Actuary Job Profile and Description

The increasing popularity of the actuaries is evident from the pace with which different sectors are recruiting them. Actuaries perform tasks which are of different types depending on the nature of industry where they are employed. The scope of their tasks is varied; it covers everything from unemployment insurances to state retirements and pension plans.

Actuary Duties and Responsibilities

  • Analyzing of statistical data in order to carry out the required amount of calculation by making use of different types of mathematical and statistical concepts.
  • Monitoring of risks in order to ensure that excessive risk is not being undertaken by the organization thereby avoiding any chances of cropping up of risks.
  • Presenting of reports and explaining their implications to managers and directors, and also advising on risk limitations.
  • Advising on different issues to the organization for its benefit; from selection of investment managers to planning of administration of pensions of the company is carried out by him.
  • Working with IT professionals in order to develop systems which are needed tp meet the requirements of regulatory bodies;
  • Supervising the staff in order to ensure the smooth functioning of the company.

Actuary Skills and Specifications

  • Strong computer skills.
  • Ability to work with statistical analysis software.
  • Adequate knowledge of programming languages.
  • Strong technical background.
  • Good interpersonal skills and good communication skills.

Actuary Education and Qualifications

  • Bachelor’s degree with a strong background in mathematics and statistics. Courses in insurance law and accounting can be of added advantage.
  • Clearing of all examinations needed to become a fully qualified actuary.

Actuary Salary

The National Association of Colleges and Employers had averaged the earnings of actuaries at the first level at around $56,320 in July 2009.