ActuariesActuaries salary statistic
Playing a major part in insurance companies, actuaries are primary role are analysts who are hired to help in deciding whether their company will issue and insurance policy and determining the terms of those policies. Using a variety of statistical analysis, they study a number of heavy data in relevance to the company’s trends and costing, for the sustenance of the company they work for. One of its many roles is managing different risk factors to define a balance between exposing financial risk of the company and issuing each policy.
Oftentimes, they also help in adding statistical and significant data to data copies for an insurance company. They also study correlated effects on policies in insurance. Generally, actuaries study and examine these data, for example a frustrating car accident, by learning about the location, age, and other factors needed in automotive insurance. After this, they then adjust the terms and rates of such adjustments when necessary. Additionally, actuaries also appeal contrasting data from different sources in order to comply with adjustments. Moreover, actuaries also conduct recalculations of such exposure of risk for insurance companies, which in fact, is the main responsibility.
COMMON DUTIES AND DAILY TASKS
- Actuaries’ primary responsibility is to analyze and study data which include accidents, mortality, sickness, retirement, and disability. After this, they come up with probability tables and predict the possible risks and liabilities for payment of future benefit.
- They can also assert premium rates that are required as well as cash reserves that are necessary to certify payment of future benefit.
Individuals who want to pursue this kind of career is require to hold a bachelor’s degree in actuarial science or any related field in accordance to statistical analysis. Aside from that, actuaries must also be experienced with different computer software and skills. They are also required to vastly manage numerous data to distinguish different trends and other useful data or information. Since most actuaries are in the field of insurance, there are still who work in the field of finance and other companies who are in dire need of their services especially those who need management in various investment risks. Furthermore, they are usually in an office set up and they work during normal or usual business hours. Meanwhile, some of the skills required are the following:
- Financial Modeling
- Financial Analysis
These skills are needed to have at least above average actuary salary of over 20 percent to 34 percent than the average salary of an actuary. However, limiting their skills to Microsoft software does not necessarily mean they can get a higher salary, as it is deemed normal or usual skills.
The actual salary of an actuary is averaging around $81,000 per year with cash compensation, health benefits, as well as dental benefits. For those on candidates qualified to work an entry level position, salary starts on an average pay of $50,000 annually, while chief actuary salary or those who are experienced enough for a higher position can get as much as $157,000 annually or higher. Furthermore, in some instances, actuaries can get at least $20,000 on bonus alone or a much higher price from profit.
In order to attain to a high level of salary, an actuary must at least have enough experience to qualify for a raise or a higher position. Since most jobs have a higher position, an entry level candidate must learn quickly and tremendously in order to achieve a higher status in the company. While this job has a high satisfactory statistics, bonus will always pay off to those who work hard for what they earn.
In some statistics and research, this type of job is heavily dominated by male professionals. With the possibility of high earning, at least five to ten years of experience in this field is required to surpass the average salary of $50,000 per year. Meanwhile, candidates with a decade of experience can rise up to at least $140,000 salary annually, while chief actuaries can get as much as $150,000 annually. This means, experience will play a vital role to achieve a higher salary.