Becoming an actuary means making a commitment to learning, extra studies and extra years of schooling. If you embark on these extra years of schooling you want to make sure you will be able to get a job. The job prospects for an actuary are positive with projected growth in the field of 26 percent for the next ten years.
This healthy percentage of growth is greater than the average for most all occupations. This makes becoming an actuary advantageous. The necessary point to make is that an actuary is a smaller occupation field. Not as many actuaries are needed to accommodate the industries they serve. Consequently this 26 percent increase only nets to near 6,400 new jobs in this ten year period.
With all the changes in the health care industry more actuaries will be needed in this field. Looking at the effects of the new laws, changes in coverage and the expansion of pools of subscribers will require an actuary to gain more training and education. Developing and pricing these new plans and the costs of risks will be a new frontier for the actuaries. New products will need to be developed to meet the legal requirements and the consumer’s desires.
Most of these new jobs in the fields of growth will be in demand by actuaries. This means that competition for jobs will be greater. The increased salaries and usually satisfying working conditions make this career in demand.
To work toward getting the best job prospects a student should get an internship while they are in school. Secondly, students should try to pass at least two actuarial exams while still in school. These two items will improve your chances of entry level positions.
Sources Cited: Bureau of Labor Statistics