Add to this excellent pay, many job opportunities, and paid study time while you work towards certification–and you have a hidden gem of a career. With intense analytical abilities, actuaries help businesses plan their future and insulate them from losses. Last Updated: March 28, 2019 As big data becomes more embedded in the industry, computer programming and data analysis skills will continue to rise in importance. By using our site, you agree to our. But many employers offer compensation for study time to complete further exams, so this educational benefit, which is standard in the industry, can help those starting out to continue through to certification. Starting Your Actuary Career Does Western WA University have an actuarial science program? Send a friendly email introducing yourself along with a copy of your resume. Better computer skills will definitely place you in the upper echelon of candidates and ensure you enjoy success in the field. Your experience in other careers may help you in the business aspects of working as an actuary, but the real skills you will develop along the path are very specific to the job. Education Requirements to Become an Actuary. To become an enrolled actuary, candidates must meet certain education and experience requirements and complete two Joint Board examinations. Our mission: GetEducated.com Include your email address to get a message when this question is answered. References. These courses can be taken once you have passed your first two exams, and you can take these courses online. This will demonstrate your aptitude for the type of math and other skills required on the job and show recruiters you are serious about your commitment to the industry. Actuarial careers consistently rank as one of the best jobs in our economy, and this is likely to increase as we come to rely on data in more and more industries. Gradually, C++, SAS, and VBA programming languages are also becoming requirements and you are better off learning these soon rather than later. Arts students need to take the greatest number of side subjects, including some actuarial mathematics courses. Expand all sections. These new uses provide ongoing challenges for actuaries and regulators alike, in following and enforcing rules to govern the use of data in an acceptable and legal manner. Technology, therefore, plays a critical role in the profession. These societies administer a series of six actuarial science exams that typically take four to six years to complete for associate status, and a series of three exams that take another two to three years to achieve fellowship level. Actuaries are responsible for maintaining high ethical standards, engendering trust from both regulators and the general public. Especially in math and computer science. After you have passed the first couple of exams, you will be able to land a job as an actuarial analyst. However, actuaries are often the “quarterbacks” of these teams because of their use of professional judgement and experience providing trusted information to both the public and to regulators. Beyond the first few tests, the course material can get extremely complicated and failure in a few exams is quite normal. Step One: Earn a Bachelor’s Degree. The Bureau of labor statistics says that by 2022, the demand for actuaries will increase by 26 percent. Depending on the region, the number of years might differ. As stated above though, there are many different actuary education paths. If you're still in high school, focus on taking math and computer science courses. The governing body for actuaries is the Australian Institute of Actuaries. Most actuaries begin their careers with a bachelor’s degree. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/9\/91\/Become-an-Actuary-Step-1-Version-2.jpg\/v4-460px-Become-an-Actuary-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/9\/91\/Become-an-Actuary-Step-1-Version-2.jpg\/aid2441100-v4-728px-Become-an-Actuary-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"

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\n<\/p><\/div>"}. This job description involves a large use of … After graduating from college, it can take about 5 years to become an actuary. Every successfully completed exam may provide you with additional work responsibilities and a corresponding pay increase. Internships provide valuable experience and help an aspiring actuary’s resume, but they are also a great way to test the waters and see how you feel about work that is related to the field. Improve your technical skills. Prepare by taking practice exams. To become a qualified actuary, it takes between seven and 10 years. If you haven't yet started college, talk to students who are majoring in actuarial science. Complete Additional Courses (If Necessary) Students completing a degree in … InsurTech, or the digital tools that continue to advance the science of data handling and analytics, has led to new products, new distribution channels, and new risks for companies. In addition to passing the seven exams, there are Validation by Educational Experience (VEE) courses in economics, accounting, and statistics that are required to become an associate level actuary. These exams are administered by the either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS), and are used in both the United States and Canada, though Canadians will also want to register with the Canadian Institute of Actuaries. Attain associateship. Please consider making a contribution to wikiHow today. 1. Becoming an actuary is a process that takes very long period. Extremely high grades are required to become an actuary - mostly A’s and B’s. Most people start with a maths-based degree at 2:1 or above and begin taking actuarial exams once they have secured a graduate role. An actuary starting salary exceeds remuneration paid at the beginning of many other professional careers. Step # 2: . Actuaries often work in management groups of large corporations that deal with a lot of risk. The independent, trusted guide to online education for over 23 years! Contact your career center to do a mock interview. However, there is no requirement to complete your undergrad before starting the certification exams. Include your GPA, which actuarial science recruiters expect to see. Actuaries often work on multidisciplinary teams with statisticians, computer scientists, and data scientists when working with big data. We use cookies to make wikiHow great. The one caveat was that these students have to demonstrate initially they can do the work.

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