If a safe job and a high salary interests you, becoming an actuary may be the path to follow. Due to the stringent examination system the demand for qualified actuaries tends to outstrip supply which may explain why a designated actuary will on average earn $245,000 per year including benefits, according to a Bermuda compensation survey. A senior actuary with at least five years qualified experience will make around $365,000 per year.

But to qualify as an actuary, a profession which has twice been voted one of the best jobs to be had by the Wall Street Journal, requires a great effort.

A candidate must pass nine exams, each of which requires hundreds of hours of study. It usually takes about five to six years to qualify and the process is usually done in conjunction with a full-time job.

About 60 percent of actuaries are employed in the insurance sector where they use economics, statistics and financial theory to provide data that allows management to plan for the future.

They help predict the risk involved in writing various types of insurance policies. They also identify potential profitability and problems with different business opportunities.

The Royal Gazette spoke to two young Bermudians who have taken on the challenge of qualifying as actuaries; Patrick Suter and Tiffany Butterfield Douglas both work full time at Ace in Bermuda, while studying towards their actuarial exams.

Ms Butterfield Douglas is working as an actuarial analyst at Ace Bermuda Insurance Ltd. and has been with the company for nearly two years.

Mr. Suter who joined the company in January and was the recipient of the 2005 Ace/Robert Clements Scholarship. He is working as an actuarial analyst at Ace Group Management and Holdings Ltd.

Mr. Suter, who won the scholarship among stiff competition, got the opportunity to study to a Bachelor of Science in Economics at the famous Wharton School of the University of Pennsylvania. The scholarship is aimed at young Bermudians interested in a career in the insurance industry and provides, among other things, financial support for up to four years of university studies.

"Winning the scholarship made a huge difference for me," Mr. Suter said. "It was a tremendous help financially and it included the three summer internships while at university, one of which was spent with Ace in Philadelphia where I studied risk matrix and the effect on property catastrophe.

"I was always good at math. Before going to university I studied to an International Baccalaureate at Bermuda High School. During that time I went to see my old math teacher from Warwick, Richard Hall, who was working at AWAC.

"I wanted to get some advice and he encouraged me to pursue a career as an actuary," he said. "Although the IB programme is very highly regarded there was a big step up from there to doing the mathematics required at the actuarial exams which is based on calculus. The mathematics required for actuarial studies are very specific and use a lot of calculus and statistics," he explained.

Ms Butterfield Douglas' background is similar to that of Mr. Suter.

"I graduated from Mount St. Agnes in 2003. I was always good at math," she explained. "I thought of a future as a school teacher or an accountant. A friend suggested I become an actuary. I had to look the word up in a dictionary, I didn't even know what it was."

After winning a Chamber of Commerce scholarship, supported by Orbis, Ms Butterfield Douglas went to York University in Toronto to study Mathematics and Commerce.

"I was only 17 when I went to Canada to study. All the other students were several years older than I. It was a really big change from living at home but I enjoyed it a lot," she continued.

"I worked as a summer intern at Orbis the first summer and at Ace the last two summers at university.

"Ace has been very supportive. They recognised my potential and I have been very happy their support and to have the opportunity to work for them," she said.

So far Mr. Suter has completed 2.5 and Ms Butterfield Douglas 1.5. of the nine exams required to qualify as an actuary.

The two young employees explained: "We need about 200 to 300 hours of study per exam. We can sit the exams here in Bermuda. Exams can be re-sat if failed but are only offered once every six months so obviously a lot of time will be lost when failing an exam. Since the exams are so challenging most people fail their exams at least once.

"Ace is very supportive and provides resources such as books. They also give us 100 hours' study leave before an exam," they continued.

Mr. Suter added: "Ace has made it possible for me to become an actuary. They have helped financially through the scholarship and made the exam process easier and have a good mentor programme."

During the interview the two young insurance professionals discovered that they have the same Financial Derivatives exam scheduled in May. They both seemed relieved to have a colleague to share the burden of the exam preparations with.

Both analysts seem very happy with their employment at Ace.

Mr. Suter explained enthusiastically: "The more I work and learn about my job the more I love it.

"There is no job description for my present job at the predictive modelling department. I do everything from developing pricing models to working on models predicting how the global environment affects different lines of the business. I also do internal reviews to prepare financial statements and annual industry studies. I compile data into usable form from UK and US census.

"I use loads of stats and computer skills," he said. "I have to learn how to use different computer packages such as 'Emblem1' which is a Generalised Linear Modelling programme. I also have to know how to use computer code. I love crunching numbers and compiling stats," he continued.

"There is no bad part of his job apart from being a full-time student as well as a full-time employee. We have to do a lot of self study to prepare for the actuarial exams.

"Since the turmoil on the global financial market there has been an increased interest in what statistics and actuaries have to offer. It has given more voice to actuaries."

Looking towards the future Mr. Suter said: "I love Bermuda but I also love my work. If my work took me elsewhere I would go."

Ms Butterfield Douglas responsibilities are different from Mr. Suter's. "In my job I give technical support to actuaries," she said. "I work on the price monitoring report and the reserving process which is were money is allocated for different claims.

"I really enjoy fact finding and data analysis. I prepare data for the underwriters. I look at past trends and rates of change. I ensure that the information is accurate and complete.

"My job can be time consuming and repetitive. You have to be tenacious and stick to it. Working and studying simultaneously can be very demanding but is also very rewarding."

On a personal note she said: "I love Bermuda. My family is an old Bermuda family from Somerset and Devonshire. There is such a strong sense of family here. Growing up I was always surrounded by aunts and cousins. It's a laid-back life but I would love to work abroad. I would love to go to Italy. I would also like to learn to speak Italian. But that will have to wait until I have finished my exams," she added with a smile.

At school Mr. Suter met others who were interested in a job in the insurance sector with a great earnings potential. But the interest seemed to wear off when they realised the commitment required to qualify. "Many get put off when they realise how much hard work goes into qualifying," he said.

Ms Butterfield Douglas added: "I had never met an actuary before I came to Ace. A lot of young Bermudians are mathematically inclined and should be introduced to the opportunity to work in this job.

"I think young people can find these large companies intimidating and daunting."

"I know Ace has spoken to young people about a career in insurance and I have had some student shadow me at Ace to give them an idea of what the job is all about. They did seem a bit daunted when they heard about the exams but I think coming to our offices gave them a good opportunity to see what the job is like."

She said initiatives such as the Bermuda Foundation for Insurance Studies' (BFIS) Summer Intern Programme provides an excellent opportunity for young Bermudians.

She advices young Bermudians thinking of a career in the insurance industry not to be shy to ask for help. "Reach out to these companies. They do want to encourage Bermudians so do not be afraid to reach out to them and ask questions."

Ms Butterfield Douglas who enjoys travelling, leaves to get ready to go on holiday in London and Paris. "I have to remember to pack my exam books," she said.