If you enjoy math, problem-solving, and working with data, becoming an actuary in Michigan can lead to a stable and rewarding career.
Key Takeaways
- You need a bachelor’s degree and strong math skills to become an actuary.
- In Michigan, actuaries don’t earn a state license like doctors or teachers. Instead, they build their careers by passing a series of professional exams and earning credentials through national actuarial organizations.
- Actuarial work uses the same tools you see in modern data jobs—Excel, SQL, Python/R, and data visualization—so learning them helps you stand out for internships.
If you like solving problems, working with numbers, and thinking ahead, you might enjoy a career as an actuary. An actuary is a professional who uses math, statistics, and data analysis to measure financial risk. In simple terms, actuaries help companies plan for the future. They calculate the likelihood of events like illness, accidents, or retirement and help businesses prepare financially.
If you’re exploring how to become an actuary, this guide will walk you through each step so you can confidently plan your future.
8 Steps To Becoming an Actuary
Becoming an actuary follows a structured path. You’ll earn a degree, pass professional exams, gain internship experience, and work toward advanced credentials. Most students take about five to 10 years to complete the full actuarial credentialing process. The good news is that you don’t have to wait all those years to start working in the industry. You’ll begin working as an entry-level actuary after passing one or two exams. From there, you continue advancing while gaining experience.
1. Meet The Basic Eligibility Requirements
Before choosing a career path as an actuary, take a moment to reflect on your strengths and interests. To become an actuary, you should:
- Have an interest in mathematics and statistics
- Feel comfortable analyzing data and solving complex problems
- Be willing to study for and pass multiple actuarial exams over several years
Actuarial science is math-intensive, but students who are disciplined, detail-oriented and committed to mastering the material can thrive in the field. Actuarial work involves patterns, probability, financial modeling, and risk analysis. You’ll often break large problems into smaller pieces and solve them step by step. If that kind of thinking feels satisfying to you, working as an actuary could be a great fit for you.
2. Earn a Bachelor’s Degree in a Quantitative Field
A bachelor’s degree is required to become an actuary in Michigan. Companies that hire actuaries want to know that you have advanced training in math, probability, and data analysis. Because of this, they strongly prefer degrees in:
- Actuarial Science
- Mathematics
- Statistics
- Finance
- Economics
- Data Science
Bachelor’s Degree in Actuarial Science
A Bachelor’s Degree in Actuarial Science is your best option if you want the most direct path to becoming an actuary. This undergraduate degree is designed specifically to prepare you for actuarial exams and entry-level roles.
In an Actuarial Science program, you’ll typically take the following courses:
- Principles of Microeconomics
- Principles of Insurance and Risk Management
- Probability
- Mathematical Statistics
- Financial Mathematics
- Corporate Finance
These classes align closely with actuarial exam topics. That means what you study in class directly supports your exam preparation. If you choose a related major like mathematics or statistics, you can still become an actuary. You may just need to be more intentional about preparing for the exams on your own.
3. Start Taking Actuarial Exams While You’re in School
To become an actuary, you should begin taking actuarial exams before you graduate with your bachelor’s degree. Most competitive actuarial job candidates pass at least one or two exams during college. Passing exams before you apply for a job shows employers that you’re serious and prepared for the profession.
Actuarial exams are administered by two professional organizations:
- The Society of Actuaries (SOA) oversees credentials for life, health, and retirement actuaries.
The Casualty Actuarial Society (CAS) oversees credentials for property and casualty actuaries.
The two most common actuary exams most students take first are:
- Exam P – Probability: Focuses on probability concepts and risk modeling. You’ll use calculus-based probability to solve problems involving uncertainty, which is a core skill in actuarial work.
- Exam FM – Financial Mathematics: Tests your understanding of interest theory and financial calculations. You’ll solve problems about how money grows over time, how loans are structured, and how to evaluate investments.
These exams are computer-based and offered at testing centers, and each exam requires several months of preparation. In fact, many students study about 2–3 hours per day over a few months before test day.
4. Learn Actuarial Software and Technical Skills
Employers look for entry-level actuaries who have started building technical skills during college. You don’t need to be an expert yet, but having a strong working knowledge of tools like these can make you more competitive:
- Microsoft Excel, including formulas and basic data analysis
- SQL for working with databases
- Python or R for statistical analysis
- Data visualization tools to present findings clearly
Why does this matter? Because actuaries don’t just solve math problems on paper. They work with real data, build financial models, and help business leaders make informed decisions.
For example, you might use Excel to create financial projections or Python to analyze trends in large data sets. Many internships give you the chance to continue developing these skills, so starting during college helps you feel more confident and prepared.
5. Choose an Actuarial Career Path
As you move through college, you’ll want to start thinking about which actuarial industry fits your interests. The type of actuary you become will shape which exams you take and what your career path looks like over time.
Each industry focuses on a different kind of risk, which means your day-to-day work can look very different depending on the path you choose:
- Life Insurance: Set prices for life insurance policies and make sure companies have enough money to pay future claims
- Health Insurance: Study medical costs and insurance claims to help set fair monthly premiums and keep health plans running smoothly
- Property and Casualty Insurance: Look at risks related to cars, homes, and businesses to help decide how much insurance coverage should cost
- Pension and Retirement Planning: Figure out how much money people will need in retirement and make sure retirement plans are funded properly
- Government: Work with public programs like state retirement systems or healthcare plans to help manage taxpayer funds responsibly
Each actuarial career path uses the same core math skills, but the problems you solve depend on the industry you choose. Over time, you’ll discover which type of risk feels most interesting and meaningful to you.
6. Apply for an Actuarial Internship
You should apply for actuarial internships during your junior or senior year of college. Insurance companies, actuarial consulting firms, and pension or retirement organizations offer most internships. In Michigan, many internship opportunities are located in larger cities like Detroit, Grand Rapids, Lansing, and Ann Arbor.
Internships significantly increase your chances of receiving a full-time job offer after graduation because you’ll gain valuable hands-on experience. You’ll also build professional references and see how actuarial teams work inside real companies.
7. Get Hired as an Entry-Level Actuary in Michigan
After earning your bachelor’s degree and passing at least one or two actuarial exams, you can apply for roles such as:
- Actuarial Analyst
- Actuarial Assistant
- Junior Actuary
These positions are often your first step toward building a long-term career in insurance or other risk-focused industries.
But before you apply, keep in mind that many Michigan employers have clear expectations for entry-level actuaries. They typically want to see that you’ve passed actuarial exams, applied math to real data through internships or projects, and worked successfully as part of a professional team.
If you haven’t had the chance to do all of these things yet, you can still apply, especially if you’re continuing to make progress on exams and building relevant skills. However, taking those steps during college can help show employers that you’re prepared to grow into the role.
8. Continue Passing Exams While Working
Actuarial credentialing takes time. Most actuaries spend five to 10 years completing the full exam process while working full-time. The good news is that many employers actively support your progress by:
- Paying your exam registration fees
- Providing paid study time during work hours
- Offering salary increases for each exam passed
As you continue your actuarial career, you’ll need to earn additional professional credentials, such as:
- Associate of the Society of Actuaries (ASA)
- Associate of the Casualty Actuarial Society (ACAS)
- Fellow of the Society of Actuaries (FSA)
- Fellow of the Casualty Actuarial Society (FCAS)
These credentials are not optional if you want to grow in the profession. They mark major career milestones and show that you’ve met national professional standards. Over time, you’ll gain higher earning potential and more career flexibility.
Earn Your Actuarial Science Degree in Michigan
If you’re serious about becoming an actuary, where you earn your degree can shape your future. At The University of Olivet, our actuarial science undergraduate program is intentionally designed to help you prepare for professional actuarial exams and long-term success in the field.
With our small classes and a 13:1 student-to-faculty ratio, you’ll get real access to your professors, who know your name and your goals. They’ll work closely with you to map out exam timelines, explore internships, and build a clear path toward you long-term goals. In a career field that calls for structure and precision, that kind of personal support matters.
If you’re looking for a welcoming and supportive community as you work toward a career in insurance or risk management, start your actuarial science degree in Michigan at The University of Olivet. With financial aid available to every undergraduate student, you can pursue a rigorous and respected degree with confidence.