Why Actuary is Ranked Sixth Highest Pay Job in America

Actuary is rated 6th highest pay jobs in America in according to a recent survey released by CNN Money on December 1, 2009. It is ranked ahead of a Finance Director. CNN Money said that the salary of an Actuary ranges from a median of $129,000 to a high to $257,000 per year.

In another survey on compiled by Les Krantz, author of “Jobs Rated Almanac,” on January 2009, where the data sources were obtained from the U.S. Bureau of Labor Statistics and the Census Bureau, as well as studies from trade associations, occupying the top three best job spots were Mathematician, Actuary and Statistician. You could see that the top three spots were professions relating to mathematic skills.

In another article released by Baltimore’s Great Recession, Science, math careers are ranked best jobs during recession.

Many companies now realized the importance of pricing their products correctly and securing cash reserves for on-going concerns. In order to achieve the objectives, the companies require someone with good analytical and mathematical skills. An Actuary just fits the requirements of the companies nicely. Companies are willing to pay a hefty salary for a competent actuary.

Actuarial Science encompasses the study of financial risks that are associated with uncertain future events. It is specially designed and aimed to meet the ever rapid changes and challenges of the investment related industries.

An ideal competent actuary is one who has gone beyond an undergraduate degree to a master degree and complete perhaps another 5 years of working experiences with exposure to relevant actuary functions in big organizations

Visit http://insuranceactuarial.com/details-of-actuarial-science-honors-degree-program.php to find out more about the Actuarial Science degree course.

Graduate Insurance Jobs-Getting a Career in Insurance

With a job as an insurance agency’s account handler, you become responsible for managing client accounts. It is your job to advise on how to manage risks and you will offer insurance solutions to their risk problems. You will learn to work with clients and underwriters, hopefully maintaining good relations with both. You will put together risk submissions for presentation to the underwriters, negotiate terms with them, and present those terms to your clients. Your duties will have you checking over policies to make sure that they will perform, and handling mid-term alterations to your clients’ policies as well as processing any claims that they have.

From this position, you have the chance to move upward to account executive, with more duties and responsibilities as well as the pay to go with it. You would have the duty to visit the clients personally, as well as paying visits to prospective clients. You would be assessing the risks that the clients are exposed to and providing them with the best advice in dealing with those risks. You would do surveying as well as designing the insurance portfolios, negotiating with the underwriters, and issuing presentations and reports. You will also be working above account handlers, who will help you with your work load and perform the tasks that you assign.

If you are good with numbers, then there is an insurance job waiting for you, some of which even require a mathematics degree of all applicants. If you are better with people, then look for a job on the contact end of things at a major insurance company to expand your skills and move up the corporate ladder.

There are dozens of jobs available in the insurance sector from account handlers to actuaries to estimators and underwriters. You can search for a job as a loss adjuster or policy typist if that is what interests you. Some companies will even let graduates start as account executives if they have the proper degree.

When it comes time to search for your job after graduation, the list of insurance jobs is a hard one to beat. You are sure to find something (from sales to marketing to number crunching) that will suit your personal skill set and give you a jump start on your career.

Choosing a Career After HSC

During your period of study, a good accredited university and course selection plays a very vital role. Choosing the right university course for yourself is very important as it most likely determines what you will be doing for your entire professional life. In fact investment on the selection of course can be termed as an investment you made on yourself and career. A proper course and a degree can help you grab better job opportunities and demand higher salary from employers.

Choosing a particular course to study at University stead for your future life and can seem a bit daunting process. Today there are number of colleges and universities that offer a wide number of course programs. Thus, it becomes important to choose not only something that you believe will help you on your future career path, but also to choose a subject that you enjoy. This is because, you may earn a very good salary but the fact remains that you will do well only if you choose a subject you are good at. For example- there is no point in choosing Commerce/Law or other highly demanded courses, just because your UAI was 99+. Generally those who do this tend to regret their choices after a year or two. On other hand those who choose a course program and degree based on their interests are generally more fulfilled and do better in their career.

A career and course choice which you have found interesting actually makes your life more enjoyable and content. Here are few courses that have pulled several students’ attention according to their interest.

  • Commerce

Commerce is one of the most common courses students choose. It is a good choice, and possibly has the greatest number of career options. The most common commerce majors at the reputable universities are: accounting, finance, actuary studies (UNSW) and marketing. Commerce is the degree to choose if you want to be an accountant, or get into finance (work in a bank) or marketing (work in advertising). The pay for these types of jobs is great and there is an endless variety of jobs to suit all tastes and interests.

  • Actuarial studies

Actuarial Studies is ideal for those who are good at mathematics. Actuaries are people who work at big insurance companies, who use complex mathematical methods to calculate insurance premiums. However, there is a very misconception people have about this course is that they will become actuaries at the end of their degree. This is totally false statement, as actuarial jobs are in low supply, and most graduates work in finance, in the field of financial engineering designing new financial products etc. This can be very lucrative field, especially if part of a quantitative team in an investment bank.

  • Law

Law is yet another course that can lead to a very lucrative career. Law graduates tend to make the most money out of all degrees in the long run. Students who want to make lots of money in their future careers are advised to aim for Law, even if they won’t want to eventually be a lawyer. The reason is because employers of large commercial companies tend to seek out the Law graduates to fill their higher paying graduate positions. Law graduates tend to be high quality, intelligent, social, well-spoken and dynamic people, and employers know this.

On the face of it, you all must understand that proper education along with good accredited course selection allows you to meet the standard for much-desired promotions.

Besides this, every degree you gain after completing the course program duration generally involves a large commitment in terms of time, money and energy. So, you need to be more proactive and must take your course selection plan very sincerely.