GRADEMPIRE
RECRUITMENT ADVICE & SERVICES
Actuary
Actuaries are well compensated. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that.
Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities. For example, an actuary with a fellowship designation working as a financial manager in the banking industry could earn a higher salary than another fellow working in the health insurance industry.
What do Actuaries Do?
On an analytical level, a typical day would consist of working on spreadsheets to complete a reserve analysis or pricing adequacy review. In a midsize company like mine, there is also opportunity to price a new product, which takes creativity, or respond to an insurance department inquiry, which requires communication skills and tact.
On a management level, a typical day might consist of approving reserve or pricing reviews, conferring with data management over discrepancies, discussing product strategies with operating units, or meeting with senior management of the company to discuss quarterly results.
While many actuaries work in the insurance industry, the actuarial skill set is being increasingly sought after by industries that have not traditionally employed actuaries. These areas include the financial services industry, marketing/sales organizations, and benefits management firms, among many others.
Desirable Qualities
You may think being amazing at maths is enough to be an Actuary. You are wrong. Less and less are companies hiring the "quiet, introverted" types. Instead Actuaries should have five main qualities:
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Specialized math knowledge
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Calculus, statistics, probability
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Keen analytical, project management, and problem solving skills
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Good business sense
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Finance, accounting, economics
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Solid communication skills (oral and written)
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Strong computer skills
Actuarial Recruitment Process and Which Companies use which one
There are two main types of Assessment center/ recuitment set-outs for entry level jobs for Actuarial students.
1) Technically orientated
2) Behavioural orientated
Larger companies such as CBA, Delloitte and EY are generally more behavioural orientated. Because they are so large, they want to know about how you work in a team. Once your academic result is of a high standard (enough for you to get an interview) they rarely ask very difficult mathematical problems. On the other hand, technically driven companies such as Quantium and other analytical firms have a more technical approach. They need to know that you can use Excel function such as VLOOKUP and also that you remember how to use the different distributions you learnt in unversity (e.g. Binomial, Poisson).
Although there are two main types, each company always have their own specific recruitment process. You can use the following as a guide for what to expect. However, a good actuary should be able to excel in both.
