Advantages and Disadvantages of Being an Actuary Essay

Advantages and Disadvantages of Being an Actuary Essay
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  • University/College:
    University of Arkansas System

  • Type of paper: Thesis/Dissertation Chapter

  • Words: 419

  • Pages: 2

Advantages and Disadvantages of Being an Actuary

I. Good afternoon to Ms. Parimala and my fellow classmates.
II. The topic of my presentation today is Advantages and Disadvantages of Being an Actuary. What is an actuary?
Experts in risk management
Uses mathematical skills to measure probability and rise of future event Useful information to many industries
III. The advantages of being an actuary are High earning potential
Corporate respect received
IV. However, the disadvantages are
Examination requirements for advancement
Stressful and hard work
A. Advantages
a. High earning potential
Actuaries makes incomes well above average
Entry level work commonly pays between $45000 and $55000
Median annual salary for an actuary was $87600 according to Bureau of Labor Statistics Actuaries are well compensated, which vary significantly according to years of experience, industry and responsibilities Refer to the salary chart, experienced fellows with 10 years experiences have potential to earn from $130000 to $500000

b. Corporate respect
Actuaries earns wide respect in the business and financial community Actuaries often command a good degree of respect from fellow co-workers Actuaries are given authority within a company and corporate environment Actuaries deals with high-level strategic decisions which can have a positive impact on legislation and businesses

B. Disadvantages

c. Examination requirements for advancement
It is a long and hard process to be a qualified actuary, on average of 5 to 10 years Besides the degree program they had completed in university, they need to pass all the professionals SOA exam papers Upon graduation, there will still be hundreds of hours of study and revisions all the while still having to go to work d. Stressful and hard work

Daily routine of an actuary can be a rather stressful ordeal, being dealt with numerous tasks of analyzing statistical data Presenting reports and explaining their implications to managers and directors within specific deadlines Considering the risk of financial decisions for employers is some level of stress Continuous of stress can rather be tedious, feel meaningless and pretty boring Conclusion

I. In conclusion, I would like to end my presentation by saying II. Summary of main points
a) Advantages
High earning potential
Gain in corporate respect
b) Disadvantages
Examination requirements for advancement
Stressful and hard work
III. Q & A


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