Actuary
Smith Michael E
"typical" work day for an actuary. Also, what type of education and
training is required in order to become an actuary. What is the job
market like for actuaries and what salaries do they command.
Thank you
Michael
Michael Adams
Well, the standard answers to those questions are:
1. For many actuaries, there is no such thing as a typical day, although
student-level actuaries at larger insurance companies may have some
semblance of a routine. I work as the sole actuary at a small (P&C and
life) insurance company, so I generally spend too much of my time
bouncing from one emergency to another.
2. Generally, firms that hire actuaries expect entry-level actuaries
to have at least a Bachelor's degree in Actuarial Science, Mathematics,
Statistics, or perhaps Finance. Key to any actuarial student's
professional development is passing a series of examinations,
which cover a range of topics related to the actuarial profession.
Students need to pass a series of examinations to achieve certification
as a member of one of the recognized actuarial societies.
The Canadian Institute of Actuaries is a co-sponsor of exams offered
by the Society of Actuaries and the Casualty Actuarial Society.
In the U.S., employers generally like to see prospective employees
to have at least one, frequently two or more, exams passed by the
time a candidate graduates.
The exams are *HARD*. Fortunately, almost all companies that hire
actuaries make some provision to give actuarial students some "company
time" to study exams, and make provisions to see that their students
get whatever help is necessary to prepare for the exams.
3. I do not know what the job market for actuaries is like in Canada.
In the U.S., the job market has become more competitive, especially
at the entry-level. Thanks to a couple of magazine articles on the
profession, there has been a glut of entry-level actuaries graduating
from U.S. colleges and universities. It used to be that simply
expressing an interest in becoming an actuary was a ticket to receiving
several job offers at graduation. Now, some job eperience (summer
internships, etc.) while in college, passing exams, and a willingness
to relocate are all useful in getting one's self hired.
Beyond the entry-level, jobs become somewhat easier to find (again, at
least in the U.S.). A few months ago, I began looking for a new
job. I currently have 2.5 years' experience, and have made significant
progress towards earning an Associateship (basic level of professional
certification) in the Society of Actuaries and in the Casualty Actuarial
Society. The job market is "good" enough that I have been contacted
by several professional recruiters, saving me a lot of "grunt work" in
making contact with companies, but things are still tight enough
that I haven't (yet!) found a new job.
I am told that, at higher levels in the profession, it becomes easier
to find job openings.
4. Salaries generally vary by geographic area, exam level, experience,
and to a lesser extent, what branch of actuarial work one is in. In
the U.S., a new actuary just out of college can expect to collect
a salary anywhere between the low-to-mid $30,000's to the upper
$30,000's. It is not unusual for upper-level actuaries at large
consulting firms or insurers to earn 6-digit salaries.
I suspect that analagous salaries, after adjustment for the differences
in currencies and costs of living, are available in Canada.
Several web pages are popping up with information on the actuarial
profession. My web page on the subject
(http://www.rahul.net/starowl/actuaria.htm) provides links to several
of these sites. If you want to bypass my page and get to the real
information, you should look at Balducci's actuarial pages
(http://balducci.math.ucalgary.ca), as well as the Canadian Institute
of Actuaries home page (http://www.actuaries.ca).
--
Michael Adams
Enterprise, Alabama
m...@triskele.com
--