Actuarial Jobs

Name: Promod Sharma
Job Title: Actuary
Where: Toronto, Ontario
Employer: Major Canadian Life Insurance Company
Years of Experience: 23
Education: BSc (University of Western Ontario)
Salary: According to PayScale's Research Center, the median actuary salary with 5-9 years of experience is $87,617.

Actuarial Jobs

Most people may not know what an actuary does, or the reasons to become an actuary. As this interview reveals, actuarial jobs offer great variety and growth potential. We spoke to actuary Promod Sharma who gave us inside info on what to expect from actuarial careers, factors that affect an actuary salary and the outlook for actuarial jobs. Promod emphasized that actuary positions are not necessarily boring, as many people assume. According to Promod, actuarial jobs can provide challenging work as well as the opportunity to help consumers.

This informative interview also covers the actuary exam(s) given by the Society of Actuaries to become an Associate of The Society Of Actuaries, as well as helpful actuary websites and an actuary salary survey (see above). If you're seeking actuary positions or want more actuary salary info, keep reading!

Actuary Job Description:

Actuaries are trained to measure and manage risk. Actuaries are seen as technical experts who work with mortality tables and use statistics every day; and have no personalities. The movie "About Schmidt" with Jack Nicholson perpetuated that stereotype. Naturally, there are different actuaries and different roles.

Most actuaries work for insurance companies or consulting firms. My career in actuary is nontraditional. I work in the field, helping advisors who sell life insurance increase their revenue; that involves coaching, training/education and support on actual cases.

Can you describe your steps in pursuing an actuarial career?

I wasn't sure what I wanted to become when I entered the university in 1980. Luckily, the first year courses were general study at the University of Western Ontario. Towards the end of the first year, I attended an open house where I first learned of Actuarial Science.

Here's what I liked: helping people (which is what insurance does), upward career mobility (some actuaries become presidents of their companies), paid study time (none of the low-paid, long-hour articling faced by law grads and accounting grads) and great compensation.

So I registered in an actuarial program which helped prepare me for the first few of 10 standardized actuarial examinations administered by the Society of Actuaries, based in Chicago. I had passed three exams when I graduated and joined Metropolitan Life in Ottawa. I continued my exams and eventually finished.

After 5 exams, I became an Associate of the Society of Actuaries, and later a Fellow. I've spent over 20 years designing/pricing life & health insurance products, developing illustration projection systems to make products tangible for consumers, creating marketing material, writing/editing policy contracts, negotiating, managing/mentoring staff, giving presentations, and, most recently, providing field support to advisors. As you can see, there's plenty of variety and opportunity for upward movement.

Do you recall any humorous or memorable moments from your actuarial jobs?

There's nothing funny about actuarial work!!! Haven't you seen the movie "About Schmidt?"

I soon realized that becoming an actuary made me think like other actuaries. This happens with other professions too. So I started spending more time with "normal" people and focusing on developing skills in communications, project management and presentation skills. Broadening your skill set makes work more interesting... and more valuable.

What are some reasons to pursue an actuarial career?

I wanted to do something that would make the world better. Actuaries balance the concerns of four parties: Consumers (who buy the products), regulators (who want to ensure the insurance companies stay solvent), employers (who want to make a profit) and shareholders (who expect a return on their investment). Actuaries work with complexity and we have a responsibility to balance the goals; that resonated with me.

What advice would you give to those seeking actuary positions?

I'll repeat the advice that I was given by Linden Cole, the Director of Education for the Society of Actuaries, before I started my career: find something you like doing. Then find someone who will pay you for doing that. You'll have a happy life. I'll add that a working career can last 30-40 years. Can you really see yourself doing similar work the whole time? Develop a range of skills and interests so that you can evolve as the world does.

What is the outlook for actuarial jobs these days?

Risk abounds. Actuaries are uniquely qualified to measure and manage risk. So the outlook for actuarial jobs looks good. The latest Jobs Rated Almanac (6th Ed) rates actuary jobs as #2 (after biologist). Actuary jobs have been ranked #1 twice and #2 three times. The lowest ranking is #4. That's saying something.

What factors could affect an actuary salary?

The usual factors affect an actuary salary: experience, location and demand. There are tremendous opportunities in nontraditional areas such as financial planning, helping reduce financial risks for families and businesses.

For an actuary salary, larger cities pay more (more competition, higher cost of living, lower quality of life). Actuaries do work as consultants and "should" be paid more than employees. Smaller companies tend to pay a higher actuary salary and have better benefits (but are also more demanding).

An actuarial recruiter would know better. I generally haven't talked to them, as I've been happy with the opportunities I had. Most of my career was at a smaller company, National Life of Canada, with about 375 employees, where I reported to a Senior VP & Chief Actuary who reported to the President. So I had lots of scope, saw "the big picture" and became what I am.

How does your salary compare to an actuary salary? The PayScale Salary Calculator is a quick and easy way to compare positions. But when you want powerful salary data and comparisons customized for your exact position, be sure to build a complete profile by taking PayScale's full salary survey. 

• Promod Sharma's Site - PromodSharma.com
• Median Actuary Salary by State
• More info on Actuary Positions

Comments

[kimutai torus erick]

i am actuarial science student at kimathi university(kenya(africa)) and would wish to get a practical attachment soon to improve on my experience towards getting job.please inform me of where to get the job and how.
contact me through:0711210979
box 657-10100,nyeri,kenya

[urbanie kim]

Hi,am a 2nd yr student in a university in kenya taking actuarial n wud like to know whether sbody can be employed as an actuary without the professional exams.which r these exam? reply pliz via email.thanks

[Akash Chandra Jha]

sir.
i m a student of class 12th(science-phy,chem,maths)...in Mumbai... and i m very much interested in actuarial science, i want to know how to pursue it after 12,as i don't want to study some other subject and then study it....plz help me.

[trevor nderitu]

i'm a third year student in Kenya taking an undergraduate degree in buisness management and IT. i wanted to change or rather channel my career path towards acturial science, do you hav any advice on how to go about that?

[Dhiraj Gupta]

I am a qualified Chartered Accountant & I wanted to know how can i join Actury course and what is the benifit I can take from it. In general I want to know details about this course and from where I can get its institute. I M from Delhi..

Pls Pls reply me fast....
Thanks in Advance...

[suhash Chattopadhyay]

Hi,
I have done MBA in Marketing Management and now working as Marketing Executive in the pharmaceutical industry. i am seriously thinking of persuing the course of actuary from Actuary Society of India. Do i make a good fit with my kind of background ?

[Rahul Khanna]

A new coaching institute for actuarial students by the name of ECL Academy has been started at Zamrudpur, GK I by IIM alumni. The faculty comprises of actuaries, Post graduates in various mathematical sciences, professors from Insurance institutes and experienced industry members.

The website has some good content which can be very helpful for actuarial students. The website is http://eclonline.in

Batches are starting for the entire CT series on Saturday,4th of July,2009. The first class would be a demo class. To register for the demo class, visit the website.

[Great D]

hi,am a first year student doing actuarial science at the University of Nairobi in Kenya.and i was wondering what level i should attain before i can enroll doing any professional exams.and the process involved to apply for these exams.am really interested in the course and i am ready to do all it takes to qualify as a actuary.please use my email address to advice.thanks.

[anthony mwema]

hi,m currently doing project management.i will graduate next year and i intend to do actuarial science after.please, let me know if i will be making a good combination of my caree and if okey.how related are they as per the job opportunities are considered.please answer via ma e-mail.

[CA Kuldeep Verma]

Hi,.. I am a qualified Chartered Accountant & recently stepped into this wonderful course on Actuary... I wanted to know how good is it to have this dual combination career wise.... Thanks in advance!!!

[Marcus Wong]

Hi... Im 17 years old and still a student studying in Malaysia and going to graduate soon. Im interested in actuarial studies..Can you give me more information about it and send to my mail?thanks....Also,I want to know how actuaries find jobs..Please reply me ><
Thank you in advance

[Nishesh Naman]

hi...
I am doing maths(hons)(currently in 3rd yr) from Hansraj College, DU. I am also a member of IAI(Institute of Actuaries of India) and have just cleared 3 papers(CT1:Financial Mathematics, CT3:Probability and Statistics and CT7:Economics) in a single attempt. I am thinking of writing all CT papers from India itself but after that i am thinking of doing masters from UK or Australia. Can you suggest me what i should do, please tell me about the good university too? i have heard about University of Kent in UK and Australian National university and University of New South Wales in Australia are good for masters in actuarial science. i also want to know whether i should work after my graduation and clear the papers along with it? looking forward to your reply. thanks in advance.

[Bryan]

Thumbs up for the great article.I have just completed high school and had a chance to attend a seminar of actuaries in Kenya.I noticed that the profession also requires one to have some knowledge on a country`s population ,GDP and inflation rates.I might hopefully be studying the course in china.Would there be a problem getting a job in Kenya or any other country for that matter after completing my studies?Please Reply via E-mail.

[Francis mwiti]

Thankyou so much for this information. I actually wanted to pursue Actuarial Science and from the above I am confident that I shall pursue a good career. Thanks in advance.

[Evelyne Kimani]

hi i have always wanted to study acturial science but i don't know much about it.This is because there are very few people doing it around where I come from.kindly send me details on it and everything that is entailed in it including the best institution that offer the course.thank you in advance.

[sagar]

Hi, I recently working as a risk analyst in india. my current package is 9 lakh/anum. i have done m.sc in math fro iit madras. i am planing to join IAI(Institute of Actuaries of India). will it be helpfull in my growth ? how about salary ? can i get minimum of same salary if i switch job after completing some paper? if yes , then around how many paper?

please reply... anything from you will be helpfull to me. will remain gratefull to you ...
please reply to my email...please...

[SOUMANTEE BUSGHEET]

Hi, I recently graduated with a BSC in Actuarial Science from Curin University in Australia, I have really enjoyed the course, and looking forward to do more in the same field, I got 3 exemptions for the part I, I just want to know the best way of getting a job (actuarial related) and continue my studies as well, what sort of jobs do I need to look for? waiting for your reply, thanks a lot
Regards
San

[Lynda Mpofu]

Hi i am a student at Dundee University studying Accounting and Business Finance.I was wondering if after my honors i could move into an acturial career(of course they would have to be some sort of exams and training) but i was wondering how many years that would take approx.I love working with people and i try my best to work hard however am not good at Maths:P So can what can you suggest
reply to my email
thank you very much

[Nicolas Gagne]

I am 16 years old and I just passed the first actuarial exam on probability. Exam are not that hard, you only need to work. So i don't see why seeking actuarial studies if you only need to pass few exams to get a job. In fact, can we have a job if we only passed the exam?
Thank you in advance

[Nicolas Gagne]

I am 16 years old and I just passed the first actuarial exam on probability. Exam are not that hard, you only need to work. So i don't see why seeking actuarial exam if you only need to pass few exams to get a job. In fact, can we have a job if we only passed the exam?
Thank you in advance

[gladys K. Lugado]

Iam a kenyan parent with a very minimal wages within a month. i have 2 children. The boy is doing his "0" level (Kenya certificate of secondary examination next year 2009(KCSE. he is very good in his studies and confindent in passsing well with grades that can allow him procced for further studies. He is intrested in majoring in actuarial studies. But no finance. kindly let me know whether he can get sponsorship in any university in Kenya or USA.

[Ashwini]

Hi,
I just hv taken an admission to the Institute of Actuaries of India. I m yet to start wid the studies...can I do the studies along with my job? will it cause any impact on my actuarial studies? Please suggest.

[Varun Digumber]

Thats a really nice article..
Am actually from Mauritius, wanting to pursue a Bsc Acturial science...but i need sponsorship. Where can i get sponsorship? I badly need that for further studies, because those studies are done mostly in China., India, England, Canada and the US. Please reply me on my email add. Thank you