Responsibilities of this Job
As actuaries, it is your responsibility to apply theories related to statistics and finances for the purpose of assessing any occurring event that affects a company's financial status. Other responsibilities include analysis of events that took place in the past, calculation of rates, determination of probabilities, risks with the usage of mathematical techniques and statistics. You will then be required to create and present reports, providing an explanation to the directors and managers and also giving advice to prevent the occurrence of risks. Providing advice on pension administration, schemes related to life insurance, valuations based on actual statistics etc are part of an actuarial professional's responsibilities. You also work in collaboration with IT professionals for the development of systems as well as ensuring compliance with all the regulations and rules. An actuarial professional also supervises other staff members and actuarial personnel.
Educational and Skills Requirements
All applicants with a graduate degree in mathematics, statistics, actuarial science, economics finance or business can apply. An applicant in this field must have excellent mathematics and communication skills.
Candidates in this field must be proficient in mathematics, have strong communications skills in order to convey complex information to all clients and management. He or she must have the ability to efficiently solve problems, have a creative and analytical nature, be able to write analytical reports, take responsibility for his or her own actions as well as the team and have IT skills. He or she must be determined, to succeed and have the ability to fulfill the demands of the job. Apart from these skills and requirements, having a good judgmental mind with an interest in the business is a must, along with commitment.
Career and Salary
After completing the required qualification, candidates can advance to a manager position; specialize in various areas like general insurance, life insurance, reinsurance and pensions. Employment is available in like financial modeling, investment, development of software, products, sales and marketing, and valuations and administrations. The starting salary in this field, especially for college graduates is approximately $50,000 and for qualified and experienced candidates, the average salary is approximately $80,000 annually.
The growth potential in this field is high as all business need services to limit the amount of risk and know how much risk is involved in their current and future investments. If you would like a successful career in this field you must have all the skills and requirements along with a high level of knowledge related to the field.
