Actuary or Analyst -- What makes a great actuary?

  • Detail oriented
  • Strong math, statistical and analytical skills
  • Enjoys statistical challenges and probability

Both the Wall Street Journal and Careercast.com agree that being an actuary is one of the best jobs you can land. Actuaries mathematically determine the probability an event will occur using statistics and other information, so keen math and analytical skills are a must. Actuarial science is an important part of determining cost of insurance and sets the terms and conditions of an insurance policy, including premium costs.

In addition, according to an article by CNN Money, actuaries have jobs in hand before graduating, making their unemployment rate 0%. How's that for job security?

Job Duties

  • Compile statistical data to produce tables and charts examining the calculations
  • Analyze the financial costs of risks and uncertainty, as well as estimate the probability of an event
  • Aid in the design of policies and help determine premiums for said policies

Education

Bachelor's Degree. Actuaries also need to pass a series of exams through the Casualty Actuarial Society. Many students begin taking these exams while still in college to get a jump start on their future career.

job outlook

The U.S. Bureau of Labor Statistics predicts employment will grow exceptionally faster than the average for occupations through 2024 (22% growth).

salary

Based on the U.S. Department of Labor, the average actuary makes over $100,000 annually. Of course this varies by where you live, your work experience and how much passion you bring to your job!