Everyone who researches actuarial science learns about the high salaries, great work/life balance, and low-stress work dynamic.
In addition to the fact that your qualification process is taking a series of exams instead of attending graduate school, the actuarial field is unique in many ways.
However, there are several advantages that people overlook when deciding on an actuarial career.
1) Applying analytical skills to solve real-world problems:
The analysis that you do as an actuary will influence key business decisions within whatever company you work for.
Your opinion and expertise will be greatly valued by others within your organization, and your work can have an instrumental impact on business results. Actuarial science is a highly-respected profession.
2) Unlikely to be replaced by technology:
The actuarial function is specialized enough that it will be hard to substitute with a robot or technological advancement. Future job stability…check. Current status of job stability…excellent, check.
3) Increase expertise in relevant personal decisions:
As an actuary, you are likely to learn how insurance, financial markets, economic factors, and other sectors work. This knowledge is incredibly useful for making decisions like getting a loan, investing your excess money, saving for retirement, and buying insurance.
Many of these decisions can be very financially rewarding if done correctly; as an actuary, you are well-positioned to be an expert in these areas.
Your friends will look up to you as a guru who can navigate the financial jargon on te and understand new legislation that emerges from key political decisions.
You will appreciate being the “smart” friend.
4) Meaningful, challenging, and rewarding work:
Your work as an actuary will deal with millions of dollars of retirement products, reserves, and policy amounts. This means that your calculations and analysis will have a widespread financial impact.
The nature of your work is more challenging than the average job; you will get that much more satisfaction when you overcome obstacles and solve problems. Nobody ever got a high-five for walking across a street, but anyone who runs a marathon deserves free high-fives for life.
Embracing the challenge of passing actuarial exams and performing actuarial work allows for even more gratification and excitement when things go well.
5) Versatility:
Actuaries can work in health, retirement, banking, investments, technology, etc. They can perform a variety of risk-related roles, accounting, pricing, financial reporting, etc.
Given these possibilities, you can work anywhere across the US and internationally. The profession’s high reputation will follow you wherever you go.
If you’re considering the actuarial profession, remember there is more to the job than just a high salary, great benefits, and low stress (if those aren’t enough already).
And don’t let the exams intimidate you – the longest and toughest journeys are the most rewarding. (Check out our book if you want more advice on passing the exams with less stress).
Study Smart, Pass Fast, Live Life
Mike & Roy