What Do Actuaries Do: Job Description, Responsibilities and Duties

Stanley TanLeave a Comment



daily life of an Actuary
are Actuaries happy with their job

Actuaries

Other names for this job might include Actuarial Analyst, Actuarial Assistant, Actuarial Associate, Actuarial Consultant, Actuarial Mathematician, Actuary, Consulting Actuary, Health Actuary, Insurance Actuary, Pricing Actuary


  • $110560
    Salary
  • 80%
    Job satisfaction
  • Quite Hard
    Becoming one
  • High
    Job growth
OwlGuru Rank

A+



Being An Actuary: What You Really Do


In this job description guide, you will find out what do Actuaries do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as an Actuary or not.



Job summary

Actuaries analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

We asked Actuaries how satisfied they are with their job. Here is what they said.

Job satisfaction

80%

How meaningful is this job

36%


80% of them said they were satisfied with their job and 36% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Actuaries Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits. They Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.

A typical day for An Actuary look like this:

Manage financial activities of the organization.
Analyze health-related data.

We asked some Actuaries a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?85% said yes
Do you have to use email everyday in this job?100% said yes
How important is it to work in a team in this job?33% said very important
Do you have group discussions everyday in this job?79% said yes
Do you have to meet strict deadlines everyday in this job?6% said yes
Do you talk or work with customers everyday in this job?0% said yes
Do you have to deal with angry customers everyday in this job?0% said yes
Do you have to make decisions everyday in this job?30% said yes



Other responsibilities

Besides the “typical day” things that Actuaries do, they Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums. They might also Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.

On a weekly to monthly basis, Actuaries Provide advice to clients on a contract basis, working as a consultant.

A typical week or month for them might include:

Manage financial activities of the organization.
Develop organizational goals or objectives.



Working life

Working hours

More than 40 hours per week

Working schedule

Regular (Set schedule and routine)


In a typical work week as An Actuary, you can expect to work More than 40 hours per week.

Do Actuaries work in an office-style work environment?

Everyday
90.91%

Once a week
3.03%

Once a month
0%

Once a year
0%

Never
6.06%

Do Actuaries work in a warehouse-style work environment?

Everyday
0%

Once a week
0%

Once a month
0%

Once a year
0%

Never
100%

Do Actuaries work outdoors?

Everyday
0%

Once a week
0%

Once a month
0%

Once a year
0%

Never
100%



Is this right for me

Best personality for this career

The Organizers and The Thinkers


You can read more about these career personality types here.

You will like this career if you are someone who likes following set procedures and routines. They like working with data and details more than with ideas.

You also like working with ideas, and require an extensive amount of thinking. They like searching for facts and figuring out problems mentally.



How we can help

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They conduct quantitative analyses of information affecting investment programs of public or private institutions.
Rank: A
Salary: $118670

They plan, direct, or coordinate compensation and benefits activities of an organization.






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Career type

Computer IT and Mathematics
Mathematics
Insurance Services

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Related to Actuaries Job Description

Actuaries job description, what do Actuaries do, typical day for Actuaries, what is it like to work as an Actuary, how many hours do Actuaries work, day to day work of an Actuary

Additional resources

http://www.bls.gov/OOH/math/actuaries.htm
http://www.actuary.org/
http://www.beanactuary.org/
http://www.asppa.org/

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Actuaries
Written by: Stanley Tan
Actuaries analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.
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