What is the career path for an actuary?

The career path for an actuary involves jobs as an entry-level actuary, mid-level actuary, and senior-level actuary. The US Bureau of Labor and Statistics states that the field of actuary work will experience an 18% growth in the next ten years, making it a highly in-demand profession.

Most aspiring actuaries obtain bachelor's degrees. Here are some common majors for individuals on the actuary career path:

• Actuarial science

• Math

• Statistics

• Other analytical fields

Most employers prefer candidates for this role that have experience in coursework in the following areas:

• Economics

• Statistics

• Corporate finance

Many aspiring actuaries also benefit from developing skills in:

• Computer science

• Professional communication

• Computer programming languages

Actuaries also benefit greatly by obtaining professional certifications relevant to their field. These certifications can help them to advance quicker and farther down the actuary career path. Actuary certifications are administered by these two organizations in the United States and Canada:

• Society of Actuaries (SOC)

SOA certification holders are those with actuary focus in the fields of life insurance, health insurance, retirement benefits, investments, and finance. Certificates from this institution benefit those that choose one of these specific actuary career paths.

• Casualty Actuarial Society (CAS)

CAS certification holders are those with an actuary focus in the fields of property and/or casualty. Certificates from this institution benefit those that choose one of these specific actuary career paths.

After earning certification and the title of associate, many actuaries also choose to take three more exams to gain fellowship status. This normally takes working professionals in this field two to three years to obtain. They also must participate in continuing education to keep their certifications in place throughout their career.

Many starting out in the actuary field start with either an internship or an entry-level actuary position. There are many different areas to specialize in resulting in a number of different career paths for actuaries. Here are some of the most common fields for actuaries:

• Health insurance

• Life insurance

• Pensions and retirement

• Investments

• Finance

• Consulting firms

• Government institutions

They are experts in business, mathematics, statistics, and economics theories. Actuaries can generate financial roadmaps for companies with regard to unforeseen circumstances, creating insurances and protections. Statistics are a key component of their job, and actuaries must be data analytics experts.