by 18% between 2019 and 2029, which is a rate much higher than the total labour market. Actuarial recruitment agencies hire a significant number of talents every year and the profession beats other quantitative scientific careers in terms of pay, offering an income that is over three times that of typical employment. Good demand and high pay provide you with the chance for a stable and successful career.
Actuaries frequently have a full-time, flexible schedule that allows for a healthy work-life balance and pleasant working circumstances in an office setting. In addition to these advantages, Forbes magazine labeled it one of the greatest occupations for women, and career expert Laurence Shatkin’s list of “150 Finest Recession-Proof Jobs” ranked it as one of the best sectors in a downturn.
Getting Started as an Actuary
Use any bachelor’s degree to begin a career in actuarial science, most actuaries major in mathematics, actuarial science, statistics, or another analytical discipline. To become certified, one must complete courses in corporate finance, statistics, and economics. Actuarial recruitment agencies consider individuals who have good knowledge of computer science, programming languages, professional communication skills, and other subjects outside math and business.
How to land a job as an Actuary?
Recruitment consulting helps Actuary professionals to get into life insurance, health insurance, retirement benefits, investment, and finance industries. Employers often anticipate that by the time entry-level actuaries graduate from college, they will have passed one or more certification tests. Actuaries attend seminars frequently funded by their companies or professional bodies as part of their continuing education to preserve their certification status.
Getting Started as an Actuary
You might get in touch with recruitment consulting to help you get Internships, which might eventually help you choose the career path you want to follow because there are many different specialisations available, including health, life, pension, casualty, and more. You may find employment with an insurance company, consulting firm, government agency, employee benefits division, hospital, bank, or insurance company; in fact, you could find employment with any organisation that requires professionals to manage financial risk.
When you start working as a professional, you will probably start as a trainee on a team alongside actuaries who have more experience. While you could begin with simple responsibilities, as you acquire expertise and pass more certification examinations, your employment position will develop.
Most businesses will assist you in getting certified. In most cases, your employer will pay for your textbooks and tests. Numerous firms also provide compensated study time, and your coworkers could organise study clubs. With each certification you obtain, you should see evidence of your achievement in the form of a bonus, pay increase, or promotion.
Technology and Actuarial Careers in the Future
The work environment is changing across numerous industries, and the actuarial profession is one of those most affected. Knowledge of relevant software and programming languages is among the most in-demand talents today. Recruitment consultants want actuaries who are proficient with technology, such as:
Software for data entry and database queries, such as Microsoft SQL Server, Oracle, and SQL Financial analysis software, such as GGY AXIS and Oak Mountain Software AnnuityValue Object- or component-oriented development software, such as C++, Oracle Java, Python, and R Presentation software, such as Microsoft PowerPoint.
Also Read: How to turn your Internship into a Job