Actuary job description template
If you are hiring for this role, start here. This free template is our detailed definition of the position, with everything you need to find and hire the right person. Copy it, add your own requirements, and post it.
What is an Actuary?
Actuaries perform a variety of calculations and assessments to determine potential risks of company decisions, financial consequences, and probability of events.
They calculate the outcomes related to accidents, illnesses, investments, health insurance, property, etc.
They also design insurance policies and develop strategies that will reduce a company’s financial risks.
Actuaries commonly work in insurance companies, pension funds, healthcare establishments, investment banks, actuarial consultancies, and accountancy firms.
The top Actuary skills.
Five things separate a strong hire from a résumé that reads well. Use these as your scorecard criteria.
The job description, ready to post.
Copy it as written, or edit it until it sounds like your company. Both work.
Our company is welcoming an analytical Actuary into our ranks. In this position, you will use your mathematical and analytical skills to interpret complex mathematical information and present it to other parties. Other general duties include collecting information and measuring potential risks and the probability of the company's actions and events. By providing accurate results and finding you will minimize the company’s costs and largely influence further decisions.
As an Actuary, your main goal is to provide relevant and accurate findings that will reduce the company’s costs and increase profitability. Along with that, our Actuary will present those findings to managers, financial directors, and stakeholders. Other valuable skills that we look for in our new team members are excellent verbal communication, analytical mind, mathematical skills, and solid business and financial knowledge.
Duties and responsibilities
- Collect, analyze, and evaluate information to determine potential risks and financial impact on certain events, actions, and individuals
- Collect statistical data for additional analyses Measure the probability and likelihood of events such as accidents, illnesses, and natural disasters
- Design and test policies to minimize risks and maximize the profitability of insurance policies and pension plans
- Utilize computer programs to analyze data, create models, graphs, and tables to display findings
- Present and explain statistical and mathematical information to managers, stakeholders, and other parties
- Develop and implement strategies to minimize risks and costs
- Research and develop new financial products
- Prepare presentations, reports, and quarterly updates
- Liaise and collaborate with investment managers, financial directors, and other parties
- Research and stay up-to-date with financial developments in the business world
- Establish and document actuarial procedures and regulations
Requirements
- Bachelor’s degree in mathematics, finance, actuarial science, or a related field
- CAS or SOA certification required
- Actuarial working experience
- Wide knowledge of actuarial principles and functions
- Math, statistics, and computer science expertise
- Excellent communication and presentation skills
- Familiarity with finance, managerial, and business principles and functions
- Exceptional analytical skills
- Decision-making and problem-solving
Take the template with you
Copy it straight into your job board or ATS, or have it emailed to you with the interview questions for this role.
What education this role needs.
Actuaries normally obtain a Bachelor’s degree in actuarial science, mathematics, finance, business, or a related field.
Knowledge of complex mathematical functions, statistics, economics, and computer science provided by these degrees makes a perfect foundation for future actuarial work.
Additionally, Actuaries must complete one of two professional programs depending on the field they want to work in: The Casualty Actuarial Society (CAS) or The Society of Actuaries (SOA).
Sample interview questions for an Actuary.
Once you have gathered the applications, work through these in order. Twelve questions across four areas, enough to tell your shortlist apart.
- Tell us more about your education and certifications.
- What is your life’s biggest inspiration and why?
- Do you have any long-term goals or plans?
- How many years of experience do you have as an Actuary?
- Why did you pick our company among many others?
- What are your biggest strengths and weaknesses when it comes to working?
- Do you have any particular leadership style?
- How would you describe a stressful day at work?
- How do you cope with pressure at work?
- How would you explain the actuarial role in investment?
- How do you most efficiently collect and analyze information?
- What achievement are you most proud of? What did you do?
How much to pay when hiring.
Annual pay by percentile. Where you land depends on the size of the cycle they will own, and the 25th percentile is usually where a first analyst hire sits.
Hourly equivalents run from $37 at the 10th percentile to $84 at the 90th.
Candidates may apply under a different name.
Post the title your industry uses and keep the rest of the description. These three roles overlap enough that the same posting usually reaches all of them.
Three titles, one description.
Search behavior varies by industry, so the same job is advertised under several names. If you are unsure which one your candidates search for, run two titles and see which fills.
Frequently asked questions.
Where do Actuaries typically work?
Actuaries can work in a variety of environments:
- Life insurance companies
- Pension funds
- Healthcare providers
- The government’s actuarial departments
- Actuarial consultancies
- Investment banks
- Management consultancies, etc.
What are the different types of insurance Actuaries?
Actuaries who work in the insurance industry are often specialized in a specific field of insurance, such as health insurance, life insurance, property and casualty insurance, pension and retirement benefits, and enterprise risk insurance.
What is the difference between CAS and SOA certifications?
The Casualty Actuarial Society (CAS) is a certification and training program that prepares Actuaries to work in the property and casualty fields, which include automobiles, homeowners, medical malpractice, and workers’ compensation insurance.
The Society of Actuaries (SOA) educates Actuaries to work in life insurance, health insurance, retirement benefits, investments, and finance.
What degrees do Actuaries usually obtain?
A Bachelor’s degree in actuarial science, mathematics, finance, economics, or business are the most common requirements for Actuaries.
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