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Job Description Template

Actuary Job Description Template

July 20, 2022


When you have the right resources and help during your recruitment process, finding a new team member is enjoyable and fast! We present you with this FREE Actuary Job Description Template that will help you discover suitable candidates for your business.

By customizing this template according to your specific criteria and requirements, you can make it even more attractive to candidates.

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What is an Actuary?

Actuaries perform a variety of calculations and assessments to determine potential risks of company decisions, financial consequences, and probability of events.

They calculate the outcomes related to accidents, illnesses, investments, health insurance, property, etc.

They also design insurance policies and develop strategies that will reduce a company’s financial risks.

Actuaries commonly work in insurance companies, pension funds, healthcare establishments, investment banks, actuarial consultancies, and accountancy firms.

Related Job Titles for Actuary

The Top Actuary Skills

Skill Why it's important
Math Skills Math skills are fundamental for Actuaries. They don’t need just basic math skills, but also more complex knowledge of statistics and probability which help them determine and quantify risks and likelihood of certain events. Possessing those skills will result in better job opportunities.
Analytical Skills Actuaries must have exceptional analytical skills because their job involves examining complex data and identifying patterns and trends to discover which factors define a specific outcome. After careful analyses, Actuaries need to collect the information, weigh good and bad, and make relevant and accurate predictions and calculations.
Business and Finance Knowledge Sound business and finance knowledge is essential for Actuaries because they have to provide relevant information where they work. Business and finance knowledge help them provide better advice, limit financial risks, and give opinions on how to maximize profit and improve the overall business performance.
Decision-Making Actuaries often have to go through various decision-making processes in their careers. Based on their analyses and findings, the decisions they make can be crucial for the company. Because of the responsibility they have, Actuaries need to think twice before sealing the deal and deciding on the next step.
Communication and Interpersonal Skills Actuaries use verbal communication skills to explain complicated technical and statistical details and information to different personnel and audiences. They are also required to have great presentation and people skills, because they may have to lead teams through projects and activities.

Actuary Job Description Template (Free)

Our company is welcoming an analytical Actuary into our ranks. In this position, you will use your mathematical and analytical skills to interpret complex mathematical information and present them to other parties. Other general duties include collecting information and measuring potential risks and the probability of the company’s actions and events. By providing accurate results and finding you will minimize the company’s costs and largely influence further decisions.

As an Actuary, your main goal is to provide relevant and accurate findings that will reduce the company’s costs and increase profitability. Along with that, our Actuary will present those findings to managers, financial directors, and stakeholders. Other valuable skills that we look for in our new team members are excellent verbal communication, analytical mind, mathematical skills, and solid business and financial knowledge.

Actuary Duties & Responsibilities:

  • Collect, analyze, and evaluate information to determine potential risks and financial impact on certain events, actions, and individuals
  • Collect statistical data for additional analyses
    Measure the probability and likelihood of events such as accidents, illnesses, and natural disasters
  • Design and test policies to minimize risks and maximize the profitability of insurance policies and pension plans
  • Utilize computer programs to analyze data, create models, graphs, and tables to display findings
  • Present and explain statistical and mathematical information to managers, stakeholders, and other parties
  • Develop and implement strategies to minimize risks and costs
  • Research and develop new financial products
  • Prepare presentations, reports, and quarterly updates
  • Liaise and collaborate with investment managers, financial directors, and other parties
  • Research and stay up-to-date with financial developments in the business world
  • Establish and document actuarial procedures and regulations

Actuary Requirements:

  • Bachelor’s degree in mathematics, finance, actuarial science, or a related field
  • CAS or SOA certification required
  • Actuarial working experience
  • Wide knowledge of actuarial principles and functions
  • Math, statistics, and computer science expertise
  • Excellent communication and presentation skills
  • Familiarity with finance, managerial, and business principles and functions
  • Exceptional analytical skills
  • Decision-making and problem-solving

Sample Interview Questions for an Actuary

Once you gather up all the received applications, you can use these sample interview questions for Actuary. These questions can assist you in narrowing down your options and selecting the most suitable applicant for the position.

Personal
  1. Could you tell us more about your education and certifications?
  2. What is your life’s biggest inspiration and why?
  3. Do you have any long-term goals or plans?
Human Resources
  1. How many years of experience do you have as an Actuary?
  2. Why did you pick our company among many others?
  3. What are your biggest strengths and weaknesses when it comes to working?
Management
  1. Do you have any particular leadership style?
  2. How would you describe a stressful day at work?
  3. How do you cope with pressure at work?
Technical Skills and Knowledge
  1. How would you explain the actuarial role in investment?
  2. How do you most efficiently collect and analyze information?
  3. What achievement are you most proud of? What did you do?

What are the Educational Requirements for an Actuary?

Actuaries normally obtain a Bachelor’s degree in actuarial science, mathematics, finance, business, or a related field.

Knowledge of complex mathematical functions, statistics, economics, and computer science provided by these degrees make a perfect foundation for future actuarial work.

Additionally, Actuaries must complete one of two professional programs depending on the field they want to work in – The Casualty Actuarial Society (CAS) or The Society of Actuaries (SOA).

How Much To Pay an Actuary When Hiring

Actuaries earn between $71,500 and $175,000 per year.

Their median annual salary is around $127,486.

Hourly rates for Actuaries range from $37 to $84.

The median hourly pay is around $61

Percentile 10% 25% 50%
(Median)
75% 90%
Hourly Wage $37 $53 $61 $68 $84
Annual Wage $71,500 $111,000 $127,486 $142,000 $175,000

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Frequently Asked Questions about Actuary

 

Where do Actuaries typically work?

Actuaries can work in a variety of environments:

What are the different types of insurance Actuaries?

Actuaries who work in the insurance industry are often specialized in a specific field of insurance, such as health insurance, life insurance, property and casualty insurance, pension and retirement benefits, and enterprise risk insurance.

What is the difference between CAS and SOA certifications?

The Casualty Actuarial Society (CAS) is a certification and training program that prepares Actuaries to work in the property and casualty field, which includes automobiles, homeowners, medical malpractice, and workers’ compensation insurance.

The Society of Actuaries (SOA) educates Actuaries to work in life insurance, health insurance, retirement benefits, investments, and finance.

What degrees do Actuaries usually obtain?

A Bachelor’s degree in actuarial science, mathematics, finance, economics, or business are the most common requirements for Actuaries.

Similar Job Descriptions as Actuary

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