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Become An Actuarial Consultant

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Working As An Actuarial Consultant

  • 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 Consultant Do At Deloitte

* Individual medical and small group health care reform modeling for health plansPrepare SQL models to price health plan benefit changesReview MA and Part D bid submissions for accuracy and consistencyModel lapse and retention rates, prepare results to share with clientsCreate models to calculate ROI for medical management and other health plan initiativesPrepare IBNR modeling spreadsheets for audit reviewsProvide project management support including preparing work plans, reports and client presentations The teamA part of Deloitte Consulting LLP, our Human Capital professionals work closely with clients around the world to develop effective and efficient people-centered solutions.
* Our team helps clients define their talent strategy and align it with their executive business vision using innovative strategic frameworks that enhance HR service delivery models, set the stage for continuously improving operational excellence, and reimagines the HR brand.
* Learn more about our Human Capital practice.
* Our Human Capital professionals who specialize in Actuarial services apply advanced quantitative analysis to a wide range of business challenges.
* We use leading-edge statistical methods to quantify risk of Health, Life, P&C, and Retirement plans for clients.
* Learn more about our Actuarial, Rewards & Analytics practice

What Does An Actuarial Consultant Do At Aon Corporation

* Manages projects
* Delegates and coaches more junior colleagues
* Reviews work for both accuracy and reasonability.
* Technical leadership on clients, significant role in client meetings.
* Able to communicate on technical topics with clients.
* Takes ownership of issues.
* Proactive in initiating and leading discussions.
* Ensures team follows through.
* Has mastered basic technical concepts and can apply to broader assignments.
* You Bring Knowledge and Expertise
* Pass several exams
* Solid administration and staff-level client relationships; developing some relationships with higher level client contacts
* Able to answer client questions without reliance on lead actuary
* Completes some work through others (i.e. delegation)
* 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
* Education
* Academic background or aptitude in Actuarial Science, Mathematics, Economics or Statistics
* years of actuarial work experience and completion of several exams, possibly an ASA or EA
* We offer you
* A competitive total rewards package, continuing education & training, and tremendous potential with a growing worldwide organization

What Does An Actuarial Consultant Do At Conduent

* Handles the preparation of valuation data.
* Includes receiving and reviewing data from PBGC.
* Has telephone and email contact with PBGC on actuarial, data, and administrative matters.
* Has the ability to complete all parts of the valuation.
* Prepares benefit statements and valuation reports.
* Has the ability to write technical reports to various audiences.
* Special projects or assignments as instructed by your supervisor/manager.
* Has the ability to self-manage projects with little supervision.
* Conduent is an Equal Opportunity Employer and considers applicants for all positions without regard to race, color, creed, religion, ancestry, national origin, age, gender identity, gender expression, sex/gender, marital status, sexual orientation, physical or mental disability, medical condition, use of a guide dog or service animal, military/veteran status, citizenship status, basis of genetic information, or any other group protected by law.
* People with disabilities who need a reasonable accommodation to apply for or compete for employment with Conduent may request such accommodation(s) by clicking on the following link, completing the accommodation request form, and submitting the request by using the "Submit" button at the bottom of the form.
* For those using Google Chrome or Mozilla Firefox please download the form first: click here to access or download the form

What Does An Actuarial Consultant Do At Milliman

* OBJECTIVES
* Within a project team, consultants, project managers, and analysts coordinate their efforts to deliver client reports and deliverables.
* Consultants are responsible for building relationships with clients, directing projects, and presenting results.
* Project managers work directly with analysts by reviewing work, answering questions, and developing client correspondence.
* Analysts are responsible for the majority of the technical work, which may include analyzing data, completing actuarial calculations, developing and utilizing actuarial models, and implementing software solutions

What Does An Actuarial Consultant Do At The Hartford

* CW Pricing Consultants responsibilities will include, but will not be limited to:
* Continuously challenge and advance Product/Pricing ratemaking/indication process through the creation of new tools, efficiency gains, improvements in the accuracy of ratemaking assumptions/data, enhancements to ratemaking techniques and improvement to data quality.
* Execute on ideas received from others within Product/COE and provide “thought leadership” on pricing techniques/approaches as they apply to Ratemaking and Quarterly HO/Auto Indications.
* Successfully influence State Consultants, Regional and Countrywide Product Management and external partners and state departments of insurance on the appropriateness of rating inputs and methodology.
* Ensure Product ratemaking techniques comply with Actuarial Standards of Practice.
* Support the enhancements of the infrastructure within Countrywide Pricing.  Provide CW Pricing resources in support of ad hoc projects

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How To Become An Actuarial Consultant

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 Consultant jobs

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Actuarial Consultant Typical Career Paths

Actuarial Consultant Demographics

Gender

  • Male

    57.5%
  • Female

    34.6%
  • Unknown

    7.9%

Ethnicity

  • White

    72.6%
  • Asian

    17.7%
  • Hispanic or Latino

    6.5%
  • Unknown

    2.5%
  • Black or African American

    0.6%
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Languages Spoken

  • Spanish

    25.0%
  • Chinese

    16.7%
  • French

    16.7%
  • Mandarin

    16.7%
  • Swahili

    8.3%
  • Russian

    8.3%
  • Cantonese

    8.3%
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Real Actuarial Consultant Salaries

Job Title Company Location Start Date Salary
Consulting Actuary Milliman Inc. New York, NY Nov 03, 2016 $173,500
Life Actuarial Consultant Towers Watson Delware Inc. Atlanta, GA Aug 09, 2016 $167,454
Actuarial Consultant Towers Watson Delaware Inc. Weatogue, CT Oct 09, 2016 $157,677
Consulting Actuary Towers Watson Pennsylvania Inc. Chicago, IL Jul 01, 2014 $156,790
Life Actuarial Consultant Towers Watson Delware Inc. Atlanta, GA Aug 09, 2016 $154,074
Actuarial Consultant Towers Watson Delaware Inc. Weatogue, CT Feb 29, 2016 $154,000
Actuarial Consultant Towers Watson Delaware Inc. Weatogue, CT Sep 10, 2015 $153,084
Senior Actuarial Consultant Air Worldwide Corp. Boston, MA Nov 22, 2013 $147,750
Life Actuarial Consultant Towers Watson Pennsylvania, Inc. Atlanta, GA Aug 23, 2014 $146,000
Consulting Actuary Towers Watson Pennsylvania Inc. Boston, MA Sep 15, 2013 $142,900
Senior Actuarial Consultant Air Worldwide Corp. Boston, MA Nov 22, 2013 $140,000
Consulting Actuary Towers Watson Delaware Inc. New York, NY Oct 01, 2013 $135,970
Actuarial Consultant Towers Watson Delaware Inc. Coral Gables, FL Nov 15, 2013 $108,587 -
$129,457
Actuarial Consultant Towers Watson Pennsylvania, Inc. Chicago, IL Sep 04, 2014 $108,000
Consulting Actuary (Statistician0 Wakely Consulting Group, Inc. Englewood, CO Jan 10, 2016 $108,000
Actuarial Consultant Towers Watson Pennsylvania, Inc. New York, NY Aug 08, 2013 $108,000
Senior Defined Benefit Actuarial Consultant Mercer (Us) Inc. Boston, MA Oct 01, 2013 $106,500 -
$118,500
Actuarial Consultant Towers Watson Pennsylvania Inc. Dallas, TX Jan 02, 2014 $105,550
Actuarial Consultant Massachusetts Mutual Life Insurance Company Springfield, MA Sep 02, 2014 $105,500
Government Actuarial Consultant Mercer Health & Benefits LLC Phoenix, AZ Feb 28, 2014 $105,200 -
$115,000
Senior Actuarial Consultant Eagleeye Analytics, Inc. Columbia, SC Sep 04, 2015 $97,968 -
$155,000
Lead Actuarial Consultant Metlife Group, Inc. New York, NY Feb 02, 2013 $97,427 -
$122,000
Actuarial Consultant Milliman, Inc. Wayne, PA Feb 29, 2016 $97,000 -
$110,000
Health & Benefits Actuarial Consultant Mercer Health & Benefits LLC Irvine, CA Oct 20, 2016 $95,451 -
$100,000
Defined Benefits Actuarial Consultant Mercer (Us) Inc. Irvine, CA Mar 17, 2016 $95,400
Consulting Actuary Towers Watson Delaware Inc. Southfield, MI Sep 24, 2013 $94,000
Defined Benefits Actuarial Consultant Mercer (Us) Inc. Norwalk, CT Sep 30, 2015 $93,933
Health & Benefits Actuarial Consultant Mercer Health & Benefits LLC San Francisco, CA Sep 11, 2014 $93,500 -
$120,000

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Top Skills for An Actuarial Consultant

FinancialReportsLossDataAnalysisPensionLiabilitiesMedicareAdvantageBenefitPensionPlansPlanDesignGaapBenefitCalculationsLifeInsuranceCompaniesVBAActuarialValuationsRateFilingsSQLRetirementPlansAnnuityIbnrPbgcActuarialServicesFAS

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Top Actuarial Consultant Skills

  1. Financial Reports
  2. Loss
  3. Data Analysis
You can check out examples of real life uses of top skills on resumes here:
  • Leverage partnerships with other lines of business to produce various ad-hoc analyses and financial reports, including Asset/Liabilities Modeling.
  • Unearned premiums calculations and ultimate loss projections.
  • Participated in extensive data analysis.
  • Manage large project teams for clients with pension liabilities in the billions.
  • Performed yearly valuations for defined benefit pension plans.

Top Actuarial Consultant Employers