How to become an actuary

Actuary Career Trends FF 559 731 A 100 In 2010, a study published by CareerCast ranked actuary as the #1 job in the United States. ONE HUN DRED DOLLARS What Is An Actuary? Actuaries are also known as called "Financial Architects". They assess the risk that an event will occur and help businesses and clients develop policies that minimize the cost of that risk. What Do Actuaries Do? 16775 427838 16775 Compile statistical data for further analysis. 16775 328829 321 321 31121 123224 323 321 31121 123224 31121 123224 123224 321 31121 123224 323 323 909 31 31 Estimate the likely 1324 22343 231234 31324 31324 323 322343 322343 4231234 a04 31 economic cost of an 4231234 23324 23324 event such as death, sickness, or a 127838 28829 21 1121 123224 16775 427838 328829 321 23324 natural disaster. 31121 328829 3121 12 224 Design, test, and administer insurance 31 policies to minimize risk. 16775 427838 328829 31324 322343 427838 328829 16775 427838 328829 321 Produce charts, tables, and reports that explain their calculations. 31121 123224 321 31121 123224 323 323 31 31324 322343 4231234 31 16775 31324 322343 4231234 2332 323 427838 31 31324 328829 23324 167 5 427 38 328829 321 16775 321 23324 427838 322343 328829 321 31121 123224 Explain their proposals to company executives, shareholders, and clients. 311 123 323 323 31 31 31324 322343 31324 322343 4231234 4231234 23324 23324 It's Growing Employment of actuaries is expected to increase by 27 percent from 2010 to 2020, faster than the average for all occupations. 27% 4. Reasons For Growth: Need to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks. Changes in healthcare laws. Evaluation required to assess the risks posed to property by the effects of climate change. Increased need to manage employee benefit plans for employers and to do contract work for insurers. How to Become an Actuary Take advanced mathematics courses in high school and also advanced placement (AP) courses, if possible. Step Step 2 Get an undergraduate degree in mathematics, statistics, business, or actuarial science. Take classes outside of mathematics such as in computer science, especially programming languages and classes in writing and public speaking. Step 3 Step 4. Join an actuarial firm in a trainee position and develop your skills while you qualify. Pass a series of examinations often taking 6 to 10 years to gain full professional status. Step 5 Step Gain Licensure Two professional so- cieties sponsor programs leading to full professional status in What's Next? Actuarial Specializations Insurance: Most actuaries work at insurance companies, specializing in a specific field of insurance, such as one of the following: Actuaries in this field help develop long-term care and health insurance policies by predicting expected costs of providing care. Health Insurance Life Insurance Actuaries in this field help develop annuity and life insurance policies for individuals and groups by estimating, on the basis of risk factors, how long someone is expected to live. Property and Casualty Insurance. Actuaries in this field help develop insurance policies that insure policyholders against property loss and liability resulting from accidents, natural disasters, fires, and other events. Others Pension and Retirement Benefits Actuaries Design, test, and evaluate company pension plans to determine if the expected funds available in the future will be enough to ensure payment of future benefits. Consulting Actuaries Provide advice to clients on a contract basis. How Much Does An Actuary Earn? Actuaries are well compensated. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that. In May 2010, The median annual wage of actuaries was The top 10 percent earned more than The lowest 10 percent earned less than $53,100 $87,650 $160,000 Annual Wage According to Industry Median annual wages in various industries in May 2010 were: $ 91,080 $ 89,320 $ 87,410 $ 82,140 Agencies, brokerages, and other insurance Direct insurance (except life, and technical and health, and consulting medical) carriers Management, Management scientific, of companies enterprises related services activities Employment Analysis In 2000, actuaries held 14,000 jobs in the following fields Insurance Property and Casualty Insurance Life and Health Insurance Insurance agents and brokers Pension Funds Corporate Services Management Actuarial and Public relations Consulting Services Others Security and Commodity Government' Agencies Brokers Professional Actuarial Societies The SOA certifies actuaries in the fields of Health Benefits Life Insurance Systems Retirement Systems The CAS gives a series of examinations in the property and casualty field, which includes: Finance and Investment Automobile Homeowners Medical Malpractice Workers Compensation Personal Injury Liability. Abilities Problem Sensitivity Written Oral Comprehension athematical Reasoning ctive Reasoning Number Facility How Long Does It Take To Become An Actuary? | take from could 16-10 years to pass all of the exams It but you can begin a career as an actuary by passing the first two exams, and then taking subsequent exams while working as an actuarial assistant. Actuary Career Trends 0.0040 0.0035 0.0030 0.0025 0.0020 0.0015 0.0010 0.0005 O 0.0000 Jun 11 Aug 11 Oct 11 Dec 11 Jan 12 Mar 12 Apr 12 Jun 12 Source: http://www.simplyhired.com/a/jobtrends/trend/q-Actuary+career+trend/t-bar http://www.pstat.ucsb.edu/actuary.htm http://www.onetonline.org/link/summary/15-2011.00 http://actuarialgrads.com/actuaries%20%20US%20Dept%20of%20Labor%200 caupational%20Handbook%20Information.htm http://www.beanactuary.org/what/?fa=fast-facts-about-actuaries http://www.bls.gov/ooh/Math/Actuaries.htm Infographic By CAREER Careerwithoninedegrees.com with Online Degrees 589388672$ 76 8672$34726533$ 43472 TEL65563 Compre Inductive Reasoning Percentage of Matching Jobs Actuary Career Trends FF 559 731 A 100 In 2010, a study published by CareerCast ranked actuary as the #1 job in the United States. ONE HUN DRED DOLLARS What Is An Actuary? Actuaries are also known as called "Financial Architects". They assess the risk that an event will occur and help businesses and clients develop policies that minimize the cost of that risk. What Do Actuaries Do? 16775 427838 16775 Compile statistical data for further analysis. 16775 328829 321 321 31121 123224 323 321 31121 123224 31121 123224 123224 321 31121 123224 323 323 909 31 31 Estimate the likely 1324 22343 231234 31324 31324 323 322343 322343 4231234 a04 31 economic cost of an 4231234 23324 23324 event such as death, sickness, or a 127838 28829 21 1121 123224 16775 427838 328829 321 23324 natural disaster. 31121 328829 3121 12 224 Design, test, and administer insurance 31 policies to minimize risk. 16775 427838 328829 31324 322343 427838 328829 16775 427838 328829 321 Produce charts, tables, and reports that explain their calculations. 31121 123224 321 31121 123224 323 323 31 31324 322343 4231234 31 16775 31324 322343 4231234 2332 323 427838 31 31324 328829 23324 167 5 427 38 328829 321 16775 321 23324 427838 322343 328829 321 31121 123224 Explain their proposals to company executives, shareholders, and clients. 311 123 323 323 31 31 31324 322343 31324 322343 4231234 4231234 23324 23324 It's Growing Employment of actuaries is expected to increase by 27 percent from 2010 to 2020, faster than the average for all occupations. 27% 4. Reasons For Growth: Need to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks. Changes in healthcare laws. Evaluation required to assess the risks posed to property by the effects of climate change. Increased need to manage employee benefit plans for employers and to do contract work for insurers. How to Become an Actuary Take advanced mathematics courses in high school and also advanced placement (AP) courses, if possible. Step Step 2 Get an undergraduate degree in mathematics, statistics, business, or actuarial science. Take classes outside of mathematics such as in computer science, especially programming languages and classes in writing and public speaking. Step 3 Step 4. Join an actuarial firm in a trainee position and develop your skills while you qualify. Pass a series of examinations often taking 6 to 10 years to gain full professional status. Step 5 Step Gain Licensure Two professional so- cieties sponsor programs leading to full professional status in What's Next? Actuarial Specializations Insurance: Most actuaries work at insurance companies, specializing in a specific field of insurance, such as one of the following: Actuaries in this field help develop long-term care and health insurance policies by predicting expected costs of providing care. Health Insurance Life Insurance Actuaries in this field help develop annuity and life insurance policies for individuals and groups by estimating, on the basis of risk factors, how long someone is expected to live. Property and Casualty Insurance. Actuaries in this field help develop insurance policies that insure policyholders against property loss and liability resulting from accidents, natural disasters, fires, and other events. Others Pension and Retirement Benefits Actuaries Design, test, and evaluate company pension plans to determine if the expected funds available in the future will be enough to ensure payment of future benefits. Consulting Actuaries Provide advice to clients on a contract basis. How Much Does An Actuary Earn? Actuaries are well compensated. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that. In May 2010, The median annual wage of actuaries was The top 10 percent earned more than The lowest 10 percent earned less than $53,100 $87,650 $160,000 Annual Wage According to Industry Median annual wages in various industries in May 2010 were: $ 91,080 $ 89,320 $ 87,410 $ 82,140 Agencies, brokerages, and other insurance Direct insurance (except life, and technical and health, and consulting medical) carriers Management, Management scientific, of companies enterprises related services activities Employment Analysis In 2000, actuaries held 14,000 jobs in the following fields Insurance Property and Casualty Insurance Life and Health Insurance Insurance agents and brokers Pension Funds Corporate Services Management Actuarial and Public relations Consulting Services Others Security and Commodity Government' Agencies Brokers Professional Actuarial Societies The SOA certifies actuaries in the fields of Health Benefits Life Insurance Systems Retirement Systems The CAS gives a series of examinations in the property and casualty field, which includes: Finance and Investment Automobile Homeowners Medical Malpractice Workers Compensation Personal Injury Liability. Abilities Problem Sensitivity Written Oral Comprehension athematical Reasoning ctive Reasoning Number Facility How Long Does It Take To Become An Actuary? | take from could 16-10 years to pass all of the exams It but you can begin a career as an actuary by passing the first two exams, and then taking subsequent exams while working as an actuarial assistant. Actuary Career Trends 0.0040 0.0035 0.0030 0.0025 0.0020 0.0015 0.0010 0.0005 O 0.0000 Jun 11 Aug 11 Oct 11 Dec 11 Jan 12 Mar 12 Apr 12 Jun 12 Source: http://www.simplyhired.com/a/jobtrends/trend/q-Actuary+career+trend/t-bar http://www.pstat.ucsb.edu/actuary.htm http://www.onetonline.org/link/summary/15-2011.00 http://actuarialgrads.com/actuaries%20%20US%20Dept%20of%20Labor%200 caupational%20Handbook%20Information.htm http://www.beanactuary.org/what/?fa=fast-facts-about-actuaries http://www.bls.gov/ooh/Math/Actuaries.htm Infographic By CAREER Careerwithoninedegrees.com with Online Degrees 589388672$ 76 8672$34726533$ 43472 TEL65563 Compre Inductive Reasoning Percentage of Matching Jobs