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Thursday, May 21, 2015

The Top 5 Skills Every Actuary Needs

Photo: Matthew Johnston
Matthew Johnston, completing graduate studies in Economics at the New School for Social Research in New York City summarizes, "Unless your name is Evel Knievel, you may prefer to minimize your exposure to risky situations as much as possible or, at the very least, minimize the cost of such exposure. If this is so, then you are risk averse and may want to look in to hiring an actuary." 

Photo: Investopedia

An actuary specializes in evaluating the financial implications of risk and uncertainty, devising solutions to reduce the likelihood of undesirable events and decrease the negative consequences of such events when they occur.

Becoming an actuary is another option. The profession boasted a median wage of $93,680 in the U.S. in 2012 and a job growth outlook of 26% between 2012 and 2022. Below is an outline of the majors that an actuary typically studies as well as the top five skills needed to be successful in this profession.

What Actuaries Study To become an actuary, you will need, at minimum, a bachelor’s degree. The most direct route is to major in actuarial science, a course of study that consists of math, statistics, and industry-related topics. However, other quantitative majors can produce well-qualified candidates as well. These majors typically include computer science, economics, mathematics, physics and statistics, among others.

Essentially, any major that includes substantial coursework in mathematics, statistics, business, management, accounting, economics, finance, and computer programming should be sufficient preparation for an actuarial career. However, an education that also includes the humanities, especially English, would be highly beneficial: actuaries have to be knowledgeable in topics such as law and government and must be able to communicate effectively in writing and speech.
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Source: Investopedia