Preparation to become a life actuary should begin in high school, where students should excel in mathematics and science. Most high school advisers can assist students in finding outside activities and programs that focus on various math studies. Some countries require students to take specialized tests before entering college, which students should begin preparing for in his or her third year of high school. After successful completion of required tests, students should thoroughly research universities that have well-developed science, math, and finance programs.
Some schools have an actuarial science program, but a bachelor's degree in economics, accounting, or statistics is usually sufficient to become a life actuary. Coursework should include calculus-based probability and statistics, computer science, marketing, actuarial science, micro and macroeconomics, and finance. In order to become a life actuary, students should seek internships and training programs outside of his or her coursework to gain experience. Practice actuarial exams are generally available at local libraries and on the Internet to prepare for the examinations usually required to become a life actuary.
Many countries have organizations that set professional guidelines, including required examinations. The United States (US) has the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS). These and similar organizations offer exam prep courses and training programs that will prepare the student for exams that are necessary to become a life actuary. There is an extensive set of exams that are given and may include probability, financial economics, life contingencies, evaluation of actuarial models, and mathematics exams. The next step is to achieve an associateship before completing the necessary experience and additional exam requirements needed to complete a life actuary fellowship.
Additional internships are usually important after graduation to gain entry into a company as well as experience in the field. Summer internships are offered by many companies and are usually available immediately after graduation. These summer programs typically offer training classes and work experience. Students are placed in a department that caters to his or her expertise and are overseen by a senior life actuary. Successful internships may lead to permanent employment with the firm.
There are several different types of available positions, including health, property, casualty, financial planning, or life actuary, and most people begin his or her career at an insurance company. The Internet offers thorough job descriptions and information on well known insurance firms that are hiring, which is a helpful tool because life actuaries are not as common as some other mainstream jobs. This profession can be extremely lucrative and offer many career advancement opportunities.
