To become a successful actuary and excel in your role, it’s important that you not only have excellent mathematical skills but that you are also able to think methodically and strategically.
As an Actuary, you will be responsible for measuring both the probability and risk of future events, in a bid to minimize financial risks to businesses and their clients.
After all, future planning is incredibly important, especially as the world’s financial landscape continues to evolve at a rapid pace, changing daily. Therefore, predicting the future and ensuring that effective plans are in place to handle every eventuality is more important than ever before.
What are the responsibilities of an Actuary?
The main role of a qualified Actuary is to evaluate complex risks and analyze the associated financial implications. Daily tasks will typically include:
Developing and testing hypotheses on company risk factors
Auditing company policies to ensure that they are fully compliant
Identifying solutions for managing financial risks
Filling out and updating risk registers for individual projects
Creating charts and tables to explain complex statistics
Gathering data for analysis
Analyzing patterns and reporting your findings
Predicting the possible impact of future events
Researching competitors
Researching common and uncommon risk factors.
What skills are required to become an Actuary?
If you’re considering exploring a career as an Actuary, you’ll need the following skills:
Written and verbal communication skills
Numeracy skills
Sound analytical skills
Meticulous attention to detail
Problem-solving skills
A deep understanding of economics
A high level of computer literacy.
Qualification requirements
For an Actuary Role, many employers will ask that you have a bachelor's degree in mathematics, statistics, actuarial science, or any other related field.
What is the average salary of an Actuary?
The national average salary for an Actuary is $1,31,000 in the United States. However, this will vary depending on the state you’re working in.
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