Become an Actuary by Finishing a Bachelor of Science in Actuarial Degree
The actuary is one of the least known yet also one of the highest paying jobs in developed countries such as the United States. The primary function of an actuary is to assess the vulnerability and degree of exposure of a company to economic and financial risk. This way forecasts and projections can be made to help guide the managing body of the business towards making the right business decisions.
History of Actuary
The first actuaries were trained and employed by the big insurance companies. Insurance companies need them to analyse companies that are applying for insurance coverage. The level of exposure the actuary determined will basically decide the amount of premiums that the policy will require. The higher the discovered degree of exposure the higher the premium rates will be. The findings of the actuaries allow insurance companies to accept only deals that have high probability of revenues. Most of the actuaries today are still employed by insurance firms.
Requirements of Actuary
A student can obtain a Bachelor of Science degree in Actuarial by being proficient in the core and advanced mathematical sources. This is because the profession requires a great deal of calculation to be able to make the right calls. You need to be well versed in calculus and probability. You should know the quantitative techniques that can be used. Before finishing the degree you will be asked to select a major. The most common choices are courses of probability. This is because the actuary is basically dealing with chances and risks.
The pool of professional actuaries is very small which is why the salary of actuaries continues to skyrocket. Even associates can earn as much as $80,000 per year while professionals can earn up to $200,000 a year. Only a few jobs can compare to these figures. Since the actuaries are very few, a business often wants its actuaries to remain in the company. For this reason the salaries of the said professionals is incremented at a regular basis.
The License Exams
The Actuarial License Exams is considered by most people are the hardest professional exam. This is because of the comprehensive nature of the exam and the fact problems are long and hard to solve yet the time available is very little. The difficulty of the exam is the reason why people who know that they should respect actuaries. As long as you have mastered the flow of the formulas however, passing would not be that difficult. The license exams are made up of 10 examinations and passing more than half or at least six will allow you to practice actuary but only as an associate. Passing all ten exams will allow you to practice as a professional actuary.
Many companies provide numerous benefits to its holders of Bachelor of Science in Actuarial degrees to motivate them into passing all 10 examinations. Some even shoulder all the expenses. This is because an accredited actuarial professional will be able to bring numerous benefits to the company. You are even likely to get a raise for each actuarial exam you pass.
Actuary is so rewarding yet so few known about it. If you think you are a good mathematician and want to pursue a profession that involves a lot of numbers, then this degree is perfect for you. Actuaries can also be tasked to manage retirement and pension assets if the company.