What does an Actuarial Analyst do?
Analysts use specialist software and spreadsheets, as well as statistical formulas to assess risk, so an interest in and aptitude for using technology is useful. You could work in various areas of the financial services industry and will often be engaged in a support role within an actuarial team.
Types of actuarial analysts
You can specialise in one of the following industries:
- General insurance
- Life Insurance
- Pensions and other employees benefits
- Savings and investments
- Health and care
- Software development
What skills does an Actuarial Analyst need?
- The ability to analyse data and solve problems
- The ability to conduct statistical analysis including cleaning data and interpreting relationships and trends between data sets
- Strong mathematical ability and an analytical mind
- The ability to work collaboratively
- Good communication and presentation skills when feeding back data findings to non-actuarial colleagues or clients
- Commercial awareness to be able to understand what a business may need to receive from the data
- The ability to summarise data analysis in layman’s terms when reporting to the wider business.
What does an actuarial analyst do on a daily basis?
The work varies considerably every day and will depend on the project you’re working on. You may work on two or three projects at a time, whilst also undertaking training and attending meetings. Occasionally you might travel to field offices.
You will perform regular analysis, such as loss and premium trends, estimating risk and assessing the rates for different classes or groups of risk. Communicating the implications and results of these analyses to sales managers, product managers and agents will also be important.
How to become an actuarial analyst?
Whilst it isn’t strictly necessary, most entrants into the role will have a degree. If you are looking to become an actuarial analyst, a business degree with a high level of mathematical skills, such as accounting, economics, maths or statistics, will be particularly useful.
A suitable degree with a placement year or a summer internship will provide valuable experience and a competitive advantage when applying for this role. Some actuarial companies might also offer sponsorship for postgraduate courses.
How much do actuarial analyst earn a year?
The starting salary for student or trainee actuarial analysts is usually between £20,000 to £26,000. Qualified actuarial analysts, with 5 to 10 years of experience, can earn up to £65,000. Senior analysts may earn up to £100,000. The highest paid positions can often lead to lucrative job opportunities with lots of benefits.
For more information on jobs and what to expect from this career, please visit some of the most widely used sites for careers support.