Become an Actuary
- Good Wages
- Ability to Solve Problems
- Popular Career
- Job Security
- Rewarding Job
There are several reasons why you might choose to become an actuary. Actuaries are an important commodity in the financial world. They’re especially valuable to insurance companies. Actuaries use their skills and knowledge of data and algorithms to help insurance companies save money. They:
- collect and analyze data
- estimate the probability of loss
- offer advice to insurance companies on what they should charge customers for premiums
Actuary is a career that offers:
- good job growth
- excellent salaries
- an exciting and challenging workday
Here are 5 reasons why you might want to be an actuary.
Good Wages
One motivating factor in becoming an actuary, other than a love of math and crunching numbers, is the excellent wage potential. The U.S. Bureau of Labor Statistics states that actuary wages nationwide ranged from $61,140 to $186,110 as of May 2018. The average yearly wage for actuaries across the nation was $116,250. Affecting wages are factors such as:
- work experience
- employer
- degree level
- location
The states where actuaries earned the highest wages are:
- New York
- Connecticut
- Washington
- District of Columbia
- New Hampshire
Ability to Solve Problems
Working as an actuary puts the candidate in a position where he or she can be a real problem solver. Although actuaries may work for various types of financial institutions, most of them work for insurance companies. Insurance companies pay out millions of dollars in claims each year. They often don’t get a return on their money even with the premiums they get from customers. Actuaries compile and analyze data on drivers to determine their risk factors, which provide them with information on what types of premiums the customer should pay based on the data. Their ability to solve problems by saving the company money is a huge factor in choosing this career.
Popular Career
Actuary is a very popular career choice and one many individuals choose for many different reasons. It:
- has good job security
- offers good wages
- provides the individual with challenging work that is also very rewarding.
U.S. News & World Report ranks actuary:
- No. 11 among Best Business Jobs
- No. 23 among Best STEM Jobs
- No. 24 among Best Paying Jobs
- No. 54 among 100 Best Jobs
All of these factors make it a popular job for the right individual.
Job Security
With the economy fluctuating as it has in recent years, the financial industry has been up and down. Yet actuaries continue to be very much in demand because of their ability to help businesses save money and cut down on risks and losses. The BLS says that they should continue to be in demand for some time to come. They’re expected to see job growth of 20 percent between 2018 and 2028. With so much uncertainty in the job market, many candidates choose actuary as a job choice because of the job security it provides.
Rewarding Job
Few things can make a job more fulfilling and rewarding than being able to solve problems and help others save money. Working as an actuary is extremely rewarding for several reasons. Very seldom do you see actuaries unemployed or laid off from a job. Actuaries are almost thought of as heroes with companies like insurance companies. Why? It’s the actuaries who help them save money and reduce loss. Actuaries are paid very well for their services. Because actuaries are generally people who enjoy working with numbers, it makes sense that actuaries have the advantage of being paid good money for doing something they love doing.
Concluding Thoughts
Although actuary may be an unfamiliar term to many, the career is an exciting one to almost everyone lucky enough to become actuaries. This is a job that exciting. It also offers good pay yet only requires a bachelor’s degree. These are just a few of the many reasons why people choose to become an actuary.
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