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View Full Version : What's an actuary's typical day like?



kenxking
April 19th 2005, 01:00 AM
I hear people say actuary is not an easy job, is it true? I also noticed we have to take all those tough exams, but do actuaries really use that stuff?

FSA
April 19th 2005, 08:58 PM
Like everything else, it has its ups and downs. One actuary's ups will be another's downs, and vice versa. It's certainly hard while you're taking exams. It gets, in my opinion, more interesting but just as challenging (of a different sort) when you're through all of the exams.

I don't have a typical day, but these are the types of things I do:

* Supervise other actuaries & actuarial students
* Answer email
* Review new product design for reserving implications
* Advise product actuaries on implementation issues that go beyond issue and admin
* Calculation of reserves on policies
* Review of data collection and procedures
* Review of documentation and internal audit controls
* Review and research of the impact of new regulations and guidelines on our financials
* Review our financial statements
* Develop new tools for analysis
* Deal with the internal & external audits & data requests
* Attend meetings, conference calls

Most of it I like, though the meetings/calls and the audit requests I would gladly do without.

Ken
April 21st 2005, 07:23 PM
Just out of curiosity, are responsibilities of actuaries comparable in P&C, Life&Annuities, and Health Care?

FSA
April 21st 2005, 07:51 PM
I would imagine there are similarities, though since I've only worked in one of those three I have no personal basis for comparison.

krzysio
April 23rd 2005, 01:31 PM
Generally, in life there will be more math in the work and more time in front of a computer, in p/c more time spent communicating with marketing and underwriting. Just a general comparison, this still varies within lines of business. The amount of math and computing in work probably increases, and the level of sophistication of math probably increases in general as time passes, while the amount of communication with others required increases with position level.

Yours,
Krzys'