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Here's the News!

A strong background in mathematics is essential for persons interested in a career as an actuary.

Nature of the Work

  Actuaries determine the probability of income or loss from various risk factors.

  Actuaries answer questions about future risk, make pricing decisions, and formulate investment strategies. Some design insurance, financial and pension plans, ensuring that these plans are maintained on a sound financial basis. Most actuaries specialize in life, health or property and casualty insurance; others specialize in pension plans.

  Actuaries assemble and analyze data to estimate probabilities of death, sickness, injury, disability, retirement income level, property loss, or return on investment. They use this information to estimate how much an insurance company will have to pay out in claims, or to make other business decisions. For example, actuaries may calculate the expected amount of claims due to automobile accidents, which can vary depending on the insured's age, sex, driving history, type of car, and other factors. Actuaries ensure that the price charged for such insurance, or premium, will enable the company to cover claims and expenses as they incur. Finally, this premium charged must be profitable and yet be competitive with other insurance companies. The actuary calculates premium rates and determines policy contract provisions for each type of insurance offered.

  A small but growing group of actuaries work in the financial services industry, where they manage credit, prepayment, and other risks, and help price corporate securities offerings.

  Consulting actuaries provide advice to various clients on a fee basis. Their clients include insurance companies, corporations, hospitals and other health care providers, labor unions, government agencies, and attorneys. Some consulting actuaries design pension and welfare plans, calculate future benefits, and determine the amount of employer contributions. Others provide advice to health care plans or financial services firms.

Training, Other Qualifications, and Advancement

  A good educational background is a bachelor's degree in mathematics, actuarial science, or statistics, or a business-related discipline, such as economics, finance, or accounting. Courses in economics, accounting, computer science, and insurance are also useful. Companies increasingly prefer well-rounded individuals who, in addition to a strong technical background, havesome training in business and liberal arts. Good communication and interpersonal skills are important, particularly for prospective consulting actuaries. About 55 colleges and universities offer an actuarial science program, and most colleges and universities offer a degree in mathematics or statistics.

ACTUARIAL SCIENCE

Do you enjoy math?
Does applying your math skills in a business environment appeal to you?
If so, then read on.

Skills Needed: Math, Computers, Verbal and Written Communications

What are some of the things that actuaries do?

• Develop products to meet insurance needs - life, health, annuity, casualty
• Determine premiums for products in a competitive environment
• Value companies
• Calculate retirement benefits
• Study for exams (it takes 5-10 years after college to complete them)

How do I find out more?

Society of Actuaries
475 N. Martingale Rd.
Suite 800
Schaumburg, IL 60173-2226
Homepage: http://www.soa.org/

Schools with Actuarial Science programs

Nebraska, Iowa, Drake, Georgia State, Temple, Michigan, Waterloo Canada, just to name a few!

Where are the jobs?

Omaha, Des Moines, Hartford, New York, Chicago, Pheonix, Los Angeles, etc.  Virtually in any city where you would find an insurance company.

How much will I be paid?

• Entry level (1 exam) - $40,000 - $50,000
• Associate (ASA) - $70,000 - $85,000
• Fellow (FSA) - $90,000 - $120,000

These figures were provided by Andover Research on 03/17/06. You are strongly encouraged to use these links to adjust the figures for variations by location, cost of living, and responsibilities.