collageTop 10 Reasons To Consider Being An Actuary: There are a lot of entry level jobs out there, but none so well-paid as being an Actuary. It is one of the highest paying jobs you can have that requires a Bachelor’s degree. Here’s a look at some of the top reasons to consider being an actuary, cons of being an actuary and how to become an actuary in nigeria. Actuaries play a crucial role in all areas of insurance, finance and investment firms. Not surprisingly, those entering this field have many questions and concerns.
The actuary profession is growing in demand. The Bureau of Labor Statistics projects that employment of actuaries will grow by 15% from 2014 to 2024, much faster than the average for all occupations. The median annual wage for actuaries was $93,210 in May 2017.
Actuaries can make a difference in their communities and the world by helping others prepare for the future. They are also well-positioned to make an impact on social issues such as climate change, healthcare costs and longevity, and education funding.
Here is a list of the top ten reasons why aspiring actuaries should consider this field:
is it worth being an actuary?
The short answer: If you’re looking for a career that will challenge you and allow you to use your mathematical expertise on a daily basis, then becoming an actuary is a viable choice for you. However you should also consider the fact that passing actuarial exams is difficult and will take thousands of hours of your own time to study for over the next 5 to 10 years.
But becoming an actuary is a big choice, so I’m sure you want more details than that. So, that’s what I’m going to talk about in this post!
Top 10 Reasons To Consider Being An Actuary
Actuaries are consistently found at the top of lists detailing the most desirable careers. But why exactly should you consider the actuarial profession? Here is a list of the top 10 reasons to become an actuary.
10. Great Work Environment
Actuaries don’t have to do any back-breaking labour or get their hands dirty. Most jobs are located in office environments in large cities. These firms generally have a bit of money so the workplace would be very comfortable and professional.
9. You Get to Work with Models Every Day
Ok, maybe not the models from FHM, but actuarial models are just as good, if not better! Can an FHM model predict how many people are going to die tomorrow? Exactly. Anyway, you still get to use maths in your day job. If you are considering a job as an actuary, there is a pretty good chance that you have a good aptitude for maths. As an actuary, you would be using maths in most aspects of your work. It is a great career path if you want to put what you learnt in your degree.
8. Well Respected Career
While actuaries are less visible, they are very well respected by those who know what they are. They are generally considered to be in the upper echelon of careers along with doctors and lawyers. The entry process may be a factor in this as the professional examinations are so difficult. Qualified actuaries will have had to work hard to get to that position.
7. Varied Work
A common misconception of actuaries is that they just sit behind a desk number-crunching all day. While there are these sorts of opportunities for people who are less social, there are positions where the work is very varied. Some may deal with analysing data, reporting to upper management about results, giving presentations to trustees, writing reports and liaising with clients are all possible. Trainee actuaries are sometimes rotated around different departments before they specialise so as to get a broad view of the different roles.
5. Job Security and Options
/top-jobs-for-economics-majors-2059650_FINAL-428ca1607c3b47cea499d2eb46d26b10.png)
While there a not that many actuarial jobs outside of big cities, there isn’t much of a shortage within them. The number of qualified actuaries is not very large at all. The number in the UK is only about 9,000. So for any position there isn’t that much competition. Headhunters are frequently employed to recruit suitable actuaries to firms. The job security of actuaries is also relatively high compared to other careers.
4. International Career
As a fully qualified actuary you would be a very valuable commodity. There is a lot of potential for actuaries regarding where they want to work. Actuaries are in demand in a number of countries, particularly those in growing economies such as in Asia. If you want to fulfill an ambition of working abroad, then this is certainly possible with a career as an actuary.
3. Challenging and Stimulating Work
Only the most able and determined of people make it through the actuarial exams to become fully fledged actuaries. The daily work is not as demanding as the exams but it is still challenging. The daily work requires a range of skills. A good business sense, an analytical mind and the ability to get your head around difficult concepts are all necessary. Problem solving and independent thinking are great tools that are needed also.
2. Good Working Hours
A great number of actuarial jobs provide good working hours. These may be regular 9 to 5, Monday to Friday jobs. 40 hours a week is not as bad as some careers where you have to do lots of overtime. Although there are some actuarial positions where this is necessary, it is not the norm. Considering some of the jobs with similar salaries, 40 hours a week is quite reasonable.
1. The Money
One of the greatest reasons to become an actuary is, of course, the money. Actuaries can start off with a salary of £20,000 and earn anywhere up to or over £100,000 in the final part of their career. Actuaries are consistently rated as one of the best paying jobs out there. It is certainly one of the highest paid for Maths graduates and indeed for most degrees that only require four years of study.
Student Actuary is a blog that intends to provide useful and easy to understand information about the actuarial profession. Current and prospective actuarial students can learn about what an actuary is and the various aspects of life as an actuary.
what makes a good actuary?
Actuaries bring a special set of skills to their work:
- Specialized math knowledge
- Calculus, statistics, probability
- Keen analytical, project management, and problem solving skills
- Good business sense
- Finance, accounting, economics
- Solid communication skills (oral and written)
- Strong computer skills
- Formulating spreadsheets, statistical analysis programs, database manipulation, programming languages
Actuaries are talented professionals, with personal characteristics such as:
- Self-motivation
- Creativity
- Independence
- Ability to work with others
- Ambition
how to become an actuary in nigeria
The skills developed and honed by successful actuaries include an excellent business sense with knowledge of finance, accounting, and economics; keen analytical, project management, and problem solving skills; specialized math knowledge; strong computer skills; and solid written and oral communication skills.
In addition, actuaries enjoy learning, like to solve complicated problems, enjoy writing and talking to people, can work effectively alone or as part of a team, are interested in a variety of historical, social, legislative, and political issues, and are self-motivated achievers.
If you’re looking for a career where you can make a difference in the world, then becoming an actuary might be right for you.
Whether you are just starting out in your career or thinking about changing careers, here are ten reasons why being an actuary may be the perfect fit for you.
- You get to help people make better decisions about their lives by providing them with information about their future financial situations.
- Actuaries help companies run more efficiently by analyzing risk and creating models based on those analyses that allow companies to make better decisions about how much money they should allocate toward different projects or investments.
- Actuaries work with people from all different backgrounds—from CEOs of Fortune 500 companies to professors at universities—to provide them with information about their future financial situations so that they can make better decisions about their lives as well!
- The job market for actuaries is growing faster than the average job market growth rate because of increased demand for services by insurance companies and other businesses requiring actuarial analysis services such as pension plans, retirement plans, etcetera).
- In addition to working directly with clients who need actuarial advice on how best to guide their investments or other business decisions around risk management strategies such as insurance.
collage