Actuarial managers work primarily for banking, finance, securities, and insurance services to analyze a variety of risks and their consequences for the business.
Actuarial managers must be able to perform financial projections to implement plans, prepare budgets, and report risk base capital and actuarial reports for support, and they also help prepare facilities for product implementation. Strong mathematical skills and knowledge of statistics and financial theory are necessary in this position to accurately determine consequences of risks, and they must also estimate probabilities and produce charts, tables, and other reports.
These managers typically work in an office on a computer with database software and advanced statistics and modeling software. Some travel may be necessary to meet with clients and attend meetings, especially for those who work for consulting firms, and they must also create spreadsheets and consider multiple options to help their clients make financial, insurance, or pension decisions.
Actuarial managers commonly work on teams and with managers and professionals in accounting, underwriting, and finance, and a bachelor's degree in math, actuarial science, statistics, or a related field is generally required for this position. Aspiring actuarial managers must also pass several exams to become certified.
Actuarial Manager Tasks
- Manage budgets, prioritize projects, and report on progress.
- Make recommendations and provide guidance to organizational leadership.
- Oversee actuarial staff and provide training and guidance.