An actuarial analyst who works in the insurance industry uses the statistics process to calculate the probability and cost of certain events, such as accidents, death and damages properties, and analysis data. An actuarial Analyst often is employed by the insurance industry and specializes in a particular area, such as health or life insurance. Therefore, you will work with insurance professionals such as market research analysts and businesses. You will be in charge of performing statistical modeling, presenting your findings to the senior management, and data analysis. You are also in charge of compiling important data and writing reports.
Depending on your area of specialization or where you are working, you may be involved in pension plans, designing investments, and helping to lower insurance premiums by reducing their risk exposure. You will estimate the likelihood of catastrophic events, such as pandemics, earthquakes, and terrorist attacks.
An outstanding knowledge of mathematics, written and oral communication skills, strong analytical and problem-solving skills, general knowledge of finance and business are all essential skills. The average salary of an actuarial Analyst annually is $108,000. A bachelor's degree in Statistics or other related fields will get you the job.
There is more than meets the eye when it comes to being an actuarial analyst. For example, did you know that they make an average of $35.04 an hour? That's $72,879 a year!
Between 2018 and 2028, the career is expected to grow 20% and produce 5,000 job opportunities across the U.S.
There are certain skills that many actuarial analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed computer skills, math skills and analytical skills.
When it comes to the most important skills required to be an actuarial analyst, we found that a lot of resumes listed 17.6% of actuarial analysts included data analysis, while 10.1% of resumes included statistical data, and 9.9% of resumes included sas. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the actuarial analyst job title. But what industry to start with? Most actuarial analysts actually find jobs in the insurance and finance industries.
If you're interested in becoming an actuarial analyst, one of the first things to consider is how much education you need. We've determined that 78.6% of actuarial analysts have a bachelor's degree. In terms of higher education levels, we found that 15.1% of actuarial analysts have master's degrees. Even though most actuarial analysts have a college degree, it's impossible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become an actuarial analyst. When we researched the most common majors for an actuarial analyst, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on actuarial analyst resumes include associate degree degrees or doctoral degree degrees.
You may find that experience in other jobs will help you become an actuarial analyst. In fact, many actuarial analyst jobs require experience in a role such as actuarial internship. Meanwhile, many actuarial analysts also have previous career experience in roles such as internship or actuarial assistant.