He receives a high volume of regulatory communications via email, which he needs to stay current on so he can offer feedback or support to clients. He typically leaves the office between and unless a client or regulatory deadline requires him to work later. He says his typical work week is just under 50 hours, but it can range from 40 to 60 hours. He prepares Medicare Part C and Part D bids , NAIC quarterly and annual statement reports, detailed annual revenue reports, and claims projections to support client budgets.
He also works on many client projects to respond to data requests from the state agencies responsible for Medicaid rate development. An actuary's typical day varies according to projects, the company they work for, and the stage in their career.
James A. He has more than 30 years of experience in employee benefits consulting and is a fellow of the Society of Actuaries and a fellow of the Conference of Consulting Actuaries. His firm focuses on retirement benefits, including pension plans , retiree medical plans, profit-sharing plans , and k plan design.
Van Iwaarden says his firm is unusually flexible in that everyone is paid by the hour and can work when and where they want. Staff at his consulting business typically begin their day at am checking email newsletters for retirement-industry news and responding to short client questions.
At am, the consultant might spend an hour meeting with a staff analyst on a retiree medical valuation to clarify how the client's benefits work and what assumptions the company should use to value the liabilities. After an hour lunch break, an actuarial consultant might review the annual government filings an internal analyst has prepared for a pension client, finalize it and forward it to the client to sign and submit.
At , the consultant might prepare a profit-sharing and cash-balance plan design illustration for a prospective client, such as a law firm, to show them how they can maximize their deductible retirement plan contributions. Then, at , the consultant might contact the attorney of another client to discuss recommended retirement plan changes, such as a new profit-sharing formula to reward successful stores and divisions.
The last hour of the workday might be spent peer-reviewing a colleague's draft presentation for a client board meeting and discussing recommended changes to make the presentation clearer. A typical day ends at 5 p. Other work the consultants at Van Iwaarden Associates do that doesn't happen every day includes writing proposals for new clients and projects, preparing monthly client bills, attending staff meetings once or twice a month to talk through workflow and technical issues, and composing blog posts and speeches on new developments in the field.
Career Advice. Business Essentials. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. At first, they perform basic tasks, such as compiling data, but as they gain more experience, they may conduct research and write reports. 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 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. 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. 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. Note: All Occupations includes all occupations in the U. Source: U. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. In May , the median annual wages for actuaries in the top industries in which they worked were as follows:.
Bureau of Labor Statistics, Employment Projections program. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks. More actuaries will also be needed to help companies manage their own risk, a practice known as enterprise risk management. Actuaries will help companies avoid, manage, and respond to any potential financial risks across all areas of their business operations.
This analysis helps companies adjust their business or investment strategies to achieve economic returns and respond to new financial regulations and requirements.
Insurance companies will need actuaries to analyze the large amount of information, such as medical or property data, collected from consumers. The increase in available data will allow insurance companies to better develop new products, set competitive prices, predict consumer behavior, and make more accurate projections of future risks and costs.
In addition, health insurance companies will require more actuaries to help evaluate the effects of changing healthcare regulations and guidelines, expand into new insurance markets, and offer products to new customers.
These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link s below go to OEWS data maps for employment and wages by state and area. All state projections data are available at www. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state.
CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area.
There is also a salary info tool to search for wages by zip code. This table shows a list of occupations with job duties that are similar to those of actuaries. Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to make a product or provide a service. Is a Mathematics Major Worth It. Life as an Actuarial Graduate Student.
Math Grads Advice to New Students. Pros and Cons of being a Math Major. Should I take a Math Major. The Power of Mathematics. Top Statistician Schools. What can you do with a Degree in Mathematics. What Does a Statistician Do. What I wish I knew before taking a Math Major. Get estimated pay range. See more details. Frequently asked questions Common questions about salaries for an Actuary.
How can I know if I am being paid fairly as an actuary? Was this answer helpful? Yes No. How much do similar professions to Actuary get paid? Check the below indeed career pages for the detailed pay ranges for the similar professions an actuary: Data Scientist Data Analyst Underwriter Financial Analyst Quantitative Analyst. What type of actuaries get paid the most? View more frequently asked questions. Career insights pay and salary Read the full article pay and salary Read the full article pay and salary Read the full article View more articles.
Roles and responsibilities. Less than 1 year.
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