To become an actuary, you generally follow these key steps:
1. Earn a Relevant Bachelor's Degree
Most actuaries start by earning a bachelor's degree in mathematics, actuarial science, statistics, economics, finance, or a related analytical field. Coursework should include subjects like economics, applied statistics, corporate finance, and calculus
2. Pass Preliminary Actuarial Exams
You must pass a series of professional exams administered by actuarial societies such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). The first two exams typically taken are Probability (P) and Financial Mathematics (FM). These exams test your knowledge of probability, calculus, and interest theory and can be taken during your undergraduate studies
3. Gain Practical Experience Through Internships
Securing an internship in an actuarial or related field provides valuable hands-on experience, networking opportunities, and helps clarify your career path within the actuarial profession
4. Obtain Professional Certification
To become fully certified, you must pass additional exams beyond the preliminary ones. Certification levels include Associateship (ASA or ACAS) and Fellowship (FSA or FCAS), which require passing about 7 to 10 exams in total, along with fulfilling other requirements such as modules and ethics seminars. Employers often support exam preparation with paid study time and financial assistance
5. Secure an Entry-Level Actuarial Position
Entry-level jobs are commonly found in insurance companies and related industries. Job titles may include actuary, analyst, or business analyst. Tailor your resume to highlight relevant coursework, exams passed, and internship experience
6. Consider Advanced Education (Optional)
While not mandatory, pursuing a master's degree in actuarial science or a related field can enhance your expertise, career advancement prospects, and earning potential
Alternative Routes
- Apprenticeships: Some pursue actuarial apprenticeships that combine work and study, especially in the UK
- Career Switch: Professionals from related fields such as risk management or finance may transition by completing actuarial training programs
- Non-math Background: If you lack a math background, you can take preliminary exams to gauge your readiness and build necessary skills
In summary, becoming an actuary involves a strong foundation in mathematics and analytical subjects, passing a series of rigorous professional exams, gaining practical experience, and obtaining certification through recognized actuarial societies
