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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

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.

Duties

Actuaries typically do the following:

  • Compile statistical data and other information for further analysis
  • Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
  • Design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability
  • Produce charts, tables, and reports that explain calculations and proposals
  • Explain their findings and proposals to company executives, government officials, shareholders, and clients

Most actuarial work is done with computers. Actuaries use database software to compile information. They use advanced statistics and modeling software to forecast the probability of an event occurring, the potential costs of the event if it does occur, and whether the insurance company has enough money to pay future claims.

Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with market research analysts to forecast demand for new products.

Most actuaries work at insurance companies, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that the premiums are profitable yet competitive with other insurance companies.

Actuaries in the insurance industry typically specialize in a specific field of insurance, such as one of the following:

Health insurance actuaries help develop long-term care and health insurance policies by predicting expected costs of providing care under the terms of an insurance contract. Their predictions are based on numerous factors, including family history, geographic location, and occupation.

Life insurance actuaries help develop annuity and life insurance policies for individuals and groups by estimating, on the basis of risk factors such as age, gender, and tobacco use, how long someone is expected to live.

Property and casualty insurance actuaries help develop insurance policies that insure policyholders against property loss and liability resulting from accidents, natural disasters, fires, and other events. They calculate the expected number of claims resulting from automobile accidents, which varies with the insured person’s age, sex, driving history, type of car, and other factors.

Some actuaries apply their expertise to financial matters outside of the insurance industry. For example, they develop investment strategies that manage risks and maximize returns for companies or individuals.

Pension and retirement benefits actuaries design, test, and evaluate company pension plans to determine if the expected funds available in the future will be enough to ensure payment of future benefits. They must report the results of their evaluations to the federal government. Pension actuaries also help businesses develop other types of retirement plans, such as 401(k)s and healthcare plans for retirees. In addition, they provide retirement planning advice to individuals.

Enterprise risk actuaries identify any risks, including economic, financial, and geopolitical risks that may affect a company’s short-term or long-term objectives. They help top executives determine how much risk the business is willing to take, and they develop strategies to respond to these issues.

Actuaries also work in the public sector. In the federal government, actuaries may evaluate proposed changes to Social Security or Medicare or conduct economic and demographic studies to project future benefit obligations. At the state level, actuaries may examine and regulate the rates charged by insurance companies.

Some actuaries are considered consultants and provide advice to clients on a contract basis. Many consulting actuaries audit the work of internal actuaries at insurance companies or handle actuarial duties for insurance companies that are not large enough to keep their own actuaries on staff.

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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 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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Actuarial Consultant Education

Schools

University of Connecticut

16.2%

University of Iowa

7.4%

Rensselaer Polytechnic Institute

7.4%

Georgia State University

5.9%

DePaul University

5.9%

Temple University

4.4%

University of Michigan - Ann Arbor

4.4%

Drake University

4.4%

Queens College of the City University of New York

4.4%

John Carroll University

4.4%

Michigan State University

4.4%

Northeastern University

4.4%

New Jersey Institute of Technology

4.4%

University of Chicago

4.4%

Virginia College-Knoxville

2.9%

Providence College

2.9%

Boston University

2.9%

University of Illinois at Chicago

2.9%

University of Central Florida

2.9%

University of California - Los Angeles

2.9%
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Majors

Mathematics

33.5%

Management Science

21.1%

Business

10.3%

Finance

8.1%

Statistics

5.9%

Economics

4.3%

Marketing

2.2%

Management

1.6%

Mathematics And Computer Science

1.6%

Accounting

1.6%

General Education, Specific Areas

1.1%

Computer Science

1.1%

Elementary Education

1.1%

Engineering Science

1.1%

Theology

1.1%

Secondary Education And Teaching

1.1%

Insurance

1.1%

Liberal Arts

1.1%

Public Health

0.5%

Health Sciences And Services

0.5%
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Degrees

Bachelors

46.4%

Masters

38.8%

Other

8.6%

Doctorate

2.4%

Associate

1.9%

Certificate

1.4%

License

0.5%
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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
Senior Consulting Actuary Towers Watson Delaware Inc. San Francisco, CA Mar 05, 2016 $146,000
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
Actuarial Consultant Towers Watson Pennsylvania Inc. Arlington, VA Jul 01, 2013 $110,000
Actuarial Consultant Towers Watson Delaware Inc. Coral Gables, FL Nov 15, 2013 $108,587 -
$129,457
Actuarial Consultant Towers Watson Pennsylvania, Inc. New York, NY Aug 08, 2013 $108,000
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
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
Government Actuarial Consultant Mercer Health & Benefits LLC Phoenix, AZ Feb 28, 2015 $98,500 -
$117,300
Actuarial Consultant Onebeacon Insurance Group Canton, MA Aug 31, 2013 $98,465
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

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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