What Does An Actuary Do ?
We hear the word “Actuary” perhaps very frequently. But, what Does An Actuary Do in his everyday life? Yes! An Actuary is a highly qualified statistician with expertise in the evaluation of different types of risks. About 60% of actuaries working in insurance companies and play a key role in defining the terms and conditions of insurance policies, including contribution rates.
What Does An Actuary Do More!
An actuary also has career opportunities in the management of pension funds, forecasting future payments and can determine the current contributions and investment policies in many types of businesses. Furthermore, actuaries help companies in all industries, from conception to implementation of policies and procedures to mitigate risks in the various aspects of their activities.
Education: Becoming an actuary may be your dream. For an actuary job, you must have at least a bachelor’s degree. The actuary must take courses in statistics or actuarial science (a branch of applied statistics) as well as administration, finance and economics. A high degree of computer literacy is increasingly important, especially in terms commonly used software for the database and statistical analysis. An MBA can be a useful degree, depending on the company and the area in which the actuary will have to work.
Certifications: The Society of Actuaries (SOA) certifies actuaries working in insurance and pension investment. Casualty Actuarial Society (CAS) certifies actuaries in the field of property, accident and liability insurance. Achieve the highest level of certification is a lengthy process, requiring current and adoption of new separate exams normally within six to nine years following the studies. Three of the first four exams are common to both the SOA and CAS, enable the actuary to decide gradually his specialty.
Duties and Responsibilities: The job of an actuary involves a detailed analysis of data and quantify risk. It also requires expertise and advanced modeling techniques to predict future probabilities of various outcomes, such as losses or claims and their expected quantities. While technical expertise and quantitative skills are a requirement, progress depends to a large extent on the ability to communicate effectively with managers who do not have this background. Do not confuse an actuary with an insurance underwriter, which assesses insurance claims, and makes decisions on whether to accept or reject them. An actuary working on a more macro level and make the highest level of parameter settings.
Typical Schedule of Actuary Jobs: The typical actuary working around a standard 40-hour week, normally from a fixed office location. A consulting actuary (external consultant) tend to have to travel a lot, and can therefore work much longer hours.
Cons of Actuary Jobs: For those who have the ambition to rise in the overall management, opportunities may be limited in some companies that could see an actuary as a narrow specialist. Furthermore, according to the company and the job, the work of an actuary can become a bit repetitive and lacking variety.
Salary Range: According to the University of Quebec in Montreal (UQAM), the average annual salary of an actuary in 2012 was $ 78,000. The minimum annual salary was $ 37 999 and the recorded maximum salary was $ 400,000. To know more on What Does An Actuary Do, you must visit more websites.