Actuary Job Description

October 13, 20110 Comments

Actuary Job Profile and Description

The job of an actuary is very different and the tasks involved are basically depends upon the nature of the industry. The scope of the tasks is varied and it covers everything from unemployment insurances to state retirements and pension plans for the organization.

Actuary Duties and Responsibilities

Here are the following duties and responsibilities which have to be fulfilled by an actuary:

  • He or she has the duty to analyze all the statistical data to carry out the required amount of calculation by using different types of mathematical and statistical concepts.
  • He or she has to analyze the risks also for avoiding any chance of cropping up of risks so has to monitor to ensure that excessive risk is not being.
  • It will be the responsibility to present the day to day report to the senior managers with their implications also advising on risk limitations.
  • The duty also includes advising the management on different matters such as selection of investment managers to planning of administration of pensions of the company.
  • It will be the duty to develop the systems to fulfill the needs of regulatory bodies so has to work with IT professionals.
  • The main responsibility is to ensure the smooth functioning of the company and it will be needed to supervise the staff.

Actuary Skills and Specifications

The skills and specifications required in a candidate to do the job of an actuary officer are as follows:

  • STRONG COMPUTER SKILLS: The candidate needs to have all the required knowledge of computers so should have strong computer skills.
  • ANALYTICAL KNOWLEDGE: He or she needs to have required ability to work with statistical analysis software.
  • TECHNICAL SKILLS: He or she needs to have adequate knowledge of programming languages with the strong technical background.
  • OTHER SKILLS: He or she should have strong interpersonal skills and excellent communication skills both verbally and written.

Actuary Education and Qualifications

  • The basic degree required to do the job is a Bachelor’s degree with a strong background in mathematics and statistics.
  • The person having the courses in insurance law and accounting can be of added advantage for him or her.
  • It will be needed to clear all the examinations needed to become a fully qualified actuary.

Actuary Salary

  • The National Association of Colleges and Employers had averaged the earnings of actuaries at the first level at around $56,320 in July 2009.

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