Actuary

Actuaries use their wide range of knowledge in the fields of math and statistics as well as business and finance probability to come up with the premiums of insurance plans. Actuaries work with insurance companies that specialize in many things including life insurance, health insurance, automobile insurance, and homeowners insurance.

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KEY SKILLS

  • Analytical 

  • Problem Solving 

  • Math Proficiency

  • Computer Skills

  • Finance

  • Communication

  • Interpersonal Skills

  • Communication skills

  • Analytical

  • Numerical

  • Inquisitive

  • Business 

  • Understanding Human Behavior

  • Decision-Making

PROS

  • You can individualize your career trajectory

  • There’s great earning potential and growth rate

  • Actuarial science is a great way to incorporate multiple disciplines into your career

  • Not physically demanding

  • Job security

CONS

  • You have to put in a lot of work to achieve your destination

  • There is very little room for error

  • Don’t be surprised if your computer is your closest coworker

  • Erratic, long hours

  • Frequent travels

OPPORTUNITY TYPES

GOT WHAT IT TAKES?

  • Companies

  • Freelancer

  • Agencies

  • Life Insurance

  • General Insurance

  • Health Insurance

  • Reinsurance Companies

  • Pension Funds

  • Consultants

  • Investments

  • Government

  • Academia

  • You love to compile statistical data and other information for further analysis

  • You can estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster

  • You love to design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability

  • You love to produce charts, tables, and reports that explain calculations and proposals

  • You can explain your findings and proposals to company executives, government officials, shareholders, and clients

KEY OPPORTUNITIES

Books

Podcasts

Networking Groups

Interesting Facts about the career


  • There’s only one degree of separation between the world’s most famous comet and actuarial science. Edmund Halley, the mathematician whose namesake was given to Halley’s Comet, invented the first mortality table in 1693. This table, along with Halley’s formula to calculate the probability of life expectancy, then formed the basis of the actuarial profession.  

  • Actuaries are going green. Their skills play a key role in the sustainability movement. Economic activities and the environment often impact each other and actuaries are equipped to forecast long-term viability, assess risks, and estimate the environmental sustainability of economic decisions. 

  •  Actuaries have spent a fair share of time on the silver screen, from the classic Double Indemnity to the futuristic Tron, actuaries have steadily made intriguing characters in a host of Hollywood films.  

  •  An actuary, Elizur Wright, is regarded as the “father of insurance.” Wright was a Yale graduate in 1826 who took a vested interest in life insurance reform and went on to develop actuarial tabulations.   

  • Contrary to myth, actuaries aren’t solitary. Since risk affects entire organizations, actuaries need to be effective communicators with strong business and interpersonal skills so that they can work collaboratively with other departments. Many actuaries also work as consultants who travel to help different companies, making their collaborative spirit even more essential.  


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