Having a career as an actuarial analyst requires extensive research on the job market and an understanding of the pay. Actuarial analysts earn good money, but to do so, they must meet all the set standards. Below are guidelines on various ways to become an actuarial analyst and start making money.
Actuarial analysts play a significant role in business, providing flexible and creative financial solutions after extensively analyzing data. A good actuarial analyst must have excellent mathematics and monetary theory knowledge. Most work in insurance company’s offices, but others have to travel to meet clients and have a conversation about their needs and expectations.
Actuarial analysts are required to compile provided statistical data and then estimate the probability of various risks occurring. After analysis, they are expected to formulate, test, and administer new policies to govern the company toward success. Do you want to know more about this line of work? Continue reading.
Area Of Specialization
The role of this job is to provide evidence in the form of charts, tables, or reports to explain the reasons for certain conclusions. An actuarial analyst must also explain the calculations and findings to the top executives. The work seems like a lot, but mostly it’s done through computers that help enhance the speed and accuracy.
An actuarial analyst specializes in a given sector and must have extensive information on the expected hazards. The conclusions are based on his or her findings on the market trends; they have to formulate substantial solutions. Area of specifications includes; health insurance, life insurance, property and casualty insurance, pension and retirement benefits, and enterprise risk actuaries.
They have to collaborate with managers and professionals in the accounting, finance, and underwriting departments to provide solutions based on extensive research and accurate information. Actuaries work approximately forty hours in a week.
Average Pay
An actuarial analyst’s job is among the top-paying careers. The median annual salary is approximately $102, 880. The compensation varies with the employment contract agreement, location, experience, job consistency, and industry of specialization.
Professional, scientific, and technical actuaries earn $108,920 on average. Finance and insurance actuaries, on the other hand, make a median wage of $103,010. The actuaries dealing with the management of companies’ enterprises earn the least median salary of $97,110. Further, an actuarial analyst working with the state government makes approximately $102, 240. Most actuaries work full-time.
Requirements
To earn money as an actuarial analyst, an actuarial science bachelor’s degree is a minimum requirement. The degree takes about four years to complete. After graduation, an internship is required to garner more skills and experience. Other states provide exams for licensing and registration. After gathering all the required certificates seek jobs near you via sites such as Indeed.com, LinkedIn, and Glassdoor.com. A good actuarial analyst must have excellent communication, computer, math, and analytical skills.
Bottom Line
Earning money as an actuarial analyst is easy as long as you have what it takes to join this field. You must seek connections and advice from other professionals to understand the current market trends and what many insurance companies are looking for when hiring for this position. According to the Bureau of Labor and Statistics, there will be greater demand for this job in the coming years.
Also read – How to Become an Actuarial Analyst