#1. Solving real-world problems with data and statistics

This might be a nightmare for some of us, but for someone who has an analytical mindset and is passionate about decoding large sets of data, a career as an actuary could be a dream come true.

Actuaries use their knowledge and skills in statistical analysis to solve problems by managing risks in a variety of industries.

Take the role of actuarial analysts in the insurance industry. They calculate how much an insurance company should charge for car insurance, for example, so that the insurer is able to cover the financial costs in the event of an accident, theft or damages. Similarly, investment actuaries analyse investments to determine the risk of an investment product to help companies avoid financial losses.

It’s the joy of solving problems that drive many into the profession.

#2. The challenging and complex work

There’s no doubt that an actuary’s job is a challenging one. You’ll be required to work with numbers and apply your knowledge to complex problems.

So what’s the good news?

The challenging nature of the job can be ideal if you thrive under pressure, enjoy working with Excel and love problem-solving! The job may also require you to have an understanding about other industries, which can keep you on your toes and stimulate you intellectually.

#3. It’s (not) all about the money

One of the greatest misconceptions people have about an actuarial career is that it’s a fast track to raking in the big bucks. But hold your horses! This isn’t immediately true.

While everyone agrees that there are opportunities for advancement when you sit for your professional papers and rack up those actuarial credentials throughout your career, it may take a few years after starting before you see a significant pay raise.

Nonetheless, having professional certifications under your belt may be worth the effort. You’ll not only stand a chance to earn more when you work but it could also be your ticket to working abroad – perhaps somewhere exotic such as Bermuda – as the professional qualification is recognised internationally.

#4. It involves so much more than numbers

Becoming an actuary involves more than just maths. In fact, one of the most valuable skills you will learn is the art of communication as over the course of your career, you will be presenting your ideas to professionals from other fields who may not be immediately receptive to your advice.

Many professionals say that their jobs don’t involve as much maths as they do statistics. They’re also required to have a good grasp of other fields, including business, accounting and economics that are crucial to their work of minimising business risks.

#5. It’s a well-respected profession

Not only does becoming a professional actuary arm you with a prestigious and internationally recognised qualification, it is also a respected profession that plays a pivotal role in many organisations across different disciplines.

For example, in an insurance company, actuaries analyse the risks of potential beneficiaries to determine which insurance products to recommend to them. Businesses also rely on actuaries to evaluate the risks involved in implementing their business strategies to avoid investing in something that could ultimately backfire.

In fact, you might say that the success of a business venture lies in the hands of an actuary!

Source: Original article by Kamini Senthilathiban of EduAdvisor. Used with permission.

 

– View our Actuarial Jobs –

If you want a job abroad, visit our jobs portal to see the latest vacancies. Our site includes a downloadable All You Need to Know guide which will tell you all you need to know about living and working offshore.