Actuarial Analyst Salary
Job Description for Actuarial Analyst
An actuary analyst uses data to measure risk for a company or organization, such as insurance company or a financial services business. Common functions performed by an actuary analyst include coordinating, preparing, and performing actuarial analyses, which are required by companies when developing new products, projecting future results, repricing existing products, and/or determine financial strength. An actuary analyst is usually expected to work under minimal supervision and must be able to perform moderately complex work assignments and problem resolution.Read More...
In the course of their work, the actuary analyst must acquire and apply maturing knowledge of the business, its products, and its processes. An actuary analyst often uses actuarial modeling software driven models for pricing, valuation, and/or risk management. Being able to enter data and tables, runs models, and generates reports is essential. An actuary analyst may make adjustments and improvements to models, when appropriate.
A bachelor's degree in a related field, such as accounting, is generally preferred, although four years relevant work experience may be substituted by some employers. Some actuarial experience is preferred by most employers seeking an actuary analyst. Actuary analysts also must have basic knowledge of actuarial technique and procedures, data analysis tools, and industry data sources. Two to three Society of Actuaries exams successfully completed is a preferred requirement; four or more is highly desired. Possessing excellent oral and written communication skills is expected.
Actuarial Analyst Tasks
- Analyze risk evaluation data, using appropriate models and statistical methods, and creating relevant charts and graphs.
- Review accuracy of data and calculations.
- Report and interpret results of data analysis.
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Popular Employer Salaries for Actuarial Analyst
Leading companies who hire large numbers of Actuarial Analysts include Towers Watson, Milliman, Incorporated, Mercer LLC, Liberty Mutual Insurance Group, and Aetna, Inc. Heading up the field in terms of compensation, Liberty Mutual Insurance Group offers the most; Actuarial Analysts earn $74K on average there.
Popular Skills for Actuarial Analyst
Survey takers working as Actuarial Analysts report using a large range of professional skills. Most notably, skills in Statistical Analysis, SAS, VBA, and Data Modeling are correlated to pay that is above average. Skills that seem to negatively impact pay include Oral / Verbal Communication and Financial Analysis. Those familiar with Data Analysis also tend to know SAS.
Pay Difference by Location
For Actuarial Analysts, Los Angeles provides a pay rate that is 16 percent greater than the national average. Actuarial Analysts will also find cushy salaries in San Francisco (+13 percent), Hartford (+11 percent), Seattle (+8 percent), and Philadelphia (+8 percent). The lowest-paying market is Montpelier, which sits 18 percent below the national average. Below-median salaries also turn up in Omaha and Madison (15 percent lower and 8 percent lower, respectively).
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