The professionals who analyse numbers and statistics to assess the risk are known as actuaries. They are the ones who set the insurance rates and ensure that the retirement plan meets your financial needs. Where there is high financial risk involved such as health insurance, life insurance and home insurance, they have a demand.
They are responsible for determining the potential liabilities while reducing the negative effects which may arise from possible future events. Actuaries assist businesses in making plans for the future and also insulate them for losses.
Depending on the field they are employed in, actuaries often work with accounts and research analysts. Since they help in designing policies and determining the premiums which are profitable as well as competitive, their role in the insurance industry is essential.
Here are some ways on how to be an actuary.
1. Get relevant education
To be a qualified actuary you need to have a bachelor’s degree in economics, mathematics and finance. Computer science courses are also important.
2. Develop technical computer skills
You’d be at a benefit if you have a computer science course in college. If it is better to take up some course related to programs such as Excel or programming languages like SQL.
3. Pass 2 actuarial exams before graduating
Take the Probability Exam and the Financial Mathematics exams before you graduate.
4. Get an internship
Once you have passed the exams, take the actuarial internships. It is always recommended to get some experience in the field.
5. Get your entry level actuarial job
After completing your internship, you take up some entry-level actuarial jobs and move ahead in the field.
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