THE JOB OUTLOOK FOR ACTUARIES IN THE USA

Who Is an Actuary?
Actuaries are professionals in risk analysis, and they know some possible solutions to these risks. They examine the possibility that certain events may occur and help to reduce the impact it may have on their consultant or employer. They do this with the help of the knowledge of financial theories, mathematical and statistical skills which they have acquired for themselves over the years. They are professional risk managers, so to say. That means any organization that thinks it might encounter risks in the sales of products or rendering of services will need an actuary, although, in the USA, these people mostly gain employment with insurance companies.
How to Become an Actuary?
Since actuaries work or solve problems with mathematical and statistical skills, they should have a very good background in mathematics, statistics, and business. Students looking forward to becoming actuaries are required to complete course work, in applied statistics, economics, corporate finance, as well as pass several exams to become a professional actuary.
Courses in the computer (knowledge of the use and development of the spreadsheet, the knowledge of programming language and statistical analysis tools) will be very useful. They will even need knowledge of proper public speech making and presentations, to be able to communicate their findings properly.
There are two professional societies that oversee programs through which you can become a professional actuary. They are the Society of Actuaries (SOA) and the Casualty Actuaries Society (CAS).
While the society of Actuaries (SOA) certifies those, who work in health insurance, retirement benefits, investment, life insurance and finance, the Casualty Actuaries Society (CAS), certifies the actuaries working in the casualty and property field (which include homeowners, automobile, workers compensation insurance, and medical malpractice).

These professional bodies expect applicants to complete some course work in economics, mathematical statistics, and finance, while they are in college. They also expected to pass seven exams to make it to the associate level. To become an associate, these applicants must study and work for roughly four to seven years in college.
Both the SOA and the CAS require a continued education even after the associate level is attained. This training requirement can be met later by attending seminars or courses with sponsorship from their employers.
Many times, these young graduate actuaries start their career as trainees. Where they are joined to experienced actuaries, from whom they are properly learned, actuaries.
Initially, they perform simpler tasks like data compilation, but subsequently, they begin to write reports as well as researches.
Their training might also require them working in different departments (product development, marketing and more) with the aim of learning how the actuarial work applies to that department in the company.

QUALITIES OF A GOOD ACTUARY
A good actuary should possess the following skills

ANALYTICAL SKILLS
This skill or quality in actuaries helps them to understand patterns as well as trends in complex datasets, with the aim of determining factors that affect certain event types.

GOOD INTERPERSONAL SKILLS
Since actuaries hold some leadership positions in some organizations, it is important for them to have good interpersonal skills (good listening, paying quality attention to details and opinions of, both his group and none group members).

PROBLEM-SOLVING SKILLS
They identify certain problems and try to proffer solution to these risks.

COMPUTER SKILLS
Actuaries are expected to have sound knowledge of programming language as well as how to use them. They should be able to develop databases, spreadsheets, and statistics analyzing tools.

COMMUNICATION SKILLS
Since actuaries can be contacted and they work with people who are not professionals, they are required to possess the ability to communicate complex matters in simple terms to professionals in the work environment, if the need arises. They must also clearly communicate through write-ups (reports, memos and more).

MATHEMATICAL SKILL
Actuaries make use of the principles of statistics, calculus, and probability in their quality risks.
In fact, the actuary cannot do without this expertise and skill.

Where Can Actuaries Work in the USA?
Like we mentioned earlier, every organization whose products and service can encounter risk has a need for an actuary. Actuaries are needed in the government, that is, in finance departments, they are needed for a scientific, professional and technical services, management of enterprises and companies.  They are mostly needed in financial organizations and insurance organizations. Visit www.RevShareRecruiters.com for current job lookout for actuaries.
Actuaries who work for insurance companies usually focus on the specific field of insurance. Some of these fields include;

LIFE INSURANCE (ACTUARIES)
They aid in building life insurance policies, by considering factors of risk to life such as health status, age, tobacco use, gender and more.

HEALTH INSURANCE (ACTUARIES)
The help predicts the cost of taking care of the insured in terms of the contract. They examine several factors like occupation, geographical location and more.

PENSION AND RETIREMENT BENEFIT(ACTUARIES)
They examine the plan of the insurance company, with the aim of making sure that the available finance in the future will be enough to execute the pension and benefits contract. The. Pension and retirement actuaries give retirement advice to individuals and they also help businesses build other retirement plan types.

ENTERPRISE RISK(ACTUARIES)
The enterprise risk actuary seeks to identify risks including financial, economic and geopolitical risks that may affect the company’s objective either in the short term or in the long term.
They work with top executives of the company in taking the decision of just how much risk the business can and is willing to take as well as develop strategies to tackle these challenges.
Actuaries equally work in the public sector. In the federal government level, they can examine the proposed changes to Medicare, social securities or conduct economic as well as demographic studies to project obligations. At the level of the state, actuaries may evaluate as well as regulate the rates insurance companies charge.
Some actuaries are consultants and give advice on a contract basis to clients.

What’s the Job Outlook for Actuaries in the USA
In the next ten years, the job employment for actuaries is speculated at a 22% growth. That is much faster growth than average, for many other occupations. But since it is a small occupation, this growth is being looked at just over 5,300 new jobs.
They will be needed to build, price as well as evaluate varieties of insurance products and identify the cost of future risks.
More actuaries would be needed to help with enterprise management in companies. That is the management of the companies risks.
Actuaries will aid companies to manage, avoid and respond to potential risks.
Insurance organizations will need the help of actuaries in the analysis of large data (like medical data, property data and more, that are collected from clients).
Relating to the fact that the entry-level and certification for actuaries are very difficult, there would be many jobs chasing fewer actuaries in the USA. For quick information on job lookouts for actuaries, go to www.RevshareRecruiters.com