From Banks to Insurance companies, nearly all Financial Services institutions need an Actuary!
These professionals play a huge role in determining risks and helping the company make smart, impactful decisions – really, this is what Financial Services is all about. Wouldn’t you love to work at the core of that?
Surprisingly, Actuary roles are not well known amongst the majority of students and grads. It’s a fantastic career that offers a lot of interesting, ever-changing work and an enviable work-life balance compared to other positions in this industry.
Want to know more about this exciting career? Read on!
The Role of an Actuary
So what exactly does an Actuary do? Well, their main responsibility is to provide Company Executives, Risk Managers, Portfolio Managers, and Underwriters with the data they need on risk exposure to make informed decisions. They help the company find a delicate balance between taking risks and earning a profit. This is particularly important in Insurance where it’s necessary for a company to understand the risks that accompany the responsibilities they agree to take on. Actuaries also assist in defining company policies – even aspects like product or service pricing require their expertise.
Furthermore, these professionals are found in all sorts of sectors, so it’s a great entry-level position no matter where you want to work. For example, in Banking, they help with tasks like setting prices for security offerings and managing credit lines. On the other hand, in a government job, they assist with managing social programs by collecting and analyzing statistical data. No matter which industry you choose to enter, you’ll encounter different and egg-citing projects to tackle!
What Skills Do You Need?
Actuaries often work with professionals from various departments, such as Senior Management, Underwriters, and Risk Management. Because of this, you need the verbal and written ability to explain complex ideas and data to different audiences. To practice this skill, you can take on a tutoring position at school. Practice breaking down complicated concepts to a student who’s having a hard time understanding technical definitions. It’s a great way to help out a fellow peer, while prepping for your future.
Analyzing data and producing reasonable solutions is a key responsibility of an Actuary. They’re tasked with identifying trends, weighing the pros and cons, and coming up with ways to minimize risk. To practice, you can apply these steps when studying for a test, midterm, or final. Identify which topics your professor has emphasized in class, weigh the value of each concept you need to study, and delegate a reasonable amount of time to each one. Not only will this help you solidify your analytical skills, it will also help you study smarter!
Top-notch computer skills are a must for any Actuary. You need to know how to use spreadsheets, statistical modeling software, and statistical programming language – they’re absolute necessities for efficient workflow. To develop these skills, research and familiarize yourself with popular programs that are being used by companies in the industry. Unfortunately, some of these options may be a little pricey, but it’s a worthwhile investment if this is a career path you’re seriously interested in.
Demand for Professionals
Worried about available positions? There’s no need to be! Like we said before, tons of companies need Actuaries, so there’s an ongoing demand for young professionals to fill these roles. Pretty much any organization can benefit from people who can forecast risks and help prevent difficult situations. In fact, even in a recession, Actuaries are needed to help companies stay afloat and make realistic plans to recover.
So now that you know more about this vibrant, exciting role, maybe you’ll consider a career as an Actuary. There’s lots of variety in terms of responsibilities, depending on where you work, so you’ll surely find your perfect sector.