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Actuarial Science Overview - Preparation - Day In The Life - Earnings - Employment - Career Path Forecast - Professional Organizations -
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Day in the Life
Actuaries have desk jobs, and their offices usually are comfortable and pleasant. They often work at least 40 hours a week. Some actuaries -- particularly consulting actuaries -- may travel to meet with clients. Consulting actuaries also may experience more erratic employment and be expected to work more than 40 hours per week.

Actuaries may play a role in determining company policy and may need to explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public in general. They may testify before public agencies on proposed legislation affecting their businesses or explain changes in contract provisions to customers. They also may help companies develop plans to enter new lines of business or new geographic markets with existing lines of business by forecasting demand in competitive settings.

Both staff actuaries employed by businesses and consulting actuaries provide advice to clients on a contract basis. The duties of most consulting actuaries are similar to those of other actuaries. For example, some may evaluate company pension plans by calculating the future value of employee and employer contributions and determining whether the amounts are sufficient to meet the future needs of retirees. Others help companies reduce their insurance costs by lowering the level of risk the companies assume.

For instance, they may provide advice on how to lessen the risk of injury on the job, which will lower worker's compensation costs. Consulting actuaries sometimes testify in court regarding the value of the potential lifetime earnings of a person who is disabled or killed in an accident, the current value of future pension benefits (in divorce cases), or other values arrived at by complex calculations. Many consulting actuaries work in reinsurance, a field in which one insurance company arranges to share a large prospective liability policy with another insurance company in exchange for a percentage of the premium.

Note: Some resources in this section are provided by the the US Department of Labor, Bureau of Labor Statistics.
 


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