Actuarial consultants provide financial advice to their clients to help inform their financial decision-making. They do this by communicating their analysis in a clear, non-technical way, ensuring their clients fully understand implications, and bearing in mind any limitations that may apply to their clients. They utilize a wide array of statistics, contingency plans, and large amounts of data to formulate a plan best suited to each client. Actuarial consultants earn a median sum of $81,000 annually or $39 per hour.
Actuarial consultants complete risk and cost analysis to determine financial uncertainties using the skills of a statistician, economist, and probabilities forecaster. They help clients choose the proper insurance, pension, and investing plans to meet their goals, and they work with insurance companies or with clients in the investment world. They spend an ample amount of time crunching numbers and running hypothetical scenarios containing current trends.
Actuarial consultants typically have a bachelor's degree in finance, economics, statistics, business, or other related fields. They are expected to pass an extensive series of examinations before becoming actuarial consultants. Also, actuarial consultants hoping to excel in the field often pursue a higher academic degree.
There is more than meets the eye when it comes to being an actuarial consultant. For example, did you know that they make an average of $41.18 an hour? That's $85,651 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 consultants 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 analytical skills, communication skills and computer skills.
When it comes to the most important skills required to be an actuarial consultant, we found that a lot of resumes listed 20.6% of actuarial consultants included communication, while 8.1% of resumes included project management, and 6.0% of resumes included data analysis. 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 consultant job title. But what industry to start with? Most actuarial consultants actually find jobs in the insurance and professional industries.
If you're interested in becoming an actuarial consultant, one of the first things to consider is how much education you need. We've determined that 76.8% of actuarial consultants have a bachelor's degree. In terms of higher education levels, we found that 15.2% of actuarial consultants have master's degrees. Even though most actuarial consultants 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 consultant. When we researched the most common majors for an actuarial consultant, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on actuarial consultant resumes include associate degree degrees or doctoral degree degrees.
You may find that experience in other jobs will help you become an actuarial consultant. In fact, many actuarial consultant jobs require experience in a role such as actuarial analyst. Meanwhile, many actuarial consultants also have previous career experience in roles such as actuarial assistant or actuary.