2 answers
Emily
Student
Antwerp, Ohio
3
Questions
Asked
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What is day-to-day work like as a person working in finance, specifically and acutary What is the best/worst part of being an acutary??
Finance, actuary, accountant
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2 answers
David Ludwick
Business Owner
60
Answers
Huntington Beach, California
Updated
David’s Answer
Hi Emily,
Great question! Actuarial work is one of the most math- and analysis-heavy careers in finance, and it's a solid option if you like solving complex problems and working with data.
**Day-to-Day Life of an Actuary**
Here's what a typical day might look like:
**1. Data Analysis**
- Actuaries spend a lot of time gathering and analyzing statistical data (mortality rates, accident reports, health records, etc.).
- They use spreadsheets, databases, and software like Excel, SQL, R, Python, or specialized actuarial software.
**2. Building Models**
- A big part of their job is building **mathematical models** to predict the financial cost of future risks (e.g., life insurance payouts, pension plans, or health care costs).
**3. Reporting & Communication**
- Actuaries create reports and visualizations to explain their models to non-technical stakeholders (like managers, clients, or underwriters).
- They may write reports or present findings to leadership or regulatory boards.
**4. Risk Assessment & Strategy**
- Based on their models, they help businesses (especially in insurance, finance, or government) make **strategic decisions**—like how much to charge for a policy or how much to set aside in reserves.
**Best Parts of Being an Actuary**
**High Salary*: It’s one of the highest-paying finance jobs, even early in your career.
- **Job Security**: The demand for actuaries is solid, especially in insurance, healthcare, and pensions.
- **Work-Life Balance**: Many actuaries report a manageable 9–5 schedule, especially once certified.
- **Challenging & Rewarding**: If you love math and logic, solving these kinds of problems can be very satisfying.
- **Prestige & Respect**: It’s a highly respected, specialized profession.
**Worst Parts of Being an Actuary**
- **Hard Exams**: Actuarial exams are *brutal*. It can take 6–10 years to become fully certified, and people often fail multiple times.
- **Repetitive Work Early On**: Entry-level work can be a bit dry—lots of Excel, data cleaning, and report formatting.
- **Slow Career Progression**: Promotions can be tied to how many exams you’ve passed, so you may feel “stuck” if you’re not progressing quickly.
- **Narrow Field**: It’s very specialized, so if you ever want to switch careers, you might need retraining or a big pivot.
Is It Right for You?
If you're strong in math/statistics, detail-oriented, and don’t mind a long road of exams, actuarial work is one of the most stable and well-compensated paths in finance.
Are you thinking about actuarial science as a major or career path? Or are you comparing it to other finance jobs like investment banking or financial analysis?
Great question! Actuarial work is one of the most math- and analysis-heavy careers in finance, and it's a solid option if you like solving complex problems and working with data.
**Day-to-Day Life of an Actuary**
Here's what a typical day might look like:
**1. Data Analysis**
- Actuaries spend a lot of time gathering and analyzing statistical data (mortality rates, accident reports, health records, etc.).
- They use spreadsheets, databases, and software like Excel, SQL, R, Python, or specialized actuarial software.
**2. Building Models**
- A big part of their job is building **mathematical models** to predict the financial cost of future risks (e.g., life insurance payouts, pension plans, or health care costs).
**3. Reporting & Communication**
- Actuaries create reports and visualizations to explain their models to non-technical stakeholders (like managers, clients, or underwriters).
- They may write reports or present findings to leadership or regulatory boards.
**4. Risk Assessment & Strategy**
- Based on their models, they help businesses (especially in insurance, finance, or government) make **strategic decisions**—like how much to charge for a policy or how much to set aside in reserves.
**Best Parts of Being an Actuary**
**High Salary*: It’s one of the highest-paying finance jobs, even early in your career.
- **Job Security**: The demand for actuaries is solid, especially in insurance, healthcare, and pensions.
- **Work-Life Balance**: Many actuaries report a manageable 9–5 schedule, especially once certified.
- **Challenging & Rewarding**: If you love math and logic, solving these kinds of problems can be very satisfying.
- **Prestige & Respect**: It’s a highly respected, specialized profession.
**Worst Parts of Being an Actuary**
- **Hard Exams**: Actuarial exams are *brutal*. It can take 6–10 years to become fully certified, and people often fail multiple times.
- **Repetitive Work Early On**: Entry-level work can be a bit dry—lots of Excel, data cleaning, and report formatting.
- **Slow Career Progression**: Promotions can be tied to how many exams you’ve passed, so you may feel “stuck” if you’re not progressing quickly.
- **Narrow Field**: It’s very specialized, so if you ever want to switch careers, you might need retraining or a big pivot.
Is It Right for You?
If you're strong in math/statistics, detail-oriented, and don’t mind a long road of exams, actuarial work is one of the most stable and well-compensated paths in finance.
Are you thinking about actuarial science as a major or career path? Or are you comparing it to other finance jobs like investment banking or financial analysis?
Adeel Afzal
Human Resources
2
Answers
Amsterdam, North Holland, Netherlands
Updated
Adeel’s Answer
hi Emily
I can help with this... a little.
Although I'm not an Actuary myself, I work in the employee benefits field and have worked with a number of fully qualified Actuaries as part of my work.
The work can be very demanding, as well as the difficulty in getting there with the educational qualifications that you will need.
In terms of day-to-day, the work is very data heavy. Imagine an Excel document with multiple tabs with tonnes of data and having to analyse the dataset you have to get the results you need.
From the people I worked with, they would say the worst thing about the job was how demanding it could be but the best thing was that it was a tight-knit community of qualified Actuaries and that everyone knew everyone. It's a field where there will always be demand so in terms of job safety and security, it was good to get there.
I do hope this helps and good luck!
Adeel
I can help with this... a little.
Although I'm not an Actuary myself, I work in the employee benefits field and have worked with a number of fully qualified Actuaries as part of my work.
The work can be very demanding, as well as the difficulty in getting there with the educational qualifications that you will need.
In terms of day-to-day, the work is very data heavy. Imagine an Excel document with multiple tabs with tonnes of data and having to analyse the dataset you have to get the results you need.
From the people I worked with, they would say the worst thing about the job was how demanding it could be but the best thing was that it was a tight-knit community of qualified Actuaries and that everyone knew everyone. It's a field where there will always be demand so in terms of job safety and security, it was good to get there.
I do hope this helps and good luck!
Adeel