Definition
An Actuary is a professional business person who can deal with the management and measurement of risk and uncertainty. It is the person who keeps track of all the statistics and data to calculate risks. Actuaries use multiple computer software such as Microsoft Excel, Database, or any other tool that might help them visualize data. Moreover, their knowledge about mathematical formulas is much higher than any other person in the finance sector of the business.
Responsibilities
An Actuary must be able to work with extreme efficiency. An employee in any field is required to exhibit specific characteristics that would make the working environment pleasant for themselves and their peers — known as soft skills. These characteristics at any workplace include things such as friendly behavior, being highly motivated, passion and drive, attention to detail, and most of all, respect towards other co-workers.
However, the core responsibilities are also mandatory to be fulfilled, but any negligence in fulfilling these soft skills and obligations can also greatly affect the job. Basically, an actuary is required to perform risk analysis. But this risk analysis requires a lot more duties and procedures to be completed before taking out results. So, an actuary performs various tasks such as:
- Compiling and reviewing statistical data.
- Advising on company policies.
- Providing expert testimony.
- Devising new methods of risk analysis
Education & Training
Here are some of the basic educational qualifications that an actuary needs in order to secure a good and reputable job within the industry:
- Bachelor’s degree with major in subjects such as mathematics, actuary science, probability & statistics, or some other analytical field.
- Intermediate knowledge in finance-related subjects like economics, applied statistics, and lastly, corporate finance.
- Basic knowledge of computer and field-related applications is also a plus point.
- Practical documentation skills are a requirement for technical writing. Communication skills are also mandatory to share the progress.
Certifications & Skills Required
The most important skills of an Actuary are as follows:
- Research and analytical problem-solving skills
- Math and excellent numeracy skills
- High level of computer skills
- Knowledge of business and finance.
- Communication and interpersonal skills.
You can make your career as an Actuary if you follow the eligibility criteria:
- Students must be 18 years old.
- You should have completed your 10+2 level examination.
- Applying candidate with other professional degrees such as Engineering or Chartered Accountant. A Master’s in Business Administration can also make better earnings in the field.
Salary
Calculations made by the Actuaries often determine the overall fortune of the organization. So, according to research, an Actuary generally makes an average salary of $108,000 per year, which results in $9,000 per month. This is actually a pretty decent amount of income that will allow you to live a comfortable life.
The Rise of the Industry
The demand for actuaries has been there since the development of business. Actuaries help businesses determine constraints that they have to work in. Without the help of actuaries, businesses can hardly survive on their own. Every firm needs to improve, and an actuary’s job is to determine the extent of that improvement. So, as long as there are businesses and room for improvements. There will always be scope for actuaries.
Employment
Do you want to become an Actuary? Or are you looking for any opportunities in this field? Indeed, we will guide you about this, but keep in mind that finding your first job can be difficult for you, as you have no prior training or hands-on experience. It can also take a while to score your first position in the field. But, we recommend you to start with even the lowest possible field salary if you get the chance.
Now, the question may arise: where will you find your first opportunity? Here are the steps that you can try out to get your first designation in the field. Firstly, we recommend you build your solid personal portfolio on LinkedIn. Secondly, you can check out Job searching platforms such as Indeed and Jooble. Lastly, you can check out our website for the best offers and job advertisements at any time. Click here to view the latest Actuary Jobs.
