An insurance actuary is a professional who is often employed by insurance companies to calculate risk and help reduce the impact of undesirable future events. In order to become an insurance actuary, it helps to have an aptitude for mathematics. It may also be helpful to have advanced reasoning skills, as well as a high level of communication skills. In many cases, education, certification, and experience are necessary in order to become an insurance actuary. Finally, you may need to choose an industry to work in, such as life insurance or health insurance.
Since much actuarial work is based on determining the probability of future events, an understanding of probability theory is often required of any individual who wants to become an insurance actuary. Probability theory is a branch of mathematics that focuses on the analysis of random events. These theories, as well as other important mathematical concepts, are often learned in colleges and universities. While many insurance actuaries have academic degrees in mathematics, this is not necessarily a prerequisite for all positions.
Aspiring insurance actuaries often possess strong reasoning and communication skills. Actuaries normally make arguments for their predictions and share them with colleagues, executives, and clients. For this reason, you want to consider sharpening your writing and your ability to construct sharp, rational arguments.
Many insurance actuaries have college degrees. Others are required to have certification. When certification is required, there is normally a test that must be completed with a satisfactory score before the aspiring actuary is awarded a certificate. Even in regions where official actuarial certification is not required by law, it may be a good idea to earn some kind of proof of proficiency. This can better a potential employer's perception of you.
In many instances, experience is also necessary in order to become an insurance actuary. This experience may be in the form of an unpaid or paid internship. Internships are designed to train aspiring professionals in real world contexts. A starting position as the assistant to an actuary may be another good example of helpful experience for those hoping to become insurance actuaries.
Finally, in order to become an insurance actuary, you will need to choose a particular industry. While your education or experience does not necessarily need to reflect your choice to work specifically in health or life insurance, you may find it helpful to design your resume and job interview answers so that they speak to the specific needs of an industry. For example, in order to become an insurance actuary at a life insurance company, you might want to express to your potential employer how your skills can help to rate or price various life insurance policies.
