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How to become an actuary?
Share your journey & guide aspiring actuaries on their path.
Note: We've seen a lot of interest in this career, so we're looking for guidance from our community of professionals.
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3 answers
Dana Hunt
PwC | Partner, Insurance Risk & Capital Leader
10
Answers
San Antonio, Texas
Updated
Dana’s Answer
You have great advice from the first two responses. In addition to the advice so far, three more areas to consider:
1) Round out college courses in data science, cyber, cloud computing. These are so important to understand in today's business environment
2) Also take courses in college that grow your knowledge in the finance area (i.e., balance sheet management) and others to develop your business-sense.
3) Contact the student actuarial clubs at the colleges you are considering and inquire what career development exposures they foster.
Good luck
1) Round out college courses in data science, cyber, cloud computing. These are so important to understand in today's business environment
2) Also take courses in college that grow your knowledge in the finance area (i.e., balance sheet management) and others to develop your business-sense.
3) Contact the student actuarial clubs at the colleges you are considering and inquire what career development exposures they foster.
Good luck
Jim Trotier
Consulting Actuary
2
Answers
Cleveland, Ohio
Updated
Jim’s Answer
The general path to becoming an actuary is (at least from my perspective, as a US pension actuarial consultant) is:
1) studying a mathematics or statistics program in college (some schools have actuarial science programs, but if not, many schools have minors in actuarial science) and if possible, take classes in Excel (or general computer programming) and also communication skills
2) look for internships/externships while in school with companies that employ actuaries. Think big insurance companies (both life insurers and casualty insurers, like the ones that provide car insurance) or pension consulting firms (some of the biggest are Aon, Willis Towers Watson, Mercer, Gallagher, and Milliman)
3) Study for and pass actuarial exams - the Society of Actuaries and the Casualty Actuarial Society administer preliminary actuarial exams that you can start taking while still in college. I'd recommend attempting to pass 1-2 exams by the time you graduate college because that will be viewed favorably when job-seeking.
4) get a job with one of those actuarial companies, depending on what type of actuarial work you want to do (life and casualty actuaries will have more computationally-intensive, internal work while pension consulting actuaries typically have to have more communications skills and understanding of business more broadly to consult with a wide range of client types).
5) Continue passing exams while learning on the job. I didn't know anything about pension plans before I started my career (I'd say 95% of the job had to be learned on the job rather than based on something I learned in college). Most actuarial firms give you time off to study for exams (and give you raises/bonuses for passing exams), so there is a big incentive to do so. Exams are tough and the whole process can usually take 7+ years (for those that are dedicated to passing exams - many people drop out after getting stuck on a tough exam).
Read more at https://www.beanactuary.org/
Research companies that hire actuaries and learn about the different types of actuarial work
Try to identify a practicing actuary in your network and connect with them to learn more about the job
Read more at the Society of Actuaries website: https://www.soa.org/
Read more at the Casualty Actuarial Society website: https://www.casact.org/
1) studying a mathematics or statistics program in college (some schools have actuarial science programs, but if not, many schools have minors in actuarial science) and if possible, take classes in Excel (or general computer programming) and also communication skills
2) look for internships/externships while in school with companies that employ actuaries. Think big insurance companies (both life insurers and casualty insurers, like the ones that provide car insurance) or pension consulting firms (some of the biggest are Aon, Willis Towers Watson, Mercer, Gallagher, and Milliman)
3) Study for and pass actuarial exams - the Society of Actuaries and the Casualty Actuarial Society administer preliminary actuarial exams that you can start taking while still in college. I'd recommend attempting to pass 1-2 exams by the time you graduate college because that will be viewed favorably when job-seeking.
4) get a job with one of those actuarial companies, depending on what type of actuarial work you want to do (life and casualty actuaries will have more computationally-intensive, internal work while pension consulting actuaries typically have to have more communications skills and understanding of business more broadly to consult with a wide range of client types).
5) Continue passing exams while learning on the job. I didn't know anything about pension plans before I started my career (I'd say 95% of the job had to be learned on the job rather than based on something I learned in college). Most actuarial firms give you time off to study for exams (and give you raises/bonuses for passing exams), so there is a big incentive to do so. Exams are tough and the whole process can usually take 7+ years (for those that are dedicated to passing exams - many people drop out after getting stuck on a tough exam).
Jim recommends the following next steps:
Karin P.
Lecturer
378
Answers
Durban, KwaZulu-Natal, South Africa
Updated
Karin’s Answer
Hi there,
to become an actuary, you first need to earn a bachelors degree. It is recommended to major in something like math, statistics, finance, or business etc. You can study actuarial science, but opting for a more general math-heavy degree opens up more divers opportunities for you.
To become a full-fledged actuary, there are 10 exams to pass, and they are not easy. You start with the first 2 while you are still in school.
Experience is also very important, so you should do at least one internship before you graduate. Technical skills you need to practice are advanced Excel and some programming.
You then need to get an entry level job and keep taking exams to be certified. You'll learn a lot on the job under the tutelage of experienced actuaries, but you'll also have to keep studying for the exams. And so you work your way up......
I have attached some resources that explain all the steps and requirements in more detail
I hope this helps! Good luck!
KP
https://www.indeed.com/career/actuary
https://etchedactuarial.com/steps-to-becoming-an-actuary/
to become an actuary, you first need to earn a bachelors degree. It is recommended to major in something like math, statistics, finance, or business etc. You can study actuarial science, but opting for a more general math-heavy degree opens up more divers opportunities for you.
To become a full-fledged actuary, there are 10 exams to pass, and they are not easy. You start with the first 2 while you are still in school.
Experience is also very important, so you should do at least one internship before you graduate. Technical skills you need to practice are advanced Excel and some programming.
You then need to get an entry level job and keep taking exams to be certified. You'll learn a lot on the job under the tutelage of experienced actuaries, but you'll also have to keep studying for the exams. And so you work your way up......
I have attached some resources that explain all the steps and requirements in more detail
I hope this helps! Good luck!
KP
Karin recommends the following next steps: