As an actuarial science, you would need to deal with numbers quite a lot. This involves the need to make assessments of risks and probabilities based on the analysis of past events. Actuaries do this by applying the theory of probability, statistics and investment theory to provide commercial and financial advice concerning the management of assets over the long term.
What Do Actuaries do on a Daily Basis?
The typical work routine for actuaries includes analyzing past events in order to calculate certain issues such as accident rates for particular groups of people. Actuaries work with mathematical methods and statistical concepts to calculate and determine probability and risk assessments such as pension funding, economy downfalls and life expectancy.
When findings have been discovered or assessed, these findings are then presented in terms of reports and presentations to managers and directors regarding the implications and proceeding to ways of limiting risks. Apart from that, actuaries are also employed to carry out actuarial valuations on a timely basis and are also involved in staff supervision to ensure compliance with requirements from regulatory bodies.
The basic entry level to score a job in this field is to obtain a degree in subjects such as actuarial science, actuarial mathematics, mathematics or statistics with a minor in economics, engineering, business or finance.
Prospective graduates should also have a strong foundation in numerical skills as well as a minimum grade B in mathematics, economics and statistics.
Apart from having excellent numerical skills, graduates should also possess good communication skills, analytical and creative problem-solving skills, IT knowledge and a passion for actuarial sciences. The ability to write clear reports and take responsibility of tasks with a genuine interest in business are added benefits.
How well are Actuaries Paid?
Graduates starting salary normally fall within the range of $36,000 to $45,000 . Salary progression is highly dependent on the individual’s performance and the company’s profits. Apart from the basic salary, graduates can also expect to get excellent benefit packages and this also depends on the company.
The bigger the company, the more benefits and bonus. Increment can be obtained after the graduate goes through each level of examination. Where working hours are concerned, it is pretty flexible and most of the actuary jobs are in large multi-national companies especially in large towns and cities.
Graduates often start as executives in firms and can quickly move up to managerial positions. Positions can be found in several industries though high employment is usually seen in life assurance, general insurance, pensions or reinsurance. Other areas of high employment for graduates in this field are in investment systems, financial modeling, software development and general administration.