How To Become An Actuarial Assistant: What It Is and Career Path

What is an actuarial assistant and how to become one

Updated January 8, 2025

3 min read

An Actuarial Assistant is an individual employed at an insurance company whereby he/she or she is responsible for the calculation of premium amounts for different types of insurance covers, such as health insurance, life insurance, motor vehicle insurance, etc.

They do this by researching, compiling, and computing data for statistical analysis. Actuarial assistants usually work under the supervision of actuaries to come up with the best insurance plans that conform to the clients' needs. Aside from working in an insurance company, an actuarial assistant can also work in underwriting firms, consultancy firms, and other financial services companies.

A successful actuarial assistant is one who understands complex mathematics and can make recommendations to clients on how to minimize or offset risks. Normal working hours for an actuarial assistant is 40 hours a week from 9 to 5. On rare occasions when there are complex projects, they may work in the late evenings and weekends.

ScoreActuarial AssistantUS Average

Salary

7.0

Avg. Salary $89,247

Avg. Salary $59,228

Stability level

4.7

Growth rate 21%

Growth rate 0.3%

Diversity

9.2

Race

American Indian and Alaska Native 0.62%

Asian 13.35%

Black or African American 11.27%

Hispanic or Latino 11.85%

Unknown 3.40%

White 59.51%

Gender

female 45.77%

male 54.23%

Age - 42

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 42

Stress level

4.7

Stress level is manageable

7.1 - high

Complexity level

7.0

Complexity level is challenging

7 - challenging

Work life balance

7.5

Work life balance is good

6.4 - fair

Key steps to become an actuarial assistant

Explore actuarial assistant education requirements

Most common actuarial assistant degrees

Bachelor's

81.8 %

Master's

11.1 %

Associate

4.7 %

Start to develop specific actuarial assistant skills

Skills	Percentages
VBA	16.55%
GAAP	8.02%
Data Analysis	7.34%
Liability Management	6.60%
Financial Reports	6.03%

Research actuarial assistant duties and responsibilities

Maintain a monthly analysis of the fixed index annuity hedging program; used VBA to automate the process.
Evaluate capitation agreements between provider groups and manage care plans, including commercial and Medicare populations.
Assist in preparation of monthly financial statements; use of statutory and GAAP valuation methods.
Create and run programs using SAS language to gather, analyze and communicate data across the company.

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