How to Become an Actuary

Uncertainties govern our life and this makes the future unpredictable. The higher the risk, more are the chances of financial and emotional losses. Man has always tried to reduce the likelihood of undesirable events (risks) by adopting various measures. Actuarial science, a fascinating field, deals with the management of risks. Some losses like death can be healed with time and are often beyond the control of man, however, if certain calculations and analysis by actuaries are successful, they can help manage huge financial losses. This is where the actuary profession has gained immense popularity.

What it Requires to be an Actuary?
Actuaries have become the chief architects of the financial security programs in the US. Frequent occurrence of fires and cyclones have made actuarial jobs more significant. Not surprising that actuary is now rated among the top five jobs in the United States.

Start from College
The years in college are said to be the defining years of our life. The future career development path is set during college years. So, it becomes mandatory that students decide early as to which profession they would love to enter after their studies are over. If a student is interested in actuary then he should focus on receiving an education that is based on a holistic approach of studying business and mathematics. A degree in business, maths, or actuarial science is definitely excellent but streams like economic, arts and sociology are also to be studied for better awareness of various parameters that drive society. The basic and most important requirement is that the mathematical abilities of the student must be very strong. The aspirant must be able to solve problems related to calculus, probability and statistics, which are the three pillars of the actuarial profession. Having knowledge about business accounting, management and computer science can increase the career options for the aspirant. Computers are now an integral part of life and any mathematical calculation, especially those related to higher level research are carried out on a computer, so candidates must learn all the necessary computer skills.

Undergraduate Programs
In the undergraduate years, you must opt for subjects that are suited to the requirements of the actuary profession. One or two semesters of microeconomics, finance and macroeconomics and at least three semesters of calculus, probability and statistics are vital for a student to understand the basics of these subjects. Besides these, courses in communication skills can help an aspirant to hone his social skills. One should also participate in extracurricular activities so that team work skills can be learned effectively. Attending seminars and career fairs for actuarial sciences will help you know more about this profession.

Take Actuarial Exams
If, during your graduation years you focus on actuarial exams, then by the time you graduate you can get entry into the coveted training programs for actuarial sciences. The Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA) are the two committees in the USA and Canada respectively that govern actuarial exams. The exam consists of computer based testing on different subjects related to mathematics. To become a professional actuary, one needs to take these series of exams and consistently pass them for years. Many employers prefer people who clear their exams staying on the job.

The field of actuary is highly rewarding and presents great career opportunities. So, if you are interested in it, then you should proceed with full faith in your abilities. All the best!