Why Actuarial Science Might Be Right for You

If you’re looking for a career that combines math, business, and problem-solving, actuarial science could be exactly what you’re looking for.

To gain insights into why this field is a great career choice, we turned to our expert coaches: Kong Foo Pang, ASA , Shi Yi Wong, FSA , Dave Kester , Fred Brautigam , Mike Carmody , and Zi Jian (Larry) S.

Check out these top 5 reasons actuarial science might be the right choice for you.

1. A blend of math and business.

Actuaries are essential problem-solvers who use mathematical and statistical models to manage risk and uncertainty across a variety of industries, including insurance, finance, and healthcare.

As Coach Mike puts it, "An actuary is a mathematician to the business world." Coach K (Dave Kester) agrees, describing actuarial science as "a nice mix between theory and practice as well as math and business."

Actuaries must also be highly proficient at analyzing and interpreting data. "You need a strong analytical mind,” explains Coach Shi Yi, “and you must think creatively to develop innovative solutions.”

“Being an actuary has allowed me to look at the world through a lens of actuarial science,” concludes Coach Mike. “I like collaborating with other actuaries and providing actuarial expertise to those outside the profession.”

"An actuary is a mathematician to the business world." – Coach Mike

2. Challenging problem solving.

From determining insurance premiums, to evaluating risks associated with climate change or natural disasters, solving complex problems is an essential skill if you’re an actuary. “Actuaries solve difficult problems that require a variety of perspectives and do not have a simple answer,” says Coach K. 

“You get to solve hard problems while helping others reduce their risk,” explains Coach Fred. “It’s both challenging and meaningful work.” Coach Larry adds, “I enjoy being an actuary because I enjoy identifying a problem, trying to solve it, and communicating the results to others in a simple way.”

"[Being an actuary] is both challenging and meaningful work." – Coach Fred

“To become an actuary, you need a unique skill set that combines math, statistics, and business acumen,” says Coach Kong Foo. “If you enjoy using math to solve real-world problems, actuarial science might be the right field for you.”

3. Long-lasting job security.

Because the world is filled with risk and problems to solve, actuaries are in high demand, especially in emerging fields like data science, cybersecurity, and predictive analytics. From 2021 to 2031, the average job growth rate predicted for actuaries is 21%, more than 4x the national average for other professions (Source).

“Financial risk will never go away,” says Coach Mike. “That means the need for actuaries will always be present. The nature and types of risk may change, but the fundamentals of managing risk will be rooted in actuarial science.”

“Actuarial science will continue to be a relevant profession because we manage risk,” says Coach K, “and risk will always be a part of business.” Coach Larry agrees: “As long as our society wants to protect ourselves from risk, there will always be a need for actuaries.”

"Risk is opportunity, and risk isn't disappearing any time soon. Analyzing risk for cost-sharing purposes will always be relevant and in-demand.”  – Coach Fred

Adds Coach Kong Foo, “With our society becoming increasingly complex, there are more risks to manage, making actuarial science a relevant profession that will continue to be in demand for the foreseeable future."

4. Opportunities across industries.

Our coaches agree that choosing actuarial science for your career brings many opportunities.

“Actuaries work in a range of industries, including insurance, finance, healthcare, and consulting,” says Coach Shi Yi. “Actuaries might serve in a variety of roles throughout their careers, too, from risk management to product development to consulting.”

There are many opportunities to learn and grow as well. According to Coach Larry, actuaries receive “professional development opportunities, including courses and seminars to attend, established work-study programs by many insurance companies, and salary increases for each actuarial exam you pass.”

“Being an actuary involves constant learning, both in technical and soft skills, as well as collaborating with interdisciplinary teams daily.” – Coach Kong Foo

On top of that, says Coach Larry, “actuaries have high job satisfaction and enjoy competitive pay, lower stress levels, and a good work-life balance.” Coach Fred adds, “There are many things to love about being an actuary! The number 1 thing for me is that I've always enjoyed learning, and as an actuary I learn every day.”

5. Work that makes a difference.

If you’re an actuary, you have an opportunity to play an influential role in your organization—and in society.

“Actuaries play a critical role ensuring the financial stability of organizations,” says Coach Shi Yi. “They use their expertise to evaluate risks and help organizations make sound financial decisions. Actuaries have a direct impact on the success of the organizations they work for.”

“Actuaries get to participate in business at the most fundamental level,” adds Coach Mike. “At insurance companies, for example, actuaries help set the premiums and make sure the insurance company has sufficient reserves to pay potential claims.”

"Actuaries have a direct impact on the success of the organizations they work for.” – Coach Shi Yi

In helping manage financial risks and uncertainties, actuaries help promote economic stability and growth. They also ensure people have access to affordable insurance coverage, which creates better quality of life.

“Risks are always changing,” says Coach Larry, “and that requires someone to constantly quantify them. Risks involve people, and people's lives and livelihoods make actuarial science engaging.”

Closing thoughts.

Actuaries play a critical role managing financial risks and uncertainties, making actuarial science a stable, in-demand, and fulfilling profession. If you enjoy solving real-world problems with math, actuarial science could be a great choice for you!

Coach K concludes, “Actuarial science is a highly respected profession that is close knit and solves interesting problems. Even though passing the exams is a demanding venture, it is a well worn path to follow.”

If you have any questions about actuarial science, you can reach out to our team anytime via direct message or on the Coaching Actuaries website.