Actuaries do what???
Actuaries use math and statistics to estimate the financial risk of certain events, such as fires and floods. They then use this information to help businesses, like insurance companies, figure out how to minimize financial costs should these events occur.
So you're considering the actuary career, but how do you know if this is right for you?
What Do They Do?
Collect, interpret, and determine accuracy of large amounts of data
Use modelling software to determine trends in data
Determine the probability of certain events happening in the future
Calculate the amount of money companies must invest in the present to cover future costs
Where would actuaries likely be employed?
But Will It Pay The Bills?
In the U.S., the average salary for actuaries is $95,718 USD.
In Canada, the average salary for actuaries is $94,413 CAD.
Compensation may vary depending on years of experience, industry, geographic region, and responsibilities.
You May Like This Career If...
You love math. Actuaries have specialized math knowledge which includes financial math, statistics, probability, and more!
You have great problem-solving skills. Actuaries apply their specialized knowledge to help businesses lower financial risks.
You have strong computer skills. Actuaries must formulate spreadsheets, use programming languages, and master statistical analysis programs.
You May Not Like This Career If...
You don't like math. Actuaries use math, including probability and statistics, daily.
You don't like sitting at a computer all day. Actuaries typically work in an office environment with eyes on a computer screen.
You don't like to take exams. Actuaries must pass a series of professional exams to be recognized as a credentialed actuary.
You want a work-life balance. Many aspiring actuaries work full-time and study for professional exams.
Which Individual Would Be A Good Fit For This Career?
Has great communication skills
Aced all her math courses in school
Loves to find trends in data
Loves to read and write poetry
Shares blog posts on home gardening
Doesn't like to sit for long periods of time
Gets extremely nervous during exams
Loves to paint animals
Tries to keep technology use at a minimum
Who would be a good fit for an actuarial career?
Do you think that becoming an actuary is for you?