An actuarial analyst is a person who assesses the risk or probability of certain future events. They are mostly found in the insurance and financial fields. Actuaries use this information to create plans and policies that will help to mitigate the negative consequences and costs associated with those scenarios. In addition to meeting professional development requirements, becoming an actuarial analyst requires appropriate high school and college coursework.
In high school, students begin their studies to become actuarial analysts. Math should be a major focus for any aspiring actuarial analyst. Advanced calculus and statistics coursework is strongly advised. Students in high school should also focus on computer science and college preparatory coursework. Students interested in pursuing a career as an actuarial analyst should begin their search by visiting colleges that offer actuarial degrees or programs.
When it comes to degree paths, actuarial analysts have a lot of options. Some colleges offer actuarial degrees, but completing other degrees can also provide a college student with the knowledge and coursework needed for a career as an actuary. Finance, economics, mathematics, and statistics are some of the other degree options available to those interested in becoming an actuary.
No matter what degree they pursue, those interested in becoming an actuarial analyst should include at least some specific coursework in their curriculum. Finance, microeconomics, macroeconomics, calculus, algebra, probability and statistics, and computer science are among the subjects covered. Advanced coursework in these fields may be beneficial as well.
To enter the field, obtain certification, and work as an actuarial analyst, actuaries must pass a series of exams. After passing one exam, recent graduates can usually work as actuarial assistants while studying for and passing the remaining exams. Candidates must pass seven exams to receive initial certification at the Associate level.
Throughout an actuarial analyst’s career, more testing is done. Those wishing to pursue Fellowship certification must pass two additional exams. It can take anywhere from six to eleven years to complete all of the exams up to Fellowship level. Professionals frequently take the exams while working and are compensated for testing fees as well as pay increases if they pass the exams.
Those interested in a career as an actuarial analyst should focus on developing specific skills in addition to the educational and certification requirements. Strong computer skills, such as computer programming, and excellent communication skills are required. Furthermore, actuarial analysts must keep up with current trends in their field.