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Actuaries use statistics to predict events. To become an actuary, one must have a strong math background and complete a degree. Internships and postgraduate degrees are also helpful. Actuaries must pass an exam and be licensed. Insurance companies employ many actuaries, and work experience in insurance can be beneficial.
Actuaries use statistical data to calculate the probability of certain events occurring. Someone who wants to start an actuarial career must have a good understanding of mathematics, and in most cases, actuaries must complete a university degree. In addition, regulatory agencies or industry associations in some countries administer an actuarial exam and people typically cannot seek employment as actuaries until they have successfully completed this exam.
The first step in an actuarial career typically begins with high school graduation. Some colleges offer actuarial programs, and high school students are often required to have above-average math scores to enroll. Other actuaries complete undergraduate degrees in mathematics, finance or a related topic. Some companies require applicants for actuarial roles to also have completed a postgraduate degree in statistics, risk management or a finance-related topic.
Before finishing college, prospective actuaries can work as interns in insurance companies or finance companies. Many of these companies employ large numbers of students as unpaid interns and use internships to find new recruits. Students are able to gain some insight into actuarial work and people they impress during internship programs are sometimes offered jobs, although in most cases these offers are conditioned on the student successfully graduating from faculty.
In many countries, actuaries must be licensed or certified and the certification process begins when graduates attend an actuarial training class that is offered by a government agency or industry association. During the course, students are taught about risk management concepts and risk calculation techniques. The course normally ends with an exam, and people who pass this test can apply for an actuarial license. In some cases, these licenses do not expire, while in other countries licensed actuaries must regularly attend continuing education classes for the license to remain active.
Insurance companies are mainly involved in risk management and therefore a large number of actuaries are employed by these companies. Someone wishing to pursue an actuarial career can benefit from work experience as an insurance agent or policy underwriter. Persons employed in these roles are not responsible for calculating risk, but gain an understanding of the process as insurance claims are approved or denied based in part on data listed in actuarial tables. Laws in many countries require insurance company employees to be licensed. In this case, someone trying to forge an actuarial career may have to pass both the insurance exam and the actuarial test.
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