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- Courses in English, speech and communication skills
- Sound business sense
- Must have analytical, project management and problem solving skills
- Self-motivation, creativity, independence and ability to work with
others
- A double major could do you no harm
- Computer skills include:
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- Statistical packages such as SPSS or SAS
- Query language
and tools like SQL and Access
- Object oriented
language such as VBA
- Familiarity
with spreadsheets like Excel and Lotus
- Database applications
for example, DBASE or FoxPro
- Mathematics
packages like Mathematica or Maple
A successful actuary makes
these skills a part and parcel of their career.
BACK
Actuaries
- Job Profile
Most actuaries specialise
in life, health, property or casualty insurance. Others concentrate
on finance or employee benefits. Regardless of speciality an actuary's
job profile includes:
- Assembling and analysing data to estimate probabilities of an event-taking
place such as death, sickness, injury, disability and property loss
- Addressing financial questions, which include the amount of money
to be paid as contribution to pension fund in order to generate a
certain income level post-retirement
- Help in determining company policy
- Explain technical matters to executives, government officials,
shareholders, policyholders
- Testify before public agencies on proposed legislation affecting
their business
- Explain changes in contract provisions to customers
- Consulting actuaries provide advice on a contract basis
- Manage programs such as social security system and Medicare in
the government
- Determine whether companies are complying with policy laws
Actuaries in consulting
firms:
An increasing number of actuaries work as independent consultants. Some
operate from their own offices, while other work for large, nationwide
actuarial consulting firms. Consulting actuaries provide actuarial advice
to clients for a fee. These clients include insurance companies, corporations,
hospitals, labour unions, state and local governments. Their job profile
include
- Testify in court about the value of potential lifetime earnings
lost by a person who has been disabled or killed in an accident.
- Provide statistics on current value of future pension benefits
in cases, for example divorce.
- Give evidence on how automobile insurance rates are determined.
- Estimate health benefit proposal costs.
- Give investment advice.
- Evaluate a company's insurance program costs.
Consulting actuaries work
with and advise chief medical officers, chief operating officers, and
often chief executive officers, especially in the financial services,
risk management and health care fields.
Actuaries in the government:
Actuaries who work for the government
- Help manage programs such as social security and medicare
- Determine whether companies are complying with insurance laws.
BACK
Actuaries
- On the Job
Most actuaries have desk
jobs. They are based at headquarters and work in an environment common
to banks and insurance companies. Independent Actuaries work in their
own offices, but are likely to spend much of their time in the field
with clients. Actuaries are expected work five days a week and 40 hours
on an average.
BACK
Actuaries
- Earnings
Insurance companies and
consulting firms give merit to experience and qualifications. Salaries
start from eight lakhs and can go up to twenty lakhs depending
on your experience.
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