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Clearly one of the most popular applications of math among my peers, I mean who wouldn't want to get into finance? Think about all that bank! This is also one of the more demanding professions of a math major with extremely long hours to begin and three challenging board certification exams, but I guess that's why they get paid the big bucks. You can go into trading stocks for brokerage firms, work for banks or be an actuary for an insurance company; they all need people who can analyze data, find trends, and compile forecasts.
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Actuarial science is the largest application of mathematics and is quickly growing. An actuary analyzes the financial cost of the risk and uncertainty and are experts in evaluating the likelihood of future events.
Actuaries combine strong analysis skills, business knowledge, and understanding of human behavior to help manage complex risks in today's society. Some specific problems that actuaries solve in today's world:
- Determining how much an insurance company should charge for auto insurance with the driver and car's history
- Developing life insurance products
- Helping companies establish retirement plans
- Assisting banks in managing assets and liabilities
...Not to mention the many many more.
For me hearing the words "insurance", "retirement" and "bank" immediately bore me. I imagine a pencil-pushing, cubicle job that is the same old monotony day in and day out. But this is absolutely not true, especially if you have a passion for math. You get to deal with real life situations and see how the numbers can forecast them.
And actuaries aren't just working in insurance. Their skills and talents are transferable to any industry that requires risk management like: financial services (banking and investment management), transportation ( shipping and air travel), energy, and environment.
My main issue with being an actuary was the day to day drab of it. Most actuaries do not live this boring life. This is an excerpt from an actuary about her day to day:
Karen DeToro, Senior Manager, Deloitte Consulting LLPA, and Fellow of the Society of Actuaries:
I work as an actuarial consultant, so my days vary greatly. In the past several months, I've traveled to New Jersey, Indianapolis, Las Vegas and London, and I have trips coming up to Hartford and New York. On those days, I'm typically working for a specific client at their office or visiting some of my colleagues in other Deloitte offices. (BeAnActuary.org)
Maybe it was just with me, but I believe actuaries got a bad rap and the for sure do not deserve it. Being an actuary is an extremely rewarding career and is just about as interesting and exciting as any other profession.
If you want to learn more about being an actuary, go to: BeAnActuary.org
Karen DeToro, Senior Manager, Deloitte Consulting LLPA, and Fellow of the Society of Actuaries:
I work as an actuarial consultant, so my days vary greatly. In the past several months, I've traveled to New Jersey, Indianapolis, Las Vegas and London, and I have trips coming up to Hartford and New York. On those days, I'm typically working for a specific client at their office or visiting some of my colleagues in other Deloitte offices. (BeAnActuary.org)
Maybe it was just with me, but I believe actuaries got a bad rap and the for sure do not deserve it. Being an actuary is an extremely rewarding career and is just about as interesting and exciting as any other profession.
If you want to learn more about being an actuary, go to: BeAnActuary.org
