Actuaries are business professionals who used sophisticated calculations to measure financial risk to know how it will impact business. They also help insurance firms and businesses to make better financial decisions and manage risk. Actuaries use their knowledge of statistics, mathematics and financial management skills to evaluate the likelihood of events and their impact. According to the U.S bureau of Labor Statistics (BLS) actuaries use various set of data to estimate the probability of events; injuries, sickness, accidents and deaths. Some of the common duties of an actuary include: gathering relevant data, analyzing data. Developing and testing strategies to manage risk and giving feedback to clients.
Most actuaries are employed by insurance companies that special in fields such as life, property and casualty insurance. Some work in pension and retirement benefit schemes and as risk managers in investment firms. Most actuaries either work full in an organization or become a consultant who privately meets clients. Some actuaries do both.
Actuary education requirement
You must have a university degree to become an actuary but you don’t need to have an undergraduate degree in an actuarial science program. One must be certified by Casualty Actuarial Society (CAS) or the Society of Actuaries before working as an actuary. Employers prefer those who have strong grades in mathematics, statistics and business. You must complete a degree in a major such as mathematics, finance, statistics and economics to pursue a career in actuarial science.
Actuarial science degree online
Doing an online actuarial science degree online is the greatest way to prepare for an actuarial science degree.Typically most actuarial courses are offered at a graduate level. You need to have a strong foundation in mathematics, computer science, statistics or financial management to be considered
- University of Washington in Seattle
- Columbia University in New York City
- Saint John’s University
What is life insurance actuary salary?
Job prospects for actuaries are projected by the Bureau of Labor of Statistics (BLS) by 18% between 2014 and 2024. According to BLS an actuary had a median salary of $ 97,070 in 2015.