An actuarial consultant advises clients on investment, insurance and pension decisions through a variety of measures. They complete the risk and cost analysis and determine where financial uncertainties lie using the skills of a statistician, an economist and a probability predictor. We help clients turn risk into opportunity by combining science and art to develop solutions to their most pressing risk and insurance challenges. While data analysis is the backbone of our work, our ingenuity produces innovative solutions that address seemingly unsolvable problems.
Using actuarial models, we have estimated the impact of ARPA on health coverage if changes in anticipated premium tax credits become permanent. I was part of the actuarial student program, where I had rotations in corporate taxes, 26% pricing for annuity product development, and valuation of retirement services. A career in actuarial consulting versus working at an insurance company is a topic that many actuaries (and recruiters) discuss often and extensively. As actuarial consulting firms consult a wide range of clients, you gain a better overview of the industry.
Personally, I prefer consulting (at least early in your actuarial career), since you learn standard industry techniques and understand the industry from a bird's eye view. Mid-career (years 6 to 1) It is during this period of time in the actuarial profession (and in many other professions) that the separation due to individual performance begins to truly take hold. Consulting firms provide actuarial services externally to clients (as opposed to the client having their own in-house team of internal or additional actuaries). A second consideration is that working in a consulting firm can offer actuarial students a wider range of jobs, thus expanding their skills and increasing their options for the next steps in their career.
It certainly helps to be social from a consulting point of view, but there are also social security actuaries. Recruiters have found that most actuaries feel that consulting is inherently appealing to them or not. I worked a lot of nights late while I was on insurance and, from time to time, I went home at 5 in the afternoon as an actuarial consultant. They talked about their work environment, their daily work and their advice for actuarial candidates.
Early in their careers, most actuaries who obtain the scholarship discover that, as they progress through their exams, they are given frequent increases in both responsibility and salary. The stereotype that the actuarial consultant works 80 hours a week with very limited study time and that the insurance actuary works half with a full assignment of study hours is inaccurate.