Actuarial analysts perform risk assessments for a variety of companies and are typically found in financial services institutions and insurance companies. An entry-level actuarial analyst is a person new to this career track who generally works within a larger department in risk analysis. As entry-level analysts, they must help provide research data for other actuaries within the department, as well as help convert that data into actionable analyses and reports.
Part of the risk management work performed by actuarial analysts includes examining potential investments made by a company, especially for financial services institutions. An entry-level analyst may be asked to look at potential new financial products to be offered or perform data-modeling and provide results to other actuaries within the team. They may also research similar products or investments and return as many data points on profitability and exposure as possible so that senior actuaries can make final determinations and recommendations.
Within insurance companies or benefits departments within corporations of tens of thousands of employees, entry-level actuarial analysts also assess exposure to loss for the company. This consists of daily examinations of settlements and premiums and combining this data with trends found in government reports and industry disclosures. At this entry level, the actuarial analyst is simply culling bits of useful data for the risk department from what can be huge amounts of inapplicable numbers.
To work as an entry-level actuarial analyst, one should earn a degree in a relevant field and perhaps seek out internships with potential post-collegiate employers while still in school in order to work with risk management and loss assessment groups. Entry-level actuarial analysts generally work desk jobs in large offices, typically during regular business hours.
Entry Level Actuarial Analyst Tasks
Assist in the analysis of risk evaluation data, using appropriate models and statistical methods,. Create relevant charts and graphs.
Report and assist in interpreting results of acturarial data analysis.
Review accuracy of data and calculations.