Providing a business professional advice & analyses in financial risk management.
How to Become an Actuary
Have you ever wondered why insurance companies charge customers different rates? Whether we are talking about life, health, car or home insurance, policy holder's base rates on a number of factors. At the end of the day, these factors are used to answer one simple question: how risky is it to insure this customer? As you might expect, the riskier the client, the higher his monthly premium.
The professionals whose job it is to analyse these risks are called actuaries. They are, in a sense, the fortune tellers of the business community. But instead of using crystal balls or tarot cards, actuaries rely on science and maths. All actuaries are statisticians who examine past numbers as a reliable guide of future risk.
Why become an actuary? There is a reason why actuaries have some of the highest job satisfaction scores in the industry. The work is challenging and intellectually stimulating. Actuaries are also highly respected members of the business community and their opinions carry a lot of weight. No, they won't win a tourism association award
How can you become an actuary? About sixty percent of all actuaries work for the insurance company. The rest are employed as consultants or at large corporations like banks, investment houses or hospitals. Depending on the industry, an actuary must pass a series of exams and obtain certification to work in that field.
Ideal candidates are expected to have a strong background in maths and science as well as the liberal arts. Since being an actuary also requires knowledge of human nature, candidates are encouraged to complete classes in the social sciences and history.