Pros and cons of being an actuary

 

As you look at any potential career field it is always wise to weigh the advantages and disadvantages of any career to pursue.  If you have the skills and abilities to be an actuary the next step is to look at these advantages.

At first glance the field of actuary has some acute advantages with a high salary being one of them. Although to get that high salary you need to pass some rigorous education and certification requirements.  Secondly because of this high salary, the positions that open up are highly competitive.

Pride is on the pro side as this kind of work. An actuary is vital to many professional and financial companies and their success.   Instead of teaching math and statistics you get to work in a business environment; not much better use of a math degree anywhere.  Decisions brought out by an actuary can make or break a company.

So after the pride comes the fall.  Having all this responsibility rest on your shoulders can cause stress.  Not only do calculations need to be precise but the analysis and interpretation of those calculations needs to be precise.  Yet by its nature the analysis is subjective.  Any number of factors can change the probability of something happening.

The road to becoming an actuary isn’t easy.  The educational requirements are rigorous and must result in a high grade point average to be considered for employment.  Several exams over the lifetime of your career will need to be passed successfully.

There is the idea that the work of an actuary can be boring.  While this is subjective, the work is tedious and repetitive. You get to weigh your own pros and cons before you decide.

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