Duties and responsibilities
As consultants typically work for themselves, they have a lot of control and flexibility over their work. Typically, they carry out the typical duties of:
- Compile statistical data and other information for further analysis
- Estimate the probability and likely economic cost of uncertain events
- Design, test and administer insurance policies and other business strategies to minimise risk and maximize profitability
- Explain findings to clients, can do this using charts and tables.
To reach consultancy level, actuaries need a relevant undergraduate bachelor?s degree in actuarial science, mathematics, statistics or another related field.
They also need to complete the actuarial exams accredited by the relevant actuarial society to become an actuarial associate and then an actuarial fellow.
Skills and relevant work experience
To become an actuarial consultant, you will need to have at least a minimum of five years? experience working as an actuary.
- Mathematical and analytical skills: Actuarial consultants spend most of their days analysing large data bases, and therefore must have excellent an excellent ability to apply mathematical, statistical and financial theory.
- Communication skills: As actuarial consultants work for clients to manage and predict risk, they need to be able to effectively communicate their findings and outcomes with them in a simple form.
- Organisation: Actuarial consultants must be able to organise their time and work to meet the needs of their, sometimes many, clients.
- Motivation: As actuarial consultants work independently a lot of the time, or for themselves, they must be able to motivate themselves.
Actuarial consultants are largely in charge of their own working hours. However, it can be expected that they will work around 40 hours per week. However, at the start they may have to work overtime to create a good impression and gather the cliental.
According to PayScale, the average salary for an actuarial consultant is $93,000 per salary, with the bottom 10% earning less than $65,000 and the top 10% earning over $129,000.
Actuarial consultants progress from actuaries, after sitting all their exams and gaining experience. As a consultant, you gain more control over your advancement, salary and skill development.