An Actuary is a someone that predicts costs, determine future
risk, make price decisions, and prepare investment strategies. Most work in the
insurance industry and use statistics and trends to predict injury, illness,
and property loss. They also determine the premiums for automobile insurance.
Actuaries may work in investments where they try to predict the amount, place,
and length of investment that will yield the most return. As an Actuary you
need specialized skills in
Math including Calculus, Statistics, and Probability. Good business skills like
accounting, economics, and finance are important. Actuaries also need advanced
computer skills like knowledge of spreadsheets, statistical analysis programs,
database manipulation, and programming languages. An Actuary can be employed by
a company or do consulting and most
made between $40,000 and $130,000 a year (in 2000). To be an Actuary
you need a strong foundation in math and business and Bachelors in Mathematics,
Actuarial Science, Statistics, or Business. You must also pass several exams.
The Society of Actuaries (SOA) administers
examinations for students wanting to work in life and health insurance,
pension, and finance and investment. The Casualty
Actuarial Society (CAS) administers the series of exams for fire,
accident, medical malpractice, workers compensation, and personal injury
liability. Many corporations will pay for courses and materials so an Actuary
can advance in their professional level.
Image courtesy of FDIC
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