How to Become an Actuary: A Step-by-Step Guide for Beginners

Becoming an actuary is a rewarding journey that combines analytical skills, business insight, and a passion for problem-solving. Whether you’re a high school student, university graduate, or career switcher, this step-by-step guide will walk you through what it takes to become an actuary in 2025.

Step 1: Understand What Actuaries Do
Actuaries assess and manage risk using mathematics, statistics, and financial theory. They work in areas such as insurance, pensions, healthcare, finance, and consulting. Their work influences major financial decisions and policies.

Step 2: Choose the Right Educational Path

• High School: Focus on mathematics, statistics, business, and IT subjects.
• University Degree: Pursue a degree in actuarial science, mathematics, statistics, economics, or finance. Many universities offer accredited actuarial programs.

Step 3: Start Professional Actuarial Exams
Choose an actuarial body:

• SOA (Society of Actuaries) – North America & global
• IFoA (Institute and Faculty of Actuaries) – UK & international
• IAI (Institute of Actuaries of India)
• KASNEB (Kenya) – Local pathway to qualification

Begin with preliminary exams such as:

• Probability (P)
• Financial Mathematics (FM)
• Actuarial Statistics (CS1/CS2)

Step 4: Learn Technical and Business Skills
Complement your exam studies with skills in:

• Excel, R, Python, SQL
• Communication & report writing
• Data visualization (e.g., Power BI, Tableau)

Step 5: Gain Internship or Work Experience
Apply for internships or entry-level positions at:

• Insurance and reinsurance firms
• Pension schemes
• Government actuarial departments
• Consulting companies

Step 6: Join a Professional Actuarial Body
Membership provides access to learning resources, mentorship, networking, and exam registration. Most actuarial societies offer student memberships.

Step 7: Progress Through Exam Levels
Advance to associate and fellowship status by completing exams and professional modules. Some paths require work-based skills documentation.

Step 8: Choose a Specialization
Specializations may include:

• Life or General Insurance
• Health and Medical Benefits
• Pensions and Retirement
• Enterprise Risk Management
• Data Science and Predictive Analytics

Step 9: Continue Professional Development
Actuarial learning never stops. Stay updated with:

• CPD (Continuing Professional Development)
• Conferences, webinars, and journals
• Advanced certifications or dual qualifications (e.g., CFA, CERA)

Step 10: Stay Motivated and Networked

• Join actuarial forums (Reddit, Actuarial Outpost)
• Follow actuarial blogs and podcasts
• Connect with mentors and peers

Ready to Start Your Actuarial Journey?
Visit jodhiambo.co.ke to access study notes, past papers, revision guides, and expert tips to launch your actuarial career in the right direction.