Do you like math, but are not sure how you can make a career out of numbers? One option is becoming an actuary. Actuaries use math to analyze statistics and predict the likelihood of a future event. Sound confusing? You may be picturing a wizard with a crystal ball, but instead you should picture a math-lover using numbers! Here is an example. An insurance company would like to offer their customers a discount for wearing seat belts. First, Actuaries have to answer some questions. What percentage of the company’s customers wear a seat belt? Do people who wear seat belts consistently cost the insurance company more or less money in the long run? Will offering a discount cause more seat belt-wearing customers to sign up with their company? Actuaries answer these types of questions, which help businesses and government become more financially secure.
Career Preparation:
In high school, make sure to take math classes every year. Take AP or advanced statistics and calculus, if possible. Be sure to take computer science classes, as you will need solid computer skills.
An Actuary will need at least a Bachelor's degree. In college it is suggested to major in Actuarial Science, Math or Statistics.
Career Possibilities:
Most actuaries work in property/casualty insurance companies. Actuaries can also work for the government, academic institutions and other agencies.
College Options:
Virginia Tech offers an Actuarial Science minor within their Statistics major. In this program, you would take classes in finance and economics to help build your knowledge of the business world. In Virginia Commonwealth University’s Financial Technology major, you can take classes like “Introduction to Probability Theory”, “Options, Futures and Swaps” and “Issues in Risk Management” in order to be part of the Actuarial Science track.
Want to know more? Check these websites out.
Be An Actuary
(read all about being an actuary)
The Princeton Review
(discusses an actuary’s typical day at work)
Bureau of Labor Statistics
(this website is a great source of information on any career you might be exploring)
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