By signing up you are agreeing to receive emails according to our privacy policy. Those who pass one or more actuarial certification exams while still in college have a better chance of getting a higher-paying job upon graduation. wikiHow's Content Management Team carefully monitors the work from our editorial staff to ensure that each article is backed by trusted research and meets our high quality standards. Even if no jobs are listed, you can still send cold emails to actuary firms. Even if you have a hard time with the rest of the exams, you do have the option to stop here and continue your career as an analyst or an actuarial consultant for which you will still be well compensated. https://www.soa.org/Education/Resources/Actuarial-Colleges/actuarial-college-listings-details.aspx, https://www.soa.org/Education/Exam-Req/Instructions-for-VEE-Directory.aspx. Becoming an actuary is a process that takes very long period. Like any other professional career, you need an education to get there, but there are actually numerous pathways you can take to become an actuary. Education Requirements to Become an Actuary. Becoming an Actuary. Big data is expanding the roles of actuaries from asking the more classic descriptive and diagnostic questions to also performing predictive and prescriptive assessments. With a changing globalized economic landscape, the high salary range and growing opportunities promise a bright future to potential actuaries. They play a crucial role in allowing organizations to grow and for people to invest for their retirement with confidence and peace of mind. Today, actuaries are working to learn about and incorporate big data in their work. Mention any SOA/CAS professional exams you have completed. As stated above though, there are many different actuary education paths. Payscale.com puts the average pay of entry level actuary jobs at $60,040. 3. Insights from an Actuary. Jobs in finance, as a business analyst, or in project management are all great related career choices. Generally, you must get at least a B- in these courses. The governing body for actuaries is the Australian Institute of Actuaries. Especially in math and computer science. To become an actuary, you must have at least a bachelor’s degree. With that in mind, becoming an actuary is an excellent career choice for those who also want a career that involves intellectual stimulation, creativity and a relatively low-stress work environment. According to Canadian Business, becoming an actuary is one of the best decisions you can make. The CAS covers the property and casualty field—auto, homeowners, medical malpractice, workers compensation, and personal injury liability. Read on to know more about what it takes to be in this profession and what you can do to excel in this field. Depending on the region, the number of years might differ. Professionals, whether actuaries or from another difficult-to-get-certified profession, will advise you to stick to the path and not beat yourself up too much over a failed exam. Prepare by taking practice exams. You will need to take courses in mathematics and computer programing. You can think about it this way: in the past, actuaries mostly answered the questions “what happened?” and “why did it happen?” Now, there is more room to use data analytics to answer the questions “what will happen?” and “what should I do?” Advances in statistical modeling methods, like data visualization tools, are posing new conundrums for both actuaries and government regulators of the industry.Â. 2. How to start becoming an Actuary today. But if you have the math skills and the drive to work hard, this can be a very rewarding career, both financially and in job satisfaction. Every day at wikiHow, we work hard to give you access to instructions and information that will help you live a better life, whether it's keeping you safer, healthier, or improving your well-being. The future is volatile and full of risk yet very few could predict the 2008 market crash or the 2014 oil price crash. Combine that with the demand for actuaries and you have the prospect of a secure and prosperous career ahead of you. Job growth between 2018-2028 is expected to be about 20%, according to the Bureau of Labor Statistics, with a current median salary of $102,880 per year. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/9\/91\/Become-an-Actuary-Step-1-Version-2.jpg\/v4-460px-Become-an-Actuary-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/9\/91\/Become-an-Actuary-Step-1-Version-2.jpg\/aid2441100-v4-728px-Become-an-Actuary-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"