Actuarial Manager Job Description [Updated for 2025]

In the ever-evolving landscape of business and finance, the role of an actuarial manager has become increasingly pivotal.

As risk management strategies evolve and regulatory environments stiffen, the demand for skilled professionals who can navigate, optimize, and protect our actuarial infrastructure grows stronger.

But what does it truly mean to be an actuarial manager?

Whether you are:

• A job seeker aiming to comprehend the core of this role,
• A hiring manager outlining the perfect candidate,
• Or simply interested in the intricate dynamics of actuarial management,

You’ve come to the right place.

Today, we present a customizable Actuarial Manager job description template, designed for effortless posting on job boards or career sites.

Let’s dive right into it.

Actuarial Manager Duties and Responsibilities

Actuarial Managers use their extensive knowledge in mathematics, statistics, and financial theories to analyze potential risks in the insurance sector, pensions, and investment plans.

They ensure that companies are adequately prepared for future financial uncertainties.

Their main duties and responsibilities include:

• Developing and validating actuarial models
• Directing the preparation and analysis of data reports
• Forecasting and assessing the financial risks involved in various insurance policies
• Assessing the probability and potential financial costs of future events and scenarios
• Overseeing actuarial projects and coordinating with other departments
• Presenting findings and recommendations to senior management
• Ensuring compliance with all regulatory and industry standards
• Providing guidance and mentoring junior actuarial staff
• Keeping up to date with developments in financial and insurance legislation to ensure compliance
• Collaborating with underwriters, accountants, and other professionals on insurance policies

 

Actuarial Manager Job Description Template

Job Brief

We are seeking a detail-oriented Actuarial Manager to manage our actuarial team and perform risk assessments.

This role includes identifying and managing company risk, designing and pricing policies, and using advanced mathematical and statistical techniques to calculate the probability of, and costs associated with, certain events.

Our ideal candidate has a strong background in mathematics, economics, or statistics, and is familiar with data analysis and statistical software.

Ultimately, the role of the Actuarial Manager is to ensure that the company makes sound financial decisions and manages risk effectively.

 

Responsibilities

• Manage and lead the actuarial team
• Conduct complex risk analyses and projections
• Design, price and test insurance policies
• Use statistical modeling to forecast future risks and costs
• Ensure compliance with regulatory rules and standards
• Collaborate with other departments (e.g., underwriting, finance) to ensure profitability
• Monitor and manage company’s overall risk and capital models
• Present findings and recommendations to senior management
• Stay abreast of industry trends and regulations
• Assist in strategic planning and decision making

 

Qualifications

• Proven experience as an Actuarial Manager or similar role
• Strong knowledge of actuarial mathematics and statistics
• Familiarity with risk modeling and financial forecasting
• Proficiency in data analysis and statistical software
• Excellent analytical and problem-solving skills
• Strong communication and presentation skills
• BSc/BA in Actuarial Science, Mathematics, Statistics, Economics or a related field
• Professional certification (e.g., ASA, FSA, ACAS, FCAS) is required

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Continued professional development opportunities

 

Additional Information

• Job Title: Actuarial Manager
• Work Environment: Office setting with options for remote work. Minimal travel may be required.
• Reporting Structure: Reports to the Chief Actuary or Senior Actuarial Manager.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $110,000 minimum to $180,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does an Actuarial Manager Do?

Actuarial Managers are professionals who predominantly work in the insurance, finance, and consulting industries.

Their primary responsibility is to use statistical data to assess risk and make predictions about future events that may affect their organization’s financial stability.

They apply mathematical and statistical methods to calculate and manage risks in insurance and pension programs.

Actuarial Managers lead a team of actuaries, guiding them in developing and implementing actuarial policies and procedures.

They are also responsible for preparing and presenting reports on their findings and recommendations to the company’s senior management.

Furthermore, they play a crucial role in product pricing and the development of new insurance policies.

They may also be involved in financial forecasting, data analysis and the evaluation of potential business ventures for profitability and risk.

In addition to these duties, they ensure compliance with regulatory requirements and keep up to date with the latest industry trends and developments.

Actuarial Managers should possess excellent analytical skills, attention to detail, and strong leadership capabilities.

 

Actuarial Manager Qualifications and Skills

An effective Actuarial Manager should possess a wide range of technical abilities, industry knowledge, and interpersonal skills, such as:

• Strong mathematical and statistical abilities to accurately perform complex calculations and analyze data.
• Extensive knowledge in financial theory and methods, including applications in insurance, pensions, and investments.
• Exceptional communication skills to explain complex actuarial concepts and findings to non-actuarial stakeholders and to lead a team of actuarial professionals effectively.
• Proficiency in actuarial software and programming languages such as SQL and Python to aid in data analysis.
• Excellent problem-solving abilities to identify and rectify potential issues in actuarial models and methodologies.
• Project management skills to coordinate and oversee actuarial projects, ensuring they are completed within the given timeline and budget.
• Detail-oriented with the ability to meticulously review and validate actuarial reports.
• Strong leadership skills to manage and develop a team of actuaries.

 

Actuarial Manager Experience Requirements

Actuarial Managers typically require a substantial amount of professional and educational experience.

Entry-level Actuarial Managers generally possess a Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or a related field.

They should have passed several actuarial exams and have a minimum of 5 to 7 years of experience in the actuarial field.

It is common for these professionals to gain their initial experience in roles such as Actuarial Analyst or Actuarial Associate, where they apply mathematical and statistical methods to assess risk in insurance, finance and other industries.

Actuarial Managers with more than 7 years of experience often hold a significant number of actuarial certifications and may have progressed through more advanced roles like Senior Actuarial Analyst or Actuarial Consultant.

Those with more than 10 years of experience typically have robust managerial experience.

They may have supervised teams of analysts, developed actuarial models and strategies, and contributed to business development.

Furthermore, many employers require Actuarial Managers to be Fellows of the Society of Actuaries (FSA) or to hold an equivalent professional designation.

This involves passing a series of rigorous exams and meeting ongoing continuing education requirements.

 

Actuarial Manager Education and Training Requirements

Actuarial Managers typically hold a bachelor’s degree in mathematics, actuarial science, statistics, or a related field.

They are required to have a firm understanding of calculus, probability, statistics, mathematical modeling, and other related disciplines.

Business and economics are also important areas of knowledge for actuarial managers.

In addition to academic qualifications, actuaries need to pass a series of exams to become certified professionals.

These exams are usually conducted by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).

It is common for Actuarial Managers to have achieved fellowship status in either the SOA or CAS, indicating mastery in the actuarial field.

Prior work experience in actuarial positions, such as actuarial analyst or actuarial consultant, is usually required.

Like other professionals in evolving fields, Actuarial Managers often participate in ongoing education to keep their skills and knowledge updated, and to adhere to changing regulations and techniques in the industry.

Advanced degrees in actuarial science or mathematics, while not mandatory, could be beneficial, especially for those aiming to climb the career ladder to more senior managerial or executive roles.

Soft skills such as leadership, team management, effective communication, and problem-solving are also crucial for an Actuarial Manager.

 

Actuarial Manager Salary Expectations

The average salary for an Actuarial Manager is $130,102 (USD) per year.

However, the actual salary may vary based on factors such as years of experience, certifications, the size of the employing company, and the location of the job.

 

Actuarial Manager Job Description FAQs

What skills does an Actuarial Manager need?

An Actuarial Manager should possess strong analytical and problem-solving skills to analyze statistical data and make predictions.

They should have excellent communication skills to interpret and present complex data to stakeholders.

Mathematical and statistical skills are also important, along with a good understanding of business and finance.

As a manager, they should possess excellent leadership and team management skills as well.

 

Do Actuarial Managers need a specific degree?

Yes, Actuarial Managers typically need a degree in Actuarial Science, Mathematics, Statistics, or a related field.

In addition, they usually need to have passed several actuarial exams offered by actuarial societies such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).

 

What should you look for in an Actuarial Manager resume?

Look for a strong educational background in actuarial science, mathematics, or statistics and a record of passing actuarial exams.

They should also have significant experience in actuarial roles, particularly in managerial or supervisory positions.

Proficiency in relevant software and tools, such as statistical analysis software and databases, is also important.

 

What qualities make a good Actuarial Manager?

A good Actuarial Manager has a strong grasp of mathematics and statistics.

They are analytical thinkers with the ability to make sound judgments based on data.

They’re also detail-oriented, allowing them to spot inaccuracies or trends in vast amounts of data.

Good communication skills are crucial for presenting data and conclusions to non-technical stakeholders.

As managers, they should also have strong leadership skills and the ability to work well with a team.

 

What are the daily duties of an Actuarial Manager?

Actuarial Managers spend a lot of their day analyzing statistical data to calculate risk and uncertainty.

They design and test insurance policies, pension plans, and other financial strategies and evaluate their potential cost to the company.

They also manage a team of actuaries, assign tasks, oversee projects, and ensure the team meets its deadlines.

Part of their day may also be spent in meetings with other managers, stakeholders, or clients.

 

Is it difficult to hire Actuarial Managers?

Hiring for the Actuarial Manager role can be a challenging task because it requires a unique combination of mathematical expertise, industry knowledge, and leadership skills.

Additionally, the candidate must pass a series of rigorous actuarial exams, which contributes to a smaller pool of qualified applicants.

 

Conclusion

And there we have it.

Today, we’ve lifted the veil on what it truly means to be an actuarial manager.

Surprised?

It’s not just about crunching numbers.

It’s about shaping the financial future, one actuarial decision at a time.

With our comprehensive actuarial manager job description template and real-world examples, you’re ready to take the next step.

But why limit yourself?

Explore further with our job description generator. It’s your ideal tool for crafting precise job listings or refining your resume to perfection.

Remember:

Every actuarial decision contributes to the larger financial picture.

Let’s shape that future. Together.

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