What does an Actuary do?
According to the Bureau of Labor Statistics "Actuaries use advanced statistics and modeling software to determine the cost and probability of an event." "They analyze the risk that an event will occur in order to make a financial investment of that risk and help companies to minimize loss."
Workplace
Many actuaries work full time in the insurance industry. Sometimes they may be required to travel for meetings with clientele.
Actuarial Specializations
Property, Casualty, Health , Life, Pensions, and Finance Risk Managers
Valuation Actuaries determine the reserves needed to cover forecasted claims when setting the price of insurance. Pricing Actuaries predict how much profit a business can make on an insurance product. Consulting Actuaries advise company's benefit programs and pension plans. Pension Actuaries forecast based, on the ages and salary of the members, how much employers need to contribute to their plan to cover payments to these employees once they reach a retirement age. Financial Actuaries model all types of financial risk and have a strong background in statistics. Risk managers are employed and fields outside financial services.
The Casualty Society of Actuaries (CAS) and the Society of Actuaries (SOA) offer two programs leading to professional status: associate and fellowship. The CAS Program is for candidates who want to work in the property and casualty field including automobile, home owner's, medical malpractice, and workers' compensation insurance. The CAS requires passing scores on seven exams for an associates (ACAS) certification. The CAS does not offer fellowship certification in any specific specialization. The SOA programs are for candidates who want to work in life insurance, health insurance, retirement benefits, investments, and finance. Most students pursue certification by the SOA. The SOA requires passing scores on five exams for an associates (ASOA) certification. The SOA fellowship certification is offered in five areas of specialization: life and annuities, group health benefits, retirement benefits, investments, and finance/enterprise risk management. All candidates for both societies take seminars on professionalism and e-learning courses. They also require continuing education requirements which are fulfilled by attending training seminars.
How long does it take to reach professional status?
After graduation it usually takes four to six years for an Actuary to obtain an ACAS or ASA certification. In addition it usually takes actuaries two to three more years to obtain a fellowship status.
Employment Outlook
Employment growth in this field is expected to reach 27% between 2010 and 2020, which is higher than the national average for most other fields.
Salary Information
United States national averages range between $45,000 per year for and entry level actuary to $140,000 per year for a senior actuary.
Most actuary yearly compensation packages include salary plus a bonus.
Salary information resources can be found on the following links:
http://www.dwsimpson.com/salary.html
http://www.ezrapenland.com/salary/
http://www.bls.gov/ooh/math/actuaries.htm
http://www.glassdoor.com/Salaries/actuary-salary-SRCH_KO0,7.htm
According to the Bureau of Labor Statistics "Actuaries use advanced statistics and modeling software to determine the cost and probability of an event." "They analyze the risk that an event will occur in order to make a financial investment of that risk and help companies to minimize loss."
Workplace
Many actuaries work full time in the insurance industry. Sometimes they may be required to travel for meetings with clientele.
Actuarial Specializations
Property, Casualty, Health , Life, Pensions, and Finance Risk Managers
Valuation Actuaries determine the reserves needed to cover forecasted claims when setting the price of insurance. Pricing Actuaries predict how much profit a business can make on an insurance product. Consulting Actuaries advise company's benefit programs and pension plans. Pension Actuaries forecast based, on the ages and salary of the members, how much employers need to contribute to their plan to cover payments to these employees once they reach a retirement age. Financial Actuaries model all types of financial risk and have a strong background in statistics. Risk managers are employed and fields outside financial services.
The Casualty Society of Actuaries (CAS) and the Society of Actuaries (SOA) offer two programs leading to professional status: associate and fellowship. The CAS Program is for candidates who want to work in the property and casualty field including automobile, home owner's, medical malpractice, and workers' compensation insurance. The CAS requires passing scores on seven exams for an associates (ACAS) certification. The CAS does not offer fellowship certification in any specific specialization. The SOA programs are for candidates who want to work in life insurance, health insurance, retirement benefits, investments, and finance. Most students pursue certification by the SOA. The SOA requires passing scores on five exams for an associates (ASOA) certification. The SOA fellowship certification is offered in five areas of specialization: life and annuities, group health benefits, retirement benefits, investments, and finance/enterprise risk management. All candidates for both societies take seminars on professionalism and e-learning courses. They also require continuing education requirements which are fulfilled by attending training seminars.
How long does it take to reach professional status?
After graduation it usually takes four to six years for an Actuary to obtain an ACAS or ASA certification. In addition it usually takes actuaries two to three more years to obtain a fellowship status.
Employment Outlook
Employment growth in this field is expected to reach 27% between 2010 and 2020, which is higher than the national average for most other fields.
Salary Information
United States national averages range between $45,000 per year for and entry level actuary to $140,000 per year for a senior actuary.
Most actuary yearly compensation packages include salary plus a bonus.
Salary information resources can be found on the following links:
http://www.dwsimpson.com/salary.html
http://www.ezrapenland.com/salary/
http://www.bls.gov/ooh/math/actuaries.htm
http://www.glassdoor.com/Salaries/actuary-salary-SRCH_KO0,7.htm