Are you good at mathematics? Have you been advised to go for an engineering or pure academic field so many times that you lost count, even though you have no interest in either one? If you’re looking for a field other than engineering, physics, accounts & finance, etc. which involves mathematics, then keep reading!
There are many careers where mathematics is applied extensively. But not every “math freak” is up for the tiring field work demanded by engineering fields…and just can’t imagine themselves teaching mathematics to high-school students or working as accountants.For such matheholics, Actuarial Science is the perfect field!
So what is this “Actuarial Science” all about? It is actually a discipline which applies mathematical and statistical methods to assess risk in insurance and other financial matters in an industry. People belonging to this profession are called “Actuaries” and usually work for insurance companies, but can also be employed in other industries where risk assessment is required. To put it simply, actuaries play with numbers and predict the possible profit or loss with a little help from probability.
But how does one become an actuary? You don’t become an actuary just by obtaining a bachelor’s degree in Actuarial Science. Like ACCA, you have to pass a series of exams. Details of how you can get into this unique profession are mentioned below:
- High school/A-levels/Equivalent in mathematics or equivalent.
- Get a math related degree such as actuarial science, mathematics, physics, engineering, chemistry, etc. Most firms require at least 2.1 GPA.
- Find a trainee position at an actuarial or insurance firm. Working as a trainee under experienced actuaries gives you a taste and the much needed experience of the world of actuarial science. Your superiors will also guide you with your exams and other academic matters. You will also be granted a study leave to prepare for your examinations, depending on which firm you work for.
- Register as an actuarial student in an international institute to give exams/modules. You can either opt for the Institute and Faculty of Actuaries (UK) or Society of Actuaries (USA). The number of exams and structure is the only difference between the two bodies; otherwise the course is the same. Preparation of exams is done by distant learning and students appear for exams in the designated exam centers in their own countries.
It should be well remembered that becoming an actuary is no cake walk and requires years of studies and examinations. But why take up this profession? Is the hard work really worth it? How much does it pay?
Actuaries have been in the top 10 most paid people all over the world for the past many years. Newly qualified actuaries start-off with a whopping $87,000 salary. An Associate actuary can earn up to $120,000. Besides the amazing pay-scale, you can get a job anywhere in the world! The demand of actuaries is higher than ever these days. Other benefits include steady work-life balance and a firm balance between desk and field work.
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