Being an actuary is a good choice, especially if you like mathematics, finance and data analysis. Jobs related to actuarial science are among the top-rated in the United States. They frequently garner widespread attention because of the great working environment, high job satisfaction rates and lucrative salaries. Here is what you need to consider to get an actuarial job.
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Start Preparing Earlier
You should start preparing for an actuarial job in high school. Begin by taking the right combination of classes and working towards passing them. Doing this gives you a tremendous advantage when you join college. Enroll in the college preparatory program, take advanced placement (AP) classes and place more emphasis on computer skills. You can also attend career fairs for actuarial professions, enroll in actuarial summer program and explore the scholarships that are available.
Get a Bachelor’s Degree
You need to get a bachelor’s degree in actuarial science, economics or commerce from an accredited college or university. These programs usually involve three semesters of calculus, two of probability and statistics, another two of economics and one of corporate finance, business communications and liberal arts. You should show strong skills in mathematics, statistical analysis, economics, business and finance by the end of your degree program. Some colleges and universities require their students to enroll in internship programs before they graduate. You may also consider enrolling for a graduate degree to increase your job prospects.
Get Certifications
You need to apply for certifications from various professional actuarial bodies recognized by companies and the government. Certifications give you a perfect platform for advancing your career, earning more money and staying ahead of the rest. You will do a series of exams before you achieve the professional status as an actuary. The good thing about actuarial certifications is that you have the opportunity to work while completing the examination processes. You can apply for certification at the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). Check their websites to see descriptions of their education and examination requirements.
Brush Up the Skills You Require
Actuaries should possess a superior set of skills to enable them function optimally. You need to have specialized knowledge in calculus, statistics and probability. You must nurture keen analytical, project management and problem-solving skills. Strong communication and computer skills are also necessary.
Take Advantage of Available Opportunities
There are a lot of opportunities available for actuaries. These opportunities can help you build on experience and develop more essential skills. Sufficient experience and mastery of essential skills will give you a competitive advantage over others at workplace. You will begin to realize more success rates, leading to promotions and bonuses.
According to the Bureau of Labor Statistics, the employment rate for actuaries is expected to grow by 18 percent over the next 10 years. This growth is considered faster than the national average rate and represents huge career prospects for those who want to enter into the actuarial field. Apart from promising employment rates, actuaries get good paychecks. They earn a median salary of $97,070 per year.
You don’t have to struggle so much to get a job in an actuarial field. It only takes the right degree, a perfect set of skills, a relevant certification and a positive mindset to become an actuary.
