Research Actuary Job Description [Updated for 2025]

In an era driven by data, the role of research actuaries has never been more critical.

As the business world evolves, the demand for expert minds who can analyze, predict, and secure our financial future heightens.

But let’s delve deeper: What’s truly expected from a research actuary?

Whether you are:

• An aspiring professional trying to understand the core of this role,
• A recruitment officer outlining the perfect candidate,
• Or simply fascinated by the complex world of actuarial research,

You’re in the right place.

Today, we provide a customizable research actuary job description template, tailored for convenient posting on job boards or career sites.

Let’s dive right in.

Research Actuary Duties and Responsibilities

Research Actuaries use their deep understanding of mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs.

They have the following duties and responsibilities:

• Research and analyze statistical data to estimate probabilities of occurrences such as accidents, deaths, retirements, and sicknesses
• Design, test, and maintain a variety of actuarial models
• Prepare and present reports to summarize research findings and their implications
• Work with software developers to create software based on actuarial models
• Recommend strategies to minimize cost and financial risk or increase profitability
• Develop charts, diagrams, and tables to present research findings clearly and effectively
• Develop and apply new theories and methods to solve complex business problems
• Keep up to date with latest developments in actuarial science and relevant financial legislation
• Communicate complex concepts to non-specialist audiences, such as managers and policy makers
• Coordinate with other actuaries and professionals to ensure the accuracy of data and assumptions

 

Research Actuary Job Description Template

Job Brief

We are seeking a skilled Research Actuary to analyze the financial consequences of risk for our company.

The Research Actuary will use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs.

Our ideal candidate possesses a solid understanding of complex mathematical formulas and actuarial techniques, a background in economics, and strong attention to detail.

Ultimately, the role of the Research Actuary is to provide expertise in risk assessment and develop financial models to guide strategic decisions.

 

Responsibilities

• Analyze statistical data and other information to estimate probabilities of certain events occurring
• Develop charts, tables, and reports that explain calculations and proposals
• Design insurance policies, annuities, and pension plans and ensure that they are financially sound
• Estimate the probability and likely economic cost of an event such as death, sickness, injury, disability, or loss of property
• Assess the financial implications of new regulations or legislation
• Provide advice to clients on a contract basis, working as a consultant
• Predict future trends in investment performance

 

Qualifications

• Proven work experience as an Actuary
• Strong knowledge of finance and statistics
• Strong analytical and problem-solving skills
• Excellent communication skills, with the ability to explain complex technical issues to non-technical people
• Passing scores on a series of actuarial science exams
• BSc degree in Mathematics, Statistics, Economics or related field

 

Benefits

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

 

Additional Information

• Job Title: Research 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 Actuarial Manager.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $85,000 minimum to $135,000 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 a Research Actuary Do?

Research Actuaries, also known as Actuarial Scientists, work primarily in the insurance and finance sectors.

They may be employed by insurance companies, financial institutions, consulting firms, or government agencies.

They apply mathematical, statistical, and financial theories to study uncertain future events, especially those of concern to insurance and pension programs.

They may be involved in calculating the financial impact of various risks such as accidents, illnesses, and natural disasters.

Research Actuaries also design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability.

This involves creating and using complex mathematical models to predict future financial scenarios.

Furthermore, they are responsible for compiling statistical data and other information for further analysis.

They also prepare reports, tables, and charts that explain calculations and proposals.

Research Actuaries may also be involved in policy and planning discussions where they use their analytical skills to advise senior management on issues such as policy costs and the benefits of certain risk strategies.

They also keep up to date with the latest regulatory developments and advancements in financial and actuarial science to ensure the company’s compliance and competitiveness.

 

Research Actuary Qualifications and Skills

A research actuary should possess a range of skills and qualifications that align with the demands and responsibilities of the role, such as:

• Numerical and statistical skills to analyze large amounts of data and calculate probabilities and potential outcomes.
• Excellent problem-solving abilities to devise solutions for complex financial issues.
• Strong knowledge of business, economics, and finance to make informed decisions and recommendations.
• Attention to detail and analytical skills to assess the potential impact of risks on various business strategies.
• Good communication skills to explain complex technical information to non-specialists and influence strategic decisions.
• Proficiency in using statistical analysis software and modeling tools to perform data analysis and validate actuarial models.
• Ability to work under pressure and meet tight deadlines while maintaining accuracy in calculations and predictions.
• Professional qualifications in actuarial science, such as being a fellow of a recognized actuarial society.

 

Research Actuary Experience Requirements

Entry-level Research Actuaries generally require a bachelor’s degree in a quantitative field like mathematics, statistics or actuarial science, along with passing one or two actuarial exams.

They may also have gained practical experience through internships or co-op programs during their academic studies.

Candidates with 2 to 3 years of experience often have passed multiple actuarial exams and have practical experience working in roles such as Actuarial Analyst or Assistant Actuary.

These professionals have gained a broad understanding of actuarial principles, risk assessment and financial forecasting, and have honed their skills in data analysis and modeling.

Research Actuaries with more than 5 years of experience typically have passed most or all of the actuarial exams, and have gained significant experience in applying their skills in a professional setting.

They often hold senior or supervisory positions, and may have experience leading projects and mentoring junior actuaries.

Those with more than 10 years of experience and a successful track record in their field may be ready for top leadership roles, such as Chief Actuary or Research Director.

These positions require not only technical expertise, but also strategic planning abilities and strong leadership skills.

 

Research Actuary Education and Training Requirements

To become a Research Actuary, a bachelor’s degree in actuarial science, mathematics, statistics or a related field is typically required.

During their degree, prospective actuaries will study courses in calculus, probability, statistics, and mathematical modeling.

They will also gain an understanding of business concepts, including finance, economics, and accounting.

Research Actuaries need to pass a series of rigorous professional exams to become fully qualified.

These exams are administered by professional actuarial societies like the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS).

The exams cover a broad range of mathematics, statistics, economics, business, and actuarial science applications.

In addition to the exams, actuaries often need to complete an internship or gain work experience in the field before they can be fully qualified.

This practical experience allows them to apply their theoretical knowledge in a real-world setting.

Advanced roles may require a master’s degree in actuarial science, mathematics, or statistics.

Some research actuaries may also choose to pursue a Ph.D., especially those interested in academic or research-oriented careers.

Continuous learning is essential in this field due to the ever-evolving nature of risk management and financial markets.

Therefore, actuaries are encouraged to participate in ongoing professional development to stay abreast of the latest developments in the field.

 

Research Actuary Salary Expectations

A Research Actuary earns an average salary of $108,350 (USD) per year.

However, the actual income can differ greatly depending on factors such as industry, level of experience, and the geographical location of the job.

 

Research Actuary Job Description FAQs

What skills does a Research Actuary need?

Research Actuaries need to have excellent mathematical and statistical skills, as they are required to analyze complex data sets and perform risk assessments.

They should have strong problem-solving skills to make informed decisions based on their research findings.

Research Actuaries also need good communication skills to present their findings to non-technical audiences.

A thorough understanding of business and economics is also beneficial.

 

Do Research Actuaries need a degree?

Yes, Research Actuaries typically need a degree in actuarial science, mathematics, statistics, or a related field.

Many employers also require actuaries to have passed a series of exams to earn actuarial designation through the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).

 

What should you look for in a Research Actuary resume?

In a Research Actuary resume, look for a strong educational background in mathematics or actuarial science and completion of actuarial exams.

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

Additionally, proficiency in data analysis software and programming languages such as SQL or Python can be a plus.

 

What qualities make a good Research Actuary?

A good Research Actuary is detail-oriented, able to delve into complex data sets and accurately analyze risk factors.

They should be logical thinkers and effective problem solvers, able to draw conclusions from their research.

Strong communication skills are also important, as they need to explain their findings to others.

Additionally, a good Research Actuary is proactive in staying current with industry trends and regulations.

 

Is it difficult to hire Research Actuaries?

Hiring Research Actuaries can be challenging due to the specialized skill set required for the role.

There is a high demand for qualified actuaries, but the pool of candidates can be limited due to the rigorous educational and exam requirements.

Therefore, employers often need to offer competitive compensation packages to attract and retain top talent.

 

Conclusion

And there you have it.

Today, we’ve delved into the complex world of being a research actuary.

Surprise, surprise?

It’s not just about crunching numbers.

It’s about navigating the unpredictable waters of financial risk, one mathematical model at a time.

Armed with our comprehensive research actuary job description template and real-world examples, you’re ready to make your mark.

But why limit yourself?

Dive deeper with our job description generator. It’s your next step to creating meticulously tailored job listings or refining your resume to absolute perfection.

Always remember:

Every mathematical model contributes to the broader risk management strategy.

Let’s shape the future of financial risk. Together.

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