What Do Actuaries Do (including Their Typical Day At Work)

Job Description

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. They also ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.

Other tasks include:

• Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
• Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
• Provide advice to clients on a contract basis, working as a consultant.
• Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
• Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
• Negotiate terms and conditions of reinsurance with other companies.

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

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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.

Typical Day At Work

On a daily basis, Actuaries provide advice to clients on a contract basis, working as a consultant. They design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.

A typical day for an Actuary will also include:

• Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
• Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
• Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
• Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
• Manage credit and help price corporate security offerings.

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
	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 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 their typical day, Actuaries also design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums. They may 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 Determine policy contract provisions for each type of insurance. They might also Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.

In addition, they Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.

Although specific duties may vary, many of them Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.

To some Actuaries, it is also their responsibility to Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.

Working life

More than 40 hours per week

Regular schedule like a 9 to 5

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

Is this right for me

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas..

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

You can read more about these career personality types here.

Explore other careers

http://www.bls.gov/OOH/math/actuaries.htm

http://www.actuary.org/

http://www.beanactuary.org/

http://www.asppa.org/