Actuarial work involves development of policies that can help the business organizations in reducing the cost of risk. Actuaries apply their knowledge of statistics, mathematics, finance and business in developing proper policies, so they need to be experts in these fields. Most of the actuaries find employment opportunities in insurance companies as in these companies there is need of analyzing the future risks that can add to the cost of the company. Evaluating and analyzing these risks, these insurance companies take proper measures that can help them in minimizing their risks.
Work Profile
Actuaries analyze the statistical data available with the company and estimate the future risks for the company. It studies the risk of the natural and unavoidable tragedies such as disability, death, loss of property, etc., for the company. It also helps the companies and individuals in proper investment plans so as to get maximum benefits. They help in setting price for corporate risk management and also forecast the impact of the financial crisis that the company may have to face in future. Here are some of the common work responsibilities of an individual involved in actuarial work.
Job Responsibilities of Actuarial Work:
Career Scope
Most of the job opportunities for actuaries are within the insurance companies. Apart from insurance companies actuaries may also work in financial service companies, government offices and even as private consultants.
Actuaries in insurance companies: Actuaries working in insurance companies may specialize in various fields and their work responsibilities also vary slightly depending upon that. They may either specialize in property and casualty insurance or in life and health insurance. They apply various statistical and financial principles in analyzing the risks in both the cases.
Actuaries working for financial services: These actuaries help in designing pension policies and managing the credits and standards of the company. They also plan profitable investment plans for the company.
Actuaries in government offices: In government offices they help in management of health care and designing social security policies. Health care policies such as medicare are managed by these officials.
Private consultants: These actuaries work on contract basis and their work responsibilities vary depending upon the type of organization they are working with. They may work with government organizations, insurance companies, financial service companies and even sometimes help individuals in investment plans.
Work Environment
If an actuary is working as full-time employee in some firm then he may have to work in the office. An actuary may have to deal with senior managers of finance department. Travelling is very rare in this kind of profile. However, if an actuary is working as a consultant then he may have to travel frequently to client offices.
Current Industry Trends and Employer's Requirements
Employers look for individuals who have a degree in applied statistics, economics and corporate finance with a professional certification in actuary. To work as a certified professional an actuary can take up certification courses offered by SOA (Society of Actuaries) and CAS (Casualty Actuarial Society). Individuals having sound knowledge and experience of using advanced actuarial tools also find better opportunities in this career.
Career Path and Growth Opportunities
Employment opportunities are expected to increase in this despite slow growth of insurance companies. It is also seen that the job opportunities are much lesser than the number of applicants, hence competition is tough. After experience of several years in some organization, an actuary can work as a private consultant and there is huge demand for consultants.
Hope the actuarial work profile given here will help you in finding better job opportunities in this field.