How To Guide A Young Aspiring Actuary

October 1, 2023by SHMA

Do you find yourself solving complex numerical puzzles in your spare time?, then we have a perfect profession for you.

Becoming a successful actuary is not an easy task. It takes a lot of dedication and hard work to be successful. If you are thinking about starting this journey, then you should be aware of the various steps involved in achieving that goal.

Focus on developing both technical and non-technical skills

A good way of becoming an actuary is by having interests in technical subjects such as mathematics, statistics, computer science and other similar subjects, to start out in the exploration of this journey. These subjects will help you develop your hard skills and will also help you learn new things in the specific domains which will improve your knowledge level in these technical fields. Young actuaries should focus on data accumulation, visualization and analysis to develop their knowledge, skills and abilities.

While having relevant technical skills are enough to kick start your actuarial career, to become a skilled actuary, you have to hone your interpersonal communication skills while also developing a firm command over other soft skills like teamwork, leadership, public speaking etc.

Soft skills allow them to build relationships with clients or coworkers who will be working closely with them on projects or projects that require two or more parties working together towards a common goal (e.g., a merger between two companies). Actuaries should also be able to take direction well from others while still being able to make decisions based on their own judgment.

Educational prerequisites

In addition, they should also possess a broad education background that includes mathematics, economics, statistics, social science or business administration. You should also keep yourself updated with the latest trends in technology as well as other related fields like finance and economics etc., so that you can be updated regarding new developments happening in these fields too during your professional career as an actuary.

Keep yourself updated with the latest trends and methods

You must also complete SOA exams before being admitted to the Society of Actuaries (SOA). The SOA is the largest actuarial body in the world with more than 100,000 members worldwide. It has over 1,000 chapters around the world with local societies representing specific interests such as risk management or public sector work.

Stay aware of the rules of the field

The Society of Actuaries sets standards for membership which are strictly enforced by its disciplinary procedures. The disciplinary process is followed for any member found guilty of misconduct or incompetence during their career with qualifications being revoked or suspended depending on severity level.

Become a member

There are also many other professional bodies that have an interest in providing information and guidance to help members improve their skills and knowledge base including CFA Institute (Chartered Financial Analyst) which offers education programs based on professional standards.

You should also join various actuarial bodies such as Institute of Actuaries (UK), Society of Actuaries (USA), Society of Financial Analysts (South Africa), Actuarial Standards Council (UAE), International Federation of Actuaries (International Federation of Actuaries).