Becoming an actuary will take time, effort, and skill. However, if you are willing to put in the hard work and dedication necessary, you will be greatly rewarded with a career that helps others to manage their financial future while also providing you with a lucrative income.
Actuaries are involved in many areas of business and public life: the insurance industry, banks, investment businesses, government departments, social security agencies, stock markets, health care providers and accountancy firms.
The work of an actuary can be found in every part of the insurance industry. From pricing life insurance premiums to calculating the risk of fire damage, weather events or investment risks, an actuary's work reaches into every aspect of our lives. In order to do this, they use a wide range of skills including business mathematics, statistics and economics. They also need soft skills such as communication and interpersonal skills.
Actuaries are trained in evaluating business processes and identifying areas for improvement. These skills can be used in a variety of roles from taking responsibility for a large portfolio of investments to working with companies on implementing new pension schemes.
There are three areas that you need to focus on:
- You need to understand the career itself
- You will need to develop your quantitative and analytical skills
- You need to be able to communicate effectively with others
As an actuary, you are a problem solver who uses quantitative techniques to analyze and solve business problems. Actuaries use their knowledge of statistics, probability, finance, business and economics to assess risk and uncertainty and estimate the potential cost of financial loss from such things as fire, illness and crime.