From the time a student plans their next step in college, they usually think about the course they would take for them to “test the waters” of a desired profession. Deciding on a profession is not generally easy. However, for those who prefer a challenging career and environment, the Actuarial Fellow profession is the perfect job for you.
If you have already obtained the necessary requirements in becoming a working Actuarial Fellow, it is better to look for a company where a position is offered, look at the Actuarial Fellow Job Description, and familiarize yourself with it. That way, you can prepare yourself for the task, duties and responsibilities you must take upon being hired and starting with your career. It is a way of ensuring that you will be capable of accomplishing all of your tasks, once you finally started.
The Role of Actuarial Fellow
An Actuarial Fellow describes their job as something that is challenging and keeps them interested all the time. It is also a job that gives people, who want to make the world better, have the chance to make some changes through the profession.
Generally, the Actuarial Fellow Job Description is concerned in balancing the 4 parties, which are the consumers, regulators, employers, and shareholders. All of their works entail complexity and working in the same manner. It is the Actuarial Fellow’s main role to balance the goals related to these four parties. It is also their main responsibility to be able to measure and manage all risks related to meeting these goals.
Duties and Responsibilities of an Actuarial Fellow
•Determine the impact of risks in an organization or business’s financial aspect.
•Utilize business, financial principles, and statistics and apply these to problems including health, life, annuities, pensions, health, and casualty insurance.
•Oversee other employees who are also working on actuarial duties.
•Design insurance and pension plans to make reviews about them. Together, with these tasks, it is their duty to calculate the premiums.
•Determine the rates of mortality, sickness, accident, retirement and disability. They also create probability tables for events like fire, unemployment and natural disasters based on statistical analysis of data and related information.
•Decide about the required premium rates and cash reserves, including the liabilities necessary for ensuring that payment will be made on future benefits.
•Determine the equitable basis for the distribution of surplus earnings, in relation to annuity contracts and participating insurance from mutual companies.
These are the roles, duties and responsibilities included on the Actuarial Fellow Job Description. For students who plan to pursue this profession, begin to familiarize yourself and strengthen your background in mathematics and statistics. Correspondingly, being an actuarial fellow entails both these two and success in choosing the profession can only happen if you have a solid background in the mentioned subjects, apart from your analytical skills.