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.
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.
Education and Training Requirements:
- Degree in mathematics, statistics, economics engineering, physics or any business course;
- Becoming a Fellow at Actuarial Society of the
to be able to have a license; Philippines
- 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
Mainly office-based like government and consulting, insurance and healthcare companies
Usually works 8 hours a day, five times a week, but work hours may also vary and depends on a clients’ preference.
Actuary is one of the most in demand jobs in