Becoming an Actuary
Read below to learn more about what the job is like, the exam process, opportunities in the field, and how we at GIS can support your professional goals.
If you have any additional questions, feel free to email us at umass.gis@gmail.com
Introduction
Actuaries are technical professionals who work for insurance companies to predict for & manage risk when selling insurance products. For example, if you pay $100 a month to Travelers to insure your Honda Civic, an actuary determined on the backend that the predicted cost to the company of insuring your Honda Civic is at or under $100 a month.
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In order to be an actuary, you need to have strong technical skills & field knowledge to perform well in your position AND you have to pass a series of exams to be credentialed (like the Bar exam for lawyers)
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The median pay in 2024 to be an actuary is around $125k with a 22% (much faster than average) predicted growth in the field according to the US Bureau of Labor Statistics. Unlike many other technical professions, being an actuary does not require a Masters/PhD degree and often offers great work-life balance.
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The following sections will help introduce you to the process of becoming an actuary. Stay tuned for future UMass GIS meetings to learn more about the process from upperclassmen & current working actuaries.
Exams
If you are interested in becoming an actuary, you will have to take a series of exams to get your credentials. However, you do not need these exams/credentials to start working as an actuary & all companies will help you through the exam process.
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While you are here at UMass, it is recommended that you take Exam P (Probability) and Exam FM (Financial Math). These are the first two exams that all actuaries have to take. UMass offers classes to help you prepare for these exams (Math536/Stat315 for P and Math437 for FM) and if you pass the exam, they will refund your exam fee & study materials cost up to $500 per exam.
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After you pass the first two exams, you will have to decide whether you would like to be a health/life actuary or a property/casualty actuary as the 3rd+ exams are specific to one field or the other.
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A) If you decide that you would like to be a health/life actuary, you will follow the SOA (Society of Actuaries) exam path (link) and take Exam SRM or Exam FAM next.
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B) If you decide that you would like to be a property/casualty actuary, you will follow the CAS (Casualty Actuary Society) exam path (link) and take Exam MAS-1 next.