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31 October 2014

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Actuary Job Description

What does an actuary do?

An actuary analyzes financial risks in behalf of their clients. They take note of the current economic conditions and the industry itself while working with various theories related to economics. Their analysis often leads to additional advice such as strategies in for their client’s investments.

Typical work activities of an actuary

An actuary is often seen analyzing statistics that will determine the risks of their client’s investment. They often monitor their client’s portfolio in the stock market and they create reports where they provide an educated forecast on the possibilities of success of the investment. Senior actuaries often work for corporations while junior actuaries often work with individuals with smaller investments plans off their portfolio.

Training and education requirements?

Major colleges offer actuarial science for those interested in this type of work. However, individuals with a degree in mathematics and business related courses can also consider this type of employment. It’s also imperative for those considering the industry to be technically sound because of the extensive data collection requirement. Training in this type of work is usually on experience. Entry level actuaries work in smaller accounts and they slowly move to bigger clients.

Where can I work as an actuary?

The insurance industry is the biggest employer of actuaries and they are often tasked to determine the insurance company’s risk when they agree to insure an individual. Financial consulting firms, specifically those in finance industry, also hire actuaries as they constantly work with clients who are considering an investment in different industries. Governments are also hiring actuaries and they are often employed to determine the risks of insurance-related rules and regulations.

Can I work for myself in this job?

Although actuaries can consider a career in insurance companies and consulting firms, an actuary can start a small consulting firm where he or she can work with different businesses or individuals who wanted smart financial advice and guidance. Independent actuaries can be very successful as they are never limited to a specific industry or number of clients.

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