In every organization, actuarial associate responsibilities are necessary to get various projects done simultaneously. The actuarial associates execute these responsibilities not just for supporting the senior staff, but also to learn various intricacies of insurance business which they might not be able to learn in a college or institute.
Actuarial associates pursue a specific stream of insurance business. While some choose to work for property and general insurance, others opt for life and medical insurance. Some actuarial associates also work for federal organizations. The exact job responsibilities of an actuarial associate will depend on the organization, clients and the insurance services offered by that organization.
Actuaries usually assign various research and computational tasks to the actuarial associates. They help the senior actuary in forecasting contingencies, calculating premium amount, developing pension and insurance plans, etc. Actuaries also provide wealth management services to their clients and thus the actuarial associates are also involved in the same to devise investment plans according to individual and corporate requirements.
Actuarial associate responsibilities are not just limited to the calculation of premium amounts or analyzing what the future holds for the clients. They are in-charge of maintaining records of all the business transactions, client records, and other documents and help the actuary during meetings and presentations in the organization.
A point wise description of actuarial associate responsibilities will help you in getting familiar with the nature of this job and what career options it offers as you continue working.
The above mentioned responsibilities are the primary concerns of any actuarial associate in an organization. Apart from these tasks, the actuarial associate helps the administration department by training any new actuarial staff. They also provide the details of financial transactions to the finance department for preparation of balance sheet for the financial year.
Skills of an Actuarial Associate
An actuarial associate must know how to prepare database and statistical models, presentations, and other records and reports required by the organization and clients. He must be able to work independently with little support from senior staff. Actuarial associate should be flexible enough to learn new skills on the job and accept criticism as a part of the learning process.
Becoming an Actuarial Associate
To apply for this position, you should possess at least a bachelor's degree in actuarial sciences, statistics, mathematics, finance or a related course. Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) offer certificates in actuary for which you need to complete a series of tests. You can appear for these tests even as you work for an organization and once you clear all the tests, you can apply for the position of actuary.
Career Scope for Actuarial Associate
While working in this position, you can expect to earn around $90,000 annually. This position offers you not just a salary, but an experience that helps you to move ahead in your career and become an actuary as you gain knowledge and pass the requisite tests as mentioned above.
Actuarial associate responsibilities allow you to analyze as to how you need to prepare for this job. While applying for a job in this position, we would recommend that you ask the employer about the exact responsibilities that would be offered and whether any allowances or benefits would be provided apart from the salary.