Logical thinkers who like statistical analysis might want to explore a future as an actuary. Actuaries use statistics and formulas to make financial predictions, often (although not exclusively) for insurance businesses. If this role sounds intriguing, consider retraining to improve your skills in order to become an actuary. Online actuary training courses are one way to gain the necessary career skills to join this field.
Actuary Career Skills
Actuaries are educated in the applications of statistics. They create tables that help them predict certain risks, such as those found in life insurance or pension savings. Actuaries are professionals who help determine insurance premiums, among other things. To excel in this career you need to pay attention to details, work independently, enjoy numbers, and be able to communicate the facts from your analysis to others. The ability to use pertinent computer programs is now also an important skill as well.
Actuaries are often found working for insurance companies, but they also work for consulting firms and financial institutions, especially those that prepare pensions. They use data to create predictions that are helpful for to clients. Whether in insurance or working other companies, this career is stable even in a difficult economy.
Online Actuary Training Courses & Other Career Advice
Are you thinking you would like to improve your skills and retrain as an actuary? Online actuary training courses can supply the needed background in math, statistics, computer skills, and more--and they fit most any schedule. Actuaries are also expected to take one or two exams for licensure. If you like working with numbers and statistics, and enjoy applying that data, perhaps retraining as an actuary would be a good match for you.
Career Outlook for Actuaries
- Career qualifications: Bachelor's degree and certification through a series of exams
- Common undergraduate degrees: Mathematics, business, accounting, finance, economics, and statistics
- Preferred career skills: Good interpersonal and communication skills, facility with spreadsheets and databases, knowledge of statistical analysis software, and computer skills including programming languages
- Actuary certification organizations: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS)
- Top actuary industry fields: Life and health insurance and property and casualty insurance
- Projected employment growth: 26% during 2012-22 (Much faster than average)
- Actuaries in the insurance industry: Around 69%
- Opportunities for actuaries: Management positions, health care and financial sector (especially investment banking), and government agencies
- Actuary certification progression: Associate (ASA) level (4-6 years) followed by fellowship (FSA) level (2-3 years)
- Industry that pays top dollar for actuaries: Legal Services
- Industry that employs most number of actuaries: Insurance Carriers