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As an expert in the Actuarial science field, you may be looking for an actuary job. As a growing industry, you’re likely to find jobs in many sectors of the businesses world. Though these jobs are commonly held in the insurance world, the position has become needed in a variety of other businesses across the board. Because of this, those in the actuary industry need to be multi-talented. Many companies are looking for employees who also possess marketing, product, management and communication skills. Actuary services are becoming an integral part of many companies which has created a plethora of opportunities for all skill sets and interests.
With medical expenses on the rise, the medical industry needs people in the actuary field to help with pricing, analytics and database work. As an actuary in the healthcare industry, you use your ability to quantify risk to help the provider or institution see how they relate on the risk side of treatment. The management and evaluation of an actuary helps bring a new, and important, light to those working within the healthcare system.
This industry makes up the bulk of actuary jobs. Insurance companies that offer casualty and life insurance need to decide who to insure and who to decline. The skills of an actuarial employee with predictive modeling knowledge will aid in the risk assessment decisions that have to be made for important policy specifics. Some of these jobs allow you to work directly with the clients to assess their risk, needs and goals. Depending on what insurance sector you enter into, you may be required to have auto knowledge or crisis experience. Catastrophe modeling abilities are becoming popular in the public relations area. As the world becomes more connected, PR divisions are finding the need for back up plans in response to outraged customers who spread the word, via social networks, of their dislike. As a serious problem for many large companies, actuaries experienced in crisis and catastrophe can be used in many different segments of the business world.
To be student of Actuarial sciences is to be a multi-talented potential employee. The technological skills you learn in school help round out the mathematical, analytical and assessment skills necessary for any position in the field. With a growing number of companies needing these services, the market is becoming competitive; companies are often seeking anywhere from five to ten years of experience in their candidates. Luckily, the variety of entry level jobs and internships can prepare you for the job you’d like to have.
Actuaries form the risk management backbone of the insurance industry. They estimate the likelihood of expenses, forecast the impact of claims, segment consumers into high-risk and low-risk categories, and develop policies to protect the finances of the company. The U.S. Bureau of Labor Statistics expects over 4,000 additional actuary jobs to be created by 2018. If you are looking for actuary jobs, the most common places of employment are life, health, property and casualty, and specialty insurers and reinsurers. Less than a quarter of all actuaries work in consulting, company management, and government services. These figures may change as large insurance companies downsize highly paid actuaries and outsource operations to independent firms. The best actuarial positions are confined to students with undergraduate or graduate degrees in mathematics, actuarial science, statistics, finance, economics, or business administration. Most companies also expect actuaries to be certified in their specialty. The two largest professional organizations are the Society of Actuaries for life insurance, healthcare, and financial products and the Casualty Actuarial Society for workers compensation, medical malpractice, personal liability, auto insurance, and homeowners or renters insurance.If you are considering becoming an actuary, moving up within the profession, or hiring an actuary to support your business's goals, Business.com provides detailed information on actuary jobs.