What does an Actuary do?
Actuaries are typically employed by insurance companies to design and decide which policies and premiums to charge for different companies. They carefully analyze each policy to ensure it’ll be profitable and beneficial for companies to utilize. Some Actuaries may work for consulting firms, government entities or pension companies handling their property, life, casualty and health insurance policies. Actuaries typically gather statistical data to analyze, then they present these findings to government officials, shareholders, executives or other clients. They often create and use charts or graphs to better explain their projections, calculations and new policy plans.
Actuary skills and qualifications
Actuaries use various skills to perform their job duties effectively, which can include:
- Knowledge of statistics, probability and calculus
- Strong written and verbal communication skills to clearly relay information to other employees at the company or the client
- Analytical skills to determine specifics of insurance policies and avoid any errors that would lead to negative consequences
- Experience with computers and statistical modeling software
- Knowledge of business and financial concepts
- Organizational skills to keep track of multiple projects or cases at a time
Actuary salary expectations
An Actuary makes an average salary of $112,027 per year. Exact salary may vary depending on a candidate’s education, their level of experience and the geographical location of the company.
Actuary education and training requirements
A qualified candidate for the position of Actuary will have, at a minimum, a bachelor’s degree in actuarial science or a degree in a related field, such as mathematics or statistics. Some actuaries decide to pursue further education and obtain a master’s degree in actuarial science.
Actuary experience requirements
Most employers require Actuaries to have previous actuarial experience through an internship or entry-level position. Many Actuaries begin their careers as apprentices to gain work experience before advancing in their careers.
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