Advantages and Disadvantages of Being an Actuary Essay

Introduction 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 Content 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