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Become An Actuarial Analyst

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Working As An Actuarial Analyst

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $70,000

    Average Salary

What Does An Actuarial Analyst Do

Actuarial Analysts use statistical formulas to assess the probability and costs of certain events such as accidents, property damages, injuries, and deaths. They are usually specialized in finance, general insurance, health and care, life insurance, and savings/investment.

How To Become An Actuarial Analyst

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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68,954 Actuarial Analyst jobs

Principal Financial Group
Des Moines, IA
Pension Actuarial Analyst III

$58,321 Estimated

Willis Towers Watson
Arlington, VA
Senior Actuarial Analyst - Arlington

$65,400 Estimated

Actuary and Medical Recruiting
Sacramento, CA
Actuarial Analyst

$72,005 Estimated

Actuary and Medical Recruiting
Dallas, TX
Actuarial Analyst

$66,500 Estimated

Actuary and Medical Recruiting
San Francisco, CA
Actuarial Analyst

$74,250 Estimated

Actuary and Medical Recruiting
Houston, TX
Actuarial Analyst

$71,600 Estimated

Florida Health Care Plans
Holly Hill, FL
ACTUARIAL ANALYST

$61,750 Estimated

Brighthouse Financial
Morristown, NJ
Actuarial Analyst

$75,300 Estimated

Willis Towers Watson
Philadelphia, PA
Actuarial Analyst

$69,125 Estimated

Actuary and Medical Recruiting
New York, NY
Actuarial Analyst

$76,300 Estimated

State Farm Mutual Automobile Insurance Company
Bloomington, IL
Actuarial Analyst

$60,693 Estimated

Actuary and Medical Recruiting
San Diego, CA
Actuarial Analyst

$64,481 Estimated

State Farm
Bloomington, IL
Actuarial Analyst

$60,693 Estimated

Principal Financial Group
Atlanta, GA
Pension Actuarial Analyst III - #221752

$61,300 Estimated

Aon Corporation
Chicago, IL
Actuarial Analyst

$66,933 Estimated

AIG
Atlanta, GA
Actuarial Analyst

$61,300 Estimated

Metlife
Warwick, RI
Actuarial Analyst

$69,013 Estimated

Hackensack University Medical Center
Hackensack, NJ
Actuarial Analyst

$77,500 Estimated

Hackensack University Medical Center
Hackensack, NJ
Actuarial Analyst

$77,500 Estimated

Blue Cross Blue Shield of Florida
Jacksonville, FL
Actuarial Analyst

$57,976 Estimated

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Real Actuarial Analyst Salaries

Job Title Company Location Start Date Salary
Senior Actuarial Analyst Clover Health Labs, LLC Jersey City, NJ Jun 04, 2016 $165,000
Senior Actuarial Analyst Liberty Mutual Group Inc. Boston, MA Jul 29, 2015 $150,000 -
$169,500
Senior Actuarial Analyst XL Specialty Insurance Company New York, NY Feb 02, 2016 $139,277
Senior Actuarial Analyst American International Group, Inc. New York, NY Feb 11, 2015 $135,970
Actuarial Analyst AIG PC Global Services, Inc. New York, NY Jan 29, 2015 $135,970
Actuarial Analyst National Union Fire Insurance Co of Pittsburgh, Pa New York, NY Mar 20, 2015 $135,970
Senior Actuarial Analyst AIG PC Global Services, Inc. New York, NY May 01, 2015 $128,000
Senior Actuarial Analyst AIG PC Global Services, Inc. New York, NY Jan 05, 2015 $128,000
Senior Actuarial Analyst Endurance Services Limited New York, NY Jan 08, 2016 $126,060
Senior Actuarial Analyst Endurance Services Limited New York, NY Aug 01, 2016 $126,060
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Top Skills for An Actuarial Analyst

FinancialStatementsLossRatioSASPlanLiabilitiesSQLServerComplianceVBAPersonalAutoBenefitCalculationsAssetRateFilingsMedicareAdvantageIbnrAnnuityProductsPbgcValuationReportsLifeInsuranceProductsDataAnalysisGovernmentFilingsBenefitStatements

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Top Actuarial Analyst Skills

  1. Financial Statements
  2. Loss Ratio
  3. SAS
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed client financial statements to set claims for retiree health valuations.
  • Developed models to measure on the impact of Minimum Loss Ratio Requirements.
  • Helped lead our team in the transition to SAS.
  • Coded and utilized actuarial valuation software to calculate pension plan assets and plan liabilities for funding and expense rules.
  • Trained in database design and development through Microsoft SQL Server 2000 classes.
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