An actuary is someone that is most usually employed by an insurance company, to research statistics—mortality rates, robbery probabilities, and car accidents estimated involving teen drivers. An actuary looks into all of these questions, and searches for facts and figures that add up to a definite number. This helps an insurance company pick the perfect price range for fees and premiums extended to their clients. If they know how likely a robbery will be they will know how much they can charge and still make a profit. However, not all actuarial jobs are found through insurance agencies alone. There are many actuaries’ that are employed by hospitals conducting research, or even government agencies funding scientific ventures.
And what does an assistant actuarial do? Believe it or not, an actuary assistant assists in the same work. The only real difference between an assistant actuary and a professional actuary is the paycheck and education or past experience. Actuary’s (who make around $75,000, generally speaking) usually start out as assistants because the schooling and exams necessary to become an actuary are pretty extensive. There is definitely security in actuarial jobs, and prospects continue to look good for all aspiring actuaries.
But what are the educational requirements? Even to become an assistant actuary, you must be a college graduate. A Bachelors degree in science, statistics, or math is the most desired. Some of the more prestigious companies require a Masters degree. There are several general actuarial exams that an actuary must take, and assistants aren’t exempt from this. Some particular positions require more specialized exams. These exams can only be taken at certain times, and it generally takes about the space of five years to complete them all. The first two general exams can be taken during college if one gets busy.
An assistant actuary does a lot of the filing and paperwork, as well as analytical work. Preparing probability or statistical charts for superiors is also a major part of their workload. An assistant will also work on gathering a wide variety of information for the actuary professional to sift through. Computer and technical skills are vitally important to an actuarial assistant’s success, as well as good communication skills. Clarity in writing is especially important to your success in this career.
Actuarial insurance jobs offer the highest pay-rate in this field, even for the assistant—starting around $60,000, usually. The schooling certainly pays off, as long as the work is enjoyable to you. While there will be chances to advance in the specific company or firm in which you work, there is not a whole lot of variety in the work you will be doing. Every job assignment you receive will deal with statistics and research. If you don’t mind these things, this should be the perfect career. If you hate math and estimates, the probability for your work enjoyment is not very promising. But if you are a math nerd, your ship has just sailed in.
