High School

If you are interested in this field, you should pursue a traditional college preparatory curriculum, including mathematical and computer science classes, and take advantage of advanced courses such as calculus. Introductory business, economics, accounting, statistics, and finance courses are essential, as is English, to develop your oral and written skills. Take advantage of Advanced Placement and advanced courses such as calculus and statistics.

Postsecondary Training

A bachelors degree with a major in actuarial science, mathematics, or statistics or a business-related field such as economics, finance, or business management is highly recommended for entry into the industry. Courses in elementary and advanced algebra, differential and integral calculus, finance, microeconomics, macroeconomics, descriptive and analytical statistics, principles of mathematical statistics, probability, and numerical analysis are all important. Computer science is also a vital part of actuarial training. Employers are increasingly hiring graduates with majors in economics, business, physics, and engineering with strong math backgrounds. College students should broaden their education to include business, economics, finance, English, and communications. Because actuarial work revolves around social and political issues, humanities and social sciences coursework will also prove useful.

While in college, its extremely important to participate in several actuarial internships, which are excellent ways to try out various specialties in the field, such as pensions or property and casualty.

Visit http://www.soa.org/education/resources/actuarial-colleges/actuarial-college-listings-details.aspx for a list of colleges and universities offering actuarial science programs.

Other Education or Training

State and national professional associations and some employers provide continuing education opportunities. For example, the Society of Actuaries offers e-courses, podcasts, and other learning opportunities. Recent topics included decision-making, communication, financial reporting, government regulation, and taxation. Other organizations that provide continuing education opportunities include the American Academy of Actuaries, the American Society of Pension Professionals & Actuaries, the Casualty Actuarial Society, the Conference of Consulting Actuaries, and the Canadian Institute of Actuaries.

Certification or Licensing

Actuaries must be licensed by either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Full professional status in an actuarial specialty is based on completing a series of nine to 10 examinations, depending on the specialty. SOA certifies actuaries in life insurance, health benefits systems, retirement systems, and finance and investment. CAS gives a series of examinations in the property and casualty field, which includes automobile, homeowners, medical malpractice, workers compensation, and personal injury liability. Success is based on both formal and on-the-job training.

Actuaries can become associate members of SOA after completing five initial exams; coursework in applied statistics, corporate finance, and economics; eight computer modules with two subsequent essays; and a seminar in professionalism. This process generally takes from four to eight years. Similarly, they can reach associate status in the CAS after completing six exams, attending one course on professionalism, and completing the same coursework required by SOA. Actuaries who complete the entire series of exams for either organization are granted full membership and become fellows.

The American Society of Pension Professionals and Actuaries also offers several different designations (both actuarial and non-actuarial) to individuals who pass the required examinations in the pension field and have the appropriate work experience.

Consulting pension actuaries who service private pension plans must be enrolled and licensed by the Joint Board for the Enrollment of Actuaries (https://www.irs.gov/tax-professionals/enrolled-actuaries), a U.S. government agency. Only these actuaries can work with pension plans under the Employee Retirement Income Security Act. Applicants must meet certain professional and educational requirements stipulated by the Joint Board to be accepted.

Completing the entire exam series may take five to 10 years. Because the first exams offered by these various boards and societies cover core material (such as calculus, linear algebra, probability and statistics, risk theory, and actuarial math), students generally wait to commit to a specialty until they have taken the initial tests. Students pursuing a career as an actuary should complete the first two or three preliminary examinations while still in college since these tests cover subjects usually taught in school; the more advanced examinations cover aspects of the profession itself.

Employers prefer to hire individuals who have already passed the first two exams. Once employed, companies generally give employees time during the workday to study. They may also pay exam fees, provide study materials, and award raises upon an employees successful completion of an exam.

Aspiring actuaries should participate in at least one internship while in college. To become certified, you must obtain several years of experience in the field.

An aptitude in mathematics, statistics, and computer science is a must to become a successful actuary, as are sound analytical and problem-solving skills. Knowledge of basic regression and time series methods has become more important due to the growing use of predictive analytics. Solid oral and written communication skills are also required to explain and interpret complex work to the client, as is skill with programming languages such as Visual Basic for Applications, C++, SAS, and SQL.

Prospective actuaries should also be curious about historical, social, and political issues and trends. You should have a general feel for the business world and assimilate a wide range of complex information to see the "big picture" when planning policies. Actuaries like to solve problems; they are strategists who enjoy and generally excel at games such as chess. Actuaries must be motivated and self-disciplined to concentrate on detailed work, especially under stress, and undertake rigorous study for licensing examinations.