ACTUARIES Work Environment

 

High salaries are not the only thing desired by college grads.  Most people want a compatible work environment for their lifelong career choice.  After all, many hours will be spent at your job so having a choice and a voice in the decision is important to some job seekers.  As an actuary you will most always be working in an office.  Since an actuary deals with computers and data, the work environment doesn’t have much flexibility.

Consulting firms hire actuaries and they cater to many different clients.  In this scenario you may end up traveling to different offices in the client’s operations.  As an actuary you will likely work on a team.  These teams will include professionals in their field; managers, accountants and finance experts as well as persons skilled in underwriting.

After some experience you may elect to work as a consultant yourself as an independent actuary.  Then you would work for companies on a contract basis.  People who get into independent consulting work usually provide audit work on internal actuaries.  Or they may handle insurance company actuary duties that are not large enough for a company to keep someone on staff permanently.

Another good prospect for consulting work is employee benefits firms.  Looking at benefit packages offered to a company’s employees is best done outside of the company for a completely objective point of view.

Currently, insurance carriers and their related elements hire about 69 percent of all actuaries.  The percentage of actuaries that work in the technical or scientific professions is 17 percent.  Managing enterprises and companies use 6 percent of the actuaries.  Three percent of actuaries work for financial vehicles including funds and trusts.  And 3 percent work for our government.

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