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The Information Required To Become An Actuary And His Salary Details
What is an Actuary?
An Actuary is a person who is responsible for assessment of financial risks associated with several dependent events with the help of certain mathematical and statistical methods and also for scientific valuation of certain products insurance, investment, etc fields. Especially, the designation of an Actuary is given to the fellow member of Actuarial Society of India.
The following are the roles performed by an Actuary:
• They solve financial issues by providing long term solutions.
• Uncertainties are effectively analyzed by him and also find appropriate solutions for that uncertainty.
• They always implement effective strategies.
• Both the aspects of the balance sheet such as liabilities and assets are effectively analyzed by him.
• Consult the experts regarding data modeling and the methods to overcome it.
• Practical and innovative strategies are implemented by them.
• They are responsible for providing suggestions on the current and future financial position.
• Higher officials are governed in the financial issues such ...
... as government bodies.
• They make effective decisions for developing services and products in the insurance companies.
• They are responsible for generating repots for presenting in front of the investors.
• If the work of an actuary is not carried out perfectly then he has right to take certain instant steps for making work smooth.
• Funds are generated by taking his ideas into consideration.
Actuary skills and specifications
• He must have immense computer knowledge.
• He must be able to work effectively with statistical analysis software.
• It is necessary to master certain essential programming languages.
• Technical background must be very strong.
• He must possess good communication and interpersonal skills.
• Actuary Skills and Specifications
Actuary job description
Complex risks are evaluated by the Actuary and probability and potential consequences associated with risks are accessed. Most of the actuaries will work in the traditional fields. The work of an Actuary involves very high responsibilities and thousands of people are affected by the decisions made by the Actuaries. In the insurance field, actuaries must make sure that premium rates are accurately set and that sufficient fund exist for meeting the claims. Sometimes he is also responsible for handling advisory and legislative work. He is also responsible for managing the staff and reports financial predictions to the management. This is a highly respected job where you are remunerated very well.
How much does an Actuary make?
• The salary paid to an Actuary is very high as the acquired level of qualifications is high.
• The salary of Actuary varies with many factors such as responsibility, location, experience and size of the organization.
• In United States, the median salary paid to an Actuary will fall in the range of $51,000 to $55,000 annually.
• The Actuary who is highly skilled with more than 5 years of experience is paid about $60,000 annually.
• Highly talented and skilled Actuary can be paid up to $107,000 per year.
• The starting salary of an Actuary can be increased with increase in skills and knowledge.
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