Actuaries are experts who identify financial implications of risks taken by organizations. In other words, they help to determine what companies stand to lose when taking business risks. They make use of relevant theories, statistics, and mathematical calculations to find solutions to risks involved in business ventures.
Actuaries occupy very important roles in the insurance sector. Although, they are equally relevant in the accounting and finance sectors. For instance, an actuary may join heads with an accountant and a market analyst when trying to determine the rate at which consumers demand a product. More so, actuaries take up managerial responsibilities as they are required to suggest business strategies to top-level employees in different organizations. They protect the interests of organizations by speaking against public policies that may not be favorable to their activities.
Most qualified actuaries are found in Insurance companies. They regularly assist in designing insurance policies, as well as creating qualitative and competitive premium charges.
Relevant Skills for an Actuary
Becoming a qualified Actuary already involves lengthy processes. However, most employers still seek those who exhibit good levels of confidence and enthusiasm. Other basic valuable skills in the field are:
Important Training and Qualifications
There are different ways to become an actuary. Although, the most ideal is getting a graduate degree in Actuarial Science from a reputable tertiary institution (some have been listed below). This is because graduates of Actuarial Science must have been drilled in mathematics, physics, economics, and statistics, which are originally distinct disciplines.
Notwithstanding, getting certified by CAS (Casualty Actuarial Society) and/or SOA (Society of Actuaries) is the most recognized and acceptable processes of becoming a professional actuary. These programs usually run for a few years, after which enrollees earn the status of Associates, then, Fellowship.
CAS- Gives certifications to actuaries seeking to work with landlords, property owners, automobile companies and workers’ insurance schemes.
SOA- Gives certifications to actuaries who want to work in the finance sector, investment organizations, life insurance companies, retirement planning, and health insurance companies.
Job Prospects for Actuaries
As seen in many other professions, job openings for actuaries are posted on recruitment sites, magazines, publications and platforms such as “The Actuary”.
Pension boards, Healthcare organizations, Actuarial consultancy companies, Accountancy organizations, Investment companies, and Government Actuaries Boards are the popular employers of Actuaries.
Actuary as a profession is highly valued everywhere around the world. It takes a series of procedures, certifications, and exams to become a fully licensed actuary. This has an effect on its pay scale too- all actuaries are well paid. In recent years, the median annual income for actuaries has been around $100, 000 and it can only get better.
Average Salary in Canada: CA$123,381
Average Salary in the United Kingdom: £64,566
Ideal Universities to Study Actuarial Science.
Illinois State University, United States.
Michigan State University, United States.
University of Calgary, Canada.
Australian National University, Australia.
University of Lisbon (Lisboa School of Economics and Management), Portugal.
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