One of the many careers you can enjoy in the accounting industry is that of an actuary. An actuary is an expert in the field of risk management for businesses. Using their knowledge of business and finance, these experts assess the possibilities of various types of risks and help put policies in place that will either prevent any problems or minimize the risks that can occur. Actuaries are essential in the accounting aspect of the insurance industry.
Some of the duties of an actuary include:
- Gathering and analyzing data to estimate the costs involved in various scenarios
- Determining the level of pension contributions of employees
- Helping a company choose wise investments that will lead to a profit
- Producing probability tables to determine the likelihood of expenses in certain situations
In order to become an actuary, you must first hold an undergraduate degree in some aspect of accounting. The courses you take leading to this degree should include courses in economics, applied statistics and corporate finance. Many employers prefer applicants that completed one or more internships during their studies so that they actually have some experience working in this area under the supervision of a certified professional. When you first get hired following graduation from university, you will be in an entry-level position that will likely involve performing duties such as preparing financial; reports, reviewing policies and underwriting, so that they gain practical experience in the business. As you gain more experience you will be given more challenging tasks, such as preparing correspondence, conducting research and acting in a supervisory role.
You do need to be licensed in order to work as an actuary. Some employers hire a person in this role and then pay the fees associated with registering for the required courses and exams. You can also take the exams on your own. These exams deal with all aspects of the insurance industry. There are several levels of certification, the first of which includes passing seven exams. As you progress through the levels, you will also be eligible for raises in your salary and promotions within the company.
Educational skills are not the only requirements for being able to perform well as an actuary. You should be proficient in the use of the computer for using spreadsheets as well as knowledgeable about using different computer programming applications. You must also keep up with the current trends and legislation that can affect the investments and investment practices of the company. Once you show that you can excel in your job, you can advance to senior management positions and some actuaries become professors in the accounting faculty of universities.
As a rule, you will work a regular 40-hour week in an office when you have this type of job, but there may be times when you have to travel to meet clients.
