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Actuary FAQ’s

What exactly is an Actuary?

Actuaries are business executives who identify possible financial losses, and put a price tag on these potential risks. An actuary uses mathematical skills to define, analyze, and solve business and social problems. Actuaries calculate costs of insurance, pensions, and social programs (e.g., Social Security, Medicare), represented in the premium or taxes paid, and they also estimate the amounts that insurance companies, or pension plans, or social insurance systems, must set aside in reserves to be able to meet their obligations.

Although the actuarial profession is not widely known, it is consistently rated as one of the best professions. Currently, there are only approximately 20,000 actuaries in North America. Just because “actuary” isn’t a household name don’t let its relative lack of prominence fool you. This may be the best job there is. Actuaries are respected professionals who love their jobs and are paid very well.

How does one become an Actuary?

To become an Actuary you need to get your Fellowship of the Societies of Actuaries, FSA. To get an FSA, a series of eight exams, four modules, and a number of courses are required. Although this may seem overwhelming now, it is not as hard as it sounds. Depending on which Actuarial Profession you choose, companies usually offer Actuarial Student Programs. While these programs are very competitive, they are in place to help aspiring actuaries pass the exams and get plenty of experience in all areas. Each of these programs are different from one company to the next. On average, the eligibility requirements include having passed at least one exam. However, once in the program, each exam passed usually results in an automatic pay raise. For more information regarding Actuary pay scales please visit: http://www.dwsimpson.com/salary.html

Drexel Actuarial Science Student Association

Where do Actuaries work?

Actuaries work in insurance companies, investment banks, consulting firms, self-insurers, government regulators, and government insurance programs.

Actuaries have a great deal of valuable talents and expertise so they often rise to the highest levels of management. Actuaries are involved in such diverse activities as management, marketing research, investments, accounting, and administrative and corporate planning. The skills actuaries cultivate throughout their careers can lead to high-level administrative and executive positions such as president, vice president, or senior partner in a variety of companies.

Where can I find more information about becoming an Actuary?

Two largest professional actuarial organizations in the United States are the Casualty Actuarial Society and the Society of Actuaries. Jointly, these two organizations have put together the following informative website: http://www.beanactuary.org, which contains a great variety of valuable information about the profession. Other actuarial organizations in North America are: American Academy of Actuaries, American Society of Pension Actuaries, Canadian Institute of Actuaries, Colegio Nacional de Actuarios, Casualty Actuaries of the Mid-Atlantic Region (CAMAR)