Actuary certifications

 

Are you on the geeky side?  Good news, if you have an affinity for mathematics and statistical data then a rewarding career awaits you as an actuary. This is a challenging career. Becoming an actuary requires taking and passing a series of exams for certification.

Most employers will expect you to pass at least one and hopefully two of the early actuary exams while you are still in school.  These exams are needed for certification as a professional. Once you are with an employer they will usually pay for your future certification exams and even for the study materials.  They may even provide paid time to study and even help set up study groups. Additional incentives to pass these exams are offered in the form of bonuses or raises once passed.

An entry level position at most companies is considered a trainee. You will be ranked with more experienced personnel during your training period.  Usually actuaries are set up as teams with other mature actuaries acting as mentors.

Early on you will be bringing data together.  As you gain experience you will handle researching topics and write reports about what you find.

As you go about gaining your certifications you will be working with one of two societies that sponsor these programs.  The Casualty Actuarial Society helps to certify people who want to work in the casualty and property field. This property includes automobile and homeowner’s insurance.  Other areas covered are worker’s compensation and medical malpractice insurance.

If you intend to work in the life, health, or retirement insurance industries then you will be involved with the Society of Actuaries and their certification programs. This society also handles actuaries working in investments and finance in the US.

It will take from four to six years to fulfill all your certification exams.

 

Sources Cited:  Bureau of Labor Statistics

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