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
- Report and interpret results of data analysis.
- Review accuracy of data and calculations.
- Analyze risk evaluation data, using appropriate models and statistical methods, and creating relevant charts and graphs.
Actuarial Analyst Job Listings
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Popular Employer Salaries for Actuarial Analyst
Known for taking on a considerable number of Actuarial Analysts, Towers Watson, Mercer LLC, Milliman, Incorporated, Aetna, Inc., and Liberty Mutual Insurance Group are leading firms in the industry. Those at Liberty Mutual Insurance Group can expect to make the most, with the company offering a median salary of $74K.
Popular Skills for Actuarial Analyst
Survey respondents exploit a significant toolbox of skills in their work. 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
Hartford is home to an above-average pay rate for Actuarial Analysts, 12 percent higher than the national average. Actuarial Analysts can also look forward to large paychecks in cities like San Francisco (+12 percent), Seattle (+9 percent), Boston (+9 percent), and New York (+7 percent). Montpelier is the lowest-paying area, 18 percent south of the national average. Two other places where employers offer below-median salaries are Omaha (15 percent less) and Madison (8 percent less).