A Great Job Option in our Current Economy

By Roma Chandhok on June 6, 2012

Ryan is an actuary via flickr.com

This year, I finally decided what I want to do for the rest of my life, be an actuary. After being the last of my friends to choose my major, a year later, I have decided what to do with it. This job is obviously not for everyone due to the high level of mathematics required, but if you have any inclination for math, this could be the right job for you.
So what is an actuary? Actuaries have a focus in business, mathematics, and statistics. They mostly work for insurance companies and calculate financial costs of both risk and uncertainty.
Actuaries currently have one of the lowest unemployment rates. Many students these days graduate with high loans and cannot find jobs, but if you graduate with the pursuit of being an actuary, you should be able to find an entry-level position right out of college. Many high paying jobs require extra schooling, which can cost up to an additional $50,000 a year, but actuaries are still considered business professionals and do not need to attend any graduate school whatsoever. The downside is the amount of exams you have to take. Each exam is about $200, but $2,000 to take all the exams is much better than paying $200,000 or more for your graduate school tuition. In addition, actuaries work less office hours than investment bankers, so you can have a life outside of your job. An actuary also has the option to go into consulting if they would like; this job tends to come with more hours but the return is that they also tend to make more money. Also, after taking your exams and building your way up, actuaries can make a six-figure income. In today’s economy, a steady income is a rarity, but working as an actuary can turn that rarity into a strong possibility. If you are good at analytics and mathematics, becoming an actuary may not only be my calling, but it could be yours too.

Sources 

http://www.soa.org/library/newsletters/the-future-actuary/2007/summer/how-to-prepare.aspx
http://voices.yahoo.com/how-study-actuarial-exam-1p-without-paying-398139.html?cat=4 http://www.flickr.com/photos/peterallen/1025112/

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