Nature of the Job:

The job of an Actuary involves determining the future financial risk and uncertainties like accidental injury, fire, damage to property, need for medical care, or premature death of the company. They calculate the cost of each uncertain incident and then replace them by insurance or any premium payment.  In-depth knowledge in mathematics, statistics and economics is a big help in solving business problems and assessment of the companies’ financial outlook.

Basic Tasks:

The task of actuary depends in the nature of business of the company but the basic task includes:

• Assess and compute the insurance and future financial losses such as insurance, retirement plans;
• Determine the cost of the past liabilities and re-pricing it;
• Design and maintain products and systems;
• Reporting to senior managers the assets and liabilities;
• Product pricing, assessment of liabilities and giving information where actuarial input is needed
• Keep the company updated with the financial and business worlds.

• Degree in mathematics, statistics, economics engineering, physics or any business course;
• Becoming a Fellow at Actuarial Society of the Philippines to be able to have a license;
• Government accreditation in Insurance Commission (IC) and Securities and Exchange Commission (SEC) to practice the profession.

Skills and Competency Requirements:

• Knowledge in calculus, probability and statistics;
• In-depth knowledge in finance, accounting and economics;
• Knowledge in the use of computer including word processing programs, spreadsheets, statistical analysis programs, database manipulation, programming languages, in building mathematical and statistical date
• Good oral and written communication skills;
• Good business sense, analytical, project management and problem solving skills
• Ability to interpret data and explain complex information
• Can work individually or as part of the team

Salary Range:

Local Employment

Entry level for actuarial positions averaged about P9,000 per month.

Overseas Employment

In US, salary of actuarial position with less than 1 year experience is USD 4,199 or USD 50,398 per year. An actuary with 20 years or more of experience is paid USD11684 or USD140,208 per year.

Work Environment:

Mainly office-based like government and consulting, insurance and healthcare companies

Working Hours:

Usually works 8 hours a day, five times a week, but work hours may also vary and depends on a clients’ preference.

Career Advancement:

Actuary is one of the most in demand jobs in America. Job offers are mostly in pensions, insurance, and emerging offers in independent consultancies, investment banking, the Stock Exchange, industry and commerce, and the Government Actuary's Department.

Professional Organizations

Actuarial Society of the Philippines