What Is an Actuary Scientist?
Actuary scientists are hired by government entities, corporations, financial institutions and businesses that wish to assess the risk factors involved with conducting business or making a decision. These individuals take an analytical approach to review complex matters and provide insights and statistical data for company decision-makers.
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Function
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Actuary scientists are responsible for assessing the risk involved with various initiatives. They must take several factors into account to help company decision-makers make the most informed decision with their plans or methods. Actuary scientists conduct in-depth statistical research, use mathematical formulas to assess the probability of an outcome and develop a model for risk evaluation that can be applied to various circumstances and situations.
Key Responsibilities
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An actuary scientist or risk analyst may be required to use computer software programs and statistical calculator tools to perform queries and formulate predictions about various economic or social outcomes. The scientist or analyst may be required to analyze spreadsheets, produce statistical reports, create forecasts and graphs and use databases.
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Education
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Actuary scientists must have strong background in mathematics, science, information technology and database management. The actuarial major is typically available through a college or university's Department of Mathematics, and the curriculum includes courses in mathematics, statistics, business finance, calculus, probability, mathematical statistics and investments and computer science. Some educational institutions also offer practicum classes in actuarial studies and actuarial mathematics. An actuary scientist needs to be certified by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) in order to apply for most positions.
Career Opportunities
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In 2008, Forbes announced that actuary was eighth on the list of 200 Best Jobs for College Graduates. Actuary scientists can pursue a variety of career opportunities in government agencies, the agricultural industry, retail or consumer industries and in investment banking and economics. Occupations available for actuarial science majors include Census Bureau Agent, Bank Manager or Banking Officer, Financial Analyst, Credit Manager, Computer Scientist, Insurance Actuary or Statistician. Most actuaries are employed by insurance companies who need to use statistical models for evaluating prospective customers.
Considerations
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According to the 2006 reports from the U.S. Bureau of Labor Occupational Statistics, the median annual earnings of actuaries was $82,800. Annual starting salaries for graduates with a bachelor's degree in actuarial science were $53,754 in 2007, but many companies may offer bonuses and incentive programs in addition to the base salary. Few scientists or analysts work on a commission basis, but those who wish to earn more may pursue positions as a manager or supervisor within their department.
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Comments
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I love this job , i will be 1.
