Actuaries analyze the financial costs of risk and uncertainty. Actuaries usually use mathematics, statistics, and finance to assess the risk that an event will occur. They help businesses and clients develop strategies that minimize the cost of that risk.
Actuarial analyst is an entry-level position in insurance companies and many consulting firms. This job requires quantitative skills as well as finance knowledge. Although this field is not directly related to Economics, Econ majors with a good math background can also be considered for this kind of position.
Companies hiring are insurance companies and consulting firms. Some examples are:
Allstate Insurance Company
State Farms Insurance
The Boston Consulting Group
Annual earnings of actuarial analysts vary greatly, and can range anywhere from around $50,000 for recent graduates to about $410,000 for members of the Fellow of the Society of Actuaries (FSA).
How to get there:
You will need a college degree and a background in econ, finance, or business. Also, extracurricular campus activities look great to employers. Graduate school is not required as experience is more important. Passing the two initial actuarial exams is necessary for hiring, and several other exams have a direct impact on promotions and salary raising. Some examples of actuarial examinations are the Probability Exam, the Financial Mathematics Exam, and the Investment and Financial Markets Exam.
Confident and enthusiastic
Strong numeric skills
Ability to work with others
The career path for an Actuarial Analyst is usually the following:
Sr. Actuarial Analyst
Advancement depends on the years of experience and the number of actuarial examinations passed.
- Composition I and Advanced Composition/Writing
- CMN 101- Public Speaking
- CMN 211- Business and Professional Communication
- ECON 202/3- Economic Statistics
- ECON 471- Intro to Applied Econometrics
- FIN 230- Introducation to Insurance
- *Actuarial Courses (MATH & FIN)
Relevant Clubs & Organizations:
- Actuarial Science Club
- Analytics in Business Club
- Finance Club
- Econ Club
- Econ Ambassadors