How to Become an Actuarial Consultant
by Silas Reed
Has it ever struck you as to where the insurance companies get all their information from for deciding on the premiums? Or how do businesses identify potential risks inherent with certain probable actions? The experts will inform you that this is a situation where an actuary enters the scene. The jobs of an actuary are to compile and evaluate raw data and information to infer the probable risks that are inherent.
The actuary is an individual who makes use of various combinations of mathematical skills along with economic and financial analyses and requires statistical knowledge thereby solving problems and assessing risks that are likely in a given financial situation or the over all economic market. Actuaries have a lot of employment opportunities in the insurance industry. The jobs are related to the compilation and analysis of data that are significant in determining insurance premiums. In fact actuaries have employment opportunities both in the public and the private sectors, as actuarial consultant jobs may also involve the analysis of trends like health statistics, census, and life expectancy so that it becomes easier for the government to assess and manage various welfare programs like Medicare and Social Security.
The job profile of actuary consultant jobs include a number of functions like,
• To determine a price tag for the potential risk that he calculates and predicts.
• Not just the insurance companies, but they are also required by a number of private companies and organizations as well for purposes of significant market analysis.
• He/she is also supposed to evaluate the risk of a particular event and its effect on a business thereby developing a number of policies that would help deal with the adverse financial effect that it would cause.
• The assessing jobs obviously involve a lot more than just looking at numbers. The actuarial consultants may also need to take natural disasters like earthquakes and floods into consideration and the human emotion that these would initiate.
Hence, as far as the responsibilities of an actuary is concerned, the employment opportunities ask for a proficiency in mathematical skills along with a sound knowledge of business, analyzing skills and commerce and thereon a wholesome understanding of the human behavior at large.
The academic qualifications that an individual needs to possess in order to become an actuary are as follows,
• He or she needs to have a Bachelor's Degree in the first place along with a sound background and effective skills in statistics and mathematics.
• For these kinds of consultant jobs or marketing jobs an additional course in Accounting or Insurance Law may prove to be beneficial.
• To become an efficient actuary individuals are required to pass a number of examinations over a
stipulated period of 5 to 10 years. Students can appear for the first two tests while they are still in college as this would give them a better chance of securing a starting job as an actuary on the completion of the graduate program.
• These days most of the business organizations arrange exams for the prospective individuals to pass in order to land with the job of an actuary. This may vary from one company to another.
The required sets of skills necessary for an individual to embark on successful actuary consultant jobs are,
• Superior numeracy
• Good written and verbal communication skills
• Capacity to distinguish long-term trends
• Good quality IT skills
• Capability to build good associations with clients
• Longing to take untimely responsibility
• An elevated extent of self-discipline and pledge
Nowadays some of the colleges have started both undergraduate and graduate programs in the actuarial sciences which are viable.
Such consultant jobs of the actuarial profession are affianced in consultancy; hence most of the training is undertaken at the same time as in full-time jobs.
Prior experience for actuarial consultant jobs may prove to be an added advantage that will help individuals get placed in better organizations and also carry out better predictions from a professional point of view with an enhanced market outlook.
Career prospects (globally)
The growth of an individual in actuarial jobs is dependent on the element of how well they do their work and how quickly they can pass the exams. The U.S. Bureau of Labor Statistics has found that about 18,000 actuaries were holding jobs in 2004. The employment opportunities of actuaries are anticipated to go up more rapidly than the standard for all professions through the year 2014. The most important cause for positive outlook is that the insurance industry is likely to grow significantly.
The standard initial salaries for marketing jobs or actuarial consultant jobs are $47,000 to $54,000 as accordance to the location. On criterion, the amount may rise to about $59,000 to $76,000.
The actuarial consultants play a noteworthy role in the economic world in particular. It is on their finding that the entire project of a business organizations' expansion lays. It is their calculations that helps decide the insurance premiums that people pay for their home, health and property. In fact it is their findings that dictate the formulation of new laws and policies for government organizations that look after mass welfare and finance issues.
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