Being an actuary is a lucrative job profile that has high demand in the present scenario.
Being an actuary is a lucrative job profile that has high demand in the present scenario. When we look into the actuary salary scale, it is higher than the average compensation gained by most professionals. As an actuary, you can choose from numerous career paths.
As per the US Bureau of Labor Statistics (BLS), insurance, securities, management, commodity contract are some of the sectors you can consider. When it comes to the field that offers the highest actuary salary is business, professional, labor, political, and similar organizations as per BLS. The average salary as of May 2020 is $173,070 in this sector.
What are the Advantages of Becoming an Actuary?
When we evaluate the job profile as an actuary, there are different perks of becoming one. They range from high compensation to job security. Let’s have a look at the benefits of pursuing a career as an actuary.
- Actuary salary
Actuary Salary is highly competitive, and it is a job role that has high earning potential. However, it will depend upon your area of work and location. Besides that, as you gain exposure and experience, your pay structure would improve.
When we look at the data published by the BLS, the mean annual salary of an actuary in the US is $123,180. The lowest compensation that actuaries receive is $66,030, and the highest is $196,010. However, the values of the actuary salary are approximate and not fixed.
When it comes to the UK, the average salary of an actuary who is starting their career is £32,000. In the insurance sector, it ranges between £40,000 and £55,000. From this, it is apparent that the actuary salary is highly competitive, making it a lucrative profession.
- Work environment and culture
Even though your work culture and environment are relative, many consider it better than several other job roles. Here, you can obtain a work-life balance as the stress level is comparatively low.
- Ability to network
In this field, you can interact with different types of employees from various sectors. They range from lawyers to CEOs of companies. You can build connections, which would help you in attaining professional development.
- Career and personal growth
Apart from achieving a highly competitive salary as an actuary, you can achieve career and personal growth. Here, you can complete your training while you work and learn from your experiences as well. Through this, you can develop the skills required for your profession.
- Job security and opportunities
As we have discussed earlier, you have numerous sectors to pursue your career. They range from insurance to businesses, and you can even be a freelance actuary consultant for multiple firms. The demand in this field is also rising due to the environmental and technological changes happening around us.
These are some of the reasons that make actuary a sought-after profession by many people.
What are the Skills Employers are looking for in an Actuary?
Considering the skillsets required for this position can help you work accordingly. Here are a few skills that employers look for while hiring an actuary in their firm.
- Financial and IT skills
- Numerical abilities
- Risk Management
- Analytical and problem-solving capabilities
- Interpersonal skills also include your ability to communicate and listen well
- Other skills such as research capabilities, leadership skills
In addition to these skills, you must have a degree in actuarial science or mathematics, statistics, economics, engineering or risk management. At this point, you will be able to launch your search for Actuary Jobs in United States.
From this, it is apparent that actuary is a profession with numerous opportunities in diverse fields. The actuary salary is also highly competitive, and if you pursue your career in this dimension, you can acquire a lot that helps with your professional and personal growth.
