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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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.
|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.|
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.
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.
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).
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
Actuaries can work in a variety of environments:
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.
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.
A Bachelor’s degree in actuarial science, mathematics, finance, economics, or business are the most common requirements for Actuaries.
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