How to Become an Insurance Actuary
If you like to work with numbers, projections, and forecasts, a job as an insurance actuary may be the ideal career choice for you. Actuary careers are among the most highly-paid and fastest growing careers in the insurance industry. Most insurance companies have a dedicated actuarial department to manage all analyzing and forecasting tasks. Actuaries are responsible for analyzing possible outcomes of different events that might increase the chances of a policyholder filing a claim. Here’s what you need to know about becoming an insurance actuary:
Most companies hiring actuaries require at least a bachelor’s degree in actuarial science, math, statistics, finance, or similar majors. Having an accounting or economics background can also help with preparing reports, analyzing financial data, and making accurate predictions.
Unlike many insurance positions, actuaries must pass a series of exams before they receive professional designation of an Associate of The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). Both of these organizations provide certifications and licenses to actuaries. Those who continue their education and pass more exams can achieve professional designation at the Fellowship level of each society. This typically takes up to three years to complete but can help an actuary advance in his or her career.
Training to Become an Insurance Actuary
Most insurance companies have an in-house actuarial training program since actuaries need to learn how the company manages many internal processes, work with team members, and learn all the formulas a company uses for pricing, valuation, cash flow testing, investment strategy, and other processes.
Some companies also require passing other industry exams, attending seminars or workshops, and completing other training at the office before the actuary can start working independently. Passing certain exams can equate to a salary increase and those who invest in their careers may be eligible for a merit increase based on job performance and other factors.
In addition to maintaining a professional membership with the Society of Actuaries, actuaries can become members of the American Academy of Actuaries (AAA) as well as the society of their local area. These organizations host a variety of lectures, educational opportunities, annual meetings, and networking or social events throughout the year.
Finding Jobs as an Insurance Actuary
All insurance companies and insurance firms need someone to analyze how much they are charging policyholders and calculate the level of risk involved with providing insurance coverage to a policyholder. Actuaries work hard to monitor expenses and make sure the costs of settling claims with different policyholders will never be so high that the insurance company goes out of business.
Insurance companies, consulting firms, state insurance departments, government offices, and insurance brokerages are among the top employers of actuaries. These organizations may specialize in casualty, life, health, and pension insurance policies so they require specialized knowledge, certification, and experience in the field.
Learn more about insurance jobs that might be a great match for your career goals at www.greatinsurancejobs.com.