To become an actuarial assistant, a bachelor’s degree in a math-related field, certification from a trade association of actuaries, and proficiency in statistical data modeling programs are required. The position involves working on statistical models for insurance products and annuities. The process is similar to becoming a stockbroker and requires knowledge of computerized statistical modeling programs.
Many jobs in the finance and insurance industries are highly competitive and require significant educational credentials. To become an actuarial assistant, you must obtain at least a bachelor’s degree in a mathematics-related course, take several qualifying exams given by an actuarial trade association, and be proficient in commonly used statistical data modeling programs. A higher salary is sometimes available for this position if you have a master’s degree and some relevant experience.
An actuarial assistant works on the statistical models on which insurance products and annuities are based. The models establish the probability of payment based on risk factors. In this way, insurance companies determine whether it will be profitable to offer a certain type of insurance and how much they should charge in premiums to offset the payment risk. Actuarial assistants conduct research, work with statistical programs, and help complete the actuarial sections of financial reports.
In the business sector, the title of an assistant typically indicates an entry-level position that needs very little specific experience. Titles such as clerical assistant, marketing assistant, and executive assistant generally require few specific credentials. This is not the case for an actuarial assistant position. Actuarial assistants are more closely aligned with legal, marketing or accounting associates, and the position requirements are actually quite stringent.
To become an actuarial assistant, you must obtain a bachelor’s degree in actuarial science, mathematics, finance or statistics. If you have a bachelor’s degree, you must earn subject matter certifications in various disciplines from a trade association of actuaries. Typically, an actuarial assistant position will require you to take probability exams, financial math, models for life contingencies, and the construction and evaluation of actuarial models.
Examinations and preparatory courses are provided by the trade association. With a bachelor’s degree, you’ll be able to test some courses if you took economics, corporate finance, and applied statistics in school. This trade-specific course leads to certification as a trade association member, with some additional requirements met, such as passing a professional responsibility course. Completing certification is typically not required to become an actuarial assistant, but it just might help your chances of being selected for the job.
Functionally, the procedure for becoming an actuarial assistant is somewhat similar to the type of process a person has to go through to become a stockbroker. Both positions require you to demonstrate specific knowledge through tests, before getting an entry-level job in the industry. The other important skill you will need to become an actuarial assistant is proficiency in computerized statistical modeling programs. You may have been exposed to these programs in school, but if not, you can get training from software vendors or through continuing education classes offered by trade associations.
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