“If you do what you love, you’ll never work a day in your life.”
– Mark Anthony
So you’ve heard being an actuary is pretty great and you want to know why?
Well, you’ve come to the right place. But before we get started, I need to share some important disclaimers.
Disclaimers:
- That famous quote you just read… It’s simply not true. In fact, it’s likely that if you enjoy and find purpose in what you do, you’ll work really hard to be the best you can be and to make a lasting impact. That’s a great thing!
- I’m not here to sell you on being an actuary. As much as I love it, the job is not for everyone. However, if your skills and interests align, this could be a fantastic and rewarding career to pursue.
- Finally, and most importantly, NO JOB IS PERFECT. If you put your self-worth and ultimate hope into work, you will eventually find that it will fail you. Nothing in this life can bring lasting joy and true satisfaction other than Jesus Christ.
“I consider everything a loss when compared to the surpassing worth of knowing Christ Jesus my Lord.” – Philippians 3:8
Now that we’ve got that squared away, let’s talk about why I love being an actuary!
A unique perspective
For years, the actuarial profession has been ranked as a top job based on traditional metrics such as salary, job security, work-life balance, career outlook, etc. While these are great perks and I’ll share some details with you below, I want to focus first on some less talked about benefits.
Chart Your Own Destiny
As an actuary, you have a lot of control over your career path and progression. Actuaries are needed across industries worldwide. The skills they hone are valuable for many roles. In fact, actuaries often occupy a variety of leadership positions at companies, including CEO’s.
At most companies, actuaries are compensated based on experience and exam progression. Thus, the more quickly you pass exams and earn your credentials, the faster you can increase your income. The potential for upward mobility and career advancement is limitless.
Impactful and Rewarding Work
Do you want to make a difference in the world? Do you want to use your gifts and talents to make a meaningful, positive impact? The actuarial profession is a great avenue for doing just that.
Actuaries participate in high-level business decisions and tackle major problems in every industry. After months of research and number crunching, it’s rewarding to know that you’ve not only solved a problem that others couldn’t, but that your solution impacts real lives.
Never Get Bored
Due to the fast-changing world, new risks are constantly emerging. Actuaries need to stay on their toes and be creative in how they address these new challenges. This element makes the profession dynamic and engaging!
Earn While You Learn
Did you know that the average medical student graduates with more than $200,000 in debt?!
Most studies only consider salary when comparing careers. They fail to account for the financial investment it requires to land a top paying job.
One major benefit of the actuarial profession is that it doesn’t require a graduate school education to get started. In fact, most entry level positions only require a bachelor’s degree and 1-2 exams passed. Further, once you do start working, companies will PAY YOU to keep learning. This often includes paying for study materials, exam registration fees, and even time at work to study!
Traditional Perks
And finally, I promised I’d hit on some of the more traditional benefits. Here are a few more reasons why the actuarial profession has consistently been ranked a top career.
Salary
Actuaries are well compensated for the work they do. According to the Bureau of Labor Statistics, the median annual wage for actuaries in 2019 was $108,350. Of course, compensation varies according to years of experience, exams passed, industry, geographic region, responsibilities and so on.
Each year Ezra Penland, an actuarial recruiting firm, creates this useful resource which provides salary ranges for actuaries based on years of experience and number of exams. Additionally, US News provides insights into the best paying cities and states for actuaries.
Job Security
The COVID-19 pandemic has devastated many industries. Actuaries are fortunate to still be in high demand, because the world always confronts risk, especially during a pandemic. According to the Bureau of Labor Statistics, actuary jobs are projected to grow 18% between 2019 and 2029, which is “much faster” than the average of all other occupations. In fact, my company Root Insurance is growing and actively hiring actuaries right now!
Work/Life Balance
Now this one really depends. At some companies, it may be possible to work a 40-hour week on a regular basis. However, that’s certainly not true for all actuarial roles.
In general, you can expect to work more in a start-up environment compared to a more established company. Some industries have “busy seasons” whereas others are more consistent. Some roles require travel while others do not. All of these will influence the ability to balance work with your personal life.
As we’ve seen during the pandemic, many jobs can be done effectively from home. The actuarial profession is no exception. Actuaries can work in a variety of settings and often have the ability to flex their schedules as needed.
Want to know more?
If you’re curious to know more about what it’s really like to be an actuary, stay tuned for my next post where I will share what a ‘Day in the Life’ of an actuary looks like.
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I want to hear from you!
If you’re an actuary and there are aspects of the job that you love which I didn’t mention, please let me know!
If you have questions about the actuarial profession that you’d like me to cover, please share them in the comment box below.
I really enjoy learning more about actuaries! Thanks for all of the easy to understand information!
Thank you for this amazing information! As an actuarial student, I love learning about life as an actuary, it helps to keep me motivated during heavy workloads and exam preparation!
It’s my pleasure! Thanks for taking time to read. I’m happy to hear that it was helpful. If there are any other topics you’d like to learn about, feel free to reach out anytime!
Thank you so much for sharing this piece of information, it was really informative. I currently working on my bachelor degree in mathematics, planing of taking my minor in actuary. Any advance?
Hi Keysha! Thank you so much for the kind message. That’s wonderful you are interested in becoming an actuary! I would highly encourage starting to take actuarial exams as soon as you can and seeking an actuarial internship while you’re still in school. These will be extremely helpful for landing a full time role someday!
The article on inspiring actuarials is really interesting.Look forward to more inspiring write up on the same platform.