Recently voted the number one job in the United States by CareerCast, and the top job in North America by The Jobs Rated Almanac, actuaries are in demand across the globe. Actuaries have a specific function within a company. Their primary role is to compile and analyse statistics which are then used to calculate risks and premiums. Actuaries are employed in numerous industries including insurance companies, stock-market and investment firms, government departments, and colleges and universities.
Actuaries who work for insurance companies may work in a number of areas including development, investment management, marketing, and administration. Private consultants may work with labour unions and employees to design and administer employee benefit plans and pensions. Actuaries may also be called to give evidence as expert witnesses in court usually for analysing lost future eanings.
Actuarial Jobs – Who Hires Actuaries
According to the Canadian Institute of Actuaries, the main practice areas are life insurance companies with 40% of the work, pensions at 36%, and property/casualty insurance at 10%. The remaining 14% is split between non-traditional, non-actuarial work and actuarial evidence.
The bulk of companies seeking actuaries are consulting firms at 44%, life insurance firms at 32%, with the remaining employers comprised of government departments, college and universities, financial institutions, property/casualty insurers, reinsurers, and miscellaneous companies.
Education and Skills to Become an Actuary
Many Canadian universities have bachelor and masters degree programs in Actuarial Science. Although a university degree is not technically required, to be certified as an actuary, candidates must successfully complete a series of exams sponsored by the Canadian Institute of Actuaries (CIA), and the Society of Actuaries (SOA). For the Property and Casualty practice, exams are offered by the Casualty Actuarial Society (CAS) in collaboration with the CIA. It may take up to 7 to 10 years to complete all the exams and become a Fellow of the society.
The skill sets for an actuary includes specialized math knowledge focused on calculus, statistics, risk theory, and probability. Analytical and problem solving skills, and excellent computer skills including the ability to use various statistical analysis programs, understand database manipulation, and various programming languages are also crucial. Candidates must have strong communication skills, be self-motivated and creative, and possess a strong knowledge of finance, accounting, and economics.
Where to Look for Actuarial Jobs
Whether an individual is seeking to be a self-employed consultant or salaried employee, the recruitment of actuaries is growing fast, as demonstrated by the number of actuarial recruiters and dedicated websites for actuarial jobs. Actuarial societies such as the Canadian Institute of Actuaries also advertise jobs on their website, as do many general job search sites on the Internet.
Salaries for actuaries are based on experience and the number of qualifying exams passed. An entry level associate with one successfully completed qualifying exam can earn between $48,000 and $65,000 including bonuses. A Fellow of an Actuary Society with twenty years experience can earn between $179,000 and $478,000 including bonuses. Benefits and pensions are commiserate with experience and qualifications.
Becoming an actuary is a lucrative career choice, with many dedicated employees reaching top management positions in major companies. It requires very specific qualifications and skill sets that are increasingly in demand.
Marilyn Michaud - Marilyn Michaud teaches English Literature and writing in Toronto. Her research interests include American history and culture, Gothic ...
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