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 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
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Patryk Ciosmak

Dream Job: Actuary

9/12/2016

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 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

Patryk Ciosmak

Dream Job: Actuary

9/12/2016

would happily do everything possible to assist others in need. Helping others succeed is another
way to get a return on investment.

Patryk Ciosmak

Dream Job: Actuary

9/12/2016

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/:
http://www.lexisnexis.com/lnacui2api/results/docview/docview.do?docLinkInd=true&risb=21_T
24657848985&format=GNBFI&sort=RELEVANCE&startDocNo=1&resultsUrlKey=29_T246578489
90&cisb=22_T24657848989&treeMax=true&treeWidth=0&selRCNodeID=35&nodeStateId=411e
n_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-roi-2013/schools-by-type