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Math Job Profile: Actuarial Science
ACTUARIAL SCIENCE
What is it?
Actuarial science applies mathematics and statistics to finance and insurance. Actuaries use math to calculate the likelihood of future events, like the likelihood of an earthquake in a certain area. They also calculate the likely cost of future events, like how much it will cost to repair buildings damaged by an earthquake.
What do you need to do to get this job?
- Personal qualities: strong analytical skills, math and statistics skill, economics and finance education, and business knowledge
- Education: BA in Actuarial Science is ideal, or a degree in math or statistics
- Professional associations: an actuary must join one of two actuarial societies: Society of Actuaries (SOA), or Casualty Actuarial Society (CAS).
- Exams:
- SOA candidates must take 4 exams and take certain courses to achieve associateship, and they can take 4 to 5 additional tests to pursue Fellowship in one of five specialties.
- CAS candidates must take 7 exams and certain course to achieve Associateship, and they can take 2 additional tests to pursue Fellowship.
Where will you work?
Most actuaries work in the insurance industry. Actuaries work most heavily in the financial services sector, including insurance companies, commercial banks, investment banks, and retirement funds. Actuaries can be employed by corporations, state and federal government, consulting firms, or self-employment.
What are the benefits to this job?
There are constant opportunities for personal and professional growth in an actuarial career, as well as ability for vertical and horizontal movement. Actuaries enjoy a pleasant environment alongside other professionals, where stress is minimal and rewards are high.
The United States Jobs Rated Almanac judges careers on six key criteria: environment, income, employment outlook, physical demands, security, and stress. They have given the job of “actuary” a rating of 4th best job in the United States or higher in its six publications since 1988.
How much will you make?
The amount of pay an actuary receives increases with years of experience as well as passing tests.
- Starting pay: $45,000/year
- Pay raises: $3,000 per passed exam, $2,000 per year of experience
- After ten years and Associateship: $96,000-$130,000/year for SOA, $119,000-$159,000/year for CAS
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