04/04/2012
Actuary
Actuaries manage risk.
The future is uncertain and full of risk. Risk is the chance that an undesirable event will occur, but risk is also opportunity. That's where Actuaries come in.
Actuaries are experts in:
• Evaluating the likelihood of future events—using numbers, not crystal balls.
• Designing creative ways to reduce the likelihood of undesirable events.
• Decreasing the impact of undesirable events that do occur.
Actuaries is the leading professionals in finding ways to manage risk. It takes a combination of strong analytical skills, business knowledge, and understanding of human behavior to manage today's complex risks facing our society.
Actuaries're key players on the management team of companies that deal with risk. In a fast-changing world, with emerging risks and the need for more creative ways to tackle them, there are constant opportunities for personal and professional growth.
Actuaries are the analytical backbone of our society's financial security programs. Actuary are the brains behind the financial safeguards in our personal lives, so we can go about our day without worrying too much about what the future may hold for us.
Anywhere risk is present.
The insurance industry can’t function without actuaries. Actuary calculate their costs and determine the premiums for policyholders; and while Actuary don’t forecast the weather, Actuary can tell them how much they can expect to pay in claims after the next Florida hurricane.
Private corporations rely on Actuaries risk evaluation to frame their strategic management decisions. And because Actuaries judgment is highly valued, Actuary career paths often lead to upper management and executive positions.
Actuaries’re also employed as consultants. Whether actuary’re part of a nationwide firm or an independent one-person practice, Actuary help companies design pension and benefit plans, evaluate assets and liabilities, and stare down risk–all alongside top executives.
Actuary work for the government too, helping manage its programs and overseeing public companies to ensure compliance with regulatory laws.
Actuary also work for:
• Colleges and universities
• Banks and investment firms
• Public accounting firms
• Labor unions
• Rating bureaus
• Fraternal organizations
Offering a strong combination of high salary and job security.
No matter the source, actuary is consistently rated as one of the best jobs in America.US News and World Report, the Jobs Rated Almanac, CNN Money, and others all agree: few other occupations offer the combination of benefits that an actuarial career can offer.In almost every category, such as work environment, employment outlook, job security, growth opportunity, and salary (especially salary), a career as an actuary is hard to beat.
Will I have a social life?
Actuaries tend to have desk jobs and work within a professional office environment. They often work at least 40 hours a week. Some actuaries, particularly consulting actuaries, may travel to meet with clients. Consulting actuaries and actuaries who work in the investment banking field may experience a more unpredictable schedule and be expected to work more than 40 hours per week.
On the whole, the actuarial profession affords the opportunity for individuals to achieve a good balance between their work and personal life. As evidence of that, many resources, including the Jobs Rated Almanac, have consistently rated the actuarial profession as a top-ranked job based upon factors including physical demands, job security, and stress, among other criteria.
Growing as an actuary.
The actuarial profession is perfect for individuals who enjoy challenges and problems solving. Those who develop a track-record of success will have many opportunities for growth and advancement.
Most employers of actuaries award merit increases as you gain experience and pass the actuarial examinations. Most companies also offer cash bonuses, salary increases, and promotions for each professional designation achieved.
Skills acquired by actuaries, especially the quantitative analysis of risk, are valued in the marketplace. As such, those who have the will to succeed can aspire to career advancement with an actuarial credential.
While many actuaries work in the insurance industry, the actuarial skill set is being increasingly sought after by industries that have not traditionally employed actuaries. These areas include the financial services industry, marketing/sales organizations, and benefits management firms, among many others.
The Future Actuary newsletter publishes a regular series of interviews to help shed light on non-traditional actuarial careers. Read the interviews to learn how actuaries have ventured into new opportunities and how they have leveraged their unique skill sets to move beyond traditional actuarial career fields.Problem solving, critical thinking, and more
Ask ten actuaries why they chose to become an actuary, and you will get ten different answers, but one theme will emerge from every response: Smart Work. Actuarial work is interdisciplinary at its core. Practicing actuaries draw upon mathematics, statistics, economics, finance, risk management, computer science, and much more to solve problems from how much insurance costs to complicated investment hedging.
Whether you are going to be a Life Actuary or Property and Casualty Actuary, you will be engaged in creative problem solving and critical thinking on a daily basis.
The actuarial exams will provide you with a financial problem-solving toolkit. However, since the issues actuaries have to tackle are rarely by-the-book, their analytic, mathematical, and intellectual abilities are being constantly stretched, tested, and honed.
The typical day of an actuary is anything but typical. Actuaries, especially consulting actuaries, work in an environment of constantly shifting priorities. The field is dynamic because it is influenced by outside forces such as current economic conditions (whether recession or growth), energy costs, legislation, judicial decisions, and technological innovations. No two days are ever the same.
As an actuary you will be faced with countless problems with countless solutions. It will be your job to reach into your toolkit, apply your creative problem solving abilities, and find the best solution.
Taken as a whole, the technical and intellectual challenges, coupled with a constantly varying work environment, make the actuarial profession one of the highest rated careers based on job satisfaction and compensation. The job of an actuary is one of the most unique in the business world and for those who love to learn something new everyday. Actuarial work is smart, challenging, and creative.
