Jobs Prospects For Actuaries
Posted by Job Search Service on April 12, 2010
Actuaries assess the risk of unexpected events that have direct impact on the financial position of the companies and clients. The actuaries should have strong knowledge in mathematics, statistics, and finance. They should also pass in the respective examinations conducted by the professional body of actuaries to start the profession. Majority of actuaries are employed in insurance industry.
Nature of the Work for Actuaries- The actuaries analyzes data to estimate the cost of an event such as death, sickness, disability, injuries, and or loss of property. They design pension plans to calculate the minimum pension contributions that are required to produce the required retirement income level and advices company or client regarding investments to maximize return on investments while minimizing the risks. They adopt financial strategies and ensure that the plans care carried out in a proper manner.
Employment opportunities- Majority of the actuaries are employed in the insurance industry in two categories–life and health insurance and property and casualty insurance. Within life and health insurance, the actuaries help to prepare long-term care insurance. Actuaries are also employed in other financial service industries where they manage the credit and corporate pricing of the security offerings. They design new investment tools for the company. Actuaries working in the pension sector design tools and policies in accordance to the government regulation. At government level, actuaries manage social programs and Medicare and Medicaid policies.
Actuaries working in different companies design policies and explain the technicality of these policies to the company executives, shareholders, government, policyholders, and in general to the public. The actuaries also testify before regulatory agencies on proposed legislations that can have an impact on the business. They also advice and develop plans for companies to start new lines of business or for entering new geographic markets
Job opportunities for an actuary are expected to grow rapidly at a rate of about 24 percent by 2016. Employment in the insurance sector is expected to maintain a steady growth while in the health insurance sector and consultancy firms, the employment is expected to show a significant growth. The demand for actuaries in the life insurance sector is due to the popularity of annuities. The property insurance also shows signs of employment due to the increased risk of terrorism and natural disasters. Consulting is another option for actuaries. Companies who cannot afford to have their own actuaries approach-consulting actuaries for risk analysis and developing plans. Other industries where actuaries find employment are airlines and banking.
The actuaries can expect an earning in the range of $58,710 to $145,600. Insurance companies and consulting firms give merits, increase the pay as they gain experience, and pass examinations. Cash bonuses are also given to deserving professionals. The average base salary for a graduate is $53,111. Associate actuaries received an average salary of $109,167and actuaries at the highest technical level but without managerial responsibilities were paid an average of $125,946.
For details visit Save My system’s London careers service site.
Job Search Service said
Job opportunities for an actuary are expected to grow rapidly at a rate of about 24 percent by 2016. Employment in the insurance sector is expected to maintain a steady growth while in the health insurance sector and consultancy firms, the employment is expected to show a significant growth.