How much does an actuary earn? And what are the different types of actuaries?
Only people in the UK please, because I think our salaries are different to the US.
And can anyone tell me what each type of actuary does - I was told that some people evaluate the chance of people claiming on insurance then work out how much insurance premiums should cost, but I don't know what other types of actuaries do.
Thanks in advance :)
Question answered by 32characters
About actuaries in the UK:
Th actuarial profession:
Wikipedia give a starting salary for a graduate as £25,000-£35,000 and newly qualified actuaries in insurance companies earning £46,000 - £55,000:
How is the job market for actuaries in this economy?
Two years ago, I heard actuaries claim that their field had virtually 0% unemployment because there were so few qualified people. Is that still true or have insurance companies and consulting firms frozen their hiring, too?
Question answered by juan dela cruz
for actuaries, the demand will always be very high because the supply is always low. actuarial science is a very specialized field requiring exceptional math skills and not many average "joe citizen" can fit the bill.
i believe an experienced actuary will never be unemployed but an aspiring actuary may have to pay his dues first (so to speak) before he can be among the "elite". we all have to start as a clerk anyway.
Do certified actuaries have a better chance of becoming investment bankers?
What if they complete an MBA? Aren't both professions rooted in risk management? Besides, actuaries do a lot more math, so I thought the certification would be extremely prestigious.
Well, let's say the person does have interpersonal skills. How about it then?
Great website! Thanks!
Question answered by financegal27
Investment bankers are essentially sales people so the personality type that succeeds in investment banking is usually at odds with that which makes an actuary successful. In addition to having a strong finance background an investment banker must be a people person with strong networking skills. The job of an investment banker is to encourage companies to give their capital raising deals to the company, so ability to close the sale is probably the most important skill an investment banker can have.
Check out this day in the life description of an investment banker:
Is Actuarial Science a great field? What are the benefits of being an actuary?
I have heard that some actuaries can make six figure salaries before age 30. Is this true? I have also heard that seasoned actuaries that have passed all exams can make as much as some physicians. Is this true? Would you say this career has a great deal of flexibility?
Question answered by Rob T
Yes some actuaries make very high salaries, but it is not a job for just anybody.
First off you need a HUGE amount of math ability. If you aren't getting the absolute top grades in every math course you are taking, don't even think about it.
The amount of "career flexibilty" is just about zero. The only thing actuaries have been trained to do is to be actuaries. If you find out you don't really like it, you will be starting again from the bottom in any other career. The pay while they are trainig for their exams (which takes several years after getting a math degree) is very low and they may be working 100 hours a week or more, including their "home studying" time.
Apart from all that, you need the right attitude to life (though "right" might not be the best word to describe it). Actuaries don't actually "do" anything, except tell organizations like insurance companies how to make the maximum amount of profit from whatever happens to the "real people" living "real lives" that they have as clients.
If you actually care about what might happen to some of those people as individuals (not just as probabilities on a spreadsheet) then it's probably not the right job for you. Bookmakers and casino operators don't care about what happens to their "unlucky" customers, only about how to make more money on average. Actuaries are pretty much the same. You have to decide for yourself whether the high salary is a good enough reason for living that sort of life.
What kind of courses should I take to become an actuary?
I am a freshman, my major right now is undecided. I love math and I know I want to do something with lots of math. I hear that actuary would be a great career for me. I don't want to go to grad school but I want good money and a good job. Right now I'm taking a chemistry class and I hate it. I don't really like science. I'm not so sure about economics but I'm looking into it. My mother says I'll grow to like it but I am struggling. Is it worth taking these classes? What kind of classes should I take? I would love to hear from people who are actuaries.
Question answered by OhWhatCanIDo
My husband is an actuary, and I wish he were a garbage collector. He would have to take lots of showers, but at least he would be home more.
He spent half our marriage staying up late studying for those dang actuarial exams, and he is an ASA and an FSA, and though he makes lots of money, his brothers who sell insurance make more!
My husband goes to work very, very early in the morning, stays very late at night, and when he retires, he'd better not follow me around the house. I've basically made a life without him, even though we live in the same house. He's never here, and sometimes when he IS here, I wish he weren't.
He's always so stressed! I can't stand it anymore.
What do you want to know? I'll ask him.
He says applied math courses like probability, statistics, numerical analysis, business courses like economics and finance, accounting, and some universities have specific actuarial courses. He said also investments and theory of interest. Also it won't hurt to hone up on spreadsheet applications.
But I warn you, it's a very stressful job for you and your spouse. SOOOOOOO, if you want to take nice vacations but have absolutely NO family life, be an actuary. You WILL be married to your job! OH, BTW, sometimes while you're on vacation, they will track you down at Walt Disney World because only YOU can solve the problem at the office! You will have no life!
Don't let someone push you into it if it isn't YOUR idea and something you really, really want.
Do I sound bitter? I am!
From the "Single" Wife!
What exactly does an actuary do mathematically?
I'm headed to university late 2013, and am uncertain as to whether to take a course in actuarial science. It looks pretty interesting and the pay certainly seems nice; but whenever I look into it, all I get is "they deal with risk".
Can any actuaries out there give me some kind of feel for what they actually do mathematically? - is it all hypothesis testing, or is there far more to it?
Question answered by John
I'm not an Actuary, so I can only give you limited information. Most Actuaries work for Insurance Compamies and their job (briefly) is to calculate from all sorts of sources of information the risks involved in some situation or other e.g. the likelihood of a male driver aged< 25 having an accident, the likelihood of a ship being hijacked off the coast of Somalia, the chances of a skier breaking a leg, and so on. There is an awful lot of Statistics involved, and I know that there is an awful lot of very hard work involved gaining the qualification in University. I hope that that has been of some help to you, and good luck to you at Uni.
When do you start working as an actuary?
Hi. I'm considering becoming an actuary. However, I'm trying to graduate 2 quarters early so that I can hike the whole Appalachian trail from GA to ME, something I've wanted to do since I was 15. When do most firms who hire actuaries start training their new employees?
Question answered by falsi fiable
In order to become an actuary, you'll need a lot more than a simple BA/BS degree. You need several years work experience before you can sit for all the exams.
How is the employment outlook for actuaries?
I am considering actuary as a career and was wondering how the employment outlook is for actuaries and how it will be in the future
Question answered by V.T.Venkataram
Employment of actuaries is expected to grow by 27 percent between 2010 and 2020. Students with internship experience who have passed at least one actuarial exam while in school should have the best prospects for entry-level positions.
Steady demand by the insurance industry—the largest employer of actuaries—should ensure the creation of new actuary jobs in this key industry over the projection period. Actuaries will continue to be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks. Although employment of actuaries in life insurance had begun to decline recently, the growing popularity of annuities, a financial product offered primarily by life insurance companies, has resulted in some job growth in this specialty. Also, new actuarial positions have been created in property-casualty insurance to analyze evolving risks, such as terrorism.
Can anyone send me a copy of the 1952 intercompany disability study of the Society of Actuaries?
I don't know if any company still uses this study as a standard for computing their premiums or anything on disability insurance or pension.
I've searched the site of the Society of Actuaries but I didn't find any copy but only citations of the document in news and other studies. It seems to be that it's outdated but nonetheless I need a copy of it.
I'd appreciate any help, like information on how to get it, if you can't give me a copy of the document itself.
Question answered by ani
this will help you out.
I am interested in becoming an actuary. What is the state of the job market for actuaries at the moment?
Have actuaries been affected by the current economic downturn? Are actuaries satisfied with their jobs?
Question answered by Liberated from the Midlands
There used only to be about 500 in the whole of UK, but latterly they are used in general insurance management, much like accountants. Train as an accountant and it will give you more flexibility.