What is an Actuary? Insurance Career Highlight
Considering an insurance career? There’s no time like right now to begin your journey and enter into a new, exciting, and fulfilling career in insurance.
Insurance careers offer a wide variety of options that are extremely in-demand throughout Ohio. Our recently updated career pathways offer details on careers including daily responsibilities, educational requirements, important skills, and average salaries. These resources will give you a comprehensive look at individual careers you otherwise may not know much about, like that of an actuary.
Typical Job Duties
You may wonder, what does an actuary do? An actuary analyzes statistical data, such as mortality, accident, sickness, disability, and retirement rates and constructs probability tables to forecast risk and liability for payment of future benefits. They provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings. They may also ascertain premium rates required and cash reserves necessary to ensure payment of future benefits.
Occupational skills desired in actuaries include:
Basic Skills: Mathematical, Critical Thinking, Reading Comprehension
Social Skills: Social Perceptiveness, Coordination, Persuasion
Problem Solving Skills: Complex Problem Solving
Technical Skills: Operations Analysis, Programming
System Skills: Judgment and Decision Making, Systems Analysis, Systems Evaluation
Resource Management Skills: Time Management, Management of Personnel Resources, Management of Financial Resources
Actuary salaries vary from entry-level positions to managerial positions. An entry-level actuary specialist, can earn between $30,000 and $70,000 per year, whereas a fellowship-level actuary manager can earn between $50,000 and $100,000. The average salary for an actuary in Ohio is $94,070, which is one of the higher paying average salaries within insurance careers.
Education Requirements and Advancements
To advance as an actuary, there are some professional development opportunities you can take advantage of. Having multiple years related work experience and completing exams for professional certification are the best ways to set yourself apart.
Some designations that can help include Associate of the Society of Actuaries (ASA) and Fellow of the Society of Actuaries (FSA) as well as Associate Casualty Actuary Society (ACAS) and Fellow Casualty Actuary Society (FCSA).
May Also Be Known As…
Other careers names for individuals with these responsibilities may include: actuarial analyst, pricing actuary, product development actuary, actuarial assistant, actuarial associate, actuarial consultant, consulting actuary, health actuary, or pricing analyst, depending on the employer.
Can you see yourself as an actuary? Visit insurancecareers.org to learn more about this role or explore a variety of other career opportunities available in the insurance industry!