And Mike is looking around the internet for a choice of possible high paying jobs by the time Mary and I get out of college and we found this Actuary job and we found out it's not very hard job (at least by the way it looks but pays a good amount of money). Thanks to the source.
Here is the link btw that could guide if anyone interested to be an actuary. Please click HERE.
Education and Training: College Salary: Median—$76,340 per year
Employment Outlook: Very good
What are the chances that a twenty-one-year-old will live to age sixty-five? How much do people lose every year because of fires, floods, or robbery? Actuaries work with numbers and facts to answer such questions.
By checking facts, working with statistics programs, and constructing probability charts, actuaries are able to tell insurance companies how much to charge a policyholder for a particular type of coverage. The fee, or premium, must be sufficient so that the company will be able to pay the customer in case of loss and still make a profit.
More than 60 percent of all actuaries work for private insurance companies. Many work for life insurance companies. The rest work for property-liability companies and are sometimes called casualty actuaries. Some actuaries work for state or federal government agencies. In the federal government actuaries handle particular insurance programs, such as Social Security or life insurance for veterans and members of the armed services. Actuaries who work for state agencies are concerned with unemployment insurance, workers' compensation, or state retirement or pension plans. State-employed actuaries regulate the rates that are charged by private insurance companies. Actuaries also work for consulting firms and rating bureaus. Rating bureaus are associations that supply actuarial data to member companies. Consulting actuaries set up and evaluate pension and welfare plans for private companies, unions, and government agencies.
An actuary works with an insurance company representative to determine premiums or policyholder fees.
Education and Training Requirements
To become an actuary, a person needs a bachelor's degree with a strong background in mathematics and statistics. Courses in insurance law and accounting can also help. Some colleges offer undergraduate and graduate programs in actuarial science. Before becoming a fully qualified actuary, an individual must pass a series of examinations over a period of five to ten years. Students can begin by taking the first two examinations while they are still in college. Then they have a better chance of securing a beginning job as an actuary when they graduate.
Professional organizations give the examinations that a person must take to become an actuary. The number of examinations required varies from one insurance field to another. Generally, the first few examinations test mathematical skills that are learned in college. Because the various actuarial societies recognize each other's examinations, individuals can apply the examinations administered by one to the requirements of another if they decide to switch to another field of actuarial work. However, some of the tests are specific to various branches of the profession.
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