Top 10 skills every Actuary needs
Have you considered becoming an actuary? If you are ambitious and mathematically minded, this might be the right job for you. With the right skills and a qualification in Actuarial Science, you can launch your career in this field.
Read our blog to learn more about the job skills that you need to succeed in this role. While there are a range of skills that you’ll need, you will also develop these skills as you gain work experience. If you are self-motivated and eager for a challenging career, you can find actuary jobs on Job Mail.
An actuary is responsible for analysing financial documents with the aim of assessing the predicted outcomes of the company’s financial situation. At the core of this role is financial problem-solving.
Employees in these roles are tasked with reviewing statistics, conducting risk assessments, monitoring financial portfolios and writing reports. Actuaries can be self-employed and they can also find positions in banks, medical institutes, insurance and government agencies.
Take a look at the top 10 job skills that you need to succeed in this role.
Knowledge of Actuarial Science
You will need a qualification in Actuarial Science. This degree involves long hours of study and hard work. You can study a relevant qualification at the University of Cape Town, Stellenbosch University and the University of Pretoria.
While knowledge of finances is at the core of this position, you will also need an understanding of computer science as well as law. Knowledge of politics as well as current social issues are also necessary.
Actuaries need strong analytical and problem-solving skills. They are responsible for reviewing complex data with the aim of determining trends and assessing risks. Once they have determined what the risks are, they are responsible for determining which steps to take in order to minimise potential negative outcomes.
Ability to work under pressure
Actuary jobs involve long work hours and the ability to work in stressful situations. These professionals are required to complete tasks according to strict deadlines. They make decisions that have far-reaching consequences and, therefore, this role comes with high levels of responsibility.
A large portion of an actuary’s duties involve working with numbers. This position requires the ability to complete calculations quickly and accurately. Errors can have far-reaching consequences and, therefore, superior mathematical skills are required. An understanding of advanced mathematics is vital for this role.
An actuary works with statistic modelling software and, therefore, needs to be computer literate. They analyse big quantities of data using tools, such as models and tables. Knowledge of core computer programmes as well as advanced programmes are vital for this role. An understanding of statistical programming language is required.
From studying Actuarial Science to working long hours, this career requires dedication. If you want to succeed as a professional in this field, you will need to be self-motivated. You will need knowledge in everything from finance to project management with a commitment to continuous development.
Actuaries are required to liaise with clients and work with other professionals, which requires interpersonal skills. They need to be able to communicate effectively and use their listening skills to gather the additional information that they need to solve complex problems. You can expect to work with programmers and accountants if you are in this profession. It is also necessary to liaise with senior management.
When it comes to the required job skills of actuarial positions, written communication skills are essential. Actuaries are tasked with writing reports and they must be able to communicate their findings as well as proposed solutions clearly and effectively.
Ability to work independently
While actuaries often complete tasks with the assistance of other professionals, they need to be able to complete tasks on their own. They may be required to lead a team of colleagues in order to get a job done, which requires leadership qualities.
High ethical standards
An actuary is often required to work with highly confidential information and it is important that they have high ethical standards and maintain the confidentiality of the company that they are working for. They work with sensitive financial information and should implement the necessary precautions to make sure that this information remains private.
Actuary jobs are financially rewarding and if you get into this profession, you can expect to have a prosperous and challenging career ahead of you. While working as an actuary is demanding, it comes with great advantages.