The roles and responsibility of an actuary are technical; they apply different statistical tools to solve actual problems that occur in a business. They analyze the degree of risk involved in future purchases. Actuaries consult and provide the best investment plan available in the market. They guide the client through mergers, acquisitions and takeovers. This work involves a lot of analytical skills. They also work on financing the capital projects. They give indication about the actual price of the financial derivatives and also work in fund management. They design the insurance policies and pension schemes and decide the premium that is to be charged.
The minimum requirement for eligibility for the post of actuary is a Bachelor Degree, or you can start the actuarial course along with the Degree, but the job opportunity will be available only when you have completed your degree. Many work as an actuary after their graduation only, they work by way of certification process while they attain some work experience.
Actuaries try to solve the financial problems, inclusive of pension, and also the way a company should invest its resources to maximize return on investments is the main of an actuary. They can work as pricing actuaries, with consulting firms. They deal with risk in industries such as airline and banking industries. The number of actuaries has been growing over the years, as it is a preferred job for all those who have an inclination towards math, statistics, and probability.
The knowledge required for an Actuary is to have complete understanding of business and financial aspects. They should be able to understand the actual needs of a client and find an optimal solution. A professional's advice is imparted to the client for specialized services. Advice is given to the client so that necessary actions can be taken on time. Candidates with additional knowledge of computer skills and good communication skills are preferred.
The most preferred actuarial job is available in the market and is preferred because the technical understanding is required. The average salary for actuaries in the field of consulting starts at $104,675- $161,039 and it increases with the number of years of experience. To be an actuary an analytical mind is a must. A graduate with good numerical experience can take actuary as an opportunity. Globally, the career is in high demand, and has been increasing for years as the demand for analytical work had been increasing.
