If you wish to have a well-compensated career as an actuary, here are the top 10 actuarial job opportunities you can consider:
1. Financial Actuary
A financial actuary works with the finance department to develop profitability studies and provide advice on new financial ventures. The job is also involved in assessing financial systems to minimize risk and losses in the event of calamities and other disasters. Candidates must have a bachelor's degree in Actuarial Science, Mathematics, or Statistics. Previous experience with financial modeling methods will be an advantage. The average annual salary is $69,000.
2. Actuarial Manager
An actuarial manager heads a team of actuaries and provides training, direction, and advice on actuarial and strategic matters. Other responsibilities include participating in the design of new ventures and programs. Actuarial jobs as a manager require a BA or BS degree in Actuarial Science plus previous experience in the same capacity. Excellent mathematical and analytical skills are also important. The average annual salary is $118,000.
3. Assistant Actuary
Entry level actuarial jobs as an assistant actuary are responsible for helping actuarial managers or directors in performing administrative tasks. Duties include assisting in the preparation of profit and loss statements, communicating with customers, and preparing reports and proposals. An assistant actuary must have a bachelor's degree in Actuarial Science or a related field. Previous experience on the job plus knowledge of MS Word and Excel will be an advantage. The average annual salary is $95,000.
4. Actuarial Analyst
The job of an actuarial analyst is to use statistical data to forecast and measure risk so as to help insurance and other financial services companies determine their pricing strategies and policies. Candidates must have a bachelor's degree in Actuarial Science, Insurance, or any financially-related field. Previous experience as an actuarial analyst combined with excellent analytical skills will also be an advantage. The average annual salary is $67,000.
5. Analyst Intern
Actuarial internships as an analyst are responsible for providing administrative assistance to the actuarial manager, helping out in risk management analysis, and making underwriting contributions. An analyst intern must have a bachelor's degree in Insurance or Actuarial Science and possess strong mathematical and analytical skills. The average annual salary is $55,000.
6. Chief Actuary
The chief actuary is one of the more senior actuarial jobs. Responsibilities include designing and implementing insurance plans, developing pricing strategies, and presenting actuarial information and recommendations to senior management. Candidates must have a bachelor's degree in Actuarial Science, Mathematics, or Statistics plus at least 5 years' experience in the same capacity. Excellent analytical and motivational skills and familiarity with regulatory and compliance matters are also essential. The average annual salary is $100,000.
7. Actuarial Consultant
An actuarial consultant advises insurance and other financial services companies on the methods and processes involved in making insurance, pension, and other financial plans. They analyze statistical data to provide the right information that help their clients develop the best products for the market. An actuarial consultant is required to have an associate's or bachelor's degree plus a solid background in Actuarial Science. Previous experience in actuary consulting is also a must. The average annual salary is $83,000.
8. Entry Level Actuary
Entry level actuarial jobs are responsible for developing financial modeling techniques to support insurance ventures. Other responsibilities include reviewing pricing strategies, projecting underwriting losses, and ensuring compliance with federal insurance regulations. To qualify for the position, applicants must have a bachelor's degree in Insurance or Actuarial Science. Previous training or involvement in an actuarial science-related project will be an advantage. The average annual salary is $56,000.
9. Insurance Actuary
An insurance actuary designs healthcare insurance plans, conducts research on statistical insurance data, and provides advice on how to reduce the risks associated with insurance products and services. The position requires a bachelor's degree in Actuarial Science, Statistics, or a related field. Previous experience as an insurance actuary is also important. The average annual salary is $131,000.
10. Actuarial Associate
Actuarial internships as an associate actuary are responsible for evaluating the possible financial risks which a company may incur when making investment decisions or developing insurance and other financial policies. They study actuarial trends, maintain databases, and test them for accuracy. An associate actuary must have a bachelor's degree in Actuarial Science or Insurance. Previous experience in this entry level position will be an advantage. The average annual salary is $85,000.
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