Become an actuary with an online bachelors degree in business

posted on Sunday, Apr 22 2012

As the economy begins to show signs of recovery, some adults are choosing to advance their careers with an online bachelors degree in business. One of the strengths of studying for a business degree online is the diversity of these qualifications. Some individuals choose to begin their journey toward a career as an actuary with a business degree from an online college, but what do actuaries do?

These business professionals are responsible for the analysis of financial information for the purposes of calculating financial risk. Many actuaries work in high-risk industries such as insurance, and the Bureau of Labor Statistics estimates that as many as 55 percent of actuaries are employed by insurance providers.

Using strong mathematical and analytical skills, actuaries examine the past performance of an institution and conduct detailed risk assessments related to their current financial operations and planned transactions. Many actuaries use detailed, complex financial modeling tools to assess the likelihood of a specific event taking place, and its potential impact on the organization.

For example, when calculating the risk of automobile accidents, an individual’s age, gender and previous driving record can be an indication of how likely they are to become involved in a situation that could result in a payout being necessary. In some industries, such as health insurance, actuaries predict the probability that an individual will be the victim of serious health conditions such as cardiac arrest due to diet, lifestyle and medical histories.

Enrolling in an online college could be a logical first step for an individual who wants to become an actuary. Some of these business professionals hold bachelor’s degrees, although many organizations will require that additional certification be attained by candidates seeking employment before an offer is made. For adults who want to become actuaries, earning an online bachelors degree could be a great place to start.

To succeed in the field of actuarial science, individuals must be highly numerate, logical and analytical. A strong background in mathematics is essential, and some online colleges may allow students to customize their education by choosing math-based elective classes to suit their career goals. If an online college offers classes in applied statistics, corporate finance or actuarial science, these modules could be particularly useful to aspiring actuaries.

As the economy gradually recovers and businesses become more confident in lending once more, individuals graduating from online bachelors degrees in business may find that demand for these skilled financial professionals could increase.

 

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