Becoming an Actuary
Becoming an Actuary
It is a difficult road to qualify as an actuary but the rewards are well worth the effort. The following are possible steps that ASABA recommends for becoming an actuary:
Step 1 – Have a strong mathematical capability
This is definitely needed to qualify as an actuary but will also broaden career options and opportunities.
Step 2 – Get a good degree
Students can enrol directly into university for an actuarial science degree. This will enable them to write the examinations required to qualify as an actuary. The actuarial profession is also open to individuals in other careers and can be joined by students with any mathematical based degree.
Step 3 – Find an actuarial trainee role
Participants can join an actuarial firm and develop their skills while they qualify. There is no age limit for joining the profession; however, ASABA recommends undertaking an actuarial exam or two independently, in order to assess current skills levels. Please note that experience in a current career may be valuable to an actuarial firm, therefore they can be contacted directly to discuss employment potential.
Step 4 – Register as an actuarial student and gain your qualifications
Students who wish to become a Fellow of Actuarial Society or an Associate of the Actuarial Society must pass the actuarial examinations, or be granted exemption from them, and also attain a satisfactory level of work-based skills. This usually takes between three and six years and can be done via distance learning. In addition, many employers offer support for study and paid study leave during the training.
Please visit the student zone section of the ASABA website to learn about all of the qualifications needed to enter the profession; how and when to apply for student membership; and to download and complete an application form.
The qualifications structure will show what exams are needed to qualify as an Associate or Fellow of the Profession. The Student Handbook is also a helpful resource in outlining the recommended route through the exams.
Step 5 – Enjoy a job anywhere in the world
Within the actuarial profession there are many different and exciting career paths that can be taking once qualification is achieved. Many actuaries specialise in technical research, while others may focus more on commercial activities. Still others go on to be practising specialists in one of the traditional financial fields, or become senior managers in insurance companies or firms of consultants.