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Actuary

Career Highlights

  • Advise in risk reduction
  • Calculate potential risk
  • Set company policies in regards to risk assessments

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Career Summary

Actuaries are business professionals with a deep understanding of complicated financial risk analysis. The main focus of an actuary is to help businesses such as insurances agencies measure the risk that could occur. For this reason, actuaries are essential to the insurance industry. Actuaries analyze data to estimate the probability and likely cost of potential occurrences such as death, sickness, injury, disability, or loss of property.

Actuary They also deal with the financial question involving pension contributions and the methods in which a company should invest resources to maximize its return on investments considering potential risk. Actuaries use a broad knowledge of training and experience in statistics, finance, and business, to help design insurance policies, pension plans, and other financial strategies. They produce probability tables which determine the likelihood that a potential future event will generate a claim.

Actuaries in other financial services industries devise new investment tools to help their company compete with other financial services companies. Pension actuaries working under the provisions of the Employee Retirement Income Security Act (ERISA) evaluate pension plans. Actuaries working in government help manage social programs such as Social Security and Medicare.

Actuaries may play a vital role in determining company policies and may need to explain complex matters to company executives, government officials, shareholders and policyholders. They may help companies develop plans to enter new lines of business by forecasting demand in competitive settings. Others help companies reduce their insurance costs by lowering the level of risk at companies. This can include providing advice on how to reduce the risk of injury on the job, which will lower worker’s compensation costs.

Salary

$50000*

Education

Requires a degree in:

  • Master of Business Administration
  • Accounting
  • Mathematics

Career Skills

  • Mathematics
  • Computers
  • Statistics
  • Economics

Additional Information

References

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*Salary ranges based on location, experience, and demand. This number represents a rough nation-wide average.