AN ACTUARY NEEDS TO MASTER THESE SKILLS
Actuaries assess the financial insinuations of risk and uncertainty, as well as predict future events based on previous occurrences by looking at a client’s application and medical records. In essence, these professional statisticians seek to minimize an individual’s exposure to risky scenarios, or the expense of such exposure at the very least.
A professional must master the following skills to become a prized actuary.
Analytical Problem Solving Skills
Actuaries review complicated data, as well as identify patterns and trends to discover factors affecting certain outcomes. So, it is important for actuaries to master solving problems analytically. Upon evaluating and weighing the significant elements, actuaries find ways to lower the likelihood of unpleasant outcomes or the cost of such result.
Business and Finance Expertise
Entities, financial institutions, and insurance firms frequently hire actuaries for numerous reasons. They are responsible for determining insurance or pension plans, offering recommendations on limiting exposure to financial peril, and providing opinions on maximizing returns for different investment instruments. In order to give a sound one needs to understand business and financial concepts.
Everything is moving fast, thanks to technology. Actuaries use computers and numerous statistical modeling softwares to appraise huge volumes of data. Fundamental computer skills and a knowledge of using Microsoft Office are not an essential, but also a necessity.
Communication and Interpersonal Skills
Oftentimes, actuaries work with different personnel, including accountants, programmers, and senior management. It is imperative to communicate and collaborate efficiently with others. Good oral communication skills allow them to outline complex technical and statistical information to a diverse audience with ease. Aside from that, actuaries with solid writing skills can come up with well-understood findings and solutions in any type of report.
Math and Numeracy Skills
Actuaries face numbers, whether they like it or not. It is a must to do basic arithmetic swiftly and correctly. But bear in mind the mathematics relative to actuarial science can be more difficult. Actuaries should befriend calculus, statistics, and probability. They should also know how to quantify risk and figure out the likelihood of some events.
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