To work as an actuary, you typically need to:

• have a high school diploma or equivalent;
• have at least a bachelor's degree in actuarial science or a related field;
• complete long-term, on-the-job training; and
• pass several professional actuarial exams.

Education after high school

You need at least a bachelor's degree to work as an actuary. Many actuaries have a master's degree or higher. College majors that are best for this work are math, actuarial science, and statistics. Some actuaries major in economics, finance, or accounting. About 100 colleges and universities offer an actuarial science program. Most colleges and universities offer degrees in math or statistics.

Success in this field depends on completing the process to become credentialed by an actuarial organization. The process usually takes from five to ten years. Two organizations monitor the process. They are the Society of Actuaries and the Casualty Actuarial Society. Both groups require applicants to complete specific college courses. These courses are economics, corporate finance, and applied statistical methods. By submitting college transcripts, applicants can get credit toward their credential. You will also need to complete a series of actuarial exams. You can take the first few tests while you are still a student. These courses and tests can help you evaluate your potential for actuarial work. The Society of Actuaries gives exams on life and health insurance, pension, and finance and investment. They also require completing some computer-based courses. The Casualty Actuarial Society gives exams on fire, accident, and medical malpractice insurance. They also have exams on workers compensation and personal injury liability.

Work experience

People seeking to become actuaries usually gain work-related experience at an insurance company or consulting firm. It can take several years of study to pass the actuarial exams. Thus, actuaries often have between three and six years of experience before they pass all their exams.

On-the-job training

As a beginning actuary you rotate though different departments at a company. This way you learn the business and the role and impact of actuarial decisions. You work with experienced actuaries as you perform routine tasks such as preparing data for projects. Later, you work with less supervision and take on more tasks. For example, you may supervise clerks, draft reports, and conduct research. Training generally lasts at least one year.