A career as an actuary can be incredibly fulfilling and interesting, but it’s not a career that many people have heard of before.
So what does an actuary do? An actuary is responsible for evaluating risk in an insurance company. You need a bachelor’s degree and to pass several professional exams in order to become fully qualified, but once you are you can make $150,000+ annually.
There’s so much conversation about how much to study; people overlook how to study.
I fell into this trap when studying for my first actuarial exams.
I set my goal for 300 study hours, and then I locked myself away for 2-3 months. I remember forgoing a spring break vacation so I could study for 4-6 hours per day. I took pride in my marathon study sessions; I took pride in being busy.
If you’re thinking about writing an actuary exam soon, you’re probably curious about how much it’ll cost to take the exams.
How much do actuary exams cost? The first 2 exams are $225 USD. Costs gradually increase to $1,125 USD as the exams get more and more advanced. Study material costs can range from $0 to $1,500+ depending on the exam and your choice of materials.
If you’re an engineer looking to make a career change then becoming an actuary is definitely a career to consider.
But first off, can an engineer even become an actuary? Yes! With a bachelors degree and strong willingness to put in the effort needed, an engineer can become an actuary.
Not sure what an actuary does? Well, you’re in the right place!
An actuary is a career professional that specializes in risk quantification. This means that they’re able to foresee the timing and financial impact of random events that may occur in the future, like a car accident or the onset of a life-threatening illness.
Actuarial exams aren’t the only thing that employers look at when they’re considering hiring a new entry-level actuary. Excel skills are important too!
If you want to be successful on the job, you will need to know how to use Excel functions such as if-then statements, vlookups, summations and averages. Being able to use pivot tables, graphing features, named ranges, sorting capabilities, and VBA will all come in useful as well.
If you’re trying to decide whether or not the actuarial career path is a good fit for you, you’ll want to make sure you embody all 5 of these characteristics.
1. You’re interested in the concepts behind insurance.
2. You’re a problem solver.
3. You’re self-motivated, goal-oriented, and don’t give up easily.
4. You’re detail-oriented.
5. You desire a professional, high salary career with just a bachelor’s degree.
Becoming an actuary isn’t something that can be done quickly. There are 5 requirements that need to be met, and it takes years of hard work and dedication to do so.
So, what are the requirements to be an actuary?
1. Get a Bachelor’s degree.
2. Pass 10 actuarial exams.
3. Pass several online courses.
4. Attend conferences.
5. Continuing education.
If you’re serious about getting an actuarial job, you may be considering grad school as a way to make yourself more competitive in the job market.
Will getting your Master’s help in landing a job as an actuary?
It’s unlikely that getting a Master’s degree in actuarial science will have a significant impact on your ability to get a job as an actuary. However, it may help you pass actuarial exams quicker.
If you’re considering a career path as an actuary, you’ve probably wondered how difficult it’s going to be to get a job.
So, is it hard to get an entry-level actuarial job?
The entry-level actuarial job market in Canada and the U.S. is fairly competitive right now. For many, it’s hard to find a job but there are things you can do to improve your chances. Getting an actuarial internship, for one, will help substantially.