What jobs can you get with an actuarial science degree? That’s the question most students who want to become an actuary want to know. Contrary to popular opinion, getting that job at a large insurance company is not as easy as you think. In fact, the majority of entry-level actuaries actually work for consulting companies or the actuary division of an insurance company.
Actuarial science is a field of study that involves the use of statistics, mathematics and risk analysis to measure financial risk. An actuary uses these skills to calculate the probability of an event occurring and then uses that information to help companies estimate their future financial needs.
Actuaries work in many industries, including insurance, banking, healthcare and government.
Some common job titles for actuaries include:
• Actuarial Analyst
• Consultant
• Data Analyst
What jobs can you get with an actuarial science degree
Introduction
Actuarial science is a field that involves the analysis of statistics and risk. Students in the field study math, statistics, business and finance to prepare for careers as actuaries. If you’re looking to work with numbers for a living, but don’t want to work with something too hard-core like math or engineering, you might be tempted by an actuarial science degree because of it’s high potential salary. An actuary’s median annual salary is $102,880 and the job outlook until 2024 is 18%, much faster than average according to the US Bureau of Labor Statistics. Actuaries are found in insurance companies and other financial institutions where they assess risk, analyze data and predict financial outcomes of events such as natural disasters or health issues. They use their skills in mathematics and statistics to help businesses manage risk by making predictions about future events using statistical models.
Actuarial Analyst
An actuarial analyst is a person who analyzes mathematical data and applies the results to financial instruments. They apply statistical models to analyze data and determine the risk of certain events, such as death or disability.
In order to become an actuarial analyst, you must earn a bachelor’s degree in mathematics or statistics from an accredited college or university. You can then take coursework in applied statistics and risk management at this point if desired. Once you have graduated with your degree, you will need to pass two exams: the Society of Actuaries (SOA) exam and the Casualty Actuarial Society (CAS) exam.
Actuarial Associate
An actuarial associate is a person who has an associate degree in actuarial science. This job involves calculating insurance premiums, which means that you must be adept at math and have the ability to work with numbers. The position is often seen as a stepping stone into more senior roles, such as actuary or chief actuary. If you like working with numbers and are good at math, this may be the right job for you!
Actuarial assistant
Actuarial assistant
An actuarial assistant is a job that can be obtained with an actuarial science degree. Actuaries are financial analysts who help insurance companies determine their risk factors, and actuarial assistants assist them in this work. Entry-level positions for actuarial assistants usually require applicants to have one or more years of experience as an actuary or risk manager, though it is possible for someone with no prior experience to get hired in this role if they have a strong academic background and good communication skills.
Actuarial assistants are usually hired by large insurance companies after graduating from a Bachelor’s program at an institution such as the University of Michigan-Ann Arbor or Northern Illinois University (NIU). They work closely with senior members of the company on projects such as pricing insurance policies and analyzing data related to past events so that they can better predict future ones like natural disasters.
Assistant actuarial analyst
An actuarial analyst is someone who works to help insurance companies determine rates, manage risk and create financial models. The salary of an actuarial analyst ranges from $60,000 to $100,000 per year depending on the job type and location. The job outlook for this position is good with a projected growth rate of 12% for all occupations by 2024.
What skills are needed to be an actuarial analyst? You’ll need at least a bachelor’s degree in math or science such as nursing or physics; however, some employers prefer candidates with master’s degrees in mathematics or engineering. In addition to having superior mathematical ability and problem-solving skills, you must also be able to work independently without supervision while managing multiple projects simultaneously.
Assistant accountant
An assistant accountant is a job that focuses on the financial reporting of a company. An assistant accountant works under the direction of an accountant, and may be responsible for maintaining certain accounting records and providing accounting support.
The job outlook for an assistant accountant is expected to increase by 12% between 2016-2026 according to O*Net Online, which will make it easier for you to find work in this field.
An assistant accountant’s salary starts at about $50K per year, but can go higher depending on your level of experience and skill set. To become an assistant accountant, you’ll need advanced knowledge in computer systems as well as excellent interpersonal skills so that you can communicate effectively with both coworkers and clients alike.
If you’re interested in becoming an apprentice or junior associate accountants who work directly under senior accountants within their firms or businesses are often required to have at least two years’ worth of experience practicing their duties within the industry before they’re able yourself
Assistant tax consultant
You can get a job as an assistant tax consultant.
What are the qualifications for being an assistant tax consultant? You will need to have skills in accounting and math, as well as knowledge of computer programs such as Excel and Access. Most employers will prefer that you have experience in the area before applying for this position.
What are the skills required for being an assistant tax consultant? You should be able to work independently and pay close attention to detail. It would also be helpful if you can speak both English and Spanish fluently, since most of the people who need your services will be bilingual speakers of these two languages.
What are the job duties of an assistant tax consultant? The main duty is helping clients fill out their tax returns correctly by reviewing their forms before submitting them to the IRS (Internal Revenue Service). In addition, sometimes you may also give advice about how much money people should put aside each year so they don’t get hit with fines later on down the road due to not saving enough during retirement years (when they’re older).
Claims Analyst
Claims analysts are the people who determine how much you’re going to get paid after a claim has been filed. They review claims and determine how much money should be awarded to the claimant, as well as whether they have to pay any additional fees or penalties. Claims analysts also make recommendations on how to avoid having claims filed against an insurance company in the future by finding ways to reduce risks.
Claims analysts are often required to have a bachelor’s degree in business or actuarial science; however, some employers may accept applicants who have an associate’s degree only if they have previous experience working in claims-related roles (such as customer service).
According to Glassdoor, the average salary for a claims analyst is $51,000 per year; however this number can vary depending on what type of insurance company you work for (for example: life vs health vs auto) and where your office is located (i.e., if you live in New York City it will cost more than living somewhere else like Kansas City). There are also some ways that you can increase your earnings potential by getting promoted into management positions at some point during your career path; specifically becoming an underwriter makes sense because there’s higher pay associated with that role ($54K/year).
Data Engineer/Analyst
Data engineering and data analysis are two of the most common types of careers for bachelor’s degree holders in actuarial science. In order to become a data engineer or analyst, you’ll need to know how to use SQL (Structured Query Language) and Python. Both are programming languages used by businesses, governments and nonprofits to collect, organize and analyze large amounts of information.
The difference between a data engineer and analyst? The former is responsible for developing software applications that perform various functions related to collecting, storing and analyzing data; while the latter builds models using statistical methods like regression analysis as well as other tools like statistical packages/packages such as R or SAS.
Financial Analyst/manager
Financial analysts are tasked with helping companies and organizations make better financial decisions. They use their knowledge of statistics, data analysis and other hard-to-understand concepts to provide information about risk and revenue potential.
Financial analysts can work for financial institutions such as banks or insurance companies. In these jobs, they help the business understand its finances by analyzing market conditions, user behaviors, trends in customer behavior or technological advancements that may affect profitability in the future.
Financial analysts also work in corporate finance departments at businesses where they help managers make informed decisions on how to improve profit margins by understanding how changes in product pricing affect company performance over time; for example: If we raise our retail prices by 5%, what impact will this have on sales volume? What if we lower our manufacturing costs by 5%? How much do we save per unit? These types of questions need answers before management can make effective business plans based on future growth opportunities (which could be big) or cutbacks (which could be very painful).
People with Actuarial science degrees have a lot of job options.
- Actuarial science degree is a good degree to have.
- You can use your actuarial science degree in several different fields.
- An actuarial science degree is a good choice for people who want to pursue careers in finance or insurance.
Conclusion
Actuarial science is a great degree to have and can open up opportunities for many different jobs in finance. For those interested in this area, we hope that this overview has helped you learn more about how actuaries are trained and how their careers progress once they enter the field as well as some of the challenges they face while performing their duties. We also hope that you now understand why it’s so important to get an internship experience before applying for any actuarial positions since many companies require relevant experience when hiring new employees.
