What Does an Actuary Do?
An actuary evaluates and manages financial risk by applying advanced mathematical and statistical techniques. They are most commonly employed in the insurance, pension, investment, and healthcare sectors, where they forecast future events and costs to help organizations make informed decisions. Actuaries translate complex data into meaningful insights that guide product pricing, reserve planning, and strategic risk management.
In their daily work, actuaries use software tools to analyze large datasets, build predictive models, and simulate economic scenarios. They collaborate with finance professionals, underwriters, and executives to ensure that products and strategies are financially sound. Their insights not only protect businesses from potential losses but also shape sustainable financial growth.
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Actuary Core Responsibilities
- Analyze statistical data to assess risk and forecast costs associated with events such as illness, accidents, or market changes
- Develop models and formulas for pricing insurance policies, pensions, or financial products
- Use software tools and programming languages to manage and interpret data
- Prepare reports and visual presentations to communicate findings
- Collaborate with teams across finance, underwriting, and compliance
- Ensure financial plans meet regulatory requirements and professional standards
- Monitor trends in demographics, economics, and healthcare to adjust assumptions and models
- Assist in strategic decision-making through scenario planning and forecasting
Required Skills and Qualifications
Hard skills
- Proficiency in Excel, SQL, and actuarial modeling software (e.g., Prophet, R, SAS)
- Knowledge of probability, statistics, finance, and economics
- Ability to construct financial models and run simulations
- Familiarity with data visualization tools (e.g., Tableau, Power BI)
Soft skills
- Analytical thinking and attention to detail
- Strong problem-solving and logical reasoning
- Effective communication and the ability to explain complex topics clearly
- Time management and ability to prioritize tasks
Educational requirements
- Bachelor’s degree in actuarial science, mathematics, statistics, economics, or a related field
Certifications
- Completion of actuarial exams from the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS)
- Associate or Fellow designation preferred, depending on role level
Preferred Qualifications
- 2–5 years of actuarial experience in insurance, healthcare, pensions, or finance
- Programming experience in Python, R, or VBA
- Experience working with regulatory compliance standards (e.g., NAIC, GAAP, IFRS)
- Progress toward or completion of ASA/FSA or ACAS/FCAS certification
- Strong understanding of business operations and financial systems
National Average Salary
Actuary salaries vary by experience, industry, organization size, and geography. Click below to explore salaries by local market.
The average national salary for an Actuary is:
$112,346
Sample Job Description Templates for Actuaries
Actuarial Analyst (Entry-Level)
Position Overview
An actuarial analyst supports the development of models and financial reports that assess risk and predict future costs. This entry-level role provides foundational experience in actuarial science and supports senior staff with data preparation, research, and analysis.
Responsibilities
- Collect and clean data from internal and external sources
- Assist in building and validating actuarial models
- Prepare preliminary reports and statistical summaries
- Conduct research to support pricing, valuation, or reserving tasks
- Learn regulatory standards and actuarial methodologies
- Collaborate with senior actuaries on various project work
Requirements
Hard skills
- Proficiency in Excel and familiarity with programming (e.g., R, Python)
- Understanding of statistical analysis and probability theory
- Basic exposure to actuarial modeling software
Soft skills
- Eagerness to learn and apply actuarial concepts
- Strong organizational and time management skills
- Ability to work both independently and in teams
Educational requirements
- Bachelor’s degree in actuarial science, mathematics, statistics, or economics
Certifications
- Progress toward SOA or CAS actuarial exams (1–2 exams passed preferred)
Preferred Qualifications
- Internship or co-op experience in an actuarial role
- Familiarity with data visualization tools
Associate Actuary
Position Overview
An associate actuary independently handles actuarial tasks such as modeling, pricing, and valuation. This mid-level position typically requires progress toward associate-level certification and the ability to lead small projects.
Responsibilities
- Perform detailed actuarial analysis using standard models
- Assist in developing pricing, reserving, and forecasting strategies
- Ensure data integrity and proper documentation of assumptions
- Prepare reports and presentations for stakeholders
- Contribute to model development and process improvements
Requirements
Hard skills
- Proficiency in actuarial tools (Prophet, SQL, R)
- Experience analyzing financial and risk-related data
- Ability to build and validate actuarial models
Soft skills
- Critical thinking and mathematical reasoning
- Effective written and verbal communication
- Collaboration with cross-functional teams
Educational requirements
- Bachelor’s degree in actuarial science or related field
Certifications
- ASA or ACAS designation in progress
Preferred Qualifications
- 2–4 years of actuarial experience
- Strong presentation skills for technical concepts
Senior Actuary
Position Overview
A senior actuary leads key actuarial projects, mentors junior analysts, and provides high-level insight into financial risk. This role requires deep technical skills and the ability to collaborate across departments.
Responsibilities
- Lead pricing, reserving, or valuation workstreams
- Review and validate models and analyses created by team members
- Develop methodologies and assumptions for forecasting
- Provide strategic recommendations based on actuarial findings
- Mentor junior staff and support exam preparation efforts
Requirements
Hard skills
- Advanced modeling and data analysis expertise
- Familiarity with financial reporting frameworks
- Proficiency in actuarial and data science tools
Soft skills
- Leadership and decision-making ability
- Strong communication for technical and non-technical audiences
- Project management and prioritization skills
Educational requirements
- Bachelor’s degree required; master’s preferred
Certifications
- ASA or ACAS designation required; FSA or FCAS preferred
Preferred Qualifications
- 5+ years of actuarial experience
- Experience presenting to executive leadership
Lead Actuary
Position Overview
A lead actuary manages a team of actuaries and provides technical leadership for key strategic initiatives. This role bridges day-to-day analysis with executive decision-making.
Responsibilities
- Oversee model development, review, and implementation
- Manage and prioritize actuarial projects
- Guide compliance with regulatory requirements and standards
- Lead meetings with internal stakeholders and external regulators
- Align actuarial efforts with corporate financial strategy
Requirements
Hard skills
- Deep knowledge of actuarial modeling frameworks
- Understanding of financial planning and capital management
- Experience with regulatory filings and audits
Soft skills
- Leadership and team-building capabilities
- Strategic planning and execution
- Executive communication skills
Educational requirements
- Bachelor’s degree required; master’s in actuarial science or finance preferred
Certifications
- FSA or FCAS designation required
Preferred Qualifications
- 7+ years of actuarial experience, including leadership roles
- Prior experience managing actuarial teams or functions
Chief Actuary
Position Overview
The chief actuary oversees the entire actuarial function, guiding corporate strategy on risk, pricing, and capital management. This executive role ensures regulatory compliance, financial soundness, and alignment with organizational goals.
Responsibilities
- Direct all actuarial operations across pricing, reserving, and forecasting
- Serve as primary liaison with regulators and auditors
- Define actuarial methodologies and risk tolerance frameworks
- Lead strategic planning around product design and capital allocation
- Represent the actuarial team in board and executive discussions
Requirements
Hard skills
- Expertise in all core actuarial disciplines
- Strong grasp of financial regulation, capital models, and solvency requirements
- Proficiency in advanced modeling tools and governance frameworks
Soft skills
- Executive leadership and cross-functional influence
- High-level analytical judgment
- Communication of complex data to stakeholders
Educational requirements
- Bachelor’s degree required; master’s or MBA preferred
Certifications
- FSA or FCAS designation required
Preferred Qualifications
- 10+ years of actuarial leadership experience
- Experience guiding enterprise-level risk strategy