Actuary Job Description

Numbers, statistics, mathematics, calculations all of these are a daily part of the job of an actuary. They have to do a lot of predictions but not mumbo-jumbo predictions that you might be thinking. Their predictions are related to financial risks. It was also believed for a long time that actuaries are the highest paid individual working in corporate. See if it is true by going through the actuary job description, we have provided for your read.

Actuaries are the experts who calculate financial risk on businesses. They have work with numbers and prediction all day long, but do not write off this profession as boring. They have some the best brains on the planet and the financial advice they provide is extremely sound.

There are a very few actuaries in the world. The reason behind it is one requires exceptional math skills and has to clear some exams to become an actuary. They are less in number and more in demand. Hence, they are some of the highest paid salaried individuals.

Most of them are employed in the insurance sector. Their job is to predict insurance risks and they also make prediction for the company that which age group will see deaths and hence, money will have to be paid more in that age bracket. This may sound a little odd to predict deaths, but their predictions are always right. They use a lot of mathematical and statistical data to make the predictions and they are usually right. All major insurance companies have actuaries doing financial risk prediction for them.

The education required to become an actuary is extremely expensive, but it is all worth it once they clear the exam. There are only few actuaries in the world; hence, finding a job is not at all difficult. To know more about this profession, read the actuary job description given in detail below.

Duties and Responsibilities of an Actuary

Assessing the risk that is involved in the business for the company they work in
Making reports about their studies and submitting it to the higher authorities
Making predictions about the financial gains and losses based upon sound statistical data
Making predictions for changing market condition and even foreseeing conditions like inflation, deflation, recession etc
Providing advice for investment
When working in an insurance firm, they have to assess insurance risks on age groups of people
Making predictions on insurance claims that will be based on statistical data
They design the premium amount slabs that can be charged to customers based on the risk
If working in government agencies, the actuaries are responsible for programs
They even fix rates on behalf of the government that insurance companies are supposed to charge to the customers
Collection of data on behalf of the firm they work in and supplying it to the clients

Education Required by an Actuary

A bachelor's degree with specialization in mathematics and statistics
Additional courses in insurance law etc are helpful
They have to clear actuarial exams which are conducted over a period of few years
Exams can be taken while in college

Career Advancement

Actuaries can occupy managerial positions after a certain period of experience. As is it, they are paid extremely well and their salary keeps increasing substantially.