Some possible jobs within this career area are:
While you don’t need a special certificate to be a mathematician or a scientist, in theory, you might need certifications for your individual career. For example, teachers need teaching certificates, and sometimes have to return to school to keep their license active. Some lab workers need special training or certification. And many workers find that continuing education benefits not only their knowledge base, but also their wallet.
Typical degrees for math or science programs include:
- Associate’s Degree
- Bachelor’s Degree
- Master’s Degree
- PhD
Scientists and math specialists – people who have a lot of knowledge in specialized fields – are always in need and in demand. Many companies recruit students who major in math or science because they have fundamental training that can be applied to a variety of disciplines. Most career counselors recommend getting internships during school so you can establish a work history as well as make important professional connections.
You could earn a degree in math or science in as little as two years, for an Associate’s Degree, or as long as four years for a Bachelor’s Degree. Remember that you also have graduate school as an option, which could take an additional two or three years.
How to Become an Actuary
A career as an actuary may be for you if you have strong math skills and enjoy working with numbers and data tables. Actuaries use mathematics in order to determine risk and cost of various events that can occur within an organization such as an employee's sickness or death. Loss of property is another possibility that actuaries determine financial outcomes for.
Because they determine financial risk, an actuary can be employed as an insurance actuary or statistician within the insurance industry.
Training Required for an Actuary Career
To become an actuary, you will typically need an undergraduate degree. Most of the coursework will be in mathematics, statistics, and business, and successful actuaries get a good start on their training by taking as many mathematics courses in high school as possible. Other college coursework includes applied statistics, corporate finance, and economics.
There are many colleges that offer a degree in actuarial science. A statistician can also become an actuary professional by undergoing the actuarial exam process. Regardless of the degree, a student can gain an edge by performing internships, thereby gaining valuable on-the-job experience.
Professional actuaries need more than a degree. Actuaries are required to pass a series of exams, a process which can last from four to eight years. Many employers require their actuaries to pass the first exam before hiring them. The initial exam cover mathematics and has questions on calculus, statistics, and probability.
Actuaries who gain employment and specialize may seek to become licensed as a professional actuary. There are two main licensing organizations: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). These organizations control the examination process. Although the first four exams for each society is the same, the final four divide the actuarial work into the property and casualty field, which is covered by the CAS, and those covered by the SOA, which are life insurance, health benefits, retirement, and investment fields.
Actuary Salaries
According to the Bureau of Labor Statistics, the median actuary salary is $84,800. The top ten percent of actuary salaries is above $160,800. The middle fifty percent of actuary salaries fall between $62,000 and $119,100. The bottom ten percent of actuary salaries fall below $49,200. (Salary data retrieved 7/13/11)
To get the education you need to become an actuary, find a degree program now!