Actuarial Science Professor Job Description [Updated for 2024]

actuarial science professor job description

In an age of unprecedented data and calculations, the role of an actuarial science professor is more vital than ever.

As data-driven decisions become the norm, the demand for proficient individuals who can navigate, interpret, and teach the complex world of actuarial science grows stronger.

But let’s break it down: What’s truly expected from an actuarial science professor?

Whether you are:

  • A job seeker trying to understand the core of this role,
  • A hiring manager defining the perfect candidate,
  • Or simply fascinated by the intricacies of actuarial science,

You’re in the right place.

Today, we present a tailor-made actuarial science professor job description template, engineered for easy posting on job boards or career sites.

Let’s dive right in.

Actuarial Science Professor Duties and Responsibilities

Actuarial Science Professors use their expert knowledge in statistics, mathematics, finance, and business to prepare students for a career in actuarial science.

They have the following duties and responsibilities:

  • Develop and deliver lectures on actuarial science topics such as probability, statistics, mathematical modeling, risk theory, and financial mathematics
  • Prepare course materials such as syllabi, homework assignments, and handouts
  • Evaluate and grade students’ classwork, assignments, and papers
  • Conduct research in actuarial science and publish findings in academic journals
  • Keep abreast of developments in the field by reading current literature, participating in professional conferences, and interacting with colleagues
  • Advise students on academic and vocational curricula, career issues, and conduct research
  • Participate in campus and community events, such as serving on committees and attending school functions
  • Collaborate with colleagues to address teaching and research issues

 

Actuarial Science Professor Job Description Template

Job Brief

We are seeking a knowledgeable Actuarial Science Professor to join our institution.

The successful candidate will have a strong understanding of the theoretical and practical applications of actuarial science and will be responsible for developing curriculum, delivering engaging lectures, and conducting relevant research.

As an Actuarial Science Professor, you will instill in our students an understanding of mathematical and statistical methods used in insurance, finance, and related fields.

You will also be responsible for mentoring students, grading assignments, and contributing to the broader academic community.

 

Responsibilities

  • Develop and update course syllabi in accordance with institutional standards
  • Deliver engaging lectures to undergraduate and postgraduate students
  • Conduct research in the field of actuarial science and publish findings in academic journals
  • Mentor students and provide academic guidance
  • Participate in departmental and faculty meetings
  • Contribute to curriculum development and improvement
  • Grade student assignments and exams in a timely manner
  • Stay updated on current trends and developments in the field of actuarial science

 

Qualifications

  • PhD in Actuarial Science or a related field
  • Previous teaching experience at a tertiary level
  • Strong understanding of the principles and applications of actuarial science
  • Demonstrated research experience with a track record of published work
  • Excellent communication and presentation skills
  • Ability to engage and inspire students

 

Benefits

  • Health insurance
  • Retirement plan
  • Paid time off
  • Tuition reimbursement
  • Professional development opportunities

 

Additional Information

  • Job Title: Actuarial Science Professor
  • Work Environment: Classroom and office setting on a university campus. Some remote work may be possible.
  • Reporting Structure: Reports to the Department Chair or Dean of the Faculty.
  • Salary: Salary is commensurate with experience, qualifications, and university guidelines.
  • 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 institution. 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, cover letter, and a list of published works to [email address or application portal].

 

What Does an Actuarial Science Professor Do?

An Actuarial Science Professor works in an academic setting, typically in universities or colleges, where they teach students actuarial science courses which combine mathematics, statistics, economics, and computer science to study uncertain future events, especially those of concern to insurance and pension programs.

They conduct lectures, seminars, and tutorials, grading students on their understanding and application of actuarial principles, methodologies, and practices.

An important part of their role is to develop and update the course curriculum, ensuring that it stays relevant with the ever-evolving actuarial profession and industry standards.

These professors also conduct research in the field of actuarial science, where they study and analyze data to develop new theories, methodologies, or understandings.

Their research often contributes to the advancement of the field.

Actuarial Science Professors often provide guidance to students on their career paths, helping them prepare for actuarial exams and understand the practical applications of their studies in various industries.

In addition to teaching and research, they may also contribute to the broader academic community by participating in committees, attending conferences, and publishing their research findings in academic journals.

 

Actuarial Science Professor Qualifications and Skills

Actuarial Science Professors should possess a unique combination of strong mathematical knowledge, teaching skills and industry experience to effectively teach students about risk management and insurance mathematics.

The qualifications and skills might include:

  • Advanced degree (Ph.D. preferred) in actuarial science, mathematics, statistics, or related fields, showcasing the theoretical knowledge necessary for teaching the subject.
  • Prior teaching experience, preferably in higher education, to deliver complex mathematical and actuarial concepts to students in an understandable manner.
  • Professional certification such as Fellow of the Society of Actuaries (FSA), or Casualty Actuarial Society (FCAS) to demonstrate practical expertise in the subject matter.
  • Excellent communication skills for explaining complex mathematical theories and actuarial concepts to students.
  • Strong analytical and problem-solving skills to solve complex actuarial problems and guide students in doing the same.
  • Research skills for keeping up with the latest advancements in the field of actuarial science and incorporating them into the curriculum.
  • A working knowledge of actuarial software and tools such as Excel, R, or MATLAB to teach students how to use these tools for actuarial calculations and modeling.
  • Interpersonal skills for mentoring and advising students, as well as collaborating with colleagues on curriculum development and academic research.

 

Actuarial Science Professor Experience Requirements

Actuarial Science Professors typically require several years of experience in the actuarial field, along with strong academic qualifications.

Entry-level candidates may have 1 to 3 years of experience, often through an internship or part-time role in actuarial science or a related field.

They can also gain on-the-job experience in roles such as Actuarial Analyst, Data Analyst, or Risk Analyst.

Candidates with more than 3 years of experience often develop their practical skills and knowledge in entry-level Actuary or Actuarial Consultant roles.

During this phase, they are expected to have passed several actuarial exams, which are part of the professional certification process.

Those with more than 5 years of experience usually have substantial expertise in actuarial science.

They may have experience leading projects or teams, and are likely to have completed their actuarial certification.

Additionally, prospective Actuarial Science Professors typically hold a Ph.D. in Actuarial Science, Statistics, Mathematics, or a related field.

They often have a record of published research and presentations at academic conferences, and ideally, some teaching experience at the college or university level.

Some universities may also require their faculty to maintain their actuarial certification and stay updated with the latest developments in the field, which often involves continued learning and passing additional professional exams.

 

Actuarial Science Professor Education and Training Requirements

Actuarial Science Professors typically hold a PhD in Actuarial Science, Mathematics, Statistics, or a related field.

Before pursuing a PhD, they usually earn a bachelor’s and master’s degree in one of these fields.

The undergraduate and graduate education should involve intensive study in mathematics, statistics, and actuarial science.

In addition to formal education, they need a strong background in the use of mathematical and statistical modeling tools.

They should be proficient in using specific software packages related to actuarial science, such as SAS, R, or Python.

Some Actuarial Science Professors may also have professional experience as actuaries.

In this case, they may hold certifications from actuarial bodies such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).

These certifications usually require passing a series of rigorous exams and meeting other experience-based criteria.

Although not required, many professors pursue post-doctoral research or fellowships to gain more research experience and deepen their knowledge in their area of specialization.

This experience can be beneficial for their teaching and academic career progression.

Actuarial Science Professors should have a demonstrated record of scholarly research, as publishing in academic journals is a key part of their role.

They also need to stay updated with the latest developments and trends in actuarial science to ensure they provide relevant education to their students.

Lastly, effective communication and teaching skills are crucial for this role.

Many universities require or prefer teaching experience or a demonstrated ability to teach at the university level.

 

Actuarial Science Professor Salary Expectations

An Actuarial Science Professor earns an average salary of $102,918 (USD) per year.

The actual earnings can fluctuate depending on the professor’s level of experience, the prestige of the institution they’re employed by, and their geographical location.

 

Actuarial Science Professor Job Description FAQs

What are the key qualifications for an Actuarial Science Professor?

The minimum requirement for an Actuarial Science Professor is a doctoral degree in Actuarial Science or a related field.

Most universities also require professors to be Fellows of the Society of Actuaries or a similar professional organization.

Experience in the insurance or finance industry can also be beneficial.

 

What does an Actuarial Science Professor typically do?

An Actuarial Science Professor typically develops and delivers lectures on various aspects of actuarial science.

They guide students in understanding the mathematical and statistical methods used in assessing risk in insurance, finance, and other industries.

They also conduct and publish research in their field of expertise, contribute to the development of the curriculum, and provide academic guidance to students.

 

What skills does an Actuarial Science Professor need?

An Actuarial Science Professor needs strong mathematical and analytical skills to understand and explain complex theories and concepts.

They should have excellent communication skills to convey these concepts effectively to students.

Furthermore, they should have good research skills, critical thinking abilities, and a dedication to continuous learning and professional development.

 

What qualities make a good Actuarial Science Professor?

A good Actuarial Science Professor is passionate about their subject and enjoys sharing their knowledge with others.

They should be patient and empathetic, as well as being able to inspire and motivate students.

They should also be organized and have strong planning skills, as they often need to balance teaching, research, and administrative responsibilities.

 

What should you look for in an Actuarial Science Professor’s resume?

A strong Actuarial Science Professor’s resume should include a doctoral degree in Actuarial Science or a related field and fellowship in a professional actuarial organization.

It should also highlight any experience in the insurance or finance industries, as well as any published research.

Teaching experience, especially at the college or university level, is also desirable.

 

Conclusion

And there you have it.

Today, we’ve dissected the intricate role of an Actuarial Science Professor.

And guess what?

It’s not just about crunching numbers.

It’s about shaping the future of finance, one probability equation at a time.

With our definitive Actuarial Science Professor job description template and real-world examples, you’re all geared up to make your move.

But why stop there?

Venture further with our job description generator. It’s your next step to crafting precise job listings or fine-tuning your curriculum vitae to perfection.

Remember:

Every probability equation is part of a larger financial framework.

Let’s shape that future. Together.

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