2017 Actuaries
Median Pay: US$97,070
Entry Level: Bachelor's degree
Summary
Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries' work is essential to the insurance industry.
Duties

Actuaries typically do the following:

  • Compile statistical data and other information for further analysis
  • Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
  • Design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability
  • Produce charts, tables, and reports that explain calculations and proposals
  • Explain their findings and proposals to company executives, government officials, shareholders, and clients

Most actuarial work is done with computers. Actuaries use database software to compile information. They use advanced statistics and modeling software to forecast the probability of an event occurring, the potential costs of the event if it does occur, and whether the insurance company has enough money to pay future claims.

Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with market research analysts to forecast demand for new products.

Most actuaries work at insurance companies, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that the premiums are profitable yet competitive with other insurance companies.

Actuaries in the insurance industry typically specialize in a specific field of insurance, such as one of the following:

Health insurance actuaries help develop long-term care and health insurance policies by predicting expected costs of providing care under the terms of an insurance contract. Their predictions are based on numerous factors, including family history, geographic location, and occupation.

Life insurance actuaries help develop annuity and life insurance policies for individuals and groups by estimating, on the basis of risk factors such as age, gender, and tobacco use, how long someone is expected to live.

Property and casualty insurance actuaries help develop insurance policies that insure policyholders against property loss and liability resulting from accidents, natural disasters, fires, and other events. They calculate the expected number of claims resulting from automobile accidents, which varies with the insured person's age, sex, driving history, type of car, and other factors.

Some actuaries apply their expertise to financial matters outside of the insurance industry. For example, they develop investment strategies that manage risks and maximize returns for companies or individuals.

Pension and retirement benefits actuaries design, test, and evaluate company pension plans to determine if the expected funds available in the future will be enough to ensure payment of future benefits. They must report the results of their evaluations to the federal government. Pension actuaries also help businesses develop other types of retirement plans, such as 401(k)s and healthcare plans for retirees. In addition, they provide retirement planning advice to individuals.

Enterprise risk actuaries identify any risks, including economic, financial, and geopolitical risks that may affect a company's short-term or long-term objectives. They help top executives determine how much risk the business is willing to take, and they develop strategies to respond to these issues.

Actuaries also work in the public sector. In the federal government, actuaries may evaluate proposed changes to Social Security or Medicare or conduct economic and demographic studies to project future benefit obligations. At the state level, actuaries may examine and regulate the rates charged by insurance companies.

Some actuaries are considered consultants and provide advice to clients on a contract basis. Many consulting actuaries audit the work of internal actuaries at insurance companies or handle actuarial duties for insurance companies that are not large enough to keep their own actuaries on staff.

Risk Management Intern

Type: Internship
Assists in the preparation of the insurance premium budget allocations of all lines of insurance coverage.Attend various meetings with brokers, actuaries, TPAs, department team members (insurance, claims, risk control and environmental) and division contactsAssists in gathering, assembling, and...
Apply Share

CMS Summer Intern Reston, Virginia

Type: Internship
About UsAt Korn Ferry, we grasp every opportunity to surprise others and ourselves by going beyond expectations to deliver a bit extra. We call it exceeding potential. To inspire and excite people, teams, even entire organizations. To bring companies' strategies to life. To unite boardrooms...
Apply Share

Actuarial / Analyst Training Program

Type: Full Time, Full Time Alumnus
Homesite Insurance was founded in 1997 and was one of the first companies to enable customers to purchase home insurance directly online, during a single visit. Since then, we've continued to innovate rapidly to meet the needs of our customers and their changing expectations.One thing that...
Apply Share

Actuarial Long Term Intern

Type: Internship
Actuarial Interns with American Modern Insurance Group have the opportunity to work in three primary areas that will develop their actuarial skills: Pricing, Reserving and Predictive Modeling. Work in these areas involves the following types of activities:PricingDevelopment of rate level...
Apply Share

GHSC Actuarial Intern - Atlanta - College Program 2019

Type: Internship
Do you want your internship to be with a global leader in health, wealth and career consulting?Are you seeking to learn and grow professionally and personally this summer?If you answered "Yes" to those two questions - read on to learn more!WHO WE AREMercer is a global consulting leader in...
Apply Share
Atlanta, GA

Pricing Research Intern

Type: Internship
The Pricing Research Intern will expand research and data analysis skills in a business environment. The Pricing Research Intern will also learn about insurance, loss drivers, and basic concepts of Property/Casualty actuarial work.Work with a experienced team of actuaries to research market trends...
Apply Share

Product Intern

Type: Internship
Homesite Insurance was founded in 1997 and was one of the first companies to enable customers to purchase home insurance directly online, during a single visit. Since then, we've continued to innovate rapidly to meet the needs of our customers and their changing expectations.One thing that...
Apply Share

College Intern - Actuary

Type: Internship
Provides and verifies data and actuarial reports necessary for product and financial management utilizing actuarial principles and mathematical analysis.Position Responsibilities:Gathers, organizes and formats data from various sources, reviews for reasonableness and provides this data for internal...
Apply Share

Actuarial Intern

Type: Internship
Homesite Insurance was founded in 1997 and was one of the first companies to enable customers to purchase home insurance directly online, during a single visit. Since then, we've continued to innovate rapidly to meet the needs of our customers and their changing expectations.One thing that...
Apply Share

Graduate Intern, Client Strategy and Research

Type: Internship
Business Unit:IM&RJob Description:Our full-time summer internship program starts in May or June and requires a 10 to 12 week commitment. The purpose of this summer intern position is to provide support to the Client Strategy & Research team serving Russell Investments' institutional...
Apply Share

Physical Therapist Assistant--multiple locations across South Carolina

Type: Full Time, Full Time Alumnus
Job Posting End Date: 02/27Unum is a company of people serving people. As one of the world's leading employee benefits providers and a Fortune 500 company, Unum's financial protection benefits help protect more than 33 million working people and their families from the financial impact of...
Apply Share

Actuarial Summer Intern

Type: Internship
Rooted in the downtown landscape since 1929, American Enterprise knows what it means to stay viable in the marketplace. That is why the organization is in the midst of a transformation - reinventing the way we serve our customers. We are growing and are looking for dynamic individuals who are ready...
Apply Share

Internship- Actuary

Type: Internship
Cleveland, Ohio Full-time Paid College students participate in internships that are 10-12 weeks over the summer with competitive hourly wages.The Actuarial department is looking for an intern to assist with the completing detailed analysis of some of the department's projects. The intern will...
Apply Share

Principal Analyst- Treasury & Investments - Finance - Washington, DC or Rockville, MD

Type: Full Time, Full Time Alumnus
We Work to Protect Investors. Join our Team.The Financial Industry Regulatory Authority (FINRA) is seeking a well-qualified individual for our Principal Analyst, Treasury & Investments opening in Washington, DC or Rockville, MD. To be considered for this position, please submit your resume...
Apply Share
Washington, DC

Retirement Actuarial Intern - Chicago- College Program 2019

Type: Internship
Do you want your internship to be with a global leader in health, wealth and career consulting?Are you seeking to learn and grow professionally and personally this summer?If you answered "Yes" to those two questions - read on to learn more!WHO WE AREMercer is a global consulting leader in...
Apply Share
Chicago, IL

Software Engineer, New Graduate

Type: Full Time, Full Time Alumnus
At Collective Health, we're rebuilding American healthcare from the ground up, an industry that comprises 20% of the US economy. We all depend on healthcare throughout our lifetimes, for ourselves, and our families and friends, but it is notoriously difficult to navigate, comprehend care...
Apply Share

Intern - Global Research

Type: Internship
Position OverviewRGA is looking for an intern to assist actuaries in the Global Research department with the development of quantitative and qualitative research for strategic research initiatives. Provide research support through written reports that will contribute to content which may result in...
Apply Share
RGA
Chesterfield, MO

College Intern - Actuary

Type: Internship
Provides and verifies data and actuarial reports necessary for product and financial management utilizing actuarial principles and mathematical analysis.Position Responsibilities:Gathers, organizes and formats data from various sources, reviews for reasonableness and provides this data for internal...
Apply Share

Actuarial Intern - Health

Type: Internship
The San Francisco Health practice of Milliman provides actuarial and consulting services to a broad range of clients including insurance companies, healthcare providers, and government agencies. Our services include product design and pricing, valuation, benchmarking analyses, provider...
Apply Share
San Francisco, CA

Intern- Actuary

Type: Internship
Security Benefit (SB) a leader in the U.S. retirement market is seeking an Actuarial Intern to join our Corporate Modeling team. Security Benefit has been dedicated to helping clients plan and save for retirement for nearly five decades. Over the last several years it has become a top provider of...
Apply Share