A Day in the Life of an Actuary

Overview of an Actuary's Role

• Actuaries use math and statistics to minimize financial risk.
• Responsible for estimating financial impacts and manage risks for investments, insurance, and other ventures.
• Tasks include building financial models, analyzing risks, and spreadsheet work.
• Communicate findings to staff and clients.

Key Takeaways

• Actuaries' work varies from analytics to administration and consulting.
• Median pay is $113,900 (2022).

Profiles of Actuaries

Lauren Ford, Actuarial Assistant at Allstate Insurance

• Works as a pricing actuary for property and casualty insurance.
• Daily tasks include analyzing loss and premium trends, estimating catastrophe exposure, etc.
• Communicates findings to sales leaders, agents, and product managers.
• Reviews insurance premiums quarterly, updates analyses semiannually.
• Balances administrative tasks with exam preparation and recruiting efforts.
• Typically works 40-50 hours a week.

Alex M. Tava, Managing Actuary at Cirdan

• Focuses on health insurance programs; works with Medicare, Medicaid.
• Daily routine involves reviewing emails, staff check-ins, and client analyses.
• Requires programming knowledge for data review.
• Responsible for financial reporting and client state/federal regulatory compliance.
• Week typically spans 40-60 hours.

James A. van Iwaarden, Consulting Actuary at Van Iwaarden Associates

• Specializes in retirement benefits consulting.
• Workday consists of emails, meetings, pensions work.
• Reviews government filings for pension clients.
• Flexible work schedule, with hours driven by client needs.

General Actuary Work Details

Typical Workday

• Involves data analysis, risk assessment, and stakeholder communication.
• Use of spreadsheets, databases, and specialized software.

Industries

• Primarily in insurance, consulting, government, and financial institutions.

Data Analysis

• A significant portion of the day is spent on data analysis.
• Tasks include cleaning data, applying statistical methods, and interpreting results.

Collaboration

• Collaborate with colleagues from various departments and external stakeholders.
• Activities vary based on industry and regulation levels.

Conclusion

• Actuarial careers are ideal for those interested in analytical problem-solving and creative business solutions.
• Provides job security, competitive compensation, and variety in work.