$140K - $200K+ per year
$80K - $90K per year
(1 to 3 years)
Start a career as an Actuary! Learn how to calculate the premiums and risks for insurance by compilation and analysis of statistical data. Below are links to specific information regarding Actuary responsibilities, requirements, salary and application in different fields.
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What do Actuaries do?
Actuaries use statistics, financial theory, and mathematics to analyze the financial costs of risks and uncertainty. They assign a monetary value to an uncertain future event. Actuaries might help with the premium pricing for consumer policies, or determine the value of an insurance company using current data and estimating future profits.
Many large businesses, like Fortune 2000 companies, hire multiple actuaries to work with risk management, underwriting, and legal teams. Most actuaries work for insurance companies, but can also find employment with banks, investment firms, hospitals, and government entities.
Why is actuary science a good career path?
Becoming an actuary is one of the highest levels in accountancy for finance & accounting professionals. With the rise of big data, the actuary industry is seeing growth and evolving by adopting newer technologies that have come out within the last decade. The Bureau of Labor Statistics (BLS) estimates an 18% growth in actuary jobs from 2019 to 2029.
This is great field for anyone who's completed or looking to pursue a bachelors degree in Statistics, Accounting, Finance, Risk Management, or Mathematics. Any bachelors degree will do, but some degree plans, like Actuary Science, may be eligible to receive credit for certain preliminary exams. There is a straight forward training path in becoming a Certified Actuary, but the process may take around 10 years from start to finish. Lastly, the salary for actuaries are one of the highest in the industry.
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