Responsibilities Undertaken By Actuarial Analysts
Actuarial analysts working for the insurance sector have the responsibility of calculating and analyzing data of all the costs and probable ones that are in connection with various events and occurrences like, accidents, death, injury, property damage, failure of products etc. All these are conducted via the use of statistics and similar models. The results acquired are used in the pricing and designing of all insurance plans and policies. Estimation of all catastrophes and the probabilities related to them in events like pandemics, earthquake, terrorists' attacks, hurricane etc and assessment of risks involved for the insurance industries in relation to these occurrences are all undertaken by the actuarial analysts.
Actuarial analysts present in the financial sector are responsible in assisting with the design of pension plans and investment policies. Analysts employed in consultancies and other sectors assist them in the reduction of insurance premiums with the reduction of risks. All analysis of data, statistics, models of statistics, their various results, presentation of them to the clients and management authority are done by the actuarial analysts.
Skills That Are Required To Obtain a Career as Actuarial Analysts
For a post as an actuarial analyst, candidates must possess strong grounding in statistics, finance and math, apart from awareness related to business would be an added point for the applicant. Other requirements are computer skills, with the knowledge of databases, spreadsheets, analytical programs, SQL etc. With the computer skills, one must also possess good communications skill, both written and oral. This is vital for the professional who are involved with the preparation of various reports, formulating presentation to the clients, colleagues and the senior executives, inclusive of the management.
Educational Requirements
Candidates aspiring to be actuarial analysts must either have a bachelor's or master's degree inmate, statistics or even actuarial science. You can also have degrees in fields like physics, finance etc. Having graduate degree in corporate finance, applied statistics, economics would also be helpful in landing a job in this field. Certification for SOA or Society of Actuaries or CAS or Casualty Actuarial Society is a must for this position. For leveling up to ‘Associate' candidates have to pass the hurdles of 7 exams from CAS and 4 of them from SOA. So, the duration of such exams is about 6 years or so.
Actuarial jobs have been considered as the 2nd best of all the jobs and the average salary of actuarial analysts is around $82,800 annually and there is an anticipated growth of 24% by the year 2016. Therefore, candidates with the expertise, experience and prior knowledge would be having high chances to be employed in the best of the best companies as actuarial analysts. With the inevitable growth in the actuarial sector, one can aspire to succeed in this particular field.
