How to Become an Actuary

Projected Job Growth: 27%
Projected Employment Change: 5,800

Actuaries are responsible for determining financial risks. They consult with businesses and clients to give financial advice and provide statistics on the costs of events and changes. They also gather data and utilize charts and graphs to illustrate their calculations. According to the U.S. Bureau of Labor Statistics (BLS), this is a field that is experiencing faster-than-average growth, likely due to the increasing demand for business and government finance accountability and transparency.

Why Actuary?

Many industries can benefit from actuary work, and that’s why employment of actuaries is increasing. As there is always a need for assistance in the analyzing of costs and benefits, actuaries should be able to find job positions relatively easily. In particular, the insurance industry requires actuaries to help them determine whether insurance risks are worth the cost. In addition to being a in career field of relatively quick growth, actuaries also can potentially earn a competitive salary. The average is $87,650 annually, according to the BLS, though individual earnings may vary.

Getting Into Actuary

Actuaries must have, at a minimum, a bachelor’s degree. It is also recommended that they become certified in their field. As students, potential actuaries can enroll in online bachelors degree programs or traditional degree programs. The best online degree programs will have actuary students take classes in statistics, mathematics, economics, and finance. Online degree programs should also prepare students to take the certification examinations.