Actuaries Career Information people need most in order to understand job prospects in Actuaries. An actuarial job may seem quite boring, but it is one of the most challenging and high-paying jobs. If you are a math or statistics genius, then this may be the perfect career for you. The actuary’s main responsibility is assessing and quantifying risk and developing means of getting through the risks. Actuaries are largely known for their work in the insurance and pension fields, where they design financially secure benefit programs to protect customers.
Actuaries are the financial engineers of the insurance industry, specializing in either life and health insurance or property and casualty insurance. Basically, they formulate probability tables or employ highly advanced dynamic modeling methods that predict the probability that a potential event will generate a claim.
Actuaries must have a strong background in mathematics, statistics, and business. Typically, an actuary has an undergraduate degree in mathematics, actuarial science, statistics, or other analytical field. Coursework in calculus and business, such as accounting and management, is essential for students as well.
To become certified professionals, students must complete coursework in economics, applied statistics, and corporate finance.
Many employers expect students to have passed at least one of the initial actuary exams needed for professional certification (as described in the certification section) before graduation.
Before becoming a fully qualified actuary, individuals must pass examinations given by either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS) over a period of five to ten years. Students are normally allowed to take the first two examinations while they are still in college. After graduation, students often obtain jobs as entry-level actuaries and work through the certification process while simultaneously gaining some experience in the field
Both the CAS and the SOA have continuing education requirements. Most actuaries meet this requirement by attending training seminars that are sponsored by their employers or the societies.
Traditionally, Actuaries can only employ in life-insurance Companies. But now, the job opportunity increases & they can work in non-life insurance companies, investment consultancies, financial services, banking and stock exchanges.
As a fresher, your income should be Rs. 3 Lacs to Rs. 5 Lacs per year. Candidates who have a 5 to 6 years’ experience as an actuary they can earn Rs. 10 to Rs 15 Lacs per annum. After becoming a fellow of IAI, your salary is Rs 20 Lacs to Rs 30 Lacs per year. It is the fact that today, actuaries are amongst the highest paid professionals.
Actuaries work in all sectors of the economy but they are chiefly concentrated in the financial-services sector, such as investment banks, insurance companies, commercial banks and retirement funds. The state and federal government, corporations and consulting firms also employ them. Non-traditional opportunities exist in the area of financial planning, where the actuary is responsible for reducing financial risks for families and businesses.
Actuaries make up a small occupation and a relatively high pay and comfortable working conditions make being an actuary a desirable career. Students who have passed at least two actuarial exams and have had an internship while in college should have the best job prospects for entry-level positions.
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