Actuarial analysts assess risk and develop plans to limit negative consequences and costs. High school students should focus on math and computer science, while college degrees in finance, economics, math, and statistics can lead to a career as an actuary. Passing exams and developing computer and communication skills are also important.
Found primarily in the financial and insurance fields, an actuarial analyst assesses the risk or likelihood of certain future events. Actuaries use this data to develop plans and policies to help limit negative consequences and costs related to these possibilities. The path to becoming an actuarial analyst requires appropriate high school and college courses, as well as meeting professional development requirements.
Preparation to become an actuarial analyst begins in high school. An aspiring actuarial analyst must focus heavily on mathematics. Advanced courses in calculus and statistics are highly recommended. High school students should also focus on gaining exposure to computer science and college preparatory courses. Students who want to become an actuarial analyst should start researching and visiting colleges that offer actuarial degrees or curriculum.
Actuarial analysts have a variety of options when considering degree paths. Specific actuarial degrees are offered at some colleges, but completion of other degrees can also provide a college student with the knowledge and courses necessary for a career as an actuary. Other degree options common to those pursuing a career as an actuary include finance, economics, mathematics and statistics.
Those wishing to become an actuarial analyst should include, at a minimum, a few specific courses in their curriculum, regardless of the degree they choose. This includes classes in finance, microeconomics, macroeconomics, calculus, algebra, probability and statistics, and computer science. Advanced courses in these areas can also be beneficial.
Actuaries must pass a combination of exams to enter the field, gain certification and become an actuarial analyst. Passing one exam will typically allow recent graduates to work as actuarial assistants while studying and completing the remaining exams. For initial certification at the Associate level, candidates must pass seven exams.
Additional tests are taken throughout a career as an actuarial analyst. Those wishing to earn Fellowship-level certification must pass two additional exams. The total time to complete all exams up to the Fellowship level can take anywhere from six to eleven years. Often, professionals take the exams while employed and receive compensation for test fees as well as salary increases upon successful completion of the exams.
In addition to educational and certification requirements, those interested in a career as an actuarial analyst should focus on developing specific skills. This includes strong computer skills such as computer programming and good communication skills. In addition, actuarial analysts must stay current on trends affecting their industry.
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