An actuary analyst is a professional who studies the financial implications of risk and uncertainty and devises strategies to lessen the possibility of unfavorable events and their negative effects when they do occur.
Another alternative is to become an actuary. According to the Bureau of Labor Statistics, the profession paid a median pay of $102,880 in 2018 in the United States, with projected job growth of 22% between 2016 and 2026. The majors that an actuary commonly studies, as well as the top five abilities required for success in this field, are listed below.
What Actuaries study?
To work as an actuary, you’ll need a bachelor’s degree at the very least. The most direct path is to major in actuarial science, which is math, statistics, and industry-related course of study.
Take Psychometric Test To Know Your Best Career
Other quantitative majors, on the other hand, can also generate well-qualified individuals. Computer science, economics, mathematics, physics, and statistics are examples of these degrees.
Any major that contains extensive coursework in mathematics, statistics, business, management, accounting, economics, finance, and computer programming should suffice for an actuarial career.
However, a humanities-based education, particularly in English, would be extremely advantageous. Actuaries must also be knowledgeable in areas such as law and government, as well as be able to communicate effectively in both written and spoken form.
Top 5 skills of an Actuary
To be effective, actuaries must possess a diverse set of abilities. The following are 5 of the most important skills for an actuary analyst:
1. Analytical Problem-solving skills
Actuaries must have analytical skills because they are the problem-solvers because one of their responsibilities is to analyze complex data and uncover patterns and trends to determine which causes are responsible for specific outcomes.
Actuaries seek strategies to reduce the possibility of bad outcomes or the expense of achieving an unfavorable outcome after considering and weighing the importance of these elements.
2. Math and Numeracy skills
Because actuaries work with numbers, being able to perform basic arithmetic fast and properly is a must. The arithmetic related to actuarial science, on the other hand, can be more difficult. Because actuaries estimate risk and determine the likely chance of specific outcomes, they need to know calculus, statistics, and probability.
Know Your Best Careers Take Psychometric Test
3. Computer skills
The actuary’s instruments include computers and a variety of statistical modeling software. When evaluating vast amounts of data, actuaries commonly employ models and tables. Basic computer skills and a working knowledge of Microsoft Office are required, but knowing how to write in a statistical programming language is also required.
4. Knowledge of Business and Finance
Actuaries are frequently employed by businesses, financial institutions, and insurance organizations. As such, they are in charge of assessing insurance and pension plans, counseling businesses on how to reduce financial risk, and giving banks expert recommendations on how to maximize profits on a variety of investment products. This necessitates a thorough knowledge of business and financial concepts.
5. Communication and Interpersonal skills
Actuaries frequently cooperate with a variety of people, including programmers, accountants, and senior management, thus they must be able to communicate and work well with others. Actuaries with strong oral communication skills can explain difficult technical and statistical data to a wide range of audiences.
Take Psychometric Test To Know Your Best Career
While great writing skills guarantee that findings and solutions in memos and written reports are clearly understood. Actuaries are frequently in charge of teams working on a variety of projects and must be able to deal with a wide range of personalities.
The Bottom line
To be an actuary analyst, it appears that you must be skilled in almost every area listed above. On-the-job training or an internship can teach you a lot of these abilities. Given that the number of actuary roles is expected to grow at a faster-than-average rate in the coming years, having the correct mindset and aptitude for the abilities listed above could be all you need to land that fulfilling career.
