Career: Actuaries
To be alive is to face risks. Some are avoidable. For example, if you want to avoid earthquakes, don't move to California. But some risks are harder to control. People can get sick without warning or wind up in an auto accident. And some hardships are inevitable. Much as we hate to think about it, we all die.
Do you find these facts fascinating, if gruesome? If so, consider a career as an actuary. Actuaries make a profession of studying risk.
Actuaries decide how likely it is that various events will happen. Using their knowledge of statistics, finance, and business, they help create insurance policies, pension plans, and other financial plans.
Did You Know?
- A team of scientists predicted that a major earthquake might rock Southern California by September 5, 2004. It turned out to be a false alarm. But the team has correctly predicted two other quakes.
Are You Ready To...?
- Take tough exams to break into the field and to advance in your career
- Make calculations and use statistics
- Make predictions
- Explain technical matters to others
- Help create new financial products
- Testify in court or before public agencies
It Helps to Be...
Someone who loves crunching numbers and enjoys using computers. You'll also need good communication skills, especially if you choose to work as a consultant. Finally, be ready to keep up with changes in areas such as health and business.
Make High School Count
- Take the most challenging math classes that your school offers.
- Sign up for economics, business, and accounting classes.
- Do your best in all your classes. Having a well-rounded education will increase your appeal to employers.
- Read the news to keep up with changes in society that affect the insurance industry.
- Visit the Be an Actuary website, sponsored by the Society of Actuaries and the Casualty Actuarial Society, to learn more.
Did You Know?
- Actuaries are often called "number crunchers," because they spend so much time making calculations and interpreting statistics.
Outlook
Government economists expect jobs for actuaries to grow faster than the average for all occupations through 2014. Change in the insurance business should create demand for actuaries. As the population grows and ages, health and long-term-care insurance will be in demand. Secondly, there's a growing awareness of certain risks, such as terrorism. Insurance companies need actuaries to create products that address these risks.
Many people buy insurance even when budgets are tight. That's why layoffs in this career are rare.
Compensation
According to the U.S. Bureau of Labor Statistics, actuaries earned an average of $91,810 in 2006.
