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Actuary

Floppin

By Floppin,
in Huddle Lounge

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charlotte49er Newbie

charlotte49er

Posted
Posted

I'm thinking about a career change. I'm seriously considering getting a syllabus and attempting to begin Actuary examinations. You can get a job with only one test under your belt. Does anyone know any actuaries or are one themselves?

Go rent "Along Came Polly" and watch it a few times. After seeing that, you may change your mind. LOL

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ladypanther Grand Master

ladypanther

Posted
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You can take 1 test and be one? I read this and still have no idea what one does.

An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms (Trowbridge 1989, p. 7).

Actuaries mathematically evaluate the likelihood of events and quantify the contingent outcomes in order to minimize losses, both emotional and financial, associated with uncertain undesirable events. Since many events, such as death, cannot be avoided, it is helpful to take measures to minimize their financial impact when they occur. These risks can affect both sides of the balance sheet, and require asset management, liability management, and valuation skills. Analytical skills, business knowledge and understanding of human behavior and the vagaries of information systems are required to design and manage programs that control risk (BeAnActuary 2005a).

The profession has consistently ranked as one of the most desirable in various studies over the years. In 2006, a study by U.S. News & World Report included actuaries among the 25 Best Professions that it expects will be in great demand in the future (Nemko 2006). In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands and stress. In 2011, the same study ranked the profession as the third best job (Streiber 2011).

http://en.wikipedia.org/wiki/Actuary

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Floppin Grand Master

Floppin

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You can take 1 test and be one? I read this and still have no idea what one does.

http://en.wikipedia.org/wiki/Actuary

Yep, you can get an entry level position paying around 55k by taking one test. It takes between 5-10 years to complete all the tests and become a fully certified lead actuary, however. I've always had an innate propensity for math, completed through calc II in high school and completed more than was necessary for my History degree. I never wanted to really do anything with math, but this field intrigues me.

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charlotte49er Newbie

charlotte49er

Posted
Posted

It does pay well.

Is there much of a job market for it?

I would think as the Baby Boomers age that there would be more of a need of an actuary. Then as the kids born in 1957 start to dwindle, there would be less of an need.

I would guess being an actuary is much better than to try and sell life insurance.

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Johnny Rockets Rookie

Johnny Rockets

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There's insurance companies that are always hiring for actuaries, it's a good place to start anyhow.

I am in the insurance industry and actuaries are in high demand. Entry level for one at the company I work at pays $85K. Definitely takes a certain type of person to get into that field though. Fully certified easly brings in well into the 6 figure range.

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