Dream Job

Ciosmak, Patryk L
NICHOLS COLLEGE

My Future Is In My Hands

Patryk Ciosmak

Dream Job: Actuary

9/12/2016

Ever since I started my sophomore year at Nichols College, my dream

job has been to become a fully qualified actuary. Becoming an actuary
requires an enormous amount of work, primarily because there is a lot of
studying for the tests needed to achieve full designation and a fellowship
status. Actuaries compute risk and interest rates for insurance policies. They
also act as consultants to big corporations by helping them maintain
financial stability and assist with proper strategic decision-making. The
education level is very demanding for this particular profession. Actuaries
must obtain a bachelors degree, preferably in mathematics, with a G.P.A of
3.2 or higher, but the choice of major is not as important as the external
exams required by the society of actuaries to become an actuary. Potential
candidates must pass a rigorous set of exams to first become an associate,
and next to become a member of the fellowship of actuaries. Backgrounds in
statistics, business studies and the liberal arts are also highly appreciated by
employers of actuaries. (Department of Mathematics, Purdue University,
2014)
I believe that this education requirement is adequate to the type of
services rendered by actuaries. Although a bachelors degree is required,
employers mainly seek candidates that have the will and determination to
pass the series of exams required to become a fully professional actuary.
Most actuaries are employed in the insurance industry and they usually start
their career in this field. There is a large number of employers that seek the
services provided by actuaries. These include institutions like consulting
agencies, insurance companies and government agencies. My studies here
1

Patryk Ciosmak

Dream Job: Actuary

9/12/2016

at Nichols are focused primarily on the actuarial career path. I believe my

current courses in Information Technology, Economics and Mathematics will
give me an advantage among other candidates. By majoring in international
business and minoring in Mathematics, I will be able to obtain the necessary
background in Mathematics and have a diverse set of skills in international
business. My goal is to work for a multinational insurance agency and travel
around the world. In order to do this, I must take the adequate courses in
college. Luckily, Nichols College offers the courses I need to become a
potential candidate for this profession. (DIXON, 1986)
According to the Bureau of labor statistics, the 2015 median pay for
actuaries is $97,070 per year, or $46.67 per hour. This amount shows how
lucrative of a career path this is. Despite having to study very hard for all
exams, the reward if definitely noticeable and there are always incentives for
young actuaries to pass as many exams as they can as fast as possible. We
can also take into consideration the return on investment that an education
at Nichols College brings to the table. According to payscale.com, Nichols
College is in 6th place on the list of business schools with the highest return
on investment, coming in with an incredible $612,000 return on investment
over a 30 year period. By dividing $612,000 by 30 years, we get $20,400 per
year. This comes out to $9.80 extra per hour based on a 40 hour work
schedule. When added up, I could expect to be able to earn around $56.47
per hour, resulting in a new annual salary of $117,470. There is a
tremendous difference in these two totals and they perfectly illustrate what it

Patryk Ciosmak

Dream Job: Actuary

9/12/2016

means to graduate from Nichols College. (Bureau of Labor Statistics, 2015)

(Payscale, 2013)
My dream is to use these extra funds to help students in need achieve
their dreams of obtaining a higher education. Of course, I would love to
achieve and sustain financial piece of mind for myself. I would effectively
manage my loan payments and carefully invest whatever funds I have left.
However, I believe that the joy of giving in much greater than receiving, and
I would happily do everything possible to assist others in need. Helping
others succeed is another way to get a return on investment.

Bibliography
Department of Mathematics, Purdue University. (2014). What is an Actuary?
Retrieved from https://www.math.purdue.edu:
https://www.math.purdue.edu/academic/actuary/what.php?p=what
DIXON, B. (1986, June 19). Horizons: A job that makes statistics talk (948) /SCT.
Retrieved from http://www.lexisnexis.com/:
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Patryk Ciosmak

Dream Job: Actuary

9/12/2016

http://www.lexisnexis.com/lnacui2api/results/docview/docview.do?
docLinkInd=true&risb=21_T24657848985&format=GNBFI&sort=RELEVANCE
&startDocNo=1&resultsUrlKey=29_T24657848990&cisb=22_T24657848989&
treeMax=true&treeWidth=0&selRCNodeID=35&nodeStateId=411en_US,1
Bureau of Labor Statistics. (2015, December 17). www.bls.gov. Retrieved from
Actuaries: http://www.bls.gov/ooh/math/actuaries.htm
Payscale. (2013). www.payscale.com. Retrieved from 2013 College ROI Rankings:
Best ROI by Type: http://www.payscale.com/data-packages/college-roi2013/schools-by-type