“You must do the things you think you cannot do” Eleanor Roosevelt
If you have an aptitude for mathematics and statistics, then a career as an actuary may be what you are looking for. It is a career that seems to carry high job satisfaction as well as one that is more open to women and individuals from under-represented minority groups (which is the way all professions should operate). Actuaries are in demand, so no matter who you are, if you have been trained in the profession and have the aptitude, skills and talent to do the job, you will most likely not have any difficulties finding employment with this career choice.
So what is an actuary? They are professionals who are very knowledgeable in the subjects of mathematics, statistics and finance and they use that knowledge to analyze the financial consequences of certain risks to businesses and government entities. They help companies plan for the future by helping them focus on their growth while protecting themselves from financial loss.
Actuaries are those professionals who work with insurance industries (life, health, auto, home, pet, long-term care, etc.) where they help to design policies and determine premiums that should be charged to cover various situations. In government agencies and corporations they analyze and calculate the financial consequences and risks associated with matters such as investment options, pension funds, Medicare/Medicaid, Social Security, etc. They do this via mathematical and statistical theory and modeling.
Actuary is considered one of the professions within the STEM category and will continue to need trained individuals in the foreseeable future. That is why the Bureau of Labor Statistics (BLS) projects that the growth rate for actuaries will be 18% between the years of 2014 and 2024, which will add approximately 4.400 new jobs in the industry during that time frame.
First of all, according to U.S.News and World Report, actuary is ranked #4 on the list of Best Business Jobs and #6 on the Best STEM Jobs list. As I looked at the profession, one of the things that stood out to me was the fact that there tend to be a high job satisfaction rate for those working in the field. Many actuaries express high satisfaction with their job because of the good work/life balance it affords them and low stress level. other reasons contributing to the high job satisfaction include the following:
- challenging and intellectually stimulating work
- the opportunity to have a positive impact on people’s lives and society’s financial stability
- career advancement with increase work experience
- great financial compensation.
In relation to the financial compensation for actuaries, the Bureau of Labor Statistics (BLS) reported that in 2015, their average income was $97,070. Their income level can increase significantly into the six figure category as they gain experience in the field and add to their credentials.
What Does It Take To Be An Actuary?
It takes an aptitude for mathematics, which is something that can be developed as students go through their middle and high school years, by taking as many math courses as possible including advance math courses. You also need to to have a knowledge of computers , as a significant portion of the work will be done using computer software. Good communication skills are also needed to succeed in this field.
As far as educational requirements are concerned, people who are hired as actuaries need to have a 4-year college degree. Some may chose to obtain a bachelor degree in actuarial science from one of the over 100 colleges or universities offering that type of degree. However, a degree in math, statistics, economics, engineering, business, and finance have also proven to be good training for an actuary career. Keep in mind that people with degrees in other disciplines, such as human services and fine art, have also been hired into the profession. It is mainly your ability in math and statistics that will be tested and evaluated for you to gain credentials as an actuary.
Actuaries gain credentials at what is called the Associate and Fellowship levels. Those credentials will come through testing and certification via 2 actuary societies. The societies are as follows:
- Society of Actuaries (SOA) — which certifies actuaries working in life and health insurance, retirement benefits, investment and finance.
- Casualty Actuarial Society (CAS) — which certifies actuaries working in automobile, fire and liability insurance and workers’ compensation.
Each of the societies administers a series of approximately 6 exams before one can gain the credentials of an Associate. It will take an individual at least 4 to 6 years to complete the series of exams. This is due to the fact that the exams are very involved and rigorous and usually requires one to dedicate 100 hours of study for each hour of exam time. In other words, if you have a 2 hour exam you will need to dedicate 200 hours of study time for the best chance of passing.
After gaining Associate level, one can then take another series of test to reach Fellowship level, which will take an additional 2 to 3 years.
One does not have to complete all the exams before being hired as an actuary. Usually students will join the societies and complete one or two exams while in college in order to be hired in an entry level actuary position with an employer upon graduation. Once hired, many employer will provide financial resources to their employees as well as allotment for study time to assist them in their effort to complete the remaining exams.
Major Companies Currently Employing Actuaries
Some of the major companies that currently hire a significant amount of today’s actuaries include the following: Towers Watson. Liberty Mutual Group, Mercer, Prudential. ING, Metlife, Aon Hewitt, and PricewaterhouseCooper. This list only gives a sampling as many companies, especially most insurance companies, utilize the services of actuaries.
Scholarships
- Actuary of Tomorrow – Stuart A. Robinson Memorial Scholarship
Deadline: June 1, 2017 Award: $9,000
Eligibility requirements are as follows :
- full-time student entering as a sophomore, junior or senior at a U.S. accredited educational institution
- GPA of at least 3.0
- successfully completed at least 2 actuarial exams.
To apply go to: Stuart A. Robinson
2. D.W. Simpson 2017 Actuarial Science Scholarship
Deadline: October 31, 2017 Award: $1,000
Eligibility requirements are as follows:
- entering senior year of undergraduate study in actuarial science
- GPA of 3.2 or higher in their major and an overall GPA of 3.0 or higher
- have passed at least 1 actuarial exam and eligible to work in the U.S. full-time without requiring employer sponsorship.
To apply go to: D.W. Simpson
3. Bruce Lee Foundation Scholarship
Deadline: June 9, 2017 Award: Up to $10,000
Eligibility requirements are as follows:
- be a student aged 16 years of age or older
- be attending or will be attending a 2-year college, 4-year university, graduate school or licensed trade and vocational school in the U.S. in the fall of 2017
- be involved in extracurricular activities
- have work experience or demonstrated community service
- demonstrate personal drive
- have knowledge of and/or identify with Bruce Lee and his insight.
To apply go to: Bruce Lee
4. “From Failure to Promise” Essay Contest
Deadline: July 31, 2017 Award: Up to $10,000
This essay contest is opened to high school seniors, undergraduate and graduate students who hold at least a 2.5 GPA. The student must submit an essay of at least 1500 words that address three topics related to the book “From Failure to Promise – 360 Degrees”.
To apply go to: From Failure to Promise
5. Platt Family Scholarship Prize Essay
Deadline: July 31, 2017 Award: $1,500
Eligibility requirements are as follows:
- must have been a full-time undergraduate student in a U.S. college or university during the spring semester
- must be able to confirm attendance at the college or university
- U.S. citizenship is not required
- submit a 1,500-5,000 word essay which address writings, speeches and policies on Abraham Lincoln’s position on immigration –looking at whether his position has evolved and whether it is relevant to today’s contemporary debate.
To apply go to: Lincoln Forum
6. Patsy Takemoto Mink Foundation Scholarship
Deadline: August 1, 2017 Award: $5,000
Eligibility requirements are as follows:
- must be a woman at least 17 years of age
- must be a mother with minor children
- must be pursuing a vocational degree/certificate, an associate degree, a first bachelor’s degree, or a professional/master’s /doctoral degree
- must be enrolled in a not-for-profit accredited institution or program during the 2017-2018 academic year
- must be low income.
To apply go to: Patsy Takemoto Mink
7. Spirit Button Academic Scholarship
Deadline: August 1, 2017 Award: $2,000
Eligibility requirements are as follows:
- must be a U.S. citizen who is currently enrolled in or about to be enrolled in an accredited 2-year or 4-year college in the U.S.
- must submit a 700-1,000 word essay on the topic of “what inspires me most in life and why”.
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