Actuarial science is the application of statistical and mathematical skills to assess the risks in fields like insurance, finance and other such industries. If you are wondering whether or not to study actuarial science course then below are some reasons which will help you make up your mind in deciding if actuarial science aligns with your interests.
1. Job security
Actuarial science is the number one ranking job in America consistently for the past 6 years. So it is a given that such jobs will be in demand in India too although no such survey has been conducted. Not a single actuary has been unemployed or has been removed from a job due to lack of jobs in the field which is a relief in the current situation where many are unemployed due to the recession.
Actuarial science course consists of maths, finance, economics and computer science combined and hence professionals who study actuarial course have a wide skillset and find themselves employed in different areas. Although various insurance fields like health insurance, life insurance, general insurance form the major players who employ actuaries other fields like risk management, Investment consultant, pension funds, various insurance, academics, and government also have a high demand for actuarial science professionals.
2. Less competition
There is very less competition for jobs as not many people are aware of this field which obviously results in high demand for actuarial science professionals and low competition for a job opening. The actuarial science course requires you to be good at maths and statistics hence only the people having a good grasp of mathematics will be able to clear the exams and qualify to be an actuary.
3. Fat paycheck
Who does not like to get paid well? Being an actuary will reward you will handsome paychecks. Even as a fresher an actuary gets paid a fat paycheck when compared to his/her peers. It will also have lucrative bonuses which are a very attractive reason to be studying the actuarial science course and qualify to be an actuary.
4. Perfect if you love math and a good challenge
Did you just love math when most of your peers were complaining about how hard they find math? Then you will surely love actuarial science as it mainly deals with math and statistics. It will help in keeping your mind sharp and will require you to use your logical thinking and reasoning to analyze the facts presented to you in a problem and conduct extensive research to be able to solve it effectively. You will never be bored as your mind will be always challenged and keep you constantly stimulated.
5. Wonderful work life balance
As an actuary, you will be able to enjoy a good work-life balance. Rarely will there be a calamity or extreme deadlines that will require you to work late nights or on weekends. Although during the time of completion of the course you may have to sacrifice your social life for a little while if you want to complete the course faster. This sacrificing of your social life for a short period feels like nothing as you can enjoy a great work life balance later on during your career.
6. You need not clear all exams to be employed
An actuarial science course consists of fifteen papers that will have to be cleared by you. The demand for an actuarial science professional is so high that sometimes even if you have not cleared all fifteen papers and have cleared only three or four papers also you will be hired by companies. Actuarial science does give you a earn while you learn option.
You don’t even have to attend any classes full time to learn actuarial science. The qualification to be an actuary is to clear the exams and you can even learn actuarial science online.
7. You can start doing online actuarial science courses during your graduation
You need not wait to complete your graduation and then do the actuarial science course full time. Thanks to various websites offering online actuarial science courses you can start your journey even while pursuing graduation. You will be provided all the necessary material needed to learn the concepts and clear the examination. This way you will get an idea if you are indeed cut out for a career as an actuary and also if you have the aptitude to clear the examinations without having to dedicate your time fully to complete the course.
8. Actuaries can even excel as Investment bankers
In case you want to pursue a career in investment banking leaning actuarial science will prove to be an additional feather in your cap. Leaning actuarial science is not mandatory to be an investment banker but having a sound knowledge of actuarial science will make you better equipped to understand the risks involved, analyze the various factors better and hence offer better financial advice to your clients.
9. Satisfies your passion for helping people
Being an actuary is not just crunching numbers and taking home a fat paycheck. Actuaries make a huge difference in many people’s lives even though the people will not be aware of it. Actuaries help businesses, banks, and investors in understanding and predicting future events and help in preventing undesired incidents. If any undesirable events were to occur then the actuary will have assessed the risk involved and strives at reducing the negative impact of it. Actuaries work hard at increasing their client's profits and minimize risks.
10. Job satisfaction
The job of an actuary is quite challenging. It requires you to use all your analytical, logical and reasoning skills along with maths, statistics, economics, current events to predict the future incidents and reduce the risks to your client. Once you have completed a task not only will you be pleased with yourself for overcoming a challenge but you will also have the satisfaction of helping people. A great work-life balance, handsome payouts and bonuses, triumphing over challenges, being in high demand, being highly respected for your abilities are some of the reasons for actuaries to have a very high rate of job satisfaction.
If you feel that you have a sharp mathematically inclined mind, love challenges and helping people then you should certainly explore to see if actuarial science course if for you. With the luxury to learn actuarial science course online becoming an actuary is not so difficult now.
There are many websites which now offer online actuarial science courses which is a boon for many who aspire to be an actuary. Enroll today and open pathway to a great career.