The Nature of the Work for an Actuary
Actuaries indulge in the task of offering financial advice related to investments and financial services to people to help them make their financial decisions for better future prospects. Actuaries employ techniques from actuarial science to make the forecasts for financial future and use financial modeling for studying risk.
What is the Demand for Actuaries?
Considering all the financial development that has taken place in the past decades, the needs of organizations for finance related professionals has increased manifold. This also applies to the jobs for actuaries. For those who want to pursue actuarial careers, there is great demand in investment and commercial banks, insurance companies and also other public and private sector organizations that specialize in offering financial services. The most common jobs in which there is high demand for actuaries and their specialized skills include stock broking, insurance and financial risk analysis and forecasting. There are thousands of organizations of this nature in the US and they have high demand for people specializing in actuarial science through experience or through and actuarial science degree.
What are the jobs and responsibilities of an actuary?
When it comes to the jobs and responsibilities that actuaries are required to fulfill through their skills in actuarial science, there are some general responsibilities and there are some specific ones that depend and vary with a particular job post or designation. There is a multitude of tasks for which an actuary is responsible. They are required to constantly review the statistical and financial data and information regarding the various financial and insurance plans and rates.
In terms of insurance, there is in depth research and analysis required for detecting payment issues and dealing with them. Reviewing documents on a regular basis to come up with plans and courses of action on various clients’ financial plans is a routine task for people in their actuary careers. In addition, organizing and accumulating data to make actuarial tables is another regular aspect of the work that an expert of actuarial science does. These tables are formed after careful and critical study and analysis of the documents. Application of statistical methods and tools and employing financial techniques including financial modeling are important aspect of the job.
In terms of the specific job responsibilities, the actuaries may be involved in new product development for which they would be required to take part in product development research to come up with new financial products and services for clients and then promote those products. Those who have obtained a degree in actuarial science and specialized in financial risk perform the responsibility of analyzing financial and economic risk for financial instruments as well as companies. In accordance with that, they need to devise strategies to mitigate and diversify that risk to get maximum profit. There are also actuaries who work in various kinds of insurance plans and pension funds. Actuaries also have their own teams of people whom they need to manage and direct on a regular basis, which require superior communication skills.