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Actuarial Science is a specialized field leading to a career as an actuary that combines math and statistics skills in a way that can make you a lot of money in the long run. Working with private actuarial science tutors can be a great idea if you are sure that this is the career for you, as you will need to do a lot of studying along the way to actually becoming an actuary.
So let us start with the basics. What even is an actuary? What do they do? Well, an actuary is someone that typically works in the field of insurance. Insurance companies, as you probably know, work by you paying them a monthly rate that covers you in the event of an emergency. If something does happen, the insurance company usually pays you an amount to cover the loss. People often criticize insurance companies for low-balling them on the payouts, but that usually comes as a result of insurance companies trying to manage the funds that they have. Ultimately, this is a business, so companies need to price the insurance at a rate that protects them in the event that many insured people need to cash out. They also need to make sure that it is not so expensive as to not be worth it to pay the monthly fees. This is something that is also affected by the market.
An actuary enters this equation in terms of risk. In a simple equation, insurance companies might look at the total possible payoffs as one side and the total revenue as the other side. At some point, you need to figure out a risk factor, which represents the reasonable expectation for how much of that total payout you expect to pay. If at any point the payouts exceed the revenue, the model can no longer continue. Therefore, insurance companies rely on risk assessment to price accordingly. An actuary takes in lots of data, including the previous history of payouts, likelihoods of events occurring, and other factors that all add up to projecting the future.
To get good at being an actuary takes time and qualifying to actually work in the field takes longer. There are 10 tests that you must take to become an actuary. For most, these tests can take up to 10 years to complete. They also each only have a pass rate of 50%, so many actuarial wannabes have to take the tests multiple times.
If you got the pitch that I did during college, becoming an actuary can seem like a great option to make money. At the entry level, once you take a couple of the actuarial exams, you can make between $40-70k per year in your job. After all 10 exams, that number jumps above $100k and can reach $200k. After you are experienced in the field, the top level actuaries can make half a million per year or more. Beyond that, it is a fairly easy job once you get the hang of things. The hardest part is the process of becoming an actuary.
As there are 10 tests to take, you are going to need some help passing each one, which is where actuarial science tutors near me come in. Working with a professional allows you to take out some of the stress of passing 10 tests with 50-50 odds of success. Instead of trying to take this on alone, investing early can mean that you can make tons of money in the late game.
As you are going to need a combination of skills in both math and statistics, it is important that anyone entering an actuarial science learning setting should have foundations in both. That might mean you need a statistics tutor in addition to your actuarial science lessons, probably coming beforehand. Taking the time to work on those skills is vital before getting to the next level. In terms of looking for tutors, we need someone who is beyond the basics in math and statistics and is ready to combine things to fit the actuarial science setting. We want to make sure that our private actuarial science tutoring is taking you to the next level, not just teaching you what you already know.
One of the things to know about starting the process to becoming an actuary is that the job market is very saturated. There are a lot of students in college who heard the promise of a six-figure job early on and immediately jumped at the idea that they could make that much money. For that reason, finding a job even after taking the first couple actuarial exams can prove more difficult than expected. The good news is that tutoring can provide a great alternative to those that are not able to secure actuarial work right away. Instead of letting your skills lapse, taking advantage of our tutoring openings can be a great way to stay in practice and make some extra money on the side to help stay afloat until you are good enough to get one of the top paying jobs.
In addition to skills in math and statistics, actuaries are facing a growing need for programming skills, which is why many actuaries also pursue lessons in Python. We have Python tutors for you too if that is what you need, but that is also something that can help make you great for our actuarial science tutoring near me. Because you have skills in all aspects, you can show the tutee how to practically apply their Python skills to work in the specific field of being an actuary.
One of the biggest problems with specializing your education to actuarial science is that it is such a specific field. There is really only one industry that uses actuaries and that is insurance. If for whatever reason, you need to pivot, there are not a lot of uses for your skills. Tutoring can be a great way to utilize all of the actuarial science lessons you learned, even if you are not actually an actuary in life.
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