Choosing a career is not at all an easy task. It is one of the most important decisions of your life. So you should consult some experienced person or a counselor before taking this major step in your life. You should analyze your strengths, potential, interests and abilities before making this wise choice. Do not follow the rat race. Know yourself first. Are you good in solving problems?? Or are you more interested in doing creative things???  It all depends on your caliber.  Your future depends on your decision. So take it wisely.

If you are good in solving mathematical problems, loves doing creative things, and have the capability of solving complicated financial and social problems then surely you opt for the career of An Actuary.

An Actuary is a financial expert who apply their knowledge of mathematics especially statistics, probability and risk management theories to real life financial problems involving risks. These risks and uncertainties arise in case of insurance, pensions, annuities, employee benefit plans, future earnings etc.

So there should an individual who, by his skills can help the people to overcome these situations and plan a better risk free life ahead. The actuary is trained to analyze the coming risks and suggest a better solution to overcome it.

Our life is also not certain. In our day to day life we face many risks. These risks can come in the form of accidents, sickness, thefts, fraud, disability etc.  The individuals cannot predict these risks.  So the requirement of An Actuary is there. The actuary with their analysis of statistics can prevent us from these risks. Now-a-days companies, government organizations, firms and universities appoints actuary to manage the risk factor.

Besides a financial professional An Actuary also works as a consultant. The basic work of An Actuary as a consultant is to assist the employers, labor unions and administration for pensions and employee benefit plans.

The emerging trend in medical insurance sector, employee benefit plans, mutual funds and environmental issues is also paving way for the actuary.

The demand for actuary is increasing with the rising risks. In the past decade there is a substantial increase in the consulting area. If we talk about the insurance sector then it is still a booming sector. So it will remain a major player for the actuaries there is also an increasing demand for the actuaries in the non-traditional roles like compensation management, financial planning, investments, environmental issues etc.

Some careers that An Actuary can choose could be:

●       An advisor in the insurance industry

●       Consultants

●       Under government bodies

●       Can work as pension planner

●       Brokers

●       Academics

●       Financial services

●       Environmental specialists

●       Medical insurance

●       Construction industry

The actuarial profession is global. It is recognized internationally. Like law, medical and engineering it is also consider as a reputed education form. Its career opportunities are also very rewarding, diverse and exciting. It carries quiet a reputation due to its difficult exam patterns. Any who loves math’s can become An Actuary. As they are involved in many judgments and decision making activities their career path can lead them to higher posts of upper management and executive positions

Since actuary needs high level of educational and professional qualifications, therefore the compensations are also high. The salary of the actuary varies according to the geographical location, experience, qualification, responsibility and organization.

According to the data from US an average salary for An Actuary ranges from 51000 USD to 55,000 USD per annum. Whereas more talented actuaries with a work experience of more than four years can expects salary up to 60,000USD per annum. More skilled actuaries can earn up to 107,000 USD per annum.

The career expansion in actuary’s life is full of assorted opportunities. The actuaries starting income can be increased with the increase in knowledge and skills.

Other benefits An Actuary can have are:

●       Health benefits

●       Retirement benefits

●       Good compensation

●       Pension plans

●       Medical insurance

From the discussions it is cleared that An Actuary should be expert in mathematics, statistics, probability, creativity, communication, business sense, capable of working with other people etc. They should also have sound knowledge in computers, economics, marketing, investments.

Other relevant skills could be:

●       They should be self motivated.

●       Independent with their decisions not biased.

●       Ambitious.

●       Experienced.

●       Knowledge about general management.

●       Managing the overall financials.

●       Designing of insurance products.

●       Selecting right people for the insurance industry.

●       Should keep the given commitments.

●       Natural problem solving ability.

●       Think laterally.

●       Research skills.

●       Analytical skills.

●       Comprehension skills.

●       Desire to learn new things.

●       Under take responsibilities.

●       Making good relations with the customers.

In a nut shell we can say the abilities carried by a successful actuary should include an excellent business sense with profound knowledge in finance, mathematics, economics, accounting, management and computers.

In addition to this An Actuary should love his work and enjoy doing it. They should enjoy communicating with people, solving their queries working in teams or sometimes alone. An Actuary works more on macro -level, set high level parameters and provide excellent results. They hold the responsibility of protecting the legal benefits promised to the companies. They use their experience in solving the complex problems and safeguard the financial interest of the public.

TRAINING

Now talking about the education and training An Actuary should be having:

●       Three basic requirements- education, experience and successfully completion of the relevant exams.

●       Good hold on mathematics, algebra and calculus during high school.

●       Understanding of economics, business administration, commerce and computers.

●       Should possess a graduate degree in economics or business administration or commerce or computers or mathematics.

●       Should have cleared the certificate exams for insurance, investment and pension.

●       International fellowships are also provided for those who clear the exams.

One of the important to be noted in the actuarial profession is that you study for professional qualification while earning a salary. After graduating the actuary can work with companies needing actuarial services and side by side can also pursue their professional qualifications through correspondence, self study or self tutorials.

An Actuary applies its knowledge and abilities to overcome the risk problems. An Actuary deals with all the uncertainties whether it is in the form of accidents, insurance, medical insurance, environmental issues etc. This helps the individuals and the businesses to overcome the risks in an effective way. Any actuary performs multiple operations. The general role of An Actuary is to compile the whole data and come out with solutions to the financial problems.

The actuary is also responsible for drafting the policies of an organization and explains it to those who will get benefits from it. An Actuary can work for a specific organization or many organizations at a time. It depends on their capability and the caliber to handle the problems.

The actuary also takes the responsibility of formulating the mathematical ideas and formulas so that they could come up with proper data and assess it.

Listed are some of the roles performed by An Actuary:

●       They provide long term solutions to the financial problems.

●       They can very well analyze the uncertainties and can provide the solutions also.

●       They think practically and are innovative.

●       Come up with effective strategies.

●       Analyze both the aspects of the balance sheet i.e. assets and liabilities.

●       Consult the experts for data modeling and ways to overcome it.

●       Consult companies in profit sharing policies.

●       Provides view and suggestions on the financial position i.e. current and forward looking.

●       To govern the high officials in the financial matters especially the government bodies.

●       Responsible in making decisions in development of products in services in insurance companies.

●       Analyzing the past.

●       Prepare reports and present in front of investors.

●       An Actuary can take instant steps if they feel that the work is not going fine.

●       Calculating premiums.

●       Giving ideas to generate funds.

●       Helps in decreasing the undesirable impact s on finance that usually occurs.

Not only had this but if we talk about the Canadian Justice System, then in that the actuaries are asked to give expert witnesses on the issues of lost future earnings. The roles of actuary are increasing depending upon the uncertainties occurring in the lives of individuals and businesses.