Master the art of closing deals and making placements. Take our Recruiter Certification Program today. We're SHRM certified. Learn at your own pace during this 12-week program. Access over 20 courses. Great for those who want to break into recruiting, or recruiters who want to further their career.
Also known as:
Actuarial Associate, Actuarial Mathematician, Health Actuary, Insurance Actuary, Pricing Actuary, Product Development Actuary
If you work and pay taxes, carry insurance on your home or car, belong to an HMO, or are putting money away for your retirement, you depend on the work of actuaries. Actuaries make up a rare breed of problem solver for the business world - so unique, there are only 19,000 of them at work in North Am ...
erica, but they are in demand in the insurance and financial securities industries because of their ability to put a price tag on probabilities.
They improve financial decision-making by using mathematical models to project future risks. Actuaries enter the field with specialized math knowledge in statistics, calculus and probability, and sharp analytical, problem solving, and project management skills. They are well versed in finance, accounting, and economics, and they're computer experts.
But beyond being a whiz with numbers, actuaries need to be able to translate their conclusions into plain language for clients and coworkers. On-the-job training for actuaries can last more than a decade, as they pass a series of 8 required exams to become fully accredited. The Society of Actuaries recommends at least 400 hours of study for each exam.
Opportunities for actuarial work are diversifying. Multinational firms and government offices increasingly call on actuaries to help evaluate the financial implications of uncertain future events. With this valuable expertise, salaries for accredited actuaries can top 6 figures.
Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.
Critical decision making
Level of responsibilities
Job challenge and pressure to meet deadlines
Dealing and handling conflict
Competition for this position
Communication with others
Work closely with team members, clients etc.
Comfort of the work setting
Exposure to extreme environmental conditions
Exposure to job hazards
Want to pursue a career as Actuary? Create a job alert, and get new job listings in your area sent directly to you.
Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
Testify before public agencies on proposed legislation affecting businesses.
Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
Determine policy contract provisions for each type of insurance.
Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.
Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
Provide advice to clients on a contract basis, working as a consultant.
Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Observing, receiving, and otherwise obtaining information from all relevant sources.
Interacting With Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Interpreting the Meaning of Information for Others
Translating or explaining what information means and how it can be used.
Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Updating and Using Relevant Knowledge
Keeping up-to-date technically and applying new knowledge to your job.
AREAS OF KNOWLEDGE
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Personnel and Human Resources
Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
The ability to choose the right mathematical methods or formulas to solve a problem.
The ability to add, subtract, multiply, or divide quickly and correctly.
The ability to apply general rules to specific problems to produce answers that make sense.
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
The ability to communicate information and ideas in speaking so others will understand.
The ability to see details at close range (within a few feet of the observer).
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
The ability to read and understand information and ideas presented in writing.
Using mathematics to solve problems.
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Understanding written sentences and paragraphs in work related documents.
Complex Problem Solving
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
There is a better job out there!
Post your resume to the largest network of recruiters and employers on the planet. START