Actuaries can make a very high salary, but it takes a ton of work. Here's what you need to know, recommends Steve Fiorillo, writer for TheStreet.
Are you someone with a love of data and statistics? Someone with a
keen interest in computer software? If you're a math whiz, or even just
someone with a passion for the subject, an awful lot of companies could
use you and there are ways to make a career out of it.
One
such career is an actuary. It's a career that may be heavily associated
with insurance but can be far more wide-reaching than that. If you put
in the work needed to become a professional actuary, you could find
yourself in a lucrative, stable career. But be warned: it's a lot of
work.
If
you think this could be a worthwhile line of work that's worth the
prep, you'll need to ask: what is an actuary, and how can I become one?
What Does an Actuary Do?
An
actuary is essentially an analyst for risk management, doing the math
to figure out how risky something might be and determining how best to
minimize it in the future.
Actuaries
are most often needed in the insurance industry where there is a lot of
financial risk involved in health insurance, life insurance and home
insurance. Here, actuaries use data and a number of factors to determine
just how risky an insurance policy is to give to someone.
An
actuary is expected to determine how likely a risky scenario is to play
out - and then determine a way to minimize that damage. If risky events
keep happening, an actuary could be asked to use their numbers to
figure out how to decrease the times they occur.
Much
of this is done through computer software, since the math is
particularly advanced - it's why you'll need not just math courses, but
computer science ones in your education as well...
How to Become an Actuary
Actuaries
are expected to be in high demand over the next several years, so it's
smart to get prepared for it sooner than later. Becoming an actuary is a
multi-step process that is still ongoing even in the beginning of your
actual career.
Here's how to get your start as an actuary.
Read more...
Source: TheStreet.com