Chloe Hung, Amazon best-selling author, describes in her own experiences, some of the best things about being an actuary.
Actuarial science may be a challenging field to pursue but I’m glad I made the decision to pursue it. It’s a profession that truly rewards students who work hard.
The best thing about pursuing this course of study is the salary. Actuaries are known to earn above-average incomes due to the competitive nature and rigorous academic requirements of this field. Most companies have a benefit scheme that entitles actuaries to a salary increment with every actuarial exam passed. So if you put in the necessary time and effort towards passing your actuarial exams, it’s definitely possible for you to achieve a healthy annual salary within a few years.
In addition to a salary hike with every exam passed, most companies offer study benefits to their actuaries. These study benefits may differ among companies, but they usually allow their actuaries to take study breaks to prepare for their exams. Some companies may also offer to sponsor your actuarial exams. These study benefits are designed to encourage consistent exam progress among the company’s actuarial staff.
Salary benefits aside, actuarial students have bright career prospects because actuaries are in high demand around the world. We’re deemed to be very valuable because of our risk management and problem-solving abilities. As an actuarial student, you have a much higher chance of landing a job interview because companies appreciate candidates with this background. The actuarial skillset is also transferrable across various industries. This gives you more career choices to choose from after graduation.
Another welcome aspect to becoming an actuary is that the public will view you in a different light. Actuaries are deemed to be very clever and good at numbers. Financial salespeople are usually more careful around you because they know that given your background in actuarial science, you won’t be easily fooled by their sales pitch. People will generally hold you in higher regard when it comes to numbers and finances.
Difficult and complex financial concepts may come across as easy to you due to the training that you will receive during the course of your actuarial journey. Plus, risk management and financial management are skills that you will develop as an actuarial student. These are a huge advantage in the real world because they give you a better sense of control over your finances. You will not need to rely on a financial advisor to help manage your finances.