So, You Want to Be an… Actuary?

How much money can you make?

What type of training will it take?

And what does the job actually entail?

Read on to find out whether this is the job for you

What will I be doing all day?

An actuary uses numbers and statistics to quantify the costs of various risks or events. Actuaries typically work for insurance companies, usually specializing in a specific insurance field, researching, designing, and assessing financial strategies to minimize the risk for the company in the event of damages or natural disaster that they would have to cover.

As part of their work, actuaries determine the premiums for insurance policies by calculating risk factors for the event being insured — such as death, fire, flood, unemployment, or property damage — to give the company an accurate picture of how much risk they assume in insuring this client.

Do I have the personality for it?

Aside from having superior math skills, a good actuary is analytical and good at problem-solving, detail-oriented but also good at seeing the big picture, efficient, conscientious, and organized. An actuary also needs good communication skills, to be able to explain complex concepts to laymen.

What kind of schooling do I need?

Actuaries usually need an undergraduate degree, typically in mathematics, actuarial science, or statistics. Students also must take courses in economics, statistics, and corporate finance. A class in computer programming is recommended as well, as actuaries must be proficient in developing spreadsheets, databases, models, and other analytical tools.