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Insurance > Actuary

Salary National Average

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100740.0000 126960.0000 155290.0000

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Short Description:

An Actuary is a highly trained professional who specializes in risk assessment, financial modeling, and statistical analysis. Actuaries are primarily employed in the insurance and financial industries and are responsible for evaluating and managing the financial impact of various uncertain events. They play a crucial role in helping organizations make informed decisions related to insurance pricing, pension fund management, and other financial matters.

Duties / Responsibilities:

  • Analyze data to assess the potential risks and financial impact associated with various events, such as accidents, natural disasters, or investment outcomes.
  • Develop mathematical models and use statistical techniques to predict future events and their financial consequences.
  • Determine insurance premiums, pension contributions, and other financial parameters to ensure the financial stability of organizations.
  • Collaborate with underwriters, investment professionals, and other experts to make informed decisions on risk management.
  • Communicate complex technical findings to non-technical stakeholders, including senior management and clients.
  • Ensure compliance with regulatory requirements and maintain a deep understanding of relevant laws and regulations.
  • Continuously monitor and update models to reflect changing financial and economic conditions.
  • Use computer software and programming languages for data analysis and modeling.
  • Assess the financial impact of healthcare trends, mortality rates, and longevity for insurance and pension planning.
  • Contribute to strategic decision-making by providing actuarial insights and recommendations.

Skills / Requirements / Qualifications

  • Education: Bachelor's degree in mathematics, statistics, actuarial science, or a related field; some actuaries pursue master's degrees or professional certifications.
  • Math: Strong mathematical and statistical skills.
  • Programming Languages: Proficiency in actuarial modeling software and programming languages (e.g., R, Python).
  • Analytical: Excellent analytical and problem-solving abilities.
  • Communication: Strong communication and presentation skills for conveying complex concepts to a non-technical audience.
  • Finance: In-depth knowledge of insurance principles, finance, and risk management.
  • Compliance: Dedication to ongoing professional development and adherence to a code of ethics set by actuarial organizations.
  • Certifications: Passage of professional actuarial exams, typically administered by organizations like the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).

Job Zones

  • Title: Job Zone Four: Considerable Preparation Needed
  • Education: Most of these occupations require a four-year bachelor's degree, but some do not. 
  • Related Experience: A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. 
  • Job Training: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Job Zone Examples: Many of these occupations involve coordinating, supervising, managing, or training others. 
  • Specific Vocational Preparation in years: 2-4 years preparation (7.0 to < 8.0)

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