Most actuaries hold at minimum a bachelor’s degree in a business field, mathematics, statistics, or accounting. Economics and finance are also appropriate degree options for this career choice. Internships play a large role in the hiring process for a well-paying position. Internships give valuable work experience, especially when candidates for actuaries positions take available internships with insurance companies, accounting firms, or other related occupation while they complete their education.
Many places require actuaries to be certified. The CAS or Casualty Actuarial Society is the most recommended society through which actuaries take certification examinations. The CAS provides examinations for graduates going into the areas of automobile, homeowners, medical malpractice, and other popular fields.
Many employers will hire after graduation and allow actuaries to gain valuable experience in the office while preparing for their certification exam. Some students feel confident with their knowledge and take the exam before they finish college. This provides them with more employment opportunities directly after they finish their college education.
Qualified actuaries possess more than a diploma and certificate. They must also possess superior skills in mathematics, organization, and planning. Communication skills are a must in this position, as actuaries must be able to clearly communicate the cause and effects of risks to the company when updating premiums for insurance plans. Actuaries must have a clear perspective of risks and each facet of risk factors, which can be variable depending on demographics of the area the companies and policyholders are located.
For higher paying positions, actuaries should have experience in reinsurance. This is when portions of an individual or business policy is passed on to another company, making it so the insurance company isn’t solely responsible for paying out a large amount of money for a risky insurance claim. Communications skills and selling skills are necessary for these positions.