How to Become an Actuary?
Are you thinking of becoming an Actuary or already started your career and planning the next step? Learn how to become an Actuary, what skills you need to succeed, how to advance your career and get promoted, and what levels of pay to expect at each step on your career path. Explore new Actuary job openings and options for career transitions into related roles.
Steps to Become an Actuary
If you're considering starting your Actuary career path, it's important to note the skills, qualifications, and time it takes to become a professional Actuary and how to advance your career path. Below are the steps generally required to begin and advance your Actuary career.Contents
1
Earn a Degree
To begin your Actuary career path, a Bachelor's Degree in Acturarial Science or a related field is usually necessary in order to remain a competitive option for employers. Focus on industry-specific skill development during your education in order to be properly equipped when applying for entry-level positions and entering the job force. An Actuary internship may be required to earn your Bachelor's Degree and acquire necessary on-the-job skills before entering the workforce.What type of degree should you pursue to become an Actuary?
96% of people working as an Actuary earned a Bachelor's Degree
What skills do you need to be an Actuary?
- SQL SAS
- CDL
- FCAS
- Statistics
- EXCEL VBA
- Interpersonal and Communication
- Microsoft Office Suite
- Written Communication
2
Choose a Specialty in Your Field
As an Actuary, you may be required to choose a specialty within your field. Determine which part of the Actuary field you feel strongest in, and continue taking active steps toward growing in your chosen Actuary specialty.3
Get an Entry-Level Position as an Actuary
Once you've acquired a Bachelor's Degree in Acturarial Science or a related field, you'll typically begin your career as an entry-level Actuary. In general, you can become an Actuary after completing your 4 year Bachelor's Degree in a related discipline. Depending on the type of Actuary role you’re pursuing, you may want to explore certification in .4
Advance in Your Actuary Career
Following entry-level, there are several Actuary career path levels to advance into. It can take 2 years as an entry-level Actuary to progress to the senior actuary position. Each advanced Actuary position requires approximately 5 years of experience at each level to advance in your Actuary career path. It may be necessary to receive additional education, an advanced degree such as a Master's Degree in a related field, or special certifications in order to advance your Actuary career path.5
Continued Education for Your Actuary Career Path
Not all industries and companies require continued education to advance your Actuary career path. However, earning this degree may help you advance to higher-earning positions more quickly. Earning a Graduate Degree in Acturarial Science can take 4 years to complete. People that have earned their Graduate Degree typically make $190,210 compared to $81,869 for those without that type of degree.Actuary Career Path
Actuary
5 - 7Years of Experience
$178K - $292K /yrMost Likely Range
26% advanced to
Senior Actuary
2 - 4Years of Experience
$175K - $269K /yrMost Likely Range
Team Lead Actuary
No Years of Experience Reports
$162K - $249K /yrMost Likely Range
Total Pay Trajectory
Actuary Career Path
Summer Intern Actuary
Actuary
Senior Actuary
Actuary Manager
Team Lead Actuary
Senior Manager of Risk
Director of Risk
Senior Director of Risk
Vice President of Risk
Chief Actuary
$60K
$136K
$212K
$288K
$440K
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Related Careers in the Finance & Accounting Industry
Interested in other Finance & Accounting careers? Below are occupations that have high affinity with Actuary skills. Discover some of the most common Actuary career transitions, along with skills overlap.