How to Hire an Actuary

Does your growing business need an actuary? An actuary will work with other actuaries to develop pricing strategies and risk models based on mathematical and statistical expertise.

Here are some tips to help you find great actuary candidates and make the right hire for your business.

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Actuaries searching for jobs on Indeed*

30,450  

Job seekers that clicked actuary jobs

2,842

Resumes for job seekers with actuary experience on Indeed

1,622     

Actuary jobs that received clicks

What is the cost of hiring?

  • Common salary in US: $113,260 yearly
  • Typical salaries range from $35,000$235,000 yearly
  • Find more information on Indeed Salary

*Indeed data (US) – April 2021

As of April 2021, actuary jobs in the US are moderately competitive compared to other job markets, with an average of 19 job seekers per actuary job.

Why hire an actuary?

The need for a new actuary can affect your existing team, the risk assessment process and regulatory compliance.

While there are many important tasks for actuaries, a great actuary can help your business:

• Generate precise pricing strategies and calculations for your particular products
• Create accurate expense projections
• Prepare and analyze large datasets

Deciding between a full-time vs freelance actuary

Writing your actuary job description starts with knowing if you need a full-time or freelance actuary. If your business is in a high-risk industry, you might need a full-time actuary. Consider the amount of actuary work you need done, not just now but year-round. If you have a full-time workload all year long, hiring an in-house actuary is likely the best option.

If your needs fluctuate, a freelance actuary might be a better choice. You can hire a freelance actuary at times when you need the analysis of risk and uncertainty. Many freelance actuaries work on a consulting basis for businesses. This gives you the actuarial expertise you need without the expense of hiring a full-time actuary.

What are the types of actuaries?

Actuaries typically choose a specialty that requires passing exams and maintaining certification. Some types of actuaries include:

  • Life insurance actuary: These actuaries work for life insurance companies and use risk factors to estimate life expectancy for different groups of people, which helps set policy pricing.
  • Health insurance actuary: Health insurance actuaries predict how much money health insurance companies will have to pay for claims submitted in order to help create health insurance policies. 
  • Property and casualty insurance actuary: This type of actuary estimates the number of claims based on age, driving history, car type and other factors to help property and casualty insurance companies create policies.
  • Pension and retirement benefits actuary: Benefits actuaries calculate if expected funds are enough to pay benefits and help businesses create their retirement plans.
  • Enterprise risk actuary: These actuaries work with top executives in a company to help them decide how much risk to take.

Where to find actuaries

To find the right actuary for your business, consider trying out a few different recruiting strategies:

  • Get involved in actuary organizations. Joining industry organizations such as the Society of Actuaries and the American Academy of Actuaries can help you meet others in the industry. Volunteer for committees and participate as much as possible to meet more potential actuaries to hire.
  • Recruit on campus. If a nearby college offers an actuary program, contact professors in the program to get recommendations for promising students. Campus job advertising opportunities and career fairs can also help you attract new graduates.
  • Network at actuarial events. Attend as many actuarial conferences and other industry events as you can to meet potential employees. Continuing education opportunities can also help you network with actuaries.
  • Post your job online. Try posting your actuary job on Indeed to find and attract quality actuary candidates.

What are the types of actuaries?

Actuaries typically choose a specialty that requires passing exams and maintaining certification. Some types of actuaries include:

  • Life insurance actuary: These actuaries work for life insurance companies and use risk factors to estimate life expectancy for different groups of people, which helps set policy pricing.
  • Health insurance actuary: Health insurance actuaries predict how much money health insurance companies will have to pay for claims submitted in order to help create health insurance policies. 
  • Property and casualty insurance actuary: This type of actuary estimates the number of claims based on age, driving history, car type and other factors to help property and casualty insurance companies create policies.
  • Pension and retirement benefits actuary: Benefits actuaries calculate if expected funds are enough to pay benefits and help businesses create their retirement plans.
  • Enterprise risk actuary: These actuaries work with top executives in a company to help them decide how much risk to take.

Writing an actuary job description

A clear description is important in finding highly qualified actuary candidates. An actuary job description includes an introduction regarding your particular company and insurance products, a summary of the role, a complete list of duties and responsibilities and the required and preferred skills for the position.

When writing your actuary job description, consider including some or all of the following keywords to improve the visibility of your job posting. These are the most popular search terms leading to clicks on actuary jobs, according to Indeed data:

  • Actuary
  • Actuarial
  • Actuarial analyst
  • Actuarial intern
  • Finance
  • Actuary intern
  • Remote actuary
  • Statistics
  • Analyst
  • Summer actuarial internship

Interviewing actuary candidates

Strong candidates for actuary positions will be confident answering questions regarding:

• Pricing and risk models
• Predictive analytic techniques
• The use of GLM

Need help coming up with interview questions? See our list of actuary interview questions for examples (with sample answers).

FAQs about how to hire an actuary

How do I choose between two good actuary candidates?

Analyze not only the math and financial skills necessary in a successful actuary but also soft skills such as communication. An actuary needs to be able to communicate their findings clearly to people who aren’t actuaries. Consider how each candidate might fit in with your existing team and company culture. Compare the number of tests each actuary has completed and the desired future career path each candidate has.

How do I keep my actuary happy?

Support your actuary in the testing process if they haven’t completed all the exams yet. Offering room for advancement to a more senior actuary position can keep your actuary happy. Being an actuary can be stressful, so encourage your actuary to maintain work-life balance, and create a positive work environment that includes recognition for success on the job.

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