These days, many individuals are considering a career in the actuarial science field. If you’ve given thought to become an actuary and are ready to learn more about the position, this is the article for you. Read on to review the actuarial job description so you can determine whether this vocational sector would be right for you:
Actuary Job Description
Actuaries complete complex calculations to gauge the likelihood of specific outcomes pertaining to investments, consumer demand, illnesses, and accidents. They also use computer software to generate reports, graphs, and tables for the purpose of reporting their findings to others. The statistical data found by actuaries is presented to pension directors, investment bankers, underwriters, marketing managers, and insurance executives. The findings help support the decisions that these individuals make regarding stock offerings, marketing planning, investment choices, and the pricing of insurance policies. The data generated by actuaries is essential because it empowers business owners to manage risk and ensure the stability of their company operations.
Typically, actuaries work for businesses dealing with the fields of casualty, property, health, and life insurance.
Generally, actuaries are employed full-time within a traditional office environment. 25% of them work over 40 hours each week.
Educational And Training Requirements
Generally, actuaries attain a bachelor’s degree in business, actuarial science, or mathematics. Coursework in the fields of corporate finance, calculus, computer science, economics, and statistics prepare individuals for both their actuarial exams as well as entry-level positions.
Actuaries can begin their careers in the field without obtaining a certification. Typically, actuaries attain extensive training and mentoring to prepare for their exams while they are working. However, actuaries who are preparing for the full professional status should obtain an associate or fellow-level certification. The certification can be obtained through the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). The CAS certification is for those who want to work in the casualty or property field. The SOA certification is for individuals who wish to operate in the finance, investments, retirement benefits, health insurance, or life insurance sectors. After the actuary has completed the certification requirements outlined by the CAS or SOA, she or he will also be required to complete continuing education requirements.
Students who take and pass an actuarial exam will be more marketable job candidates. Some of the titles for preliminary exams that will lead to initial actuarial certification include:
• Financial Mathematics
• Actuarial Models: Life Contingencies
• Actuarial Models: Financial Economics
• Construction and Evaluation of Actuarial Models
• Models for Stochastic Processes and Statistics
To optimize their ability to attain a great entry-level position in the field, college students should also pursue internship opportunities. These internships will enable students to work with experienced actuaries and subsequently document their experiences and acquired skill set on their resume. Typically, actuary internships are provided by major insurance companies. These companies will typically pay the intern anywhere from $15-$22 an hour. The standard GPA requirement for an internship is 3.5, and the student must also complete at least one actuarial exam. In some cases, the internship candidate may also be required to have excellent Excel skills as well as knowledge of database/statistical analyses languages like SAS or SQL.
Actuarial Science Salary
The average annual actuary analyst salary is $100,610. This translates to $48.37 per hour. The top 10% of actuaries earn at least $186,250 while the bottom 10% earn less than $58,910.
The number of jobs within the actuary field is projected to increase by 18% by 2024. This means that there will be about 4,400 new positions over the next seven years.