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Actuary Career Information, Training and Education
Actuaries specialize in risk. They determine the likelihood of certain events occurring, including death, illness, disability, and car accidents. The information they gather is frequently used by insurance companies to determine risk.
Actuaries also determine the amount of income people will need for retirement planning. As a result, they plan pensions or insurance policies, so people will have the necessary income during their retirement. Actuaries frequently report their conclusions to public officials, managers, and community members. Actuaries are sometimes requested to offer expert testimony during a trial.
Actuaries are usually employed in the insurance industry. Actuaries frequently work for insurance companies specializing in health, casualty, and property insurance. They prepare charts to show the probability an individual will file a claim and how much money it could cost insurance companies. From these charts, companies determine insurance premiums, so they will not lose money. However, charged premiums must be near or similar to the premiums of their competitors.
How do you prepare for this career?
Actuaries must understand common business concepts and math. Many actuaries completed programs in statistics, accounting, finance, economics, math, or actuarial science during college.
Degrees in actuarial science can be acquired at close to 100 universities or colleges while nearly all colleges offer degrees in finance, economics, statistics, and math. Those with degrees in other subjects can get actuarial jobs with some companies, but they must have great math skills and successfully complete the necessary exams. These tests are offered twice a year, and actuarial candidates are encouraged to pass the required tests reasonably quickly.
More people with business and liberal arts degrees are finding jobs as actuaries. Companies are also looking for candidates with good communication and computer skills.
How much will I earn?
50 percent of actuaries made between $58,710-114,570 during 2008. Average beginning salaries for those possessing actuarial science degrees was $53,754 during 2007.
How many jobs are there?
There were nearly 18,000 actuaries During 2008, and 50 percent of them worked in the insurance industry. Brokerage firms and pension funds also employed a number of actuaries. They also worked for public relation and management companies and consulting agencies.
What is the future outlook for this career?
Job opportunities for actuaries should increase at a quicker rate than job growth in other industries until 2016. Since the required tests to begin a career as an actuary is challenging, candidates that pass should find many job opportunities. With demand growing for health care, they will have more job prospects. Actuaries will also be in demand in other industries.
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