Actuary Job Description: Salary, Duties, Skills
Working as an actuary means you'll be completing complex calculations for gauging the likelihood of a specific outcome regarding accidents, consumer demand, illnesses, investments, and other statistics. Actuaries also use computer software for generating graphs, reports, and tables for presenting or reporting their findings. Those statistical data actuaries present is often to insurance executives, investment bankers, marketing managers, pension directors, and underwriters. Their results help support decision-making regarding investment choices, market planning, the prices of insurance, and stock offerings.
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Actuary Job Description Sample
Our company is seeking an Actuary with investment and financial planning expertise to join our growing team of professionals. Candidates will be responsible for conducting regular rate analysis, balancing costs and risks, researching appropriate product pricing, and for financial product development. Successful candidates will apply their skills at our growing company and enjoy benefits, including a comprehensive benefits package and professional growth.
According to new data collected by the Bureau of Labor and Statistics in 2018, the average median pay for an actuary is $102,880 annually. That translates to $49.96 per hour. These same statistics indicate that there's a 20% job growth, which is much faster than average. Data also shows that, as of 2018, there were 25,000 actuary jobs available throughout the United States. However, because this field is small, the outlook indicates that job creation will occur at approximately 5,000 new positions over the next ten years.
Actuary Job Description For The Resume (Resume Summary)
An accurate and performance-driven individual with extraordinary actuarial expertise and experience. I'm someone with hands-on experience leading a team of financial assistants, developing new financial procedures, generating reports, forecasting, creating business projections with impeccable analytical skills, and the ability to work well under pressure.
Training and college-level education rank high regarding relevant requirements for actuary careers. However, specific "soft skills" will also give you an edge when you're applying and interviewing for this position.
- Impeccable attention to detail.
- Excellent analytical and numerical skills.
- Strong verbal and written skills.
- Top-notch problem-solving skills.
- Ability to communicate complex technical and statistical data.
- Advanced computer skills, including understanding spreadsheets, statistical analysis software, and spreadsheets.
Actuary Duties & Responsibilities
Under most circumstances, actuaries work for companies dealing with a casualty, health, life, and property insurance. Others work for consulting firms, government agencies, or pension companies. Many actuaries move into executive or other management positions where they supervise or direct others. Therefore, job duties and requirements may vary.
- Conducting risk assessments.
- Building predictive models for accurately analyzing potential outcomes.
- Recommending investments with the lowest possible risk and highest potential profits.
- Calculating total liabilities and assets.
- Determining financial status following investments.
- Comparing ROIs that include forecasting.
- Monitoring market trends and identifying new investment and funding opportunities.
- Developing policies and guides regarding avoiding high-risk investing and their losses.
- Keeping payment records, underwriting policies, and fundings.
Working as an actuary means you need to have a strong aptitude for math and numbers. You'll also need to have at least a bachelor's degree in a field that relates to math. You can maximize your chances of getting a fulfilling entry-level actuary job by performing at least one internship in partnership with an actuary when you're a college student.
- Previous Actuary work experience, or as an Investment Analyst.
- Have an in-depth understanding regarding using actuarial tables and formulas.
- Hands-on experiences using statistical packages, including SPSS.
- Working knowledge of insurance legislation.
- Bachelors in Finance, Mathematics, or Statistics.
- Additional certification in Risk Management is a plus.
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