Actuary

Job Description:

Actuaries analyze the financial costs of risks and uncertainties. They use mathematics, statistics and financial theory to asses the risk of certain events. They help businesses and clients develop policies that minimize the cost of that risk.

Salary average: $113,990

Occupational Outlook:

Employment of actuaries is projected to grow 23 percent from 2022 to 2032, much faster than the average for all occupations.

Links to Learn More About This Career:

Educational Requirements:

Actuaries typically need a bachelor’s degree to enter the occupation and must pass a series of exams to become certified. They must have a strong background in mathematics, statistics, and business.

University of Kentucky

Address: 01 Main Building Lexington, KY

Website: https://calendar.uky.edu/main_building_685

Information on the Major: https://www.as.uky.edu/mathematical-economics

Bellarmine University

Address: Louisville, KY

Website: https://www.bellarmine.edu/

Information on the Major: https://www.bellarmine.edu/arts-and-sciences/undergraduate/mathematics/

Western Kentucky University

Address: Bowling Green, KY

Website: https://www.wku.edu/

Information on the Major: https://www.wku.edu/actuarial/#:~:text=The%20full%20name%20of%20this,business%20aspects%20of%20that%20job.

Soft Skills, Characteristics, and/or Abilities Need For This Career:

Identify patterns and trends in complex sets of data to determine the factors that affect certain types of events.
Communication skills.
Computer skills.
Interpersonal skills.
Math skills.
Problem-solving skills.

Software Knowledge Needed For This Career:

Microsoft Office Apps - Excel, Word, Powerpoint, and Outlook Email
Knowledge of Google Apps - Docs, Sheets, Slides, etc.
R, Python, SAS, Power BI, Tableau

Pros and Cons to Choosing This Career

Pros (Positives to this Career)

A diverse set of responsibilities
Opportunities for career advancement
Ability to specialize

Cons (Negatives to this Career)

High level of responsibility
Work environment
Often work alone.

Typical Working Conditions For This Career:

Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance.
Although actuaries usually work in an office setting, those who work for consulting firms may need to travel to meet with clients.
Must complete all their work and do it accurately. Actuaries work with money, insurance, and other factors that have a big impact on people’s lives.
Must be aware of changes in social, economic, and other events that might affect the work they do.
Plan most of their tasks, priorities, and goals without talking with a supervisor.
Make most decisions without talking with a supervisor.
Actuaries must be able to repeat the same tasks during the day.
Most actuaries work full-time, and some work more than 40 hours per week.

Career Researched By: Kiitan Adedeji

Sources & Citations

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