They need to judge few facts and decide on a profitable proposition for the company. In writing and developing health insurance policies, actuaries accumulate and use information and calculate approximately the probability and cost of events like death, illness and accidents. In other words an actuary calculates risks. Actuaries also work to make retirement and pension plans for organizations.
Actuary Job Profile
The position of an actuary outlines the following responsibilities which are to be executed to perfection. In the health care insurance sector, an actuary works to make sure those premiums will compensate claims and expenses at the same time remaining very competitive with comparison to the insurance policies of other firms. An actuary has to constantly work with facts and figures to arrive at a level where neither the company nor the customer is at a non profitable state. An actuary will provide direction in shaping company wide policies and may be even asked to converse risk estimation and insurance outlay with the government officials, general public and others. An actuary is a key person in deciding policies for a particular person.
Academic Requirement
For the position of an actuary a candidate should have a bachelor's degree. The candidate should be excellent in mathematics and statistics. A candidate should have a bachelor's degree and excellence in mathematics and statistics. The candidate should have successfully passed out CAS and SOA exams. The candidate should have a minimum of two years of significant experience in the relevant sector.
Skill Set Required
Excellent quantitative and statistical skills and the candidate must be a keen observer and statistical skills. He should be a keen observer of facts and then bring out the right deductions by observing the facts. An actuary should be able to view and monitor issues from a wider view for the betterment of the company. An actuary should have excellent communication skills and should be able to communicate his thoughts to the company as well as the organization. An actuary should be a man of great integrity and should be looked up to and respected by the team.
Training and Prior Experience
Basic computational knowledge with two years of relevant work experience in the field of actuary science is important. Having a diploma or some training in actuary science is an added advantage for the candidate. The candidate should be an over all performer.
Career Prospects
The position of Actuary is very important for an organization. He is one among the key responsibly holder when it comes to making insurance policies. There is a huge promotion prospect for this position like to Chief executive officer, Chief financial officer and Chief risk officer. This position not only offers good money but it opens up doors for higher studies as well
Salary
The median actuary salary at the entry level is around $75000. Gradually when you gain in experience, you can earn up to $120,000 per year. Adding to a candidate is entitled to various bonuses and perks.
Conclusion
At this economic down surge, it is very difficult to get a job you would like to do but the position of an actuary is very rewarding and lucrative.
