| Careers - Actuary |
Local Programs:Gonzaga University Nature of the work:Through their knowledge of statistics, finance, and business, actuaries assess the risk of events occurring and help create policies that minimize risk and its financial impact on companies and clients. One of the main functions of actuaries is to help businesses assess the risk of certain events occurring and formulate policies that minimize the cost of that risk. For this reason, actuaries are essential to the insurance industry. Actuaries assemble and analyze data to estimate the probability and likely cost of an event such as death, sickness, injury, disability, or loss of property. Actuaries also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income level and the way in which a company should invest resources to maximize return on investments in light of potential risk. Using their broad knowledge of statistics, finance, and business, actuaries help design insurance policies, pension plans, and other financial strategies in a manner which will help ensure that the plans are maintained on a sound financial basis. Employment Experience:Actuaries have desk jobs, and their offices usually are comfortable and pleasant. They often work at least 40 hours a week. Some actuaries—particularly consulting actuaries—may travel to meet with clients. Consulting actuaries also may experience more erratic employment and be expected to work more than 40 hours per week. Training, Education and Licensing:Actuaries need a strong foundation in mathematics, statistics, and general business. They generally have a bachelor’s degree and are required to pass a series of exams in order to become certified. Usually, actuaries earn an undergraduate degree in mathematics, statistics or actuarial science, or a business related field such as finance, economics or business… Furthermore, many students obtain internships to gain experience in the profession prior to graduation. About 100 colleges and universities offer an actuarial science program, and most offer a degree in mathematics, statistics, economics, or finance. Two professional societies sponsor programs leading to full professional status in their specialty: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The SOA certified es actuaries in the fields of life insurance, health benefits systems, retirement systems, and finance and investment. The CAS gives a series of examinations in the property and casualty field, which includes car, homeowners, medical malpractice, workers compensation, and personal injury liability. Advancement:Advancement depends largely on job performance and the number of actuarial examinations passed. Actuaries with a broad knowledge of the insurance, pension, investment, or employee benefits fields can rise to administrative and executive positions in their companies. Actuaries with supervisory ability may advance to management positions in other areas, such as underwriting, accounting, data processing, marketing, and advertising. Increasingly, actuaries with knowledge of business are beginning to rise to high level positions within their companies, such as Chief Risk Officer, Chief Financial Officer, or other executive level positions. Job Outlook:Employment of actuaries is expected to grow rapidly through 2016. Job opportunities should remain good for those who qualify, because the stringent qualifying examination system restricts the number of candidates. Employment of actuaries is expected to increase by about 24 percent over the 200616 period. Salary:According to the National Association of Colleges and Employers, annual starting salaries for graduates with a bachelor’s degree in actuarial science averaged $53,754 in 2007. Median annual earnings of actuaries were $82,800 in May 2006. Sources:Occupation Handbook (OOH), 20082009 Edition, U.S. Department of Labor Bureau of Labor Statistics For More Information:Gonzaga University Eastern Washington University Office of Admissions Washington State University |