If you’re curious about how to become an actuary, you’re looking at one of the most stable and respected careers in finance. According to the U.S. Bureau of Labor Statistics, actuarial jobs are projected to grow 22 percent between 2024 and 2034, which is far faster than the average for all occupations. Employers need professionals who can analyze risk, predict financial outcomes, and make decisions that keep businesses stable.
The path isn’t quick, though. Many people wonder, is it hard to become an actuary? The truth is yes, it takes years of exams, persistence, and problem-solving skills. But the rewards are just as big: strong job security, great pay, and meaningful work. To help you map the journey, here are 10 clear steps to becoming an actuary.
What Is an Actuary and What Do They Do?
An actuary is a professional who measures and manages risk. They use math, statistics, and financial models to predict how likely future events are, such as accidents, illnesses, or market downturns. Based on these predictions, actuaries design strategies to reduce financial loss and protect businesses and individuals.
You’ll find actuaries working in insurance, pensions, healthcare, consulting, and investments. For example, an actuary in a life insurance company calculates how much premium should be charged to balance affordability for customers with profitability for the business. In pensions, actuaries make sure retirement funds remain solvent for decades. Increasingly, actuaries are also helping organizations tackle modern issues like climate change and cyber risk.
What makes actuaries valuable is their ability to make sense of uncertainty. They don’t just run numbers; they translate risk into business strategies that protect people and organizations.
Step 1: Understand the Role Early
Before committing years to this career path, it’s essential to understand what actuaries really do. Many students assume it’s all about math, but the job also requires communication, business awareness, and the ability to explain complex models in plain language.
Start by reading about the profession from trusted sources like the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Look up case studies of how actuaries have impacted industries, or better yet, talk to a practicing actuary. Some universities host actuarial clubs where professionals give talks about the career.
This early exploration helps you confirm whether the mix of math, business, and communication aligns with your strengths. It also prevents surprises later when you realize the job isn’t just about working with spreadsheets, it’s about shaping decisions in the real world.
Step 2: Choose the Right Degree
Most actuaries begin with a bachelor’s degree, and while there isn’t a single required major, some are better suited than others. Common pathways include actuarial science, mathematics, statistics, finance, or economics. These fields give you the technical background you’ll need for exams and real-world work.
If your university offers a dedicated actuarial science program, that can be a big advantage. The coursework often mirrors the early actuarial exams, which makes studying more efficient. However, it’s not essential, many actuaries majored in math or economics and succeeded by building skills outside of class.
When picking a program, focus on schools with internship opportunities and active actuarial clubs. These resources help you start networking and prepare for exams, giving you a head start in meeting actuary requirements.
Step 3: Develop Core Skills During College
Your degree will cover the basics, but employers expect more than good grades. Successful actuaries develop a strong mix of technical, analytical, and communication skills.
Start by mastering probability, statistics, and calculus, since these form the foundation of actuarial exams. Don’t ignore courses in economics or business, because actuaries often work with finance teams and executives who expect you to understand the bigger picture. Programming is another valuable area, languages like R, Python, and SQL are now standard in actuarial work.
Beyond technical knowledge, focus on communication. Employers need actuaries who can explain models to people without a math background. Group projects, presentations, and writing assignments are excellent opportunities to sharpen this skill. The earlier you practice breaking down complex ideas into simple explanations, the better prepared you’ll be.
Step 4: Pass Your First Actuarial Exam
One of the biggest actuary requirements is passing a series of professional exams. These are offered by the SOA or CAS in the U.S., and similar organizations in other countries. The exams are tough, with pass rates often below 50 percent, so getting started early is key.
Many students aim to pass their first exam, often Exam P (Probability) or Exam FM (Financial Mathematics), before graduating. Passing an exam shows employers that you’re serious about the profession and capable of handling the workload. It’s often the difference between landing an interview and getting overlooked.
To prepare, you’ll need discipline. Each exam requires 300–400 hours of study, so plan a realistic schedule. Use prep courses, online resources, and study groups to improve your chances. Think of this step as your first big test of whether you’re ready for the profession.
Step 5: Secure an Internship
An internship is one of the most valuable experiences you can get on the road to becoming an actuary. Employers want candidates who have applied their knowledge outside of the classroom, and internships give you exactly that opportunity.
Look for internships with insurance companies, consulting firms, pension funds, or even government agencies. These roles expose you to real-world actuarial work, from pricing policies to analyzing risk models. You’ll also learn how to use industry software, interpret results, and present findings to managers.
Beyond technical skills, internships give you networking opportunities. Many employers hire their interns for full-time roles after graduation. Even if you don’t get an offer, having internship experience makes your resume stand out in a competitive field.
Step 6: Apply for Entry-Level Actuarial Roles
Once you’ve completed your degree, passed at least one exam, and gained internship experience, you’re ready for entry-level actuarial jobs. These positions often have titles like actuarial analyst or actuarial associate.
When applying, highlight not only your technical skills but also your exam progress and work experience. Employers like to see candidates who have a balance of education, practical training, and commitment to exams.
Most entry-level jobs come with exam support. That means your employer will cover exam fees, provide study materials, and often give you paid study hours during work. This support is a huge help, since passing exams while working full-time is challenging.
Step 7: Continue Passing Exams While Working
The actuarial exam process doesn’t end when you get a job. To move up in the profession, you’ll need to keep passing exams, and this can take several years. On average, it takes 7 to 10 years to complete all requirements for full certification.
Balancing work and study is one of the hardest parts of the journey. You’ll need to manage deadlines, client work, and personal commitments while dedicating hundreds of hours to exam prep. This is where persistence becomes essential.
Each exam you pass brings real rewards, promotions, pay raises, and more responsibility at work. Employers recognize the effort it takes, and your career will steadily grow as you progress.
Step 8: Earn Associate Status
After you pass the initial exams and complete the required modules, you’ll achieve Associate-level membership in your actuarial society, such as ASA (Associate of the Society of Actuaries) or ACAS (Associate of the Casualty Actuarial Society).
Becoming an Associate is a big milestone. It signals to employers that you’re fully qualified to work independently and handle advanced projects. Many actuaries remain at this level for much of their careers, and it already opens the door to mid-level roles.
It’s also a point where you may choose to specialize in a certain area, like life insurance, health, or pensions. Your career direction often takes shape here, depending on your interests and employer needs.
Step 9: Work Toward Fellowship
For actuaries who want to reach the top of the profession, the next step is Fellowship. This requires advanced exams, modules, and often a specialization. It can take several additional years beyond Associate status, but it comes with higher pay and leadership opportunities.
Fellows often lead teams, design complex models, or advise executives on major financial decisions. They’re also more likely to move into management roles or consulting positions where strategic thinking is just as important as technical skill.
Not everyone pursues Fellowship, and that’s fine. Some actuaries prefer to stay at the Associate level, where the workload and exam requirements are lighter. The choice depends on your career goals and lifestyle.
Step 10: Commit to Lifelong Learning
Even after you achieve certification, the actuarial profession requires continuous education. Financial markets change, regulations evolve, and new risks, like cyber threats or climate change, emerge. Professional societies require continuing education credits to keep your credentials active.
Beyond formal requirements, staying updated keeps you competitive. Learning new software, keeping up with data science trends, and expanding into emerging industries will make you a more valuable professional.
The best actuaries view learning as a lifelong commitment. It’s not just about meeting requirements; it’s about staying sharp in an environment where risk never stops evolving.
The Deeper Rewards of the Actuary Career
At the end of the day, becoming an actuary is less about racing to the finish line and more about building a career that matures alongside you. The exams, internships, and work experience shape not just your technical ability but also your resilience and adaptability.
What makes the journey meaningful is that the skills you gain, thinking critically about uncertainty, solving problems under pressure, and communicating complex ideas clearly, transfer well beyond the actuarial field.
Whether you aim for Fellowship or stay at the Associate level, you’ll be part of a profession where your work directly impacts financial security for people and organizations. If you’re willing to play the long game, the path to becoming an actuary is both challenging and deeply rewarding