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Become An Actuarial Associate

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Working As An Actuarial Associate

  • Analyzing Data or Information
  • Getting Information
  • Interacting With Computers
  • Making Decisions and Solving Problems
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • $97,070

    Average Salary

What Does An Actuarial Associate Do At New York Life Insurance Company

* Provide technical and analytical support for strategic finance objectives.
* Provide modeling support for numerous financial reporting and strategic deliverables, including FASB GAAP Accounting Standards.
* Identify the financial impacts of potential regulatory changes, including solvency position, product offerings, and competitive considerations.
* Perform analysis to better understand financial impacts and help inform corporate strategy.
* Collaborate with Business Units and work on strategic projects across Finance.
* Leverage expertise on upcoming changes to financial reporting, valuation, and capital standards that are expected to shape and govern the industry in the future.
* Utilize Prophet to develop, run and analyze models for various purposes including for capital and regulatory initiatives

What Does An Actuarial Associate Do At UPMC

* Documents methods, procedures and results.
* Preparation of State and Federal filings.
* Including Federal Exchange, Pennsylvania Insurance Department Filings and Medicare Bid Submissions.
* Presents results of analyses and recommendations to management.
* Reports to head of actuarial department or Actuarial Manager.
* Responsible for the development of mathematical models in connection with other departments to predict the impact of proposed changes.
* Responsible for the preparation of financial analyses in support of the following functions:
* Medical cost and utilization trend analysis;
* Forecasting;
* Development of claim reserves (IBNR)
* Completion factors using claim lag analysis models;
* Provide analytical support for rate development and filings;
* Provide ad hoc data analysis to all departments within the company.
* Review of other's work product.
* Will direct and supervise junior actuarial department personnel in the performance of duties.
* Will own project management of projects, including deliverables and appropriate work

What Does An Actuarial Associate Do At Milliman

* Develop expert-level knowledge of MG
* ALFA and Integrate applications;
* Gain a deeper understanding of the UK and European insurance regulations including Solvency II and IFRS 17;
* Support consultants to provide expert, timely, efficient and professional delivery of services to their clients;
* Progress through your professional qualifications;
* To work with clients in implementing solutions to meet business needs;
* Explore and Implement enhancements to financial reporting and analytics capabilities based on both existing and new/evolving technologies;
* Maintain timely and effective communication and coordination with program team and clients

What Does An Actuarial Associate Do At Aon Corporation

* Pass actuarial exams (minimal requirement of one course per year)
* Solid administration and staff-level client relationships; developing some relationships with higher level client contacts
* Able to answer some client questions without reliance on lead actuary
* Completes some work through others (i.e. delegation)
* Beginning to play a role in client meetings
* Prepare contribution requirements and accounting costs, with some oversight
* Update valuation runs for any changes and program provisions from scratch
* Interpret valuation results and provide initial recommendations to lead actuary
* Perform more complicated or review more simple pension benefit calculations
* Coach/train entry level students
* Demonstrate flexibility to work additional hours on occasion when client needs dictate
* Draft original materials (e.g. letters, reports, discussion guides) with some guidance
* You Bring Knowledge and Expertise
* Pass actuarial exams (minimal requirement of one course per year)
* Solid administration and staff-level client relationships; developing some relationships with higher level client contacts
* Able to answer some client questions without reliance on lead actuary
* Completes some work through others (i.e. delegation)
* Beginning to play a role in client meetings
* Prepare contribution requirements and accounting costs, with some oversight
* Update valuation runs for any changes and program provisions from scratch
* Interpret valuation results and provide initial recommendations to lead actuary
* Perform more complicated or review more simple pension benefit calculations
* Coach/train entry level students
* Demonstrate flexibility to work additional hours on occasion when client needs dictate
* Draft original materials (e.g. letters, reports, discussion guides) with some guidance
* Technical Competencies/Skills
* Valuation programming on ProVal system
* Basic knowledge of funding methods
* Use of valuation software, tailoring, and programming
* Minimum and/or maximum funding calculations
* Reconciliation of liability gains and losses

What Does An Actuarial Associate Do At Conduent

* Handles the preparation of valuation data.
* Includes receiving and reviewing data from clients and other vendors
* to ensure internal and year‐to‐ year consistency.
* Has email and telephone contact with clients on data and administrative matters.
* Able to complete parts of a valuation, or assists the GVC in doing so.
* Assists in the preparation of letters and reports.
* Assists in the preparation of Schedule SB’s and government filings.
* Special projects or assignments as instructed by your supervisor/manager.
* Needs to properly handle data securely and encrypt electronic deliveries as required
* Drafts and edits Powerpoint presentations for effective communication of results and concepts
* Assists the billing manager to submit proformas timely.
* Helps the client team by drafting email correspondence by creating effective communications and takes
* care of filing and storing correspondence that is ultimately sent

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How To Become An Actuarial Associate

Actuaries need a bachelor’s degree, typically in mathematics, actuarial science, statistics, or some other analytical field. Students must complete coursework in economics, applied statistics, and corporate finance, and must pass a series of exams to become certified professionals.

Education

Actuaries must have a strong background in mathematics, statistics, and business. Typically, an actuary has an undergraduate degree in mathematics, actuarial science, statistics, or some other analytical field.

To become certified professionals, students must complete coursework in economics, applied statistics, and corporate finance.

Students also should take classes outside of mathematics and business to prepare them for a career as an actuary. Coursework in computer science, especially programming languages, and the ability to use and develop spreadsheets, databases, and statistical analysis tools, are valuable. Classes in writing and public speaking will improve students’ ability to communicate in the business world.

Licenses, Certification, and Registrations

Two professional societies—the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA)—sponsor programs leading to full professional status. The CAS and SOA offer two levels of certification: associate and fellow.

The CAS certifies actuaries who work in the property and casualty field, which includes automobile, homeowners, medical malpractice, and workers’ compensation insurance.

The SOA certifies actuaries who work in life insurance, health insurance, retirement benefits, investments, and finance.

The main requirement for associate certification in each society is the completion of exams. The SOA requires that candidates pass five exams for associate (ASA) certification. The CAS requires that candidates pass seven exams for associate (ACAS) certification.

Many employers expect students to have passed at least one of the initial actuary exams needed for professional certification before graduation.

In addition, both CAS and SOA require that candidates take seminars on professionalism. Both societies have mandatory e-learning courses for candidates.

It typically takes 4 to 6 years for an actuary to get an ACAS or an ASA certification because each exam requires hundreds of hours of study and months of preparation.

After becoming associates, actuaries typically take another 2 to 3 years to earn fellowship status.

The SOA offers fellowship certification in five separate tracks: life and annuities, group and health benefits, retirement benefits, investments, and finance/enterprise risk management. Unlike the SOA, the CAS does not offer specialized study tracks for fellowship certification.

Both the CAS and the SOA have a continuing education requirement. Most actuaries meet this requirement by attending training seminars that are sponsored by their employers or the societies.

Pension actuaries typically must be licensed by the U.S. Department of Labor and U.S. Department of the Treasury’s Joint Board for the Enrollment of Actuaries. Applicants must meet certain experience requirements and pass two exams administered through the SOA to qualify for enrollment.

Other Experience

Because there are different types of practice areas, including health, life, pension, and casualty, internships may be helpful for students deciding on which actuarial track to pursue.

Training

Most entry-level actuaries start out as trainees. They are typically on teams with more experienced actuaries who serve as mentors. At first, they perform basic tasks, such as compiling data, but as they gain more experience, they may conduct research and write reports. Beginning actuaries may spend time working in other departments, such as marketing, underwriting, and product development, to learn all aspects of the company’s work and how actuarial work applies to them.

Most employers support their actuaries throughout the certification process. For example, employers typically pay the cost of exams and study materials. Many firms provide paid time to study and encourage their employees to set up study groups. Employees usually receive raises or bonuses for each exam that they pass.

Advancement

Advancement depends largely on job performance and the number of actuarial exams passed. For example, actuaries who achieve fellowship status often supervise the work of other actuaries and provide advice to senior management. Actuaries with a broad knowledge of risk management and how it applies to business can rise to executive positions in their companies, such as chief risk officer or chief financial officer. 

Important Qualities

Analytical skills. Actuaries use analytical skills to identify patterns and trends in complex sets of data to determine the factors that have an effect on certain types of events.

Communication skills. Actuaries must be able to explain complex technical matters to those without an actuarial background. They must also communicate clearly through the reports and memos that describe their work and recommendations.

Computer skills. Actuaries must know programming languages and be able to use and develop spreadsheets, databases, and statistical analysis tools.

Interpersonal skills. Actuaries serve as leaders and members of teams, so they must be able to listen to other people’s opinions and suggestions before reaching a conclusion.

Math skills. Actuaries quantify risk by using the principles of calculus, statistics, and probability.

Problem-solving skills. Actuaries identify risks and develop ways for businesses to manage those risks.

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Actuarial Associate jobs

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Real Actuarial Associate Salaries

Job Title Company Location Start Date Salary
Associate, Reinsurance Actuary Global Atlantic Financial Company New York, NY Dec 26, 2016 $160,000
Associate Actuary Milliman, Inc. Chicago, IL Sep 17, 2016 $155,000
Associate Actuary VOYA Services Company Windsor, CT Jun 17, 2016 $145,600
Senior Actuarial Associate National Union Fire Insurance Company of Pittsburgh, Pa. New York, NY Oct 01, 2015 $140,000
Senior Actuarial Associate National Union Fire Insurance Company of Pittsburgh, Pa. New York, NY Jan 10, 2015 $140,000
Associate Actuary Milliman, Inc. Chicago, IL Sep 10, 2015 $140,000
Associate Actuary Pacific Life Insurance Company Aliso Viejo, CA Nov 10, 2016 $138,467
Associate Actuary II Independence Blue Cross, LLC Philadelphia, PA Aug 14, 2015 $138,195
Advanced Actuarial Associate Hewitt Associates LLC New York, NY Aug 04, 2015 $136,200
Associate Actuary II Independence Blue Cross, LLC Philadelphia, PA Oct 01, 2015 $135,886
Actuary Associate Cambia Health Solutions, Inc. Durham, NC Jan 11, 2016 $134,000 -
$152,000
Associate Actuary Humana Louisville, KY Jan 08, 2016 $133,598 -
$160,000
Associate Actuary United States Fire Insurance Company Eatontown, NJ May 30, 2016 $130,000
Senior Actuarial Associate New York Life Insurance Company New York, NY Sep 19, 2016 $130,000
Senior Actuarial Associate Metlife Group, Inc. New York, NY Sep 14, 2016 $102,814 -
$138,800
Actuarial Associate Acas Farmers Group, Inc. Wilmington, DE Nov 09, 2016 $101,215
Actuarial Associate Acas Farmers Group, Inc. Wilmington, DE Feb 02, 2016 $101,215
Senior Actuarial Associate The Prudential Insurance Company of America Newark, NJ Apr 13, 2016 $100,838
Associate Actuary Genworth North America Corporation Richmond, VA Jan 02, 2015 $100,568
Associate Actuary Prudential Insurance Company of America Hartford, CT Dec 08, 2016 $100,500 -
$130,500
Associate Actuary-Annuities The Prudential Insurance Company of America Newark, NJ Jul 12, 2015 $100,500 -
$130,500
Associate Actuary Prudential Insurance Company of America Newark, NJ Aug 13, 2015 $100,500 -
$130,500
Actuarial Associate Experienced Hewitt Associates LLC San Francisco, CA Jun 15, 2015 $85,300
Actuarial Associate VOYA Insurance and Annuity Company West Chester, PA Feb 09, 2016 $84,900
Senior Actuarial Associate Prudential Insurance Company of America Newark, NJ Aug 26, 2016 $84,500 -
$111,200
Actuarial Associate VOYA Insurance and Annuity Company West Chester, PA Aug 15, 2016 $84,340
Actuarial Associate VOYA Services Company Windsor, CT Sep 01, 2015 $83,625
Lead Actuarial Associate Health Care Service Corporation Chicago, IL Sep 25, 2015 $82,035 -
$112,000
Associate Actuary Pacificsource Boise, ID Aug 24, 2016 $81,600
H&B Associate Experienced-Actuary Hewitt Associates LLC Chicago, IL Apr 01, 2015 $80,829

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Top Skills for An Actuarial Associate

FinancialAnalysisProductDevelopmentAnnuityProductsGaapLiabilityAssetIndividualBenefitCalculationsIbnrSASVBAIncomeBenefitPensionPlansActuarialValuationReportsAutoMedicalValuationsPbgcFASValuationSystemAnnualGovernmentFilingsDAC

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Top Actuarial Associate Skills

  1. Financial Analysis
  2. Product Development
  3. Annuity Products
You can check out examples of real life uses of top skills on resumes here:
  • Conducted data preparation, reconciliation and financial analysis for pension plan yearly valuations.
  • Rotated through Retail Life Product Development, Business Planning & Financial Analysis, and Individual Disability & Health.
  • Participated in audits of Stat and GAAP reserves.
  • Monitored and updated key assumptions and performed quarterly and/or ad hoc liability reporting analysis to the investment department.
  • Assisted in regulatory testing (Asset Adequacy Testing and Disciplined Current Scale).