Actuarial Associate Salary
An Actuarial Associate earns an average salary of $69,670 per year. Most people move on to other jobs if they have more than 10 years' experience in this field. For the first five to ten years in this position, pay increases sharply, but any additional experience does not have a big effect on pay. The highest paying skills associated with this job are Financial Modeling and Data Analysis.
Job Description for Actuarial Associate
Actuarial associates assist senior actuaries in assessing the financial impact of speculation, uncertainty, and risk related to unexpected, uncontrollable events such as death, natural disasters, and other liabilities to a corporation or firm. Actuarial associates typically work full time in an office environment, but they may also be part of a consulting firm that works directly with multiple companies. Their duties include the aggregation of existing databases to determine the need for protection against various liabilities, the collection of new data to determine liability risk, and interaction with other departments to research the potential for liabilities.Read More...
Actuarial associates are also responsible for presenting and documenting information found through research, using software to record data and organize it into accessible databases, and performing other tasks that may be required in assisting their senior actuary. Skills that are useful in an actuarial associate position are the ability to present to a group and effectively communicate information, a basic knowledge of computer software and digital databases, the ability to compare and analyze data, the attention to detail necessary to properly evaluate liabilities, and the ability to work closely with a team of other associates and senior actuaries.
Requirements for these positions often include a bachelor's degree in finance, mathematics, statistics, or a related field. Membership as a Fellow of the Society of Actuaries (FSA) or Associate of the Society of Actuaries (ASA) certification, as well as three to five years of actuarial experience, are required as well. Actuarial associates should have the ability to use Prophet and/or other customer relationship management (CRM) software and experience with SQL database standards.
Actuarial Associate Tasks
- Advise policy holders, developing insurance plans, resolving issues, and managing oversight and policy value corrections.
- Perform ad hoc research and statistical analysis to estimate rates and probabilities affecting policies.
- Provide administrative, accounting, compliance, product development, valuation, and/or claims support for multiple departments.