How To Become An Actuary: Degree and Education Requirements

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what degree do you need to become an Actuary
majors for Actuaries

Actuaries

Other names for this job might include Actuarial Analyst, Actuarial Assistant, Actuarial Associate, Actuarial Consultant, Actuarial Mathematician, Actuary, Consulting Actuary, Health Actuary, Insurance Actuary, Pricing Actuary


  • $110560
    Salary
  • 80%
    Job satisfaction
  • Quite Hard
    Becoming one
  • High
    Job growth
OwlGuru Rank

A+



Be An Actuary: What You Really Need


In this requirements guide for Actuaries, you will find out what do you need to become an Actuary and what it takes to become one.

After reading this, you will be able to plan for your future if you want to be an Actuary.



Degree required

Recommended degree level

Bachelor’s Degree

Bachelors degree
51.52%

First professional degree
27.27%

Post-bachelor certificate
15.15%

Master’s degree
6.06%

No degree
%

Generally, employers are looking for Actuaries who have a Bachelors degree. They also prefer someone who is good in Mathematics and Critical Thinking.

1 common question that we always get is what major or degree do I need to become An Actuary or what courses do I need to take.

We did a survey to ask other Actuaries what did they major in college or university and here are the most popular majors that came up.

Applied Mathematics, General
Computational and Applied Mathematics
Statistics, General
Mathematical Statistics and Probability
Mathematics and Statistics

Actuaries need a bachelor’s degree, typically in mathematics, actuarial science, statistics, or other analytical field. Students must complete coursework in economics, applied statistics, and corporate finance, and pass a series of exams to become certified professionals.



Schools

schools for Actuaries

Interested in becoming An Actuary? Find the right schools that can help you to become one. You will need some of your details to get you matched with the right college or university. This service is free thanks to our sponsors.

Questions to ask the university or college:

  1. How many students are in the program?
  2. Is your program accredited?
  3. How many faculty members do you have? Do they hold the right credentials?
  4. What is your job placement rate?
  5. Does your school hold career fairs or other on-campus events with employers? How many employers typically attend?
  6. How many of your students have at least one internship by graduation?

Click to start becoming an Actuary




How long does it take

Difficulty
Quite Hard

You will need a considerable amount of work-related skill, knowledge or experience to be An Actuary.

For example: An accountant must complete 4 years of college and work for several years in accounting to be considered qualified.

To become An Actuary, you will need several years of work-related experience, on-the-job training or vocational training.


How long does it take
Over 8 to 10 years


Work experience
4 to 6 years

4 to 6 years
27.27%

No experience
18.18%

2 to 4 years
15.15%

6 to 8 years
12.12%

3 to 6 months
6.06%

Job training
Over 4 years

4 to 10 years
33.33%

6 months to 1 year
12.12%

No training
9.09%

0 to 1 month
9.09%

3 to 6 months
9.09%

Most Actuaries have 4 to 6 years work experience and Over 4 years job training.

To increase your chances of getting a job, you can look for job training while studying to be one.



License and certifications

Do you need any license or certification
Recommended but not required


Two professional societies—the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA)—sponsor programs leading to full professional status for Actuaries. The CAS and SOA offer two levels of certification: associate and fellowship.



Skills required

We asked other Actuaries if they could only have 5 skills, what would they be. Here is what they said.

1. Mathematics what does this mean
2.Critical Thinking what does this mean
3.Judgement and Decision Making what does this mean
4.Reading Comprehension what does this mean
5.Complex Problem Solving what does this mean
= Hot in-demand that most employers are looking for

We did some research and found that most successful Actuaries have these 5 common characteristics. Most of them had Analytical Thinking and Integrity.

1.Analytical Thinking
2.Integrity
3.Attention to Detail
4.Dependability
5.Achievement/Effort




Knowledge required

Just like any other job, you will need some know-hows to do the job. To become a successful Actuaries you need to acquire knowledge in these 5 key areas.

1. Mathematics what does this mean
2.Economics and Accounting what does this mean
3.Computers and Electronics what does this mean
4.English Language what does this mean
5.Law and Government what does this mean

As An Actuary, you may also be required to know how to use certain Financial analysis software, Financial analysis software and Object or component oriented development software tools.

Appraisal software (Financial analysis software)
ARMON Technologies XLActuary (Financial analysis software)
C++ (Object or component oriented development software)
Cash flow software (Financial analysis software)
Compliance testing software (Compliance software)
= Hot in-demand that most employers are looking for




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Related to Actuaries Requirements

Actuaries requirements, how to become Actuaries, degree required to be an Actuary, Actuaries license and certifications, majors to be an Actuary, is it hard to become an Actuary and how long does it take

Additional resources

http://www.bls.gov/OOH/math/actuaries.htm
http://www.actuary.org/
http://www.beanactuary.org/
http://www.asppa.org/

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Actuaries
Written by: Stanley Tan
Actuaries analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.
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