Actuary Job Description [Updated for 2025]

In the era of risk management, the importance of actuaries has never been more critical.

As businesses evolve and adapt, the demand for skilled professionals who can assess, predict, and manage financial risks heightens.

But let’s delve deeper: What’s genuinely expected from an actuary?

Whether you are:

A job seeker aiming to comprehend the core of this role,
A hiring manager conceptualizing the perfect candidate,
Or merely intrigued by the intricate world of actuarial science,

You’re in the right place.

Today, we reveal a customizable actuary job description template, crafted for easy posting on job boards or career sites.

Let’s dive right into it.

Contents show

Actuary Duties and Responsibilities

Actuaries apply their knowledge of statistics, finance, and business to study uncertain future events, especially those of concern to insurance and pension programs.

They evaluate the likelihood of those events and design creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur.

Their duties and responsibilities include:

Analyze statistical data to assess the probability of an event occurring
Use mathematics, statistics, and financial theory to study uncertain future events
Develop graphs, tables, and reports that explain calculations and proposals
Present their findings to company executives, government officials, shareholders, and clients
Design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability
Forecast the expected cost of certain events such as death, sickness, accidents, and natural disasters
Update, adjust, and improve actuarial models as necessary
Collaborate with other departments, such as underwriting and legal, to implement plans and policies
Comply with all regulatory requirements

Actuary Job Description Template

Job Brief

We are searching for a dedicated and analytical Actuary to join our team.

The responsibilities of the Actuary include compiling statistical data, making calculations about rates of return, and synthesizing complex data into simple conclusions that will help to plan and strategize in various business scenarios.

The ideal candidate is a problem solver with a strong mathematical background, excellent interpersonal skills, and is comfortable presenting to senior management and stakeholders.

Responsibilities

Analyze statistical data, predictive modeling and calculate the probability of events such as accidents, deaths, and property damage to help design insurance policies.
Evaluate the potential financial impact of certain events like illness, death, and natural disaster.
Present findings, reports and suggested plans to company management.
Develop and validate statistical models for risk management.
Prepare and present clear technical reports and explanations.
Update company on changes in the regulatory environment.
Provide expertise to help the company plan its future strategy.

Qualifications

Proven work experience as an Actuary.
Strong mathematical and statistical knowledge.
Proficient in databases, report writing, and statistical softwares.
Good communication and presentation skills.
Problem-solving and analytical skills.
BSc/BA in Actuarial Science, Mathematics, Statistics or a related field; professional certification (e.g. ASA, FSA) is a plus.

Benefits

401(k)
Health insurance
Dental insurance
Retirement plan
Paid time off
Professional development opportunities

Additional Information

Job Title: Actuary
Work Environment: Office setting with options for remote work. Some travel may be required for meetings or consultations.
Reporting Structure: Reports to the Lead Actuary or Risk Management Director.
Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
Pay Range: $98,002 minimum to $181,001 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 Actuary Do?

Actuaries are specialized professionals who use mathematics, statistics, and financial theories to study uncertain future events, especially those of concern to insurance and pension programs.

They often work for insurance companies, consulting firms, or in the government sector.

Actuaries analyze the financial costs of risk and uncertainty using mathematics, statistics, and financial theory.

They use this analysis to design business strategies that manage and minimize these risks.

They compile statistical data and other information for further analysis, and they estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster.

Moreover, they design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability.

Actuaries also write reports, tables, charts and explain their findings to stakeholders or clients, providing advice on risk management controls, investment risks, retirement, and healthcare issues.

Actuary Qualifications and Skills

Actuaries use a combination of mathematical skills, business knowledge, and understanding of human behavior to help businesses assess the risk of certain events and plan accordingly.

The required skills and qualifications include:

Strong mathematical abilities to analyze the financial consequences of risk and uncertainty, and to create models to predict these outcomes.
Exceptional analytical skills to interpret complex numerical information and evaluate various business scenarios.
Profound understanding of business and economics, and how these interact with financial risk.
Excellent problem-solving skills to help businesses design policies, plans, and products that minimize the risk and maximize profitability.
Outstanding communication skills to explain complex technical issues to non-specialists and provide strategic advice to decision-makers.
Good computer skills, including knowledge of database software, statistical analysis programs, and spreadsheets to compile and analyze data.
Attention to detail and strong organizational skills to manage and prioritize multiple projects and meet deadlines.
Knowledge of laws, regulations, and standards governing insurance, retirement, and other benefit programs.

Actuary Experience Requirements

Entry-level actuaries typically require at least 1 to 2 years of experience, often gained through an internship or a part-time role in a related field such as insurance, finance, or risk management.

They also need to pass at least two exams administered by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS) to be considered as an actuarial analyst.

Candidates with 3 to 5 years of experience would typically have passed more actuarial exams, making them Associates of the Society of Actuaries (ASA) or Associates of the Casualty Actuarial Society (ACAS).

They may also have gained experience in a specialized field of actuarial science such as health, life, pension, property, or casualty.

Actuaries with over 5 years of experience and who have passed all necessary actuarial exams are designated as Fellows, which is the highest level of certification in the field.

At this point, they may have managerial experience and are often qualified for senior or executive roles within the company.

In addition to work experience and exams, actuaries should have strong mathematical skills, comprehensive knowledge of the business industry, and excellent problem-solving capabilities.

Continuing education is also important for actuaries to stay updated with the latest statistical techniques and changes in regulations.

Actuary Education and Training Requirements

Actuaries typically require a bachelor’s degree in actuarial science, mathematics, statistics, economics, or a related field.

These degree programs cover a variety of coursework including probability, calculus, statistical analysis, and corporate finance, which are key for an actuary’s role.

Most employers prefer candidates who have passed at least one of the industry’s series of rigorous exams, conducted by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).

Actuaries are also required to continue their education throughout their careers to keep up with the latest risk management techniques, financial regulations, and economic trends.

Internship experience is often beneficial as it provides practical experience and a deeper understanding of the role.

Additionally, actuaries need strong analytical skills, business knowledge, and understanding of human behavior to effectively perform their job.

Professionals who pass all actuarial exams and meet other professional requirements can gain fellowship status with SOA or CAS.

This is an important advancement in an actuary’s career, demonstrating high levels of expertise and commitment to the profession.

Actuary Salary Expectations

An Actuary can expect to earn an average salary of $108,350 (USD) per year.

This salary can vary significantly based on factors such as years of experience, certifications held, specialization within the field, and the geographical location of the job.

Actuary Job Description FAQs

What skills does an Actuary need?

Actuaries need strong mathematical skills including statistics and calculus, as their work largely involves calculations on risks and costs.

They need analytical and problem-solving skills to analyze complex data and find patterns or trends.

Actuaries should also possess business knowledge, communication skills, and should be proficient with databases, statistical analysis programs, and other relevant software tools.

Do Actuaries need a degree?

Yes, actuaries generally need a bachelor’s degree in mathematics, actuarial science, statistics, or a related field.

Additionally, they must pass a series of exams to become certified professionals.

The certification requirements vary by country.

In the U.S., for example, two professional societies, the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA), certify actuaries.

What should you look for in an Actuary resume?

A good actuary resume should showcase a strong background in mathematics or statistics through educational credentials and relevant coursework.

Look for any experience with data analysis or predictive modeling.

Certification from a recognized actuarial society is a must.

Any experience in the insurance industry or specific knowledge relevant to your business can be an added advantage.

What qualities make a good Actuary?

A good actuary is detail-oriented, as precision is critical in their analysis and projections.

They should be adept problem solvers, as they often work on complex risk evaluation tasks.

Actuaries should also be good communicators, able to explain their findings to non-actuaries in a clear and concise manner.

They should also have a strong sense of ethics, as their work can have significant financial implications for businesses.

Is it difficult to hire Actuaries?

Due to the specialization and rigorous certification process, finding highly qualified actuaries can be challenging.

It’s important to offer competitive salaries and benefits to attract the best candidates.

Additionally, providing opportunities for continued learning and professional development can also be an attractive proposition for potential actuaries.

Conclusion

And there you have it.

Today, we’ve demystified the intricacies of being an actuary.

But guess what?

It’s not just about crunching numbers.

It’s about predicting the financial future, one statistical model at a time.

With our detailed actuary job description template and real-world examples, you’re equipped to make your move.

But why limit yourself?

Dive deeper with our job description generator. It’s your go-to tool for curating precise job listings or honing your resume to perfection.

Remember:

Every statistical model shapes the financial landscape.

Let’s shape that future. Together.