Most actuaries work for insurance companies, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that premiums are profitable and competitive with other insurance companies. In entry-level positions, actuaries are often responsible for collecting, interpreting and ensuring the accuracy of large amounts of data. Then, they may need to use actuarial modeling software to find important trends.
An actuary generally has a degree in mathematics, actuarial science, statistics, or some other analytical field. Actuaries work closely with insurance professionals to create plans that work well for the company and policyholders. You can also visit job offers online on the Company of Actuaries (SOA) website or apply directly to job offers from insurance companies. Many consulting actuaries audit the work of the internal actuaries of insurance companies or are responsible for the actuarial tasks of insurance companies that are not large enough to keep their own actuaries on staff.
For example, actuaries who obtain internship status often oversee the work of other actuaries and advise senior management. Inherently, a lot of assumptions are used in their work, so if there is any way for actuaries to make their predictions more accurate, they can do so. Most actuaries work full time in a traditional office environment and some work more than 40 hours a week. In particular, additional courses from the School of Management, courses in economics, computer science, or writing and communication courses are very useful for an actuarial career.
Actuaries perform complex calculations to determine the likelihood of various outcomes related to accidents, illnesses, consumer demand, and investments. Most actuaries receive extensive guidance, training and time off to prepare for exams while they are on the job. Entry into the profession is highly competitive and success in the field requires commitment and hard work during college and the few years after graduation, when actuarial exams are taken. The Casualty Actuarial Society (CAS) is the organization of actuaries working in auto insurance, fire and civil liability and workers' compensation.
Clients may also require consulting actuaries to contact them to fully understand the project and what needs to be done. In general, the Law of Large Numbers (a mathematical concept) is what makes actuarial mathematics and insurance work. These actuaries help companies adjust their business or investment strategies in all areas of operation. Actuaries use analytical skills to identify patterns and trends in complex data sets to determine factors that have an effect on certain types of events.