Most graduates are looking for jobs that not only fit the degree they obtained, but also involve the factor of landing a challenging job and working in a challenging environment. For people who have a background in mathematics, business, and statistics, and are also looking for a job that will challenge them, taking a look at the Actuary Job description can be a good idea. It is a job that would both quench your thirst for something challenging and your interest in statistics and mathematics.
What is an Actuary?
An Actuary is a professional who tackles everything related to financial risk. They are professionals who are reliable in forecasting, assessing, planning, and advising on subjects involving future risks whether it is unforeseen or seen. They use their knowledge of the market, economic, and commercial principles in forecasting. Those who are planning to get this job are often employed by insurance companies, investment banks, pension funds, and other related financial companies.
The job of an Actuary entails applying their knowledge and developed interest in graph along with numbers, but using data related to the economic markets. Data is combined with probable trends and other external factors so that a result or forecast can be derived. Through the forecasts made by Actuary professionals, the probable cost of an event happening will be estimated. Their responsibilities also involve assisting insurance companies and clients, from both public and private sectors, in controlling major risks.
Duties and Responsibilities
•Analyze all statistical information obtained to know the estimated rate of accident, sickness, retirement, disability, and mortality.
•Determine the premium rates that are required, including the cash reserves and liabilities, to make sure that future benefits payments will be made.
•Collaborate with claims experts, programmers, underwriters, senior management, and accounts to be able to help companies in developing plans for new business lines or improving their business.
•Create probability tables involving certain events including natural disasters, fire and unemployment rates, using the gathered and analyzed statistical information and related data.
•Design, make reviews, and help in designing insurance, pension plans and annuity. Correspondingly, you will work in determining the soundness of financial plans, along with calculating the exact amount of premiums to be paid.
•Help in determining company policy and explaining technical matters that are complex to the company executives, shareholders, policyholders, public and government officials.
•Help in determining provisions on policy contracts in each kind of insurance.
•Explain to customers whenever there are changes made to the contract provisions.
•Provide clients with advice, but only on a contract basis and as a working consultant.
•Provide expertise in managing risks and maximizing returns related to credit offerings and investment products.
•Testify in court or before certain public agencies as an expert witness, when needed.