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Actuary

POSITION SUMMARY

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. 

RESPONSIBILITIES

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.

 

SKILLS

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.

 

QUALIFICATIONS

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.

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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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