Top 10 Reasons to Become an Actuary

Actuaries are consistently at the top of lists detailing the most desirable careers. But why exactly should you consider the actuarial profession? Here is a list of the top 10 reasons to become an actuary.

10. Great work environment

Actuaries don’t have to do any back-breaking work or get their hands dirty. Most of the jobs are found in office settings in big cities. These companies usually have a little money so the workplace would be very comfortable and professional.

9. You have the opportunity to work with models every day

Ok, maybe not the FHM models, but the actuarial models are just as good, if not better! Can an FHM model predict how many people are going to die tomorrow? Exactly. Anyway, you can still use math in your daily work. If you’re considering a job as an actuary, chances are good that you have a good aptitude for math. As an actuary, you would use mathematics in most aspects of your job. It’s a great career if you want to put what you learned into your career.

8. Highly respected career

Although actuaries are less visible, they are highly respected by those who know what they are. They are generally considered to be in the upper echelon of careers along with doctors and lawyers. The admission process can be a factor in this, as the professional exams are very difficult. Qualified actuaries will have had to work hard to get to that position.

7. Varied Work

A common misconception of actuaries is that they just sit behind a desk crunching numbers all day. Although these types of opportunities exist for less sociable people, there are positions in which the work is very varied. Some may deal with data analysis, reporting results to senior management, making presentations to trustees, writing reports, and liaising with clients. Trainee actuaries are sometimes rotated through different departments before they specialize to get a broad view of the different roles.

6. You can quickly end a conversation about your work

“So what do you work on?”

I am an actuary.

“Correct…”

5. Job security and options

While there aren’t many actuarial jobs outside the big cities, there isn’t much of a shortage within them. The number of qualified actuaries is not very large at all. The number in the UK is only about 9,000. So for any position there is not so much competition. Headhunters are frequently employed to recruit suitable actuaries for companies. Job security for actuaries is also relatively high compared to other careers.

4. International career

As a fully qualified actuary, he would be a very valuable asset. There is a lot of potential for actuaries in regards to where they want to work. Actuaries are in demand in a number of countries, particularly those in growing economies such as Asia. If you want to fulfill the ambition of working abroad, this is certainly possible with a career as an actuary.

3. Challenging and stimulating work

Only the most capable and determined people pass the actuarial exams to become full-fledged actuaries. The daily work is not as demanding as the exams, but it is still a challenge. Daily work requires a number of skills. Good business sense, an analytical mind, and the ability to understand difficult concepts are all necessary. Problem solving and independent thinking are great tools that are needed as well.

2. Good working hours

A large number of actuarial jobs offer good working hours. These can be regular jobs from 9 to 5, Monday through Friday. 40 hours a week is not as bad as some races where you have to put in a lot of overtime. Although there are some actuarial positions where this is necessary, it is not the norm. Considering some of the similar paying jobs, 40 hours a week is pretty reasonable.

1. The money

One of the biggest reasons to become an actuary is, of course, money. Actuaries can start at a salary of £20,000 and earn up to £100,000 or more late in their career. Actuaries are consistently rated as one of the highest paying jobs out there. He is undoubtedly one of the highest paid Mathematics graduates and indeed for most degrees that only require four years of study.