Actuaries analyze statistics in order to calculate the risk and financial cost associated with a certain event. By assessing the potential risks and cost of an event, Actuaries can help businesses develop a plan to minimize any negative outcomes.
Actuaries can work in a variety of industries, ranging from healthcare and insurance to the financial sector. The work that they do is all-encompassing and affects business as a whole, so Actuaries find themselves in constant contact with other members of a business, including managers, accountants, underwriters and financial officers.
Actuary responsibilities may include:
- Analyze statistical data.
- Generate tables, graphs, and reports.
- Recommend insurance policy pricing.
- Translate technical data into easily understood reports.
- Design and test company pension plans.
One bad decision can cost a company millions. In order to provide businesses with plans that will minimize risks, a skilled Actuary will:
- Possess an eye for detail to evaluate plans.
- Employ statistics to develop risk management policies.
- Communicate clearly and effectively with members across departments.
- Approach problems from a holistic position in order to develop plans that will improve all aspects of the business.
- Possess an ability to think critically for effective problem solving.
In order to qualify for an entry level job as a trainee, candidates must have a Bachelor’s Degree in Actuarial Science, Business, or a related field. However, candidates should plan to pursue associate or fellow level certificates with the Casualty Actuarial Society or a similar organization if they wish to practice as a full professional.
In addition, candidates are required to complete continuing education requirements during the duration of their time as a professional Actuary.START INTERVIEW NOW START INTERVIEW NOW
ACTUARY INTERVIEW SAMPLE QUESTIONS
How would you explain what an Actuarial Report is to someone that is not familiar with it?
What Actuarial software are you familiar with? How much experience do you have with it?
What are Actuarial Life Tables?
What is lognormal distribution?
How comfortable are you working with staff in other departments?
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