An actuary; defined as a person who compiles and analyses statistics and uses them to calculate insurance risks and premiums. How to measure the risk and value of each asset is the hard part for any actuary professional, but the job is never dull, with requirements in every sector of the economy, covering every eventuality that could happen in everyday life. Actuary jobs can make for a really exciting and diverse career.
You may think this is a role for a certain type of person and your right it is; recruiters such as Barclay Simpson, The Arc and Star Actuarial are looking for a well-rounded professional, leaving the door wide open to a variety of candidates. Of course, advanced skills such as strategic insight, analytical problem solving and interpersonal collaboration are all at the top of their agenda, alongside the attractive asset of industry knowledge. However, non-technical skills are core to the success of any actuary such as communication, leadership and relationship management. These are all transferable skills that any professional can carry from a range of jobs in a variety of sectors. Are you secretly an actuary, but just haven’t tapped in to that niche job area?
What does an actuary work on?
One of the key areas you may work on as an actuary is life insurance; one of the simplest and most cost effective protection products available in the world but one that many people scoff at. Its purpose is simple; a one off lump sum pay out in the event of the insured person’s death Those in actuary jobs are experts at assessing the likelihood of death and producing policies which do not hinder the lifestyles of those covered for the most competitive premium possible. Of course, a history of medical problems can affect a policy, costing more due to the greater risk attached, but young and healthy people can get insured for very small monthly sums and many life insurance policies have guaranteed premiums, meaning the monthly cost remains the same throughout its term.
Pensions are another key area of work for an actuary. It may not seem the most exciting of sectors to work in, but with recent changes to legislation and an increased amount of young professionals becoming members of pension schemes from an earlier age, there is a greater need for specialists to work in this area. Actuaries play a key role in advising companies on a manner of pension schemes and structures, meeting needs of trustees, employers and the members.
If life insurance or pensions don’t tickle your fancy, you can also work in general insurance, education, investment, healthcare and many other areas. So, are you ready to embrace your inner actuary? Get started and look for roles at www.barclaysimpson.com.