Junior actuarial analysts calculate and measure risk levels and use these calculations to figure out premiums for insurance policies which cover these risks; they do this by calculating the probability of an event, the time-frames involved, and the likely magnitude of losses associated with that event. They also assist with financial statements by calculating the future values of financial assets and liabilities.
The work of these analysts is highly technical and usually done with the help of computer software. Junior actuarial analysts should have exceptional financial and accounting knowledge, as well as computer programming skills. They should also comply with ethics standards promulgated by the Auditing Standards Board.
Junior actuarial analysts typically work in white-collar offices. The insurance industry, particularly casualty and life insurance firms, employs the largest proportion of actuaries. Non-insurance financial corporations also employ actuaries, as do consulting and other firms which need help with risk management.
Those in this position generally do not supervise others, but likely work with or for a senior-level actuarial analyst. They also work frequently with accountants and may report to various senior-level staff within their companies. They are also unlikely to deal directly with customers or clients.
A bachelor's degree in a field relating to mathematics, statistics, finance, or economics is generally required for this position, and knowledge of computer programs such as Microsoft Excel, SAS, SQL, or Matlab may also be required. This is an entry-level actuarial position, so prior work experience is not a strict requirement. Certifications, such as passing Casualty Actuarial Society exams, may be required by some employers or, at least, highly beneficial.
These positions are usually full-time and employees generally work during traditional weekly business hours. Some shifts may be earlier or later for employees serving as support staff for offices in other time-zones.
Junior Actuarial Analyst Tasks
- Review accuracy of data and calculations.
- Report and assist in interpreting results of actuarial data analysis.
- Assist in the analysis of risk evaluation data, using appropriate models and statistical methods. Create relevant charts and graphs.