Becoming an Actuary Consultant

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An actuary makes use of mathematical and statistical knowledge to forecast long term business matters. These fore-tellers are utilized by government and financial organizations to sort out present financial issues and plan future strategies. Conventionally, actuarial work activities have been associated mainly with insurance and pensions services, but there has also been an increase in the demand of actuaries in other fields including business management, investment, finance, and even healthcare.

"Actuarial Consultancy" is just one division of the profession of an actuary. Working with professional services companies or other specialist consultancies, actuaries in these fields may also be involved for rendering a complete range of services to their customers.

The roles and responsibilities of a consultancy actuary may cover up suggesting on pension plans (designing plans and estimating calculations), risk management, HR management, corporate recovery, financing projects, acquisitions, mergers, and general insurance. The precise nature of employment therefore depends entirely upon the spotlight of the company and particular projects within their business portfolio. Consultant actuaries supervise general commercial and economic environment, identify targeted results and review risks, build up suitable solutions and keep an eye on the impact and experience. In short, their working profile is just like a "control cycle" model.

Some major activities carried out by actuarial consultants include:
  • Calculating premiums and funding
  • Advising the company on almost all facets of pension plans
  • Evaluating the financial well being of pension arrangements
  • May advise on the assignment of trust supports
  • Act and provide specialist recommendations to smaller organizations which in fact do not have any actuarial department
To become an actuary consultant, one should have expertise in mathematics or preferably a degree or diploma showing the competence acquired with strong mathematical as well as analytical skills. The candidates can also have degrees in IT, mathematics, business and economics which are also desirable in certain organizations. There are large numbers of reputed educational institutions in United States that are providing degrees or diplomas in actuary specialization fields.

Apart from good communications and interpersonal skills, one should have the capability to take decisions timely and good judgment ability. Some other skills that a consultancy actuarial should have are given below:
  • Good written as well as verbal communication skills
  • Good computer skills
  • Proficiency in mathematics
  • Capability to make good associations with customers
  • Desire to learn new things and undertaking more responsibilities
  • Self commitment and self discipline
Attending on the job training sessions is an essential part of actuarial consultant. Most individuals aim to get an association by passing certain examinations, some of which also need prior industry experience. The training for actuarial can be portable as it is possible for one to start working in one firm and attending training sessions in some other firm. Most organizations offer training classes to their staff. After passing some core examinations, the candidate becomes an associate and then he is promoted to the occupation of senior actuary consultant once he has gained enough experience and expertise in the work.

Most organizations give preference to candidates having enough industry experience; however it does not mean that there are no job opportunities for fresher graduates. There are several organizations which provide on the job training to their actuaries.

Once a candidate is qualified and has gained enough industry experience, he can then move quickly to senior level managerial and senior directorship roles. Once the candidate reaches at this level, lesser time is invested upon technical points of employment and more on business consultation and management. After some time, consultancy actuaries will find themselves expert in certain fields depending upon the experience and qualification.

Within employing firms, qualified consultant actuaries hold positions of substantial esteem and responsibility which shall actually make their career excellent and offer great earning opportunities in no time as compared to others in the field.

The earnings of an actuary consultant depend completely upon the location, qualifications, and experience. For beginners with graduate degree and training, the annual median salaries range from $24,000 to $30,000. However, for the candidates who are well qualified they have mean wages which range from $45,000 dollars to $65,000 dollars. Further promotions of the candidates depend upon the individual's career path and performance. The individuals who are enjoying a senior position in the actuary field earn around $110,000 per year.

So, make your career as consultant actuaries and enjoy huge earnings.
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