What is an actuary

What is an actuary What is an actuary?Posted October 13, 2011, by Elissa Collier Kornilovdream Dreamstime.comAn actuary is one of those jobs that youve heard of but youre not quite sure of exactly what it is. You assume an actuary would be pretty good at maths and statistics and probably earn a lot of money, but that is as far as your knowledge of this career stretches. Want to know more?There is a fair amount of uncertainty regarding future events and this is where an actuary steps in. No, an actuary is not a psychic. Actuaries use mathematics and statistics to determine the likelihood and risk of a particular event occurring and provide solutions and recommendations based upon their findings. Read on to find out all you need to know about actuarial studies and this challenging profession.OverviewActuaries use mathematical expertise, statistical knowledge and economic and financial analysis to identify risks and uncertainty. They need to have impeccable complex problem-solving ski lls in reservierung to find solutions to unforeseen events that can occur, and need to be very analytical to be able to assess and minimise the impact of risk. They also need to be decision-makers as they weigh up a number of alternative solutions before choosing the most appropriate one. According to the Wall Street Journals 2009 study of the best jobs in the United States, actuary comes in second place. The study took into account five main criteria environment, income, employment outlook, physical demands and stress. This job has consistently rated in the top jobs over the years, so if youve got what it takes its a pretty good careerWhere would I find an actuary?Traditionally, the majority of actuaries could be found working for insurance companies. People reduce their risk of financial loss by taking out all kinds of insurance, and actuaries evaluate the probability of this risk and design insurance policies, premiums and procedures. They have to calculate the amount of funds an insurance company needs to have in the likelihood of a claim being made. But insurance isnt the only industry you will find an actuary. They work for commercial and investment banks to analyse the long-term risk of investments, predict cash flows and liabilities. They are in the legal industry at court cases to determine economic losses in the form of wages and compensation. They could work in the building and construction industry analysing the financial risks and benefits of a manufacturing company purchasing an expensive piece of equipment. Actuaries work for government agencies, retirement funds, superannuation, universities and health care their workplaces are widespread and varied. They dont always have to work for a large organisation either a lot of actuaries are self-employed and do consulting work. Actuaries will also become increasingly involved in the international green movement, such as policy responses to climate change. As the climate change emphasis swings f rom science to economics, actuaries will be key components of multidisciplinary teams and help to set carbon prices as well as assess the budgetary impact of the increased incidence of disease.How do I become an actuary?The governing body for actuaries is the Institute of Actuaries in Australia. To qualify as an actuary in Australia you must complete the Institutes Education Program, which is comprised of five parts. Firstly, you must enrol in an undergraduate degree in Actuarial Studies or a Bachelor of Commerce majoring in Actuarial Studies. This must be completed at one of five accredited universities Macquarie University, University of New South Wales, University of Melbourne, Curtin University or Australian National University (with Monash University soon to come on board). Its important to note that you are not an actuary until you complete the next steps. The remainder of the program is completed through the Institute and involves a combination of specialisation, practica l experience and a professionalism course. After the steps in the program are completed, students qualify as a Fellow of the Institute of Actuaries of Australia (FIAA).How much can an actuary earn?Once you are fully qualified you can make a very good income in this field. While students and graduates of an actuary undergraduate degree can earn around $55 000 to $70 000, once you have completed all stages of study and are qualified as a Fellow, you can earn anything from $65 000 $100 000 per year, according to the Institute of Actuaries in Australia. A senior actuarial professional can earn around $200 000. According to the Australian governments job outlook website, the average weekly earnings of full-time actuaries is $1265, or approximately $150 000 (before tax).Career prospectsWhile the total number of actuaries in Australia is only small (around 7000 in August 2008), the profession has been growing strongly, according to the governments job outlook website. Additionally, every country needs actuaries so you can use your skills around the world. Being an actuary is a highly respected, rewarding and varied profession. If youre an analytical person and a creative thinker who is good at maths, why not give this career a go? For more information on actuarial studies, check out the Institute of Actuaries in Australia website.Accounting ResourcesManagement accountant sample resumeManagement accountant sample cover letterCareer Insider StoriesKhalid Ahmed - Financial Controller at New BalanceSue Xue - Finance Analyst at The Wrigley CompanyShane Oliver - Head of Investment Strategy and Chief Economist at AMP CapitalJodie Matthews - Finance & Administration ManagerChris Bates - Financial Advisor & Founder of WealthfulInterested in becoming a?Human Resources OfficerBusiness ManagerAccountantOffice AdministratorManagement ConsultantPopular Career Searcheswhat to study to become a bank teller australiahow to become a financial analyst in australiainsurance courses in australiaquickest way to become an accountant in australiahow to become an investment banker australiaAccounting CoursesAdvanced Diploma of AccountingEnquire angeschlossen Enquire OnlineCertificate IV in Accounting and BookkeepingEnquire Online Enquire OnlineCertificate IV in Accounting and BookkeepingEnquire Online Enquire OnlineDiploma of AccountingEnquire Online Enquire OnlineElissa CollierRelated ArticlesBrowse moreAccountingFinanceAccountancy career bright spots despite a gloomy economic forecastSince taxes are one of the certainties in life, it stands to reason that jobs in accountancy are too.AccountingAccounting more than a numbers gameGood with numbers? Get into accounting it offers great salaries, job prospects and the key to spicing up your love lifeAccountingBusinessCPA offers uni undergrads a big breakAspiring student entrepreneurs are being offered an exciting opportunity to kick-start their careers with The CPA Big Break Project 2012.

7 Best Job Search Tips for the Class of 2012 - FlexJobs

7 Best Job Search Tips for the Class of 2012 - FlexJobs7 Best Job Search Tips for the Class of 2012 -281.7 million college students will graduate with a bachelors degree and the majority of them will enter the job market (or already have, we hope). And at the same time, it seems 1.7 million people crawl out of the woodwork to offer these new graduates career advice. Who should they listen to?To get the best career advice, we went straight to the source members of the National Association of Colleges and Employers (NACE), the leading source of information about the employment of college graduates. These career professionals did notlage disappoint Here are seven job search tips for the graduating class from college career advisors and professional career counselors.7 Best Job Search Tips for the Graduating Class1. Incorporate traditional and new strategies.When it comes to job searching, doing more rather than less is usually advised. Thats why its so important to use both traditional job search strategies AND new ones. Using a proactive search incorporates both traditional job search strategies and social media and networking opportunities with local Chambers of Commerce, Young Professionals Group and Alumni Events, says Patty Deng, Career Development Services Counselor at California State University, Channel Islands.Traditional job search strategies include searching for job listings online, attending networking events like those listed by Deng, and conducting informational interviews. What are some of newer job search strategies you can try out?Build a web presence Create your own online portfolio, professional blog, About.me pageSocial Media Tailor your profiles on Facebook, LinkedIn, Twitter, and even PinterestFun Networking Join Meet-Ups, Volunteer, Take Classes for Fun2. Expand your job search tactics, But tailor applications.Even as you expand the possibilities in your job search arsenal, its important to tailor your job applications to each specific posi tion. Says Deng, Avoid the generic resume Targeted resumes are the best way to go. The more time you take to customize a targeted resume and cover letter the fewer resumes and cover letters you need to send to get the interviews to land desired jobs. Employers can absolutely tell the difference between a resume and cover letter that is targeted shows interest in the company and those sent like a blast.3. Have plans A, B, and C.If youve only got one employment goal in mind, then youve only got one chance to make it work. On the contrary, the more employment plans you create for yourself, the more options youll have, and the more likely youll be successful. And since most people have multiple interests, you should start considering how your hobbies, interests, and skills can be turned into careers.Graduates must study and research job descriptions and prepare an A, B, C job search plan.Their plan A goal may become a temporary C in todays job market, says Frances Schmidt, author of the Getting Hired Handbook For College Graduates 2012.For example, an education major may have to find employment in a related sector tutoring, writing, research, etc., while volunteering or working part time as a teacher. Graduates must find employment mentors inside and outside their career field and adapt to current economic trends in order to proactively market themselves from the employers point of view, Schmidt recommends.4. Put in some face-time and network in-person.With all the job search strategies weve talked about, its important to divide your time among them in a way that makes sense. Spending all your time on social media profiles, when it should really be a small part of your job search, isnt going to help.80-percent of all opportunities come via networking, so students have to be proactive and advocate on their own behalf. Get out there and conduct informational interviews, or offer to volunteer or shadow. Students who have received recent internships or jobs for the su mmer tell me, more often than not, that networking was the reason for the opportunity, says Ryan McNaughton, M.Ed., a Career Counselor at Kent State University.And Janice Recca, Assistant Director of Graduate Admissions at Fairleigh Dickinson University and Consultant, Career Transitioners, says, I recommend grads attend networking events through their local or statewide Chambers of Commerce. And of course, its important to have several action plans. I recently met a young woman who has a degree in Civil Engineering but after not being able to secure a job, decided to defer to one of her passions, yoga. She finished her certification and through networking with a local chambers Young Professional Group, was able to partner with an existing business to open a yoga studio in their facility. She is thinking about taking some courses in Entrepreneurship, and may even pursue an MBA.5). Give informational interviews a chance.An informational interview is where you meet with a professional in the career youre interested in, and ask them all sorts of questions about their careers howd they get to where they are, what sorts of jobs are available, what advice do they have for someone starting out in that career, etc. Its a great way to learn more about a career and expand your network without begging people for jobs.Says Trey Lewis, Director of the Career Development Center at Indiana University Southeast, Im a big fan of informational interviewing as a means to gain access to new information while expanding your network in the process. We are in an economic environment where employers are preferring known commodities (and for good reason). That informational interview gives a student the opportunity to get some good face-time and put his/her best foot forward and can either tap them into hidden job opportunities or get them access to the informational interviewers network because the individual is now referring a known commodity to their contacts.To find people to in terview, Lewis recommends using social media to see who you are already connected to, and who their connections might be.6. Continue to evolve as a professional.The fact that youre job searching doesnt need to stop everything else in your life. And since your job search could take many months (or longer), its important to continue learning and growing as a professional, even if youre not employed.In a tough economy job searches generally take longer than in a good economy which means while a search is going on, what the job seeker has to offer an employer should not remain static take a course, learn on their own, be an intern, do whatever it takes to strengthen the skills they offer and to demonstrate their commitment to continuous learning. Its impressive not to mention it makes them a stronger candidate with a more extensive professional network they can tap, says Linda Kent Davis, Director of the Career Development Center at Rhode Island College.And if youre involved in profes sional activities while you job search, you just might meet someone or learn something that can land you a job7. Put in the time.If you REALLY want a job but dont have one yet, make getting a job your full-time job. Spend a set number of hours every day working on your job search. The bulk should be taken up by networking and informational interviewing, followed by finding and applying to job listings online, maintaining and updating your social media profiles, and taking classes or volunteering to keep your professional skills fresh.As John Chaney, career services advisor at Art Institutes, says, Seeking employment is a job itself. Treat it as such and youll get the youre job after.And Patty Deng recommends doing as much as possible The students who spend the time to do all job search strategies have the best success rates Finding a job should be a job, and time allocated to do job searching daily or weekly insures your effort will pay off.What are your best job search tips for thi s years graduates?