Actuarial Assistant Salary
The average salary for an Actuarial Assistant is $61,713 per year. Most people with this job move on to other positions after 10 years in this career.
Job Description for Actuarial Assistant
Actuarial assistants perform analysis of quantitative statistical data, specifically dealing with financial risk. Tasks may include analyzing rating models, implementing or evaluating pricing systems, extracting financial data, calculating and managing risk, conducting valuation, and working with underwriting systems. They develop results that help minimize risk and maximize expected profits for their employers. Depending on their employer, actuarial assistants may work on a variety of projects or specialize in one topic. For example, a large life insurance company might employ actuarial assistants who deal entirely with mortality risk. Additionally, they often analyze data for other professional departments within the same company but could also work with major clients or suppliers.Read More...
Actuarial assistants usually work in a traditional office setting during regular business hours, although some organizations also offer flex-time or part-time opportunities. The insurance industry employs many actuaries, although many work in the public sector as well; many large companies in other industries also employ actuaries to manage their risk. Actuarial assistants typically report to a vice president, head actuary, or associate actuary, depending on the size of the organization. They may work mostly independently or work closely on projects with other actuarial assistants. Additionally, these assistants may supervise actuarial trainees.
Actuarial assistants typically need strong computer skills, including proficiency in programs such as Microsoft Excel and Oracle. The required level of education usually includes a bachelor's degree in mathematics, computer science, statistics, or a related field. They may need to complete exams administered by the Society of Actuaries, either as an initial condition of employment or to maintain their position and advance in the field. Previous actuarial experience is generally preferred but not necessary.
Actuarial Assistant Tasks
- Clean, organize, standardize, and document data sets.
- Document and present on project status and recommendations.
- Calculate statistical and probability forecasts and models from data.