Actuary jobs are always needed—they have always been needed, and if statistics are any indication, they will continue to be needed for a long time yet.
So who needs actuarial analysts? Who employs them to find the answers to those odd questions? The ones who primarily do it are insurance companies. Insurance jobs are maintained only when a profit is made, and profits are only made when their clients aren’t demanding money. Knowing the probability of a seventeen year old boy’s accident chances will help an insurance company make the best estimate concerning rates for that young man. Knowing a good amount to charge clients ensure that there is money left over to maintain the business—despite whatever losses might come to them.
While insurance companies are the primary employer, many actuary positions are available in hospitals, for medical research purposes, as well as scientific advancements. In both the medical and scientific world, learning the answers to the many ''what if'' questions are extremely important. Government agencies also employ many actuaries—mostly for the reasons already stated above.
So how does an actuarial analyst go about discovering the answers to those questions? Aside from the research methods already listed, actuarial analysts learn a lot of the answers by mapping out consistencies in similar cases, or constructing probability charts.
What education does an actuary need? An actuary needs at least a Bachelors degree, with a very strong mathematical and statistics background. Courses in insurance law would also greatly benefit anyone entering this field, simply because 60% of all actuaries’ are employed by insurance companies. Some colleges actually provide courses specifically tailored for aspiring actuarial analysts. There are several mandatory examinations a future actuary must pass, and they generally have to be taken over the course of a few years. The earlier you can get started on them, the more quickly your career can get moving.
An actuary finds employment by applying directly at a desired insurance agency, or can search for a more specialized position through hospitals or the government. Advancement in a certain company depends on personal performance and how quickly you can finish with your exams. (Outlook is especially good for those who were able to complete two exams while in college.) As your time in a certain office increases, your responsibilities and importance to that company will also increase. Actuary’s generally become very trusted advisors in their workplaces, and as a result are given even more responsibilities.
Actuarial salaries vary depending on where you decide to seek employment and are also affected by your educational level. The usual salary, though, is around $76,000. (If you become employed in a more governmental setting, that number would decrease.)
The job security is amazing, and the work setting would be friendly and not very stressful. Becoming an actuarial analyst could be the best move you ever make.
