Actuaries are experts in risk management with a deep understanding of mathematics, business professionals who measure and manage the financial implications of future events—pro and con, certain and uncertain, probable and improbable. They are useful to many industries, insurance, banking and investments, where they serve as trusted financial and business advisors, informing and making decisions that lead to profits, savings, stability and success. This is a global profession with internationally-recognised qualifications, very highly regarded. In fact, due to the difficult exams and the expertise required, an actuarial career can be one of the most diverse, exciting and rewarding in the world.
But how can you become an actuary?
It takes on average between three and six years to qualify as an actuary. In UK, you have to get a good degree (actuarial science, maths, stats, economics, engineering, chemistry or physics), because for most actuarial employers, a 2.1 or better is essential, and after you have to pass the examinations of the Institute and Faculty of Actuaries to become an Associate or Fellow. Instead, in USA, you need many hours of independent study to master actuarial tools and techniques, and after you have to gain credentials by passing a series of exams that validate your increasing knowledge and experience. Actuarial candidate who pass the first segment of requirements earns the Associate of the Society of Actuaries (ASA) credential. After a long training, completing all the following exams, he earns the highest designation of Fellow.
What can an actuary earn?
Actuarial profession is one of the highest paid. Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities. Starting salaries for graduates generally fall within the range of $38,000 to $50,000. Typical salaries for newly qualified actuaries in insurance companies may vary between $60,000 and $85,000, while for senior level are typically more than $90,000. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that.
How to become an actuary