Job profile

Actuary

Actuaries: experts when it comes to risk management

Actuaries are primarily employed in the insurance industry, in banks, ministries, public authorities, investment companies and related industries, where they are responsible for the successful handling of risks. They use actuarial mathematics to assess and control risks.

In this process, data from the past is evaluated by actuaries with a view to the future. Risks should be recognised in order to be able to point them out to companies in time. Actuaries must be able to work in an IT-related manner. Without the consolidation of various data from different systems, no insights can be gained. Ideally, an actuary has the ability to programme or to familiarise himself or herself quickly and effectively with new software.

Actuary

For freelancers
For freelancers
For freelancers

Are you an Actuary looking for current projects?

Are your skills in actuarial science unparalleled? Do you possess outstanding expertise in legal principles and the insurance industry? We encourage you to contribute your skills to new projects and support large companies and organizations in various risk management tasks.

Find current projects for actuaries

Are you an Actuary looking for current projects?

Are your skills in actuarial science unparalleled? Do you possess outstanding expertise in legal principles and the insurance industry? We encourage you to contribute your skills to new projects and support large companies and organizations in various risk management tasks.

Find current projects for actuaries

Are you an Actuary looking for current projects?

Are your skills in actuarial science unparalleled? Do you possess outstanding expertise in legal principles and the insurance industry? We encourage you to contribute your skills to new projects and support large companies and organizations in various risk management tasks.

Find current projects for actuaries

Which career opportunities do Actuaries have on the labour market?

There is a high demand for actuaries on the labour market. Actuaries are highly sought-after on the labour market and thus have excellent job prospects. As the insurance industry offers a great variety of employment opportunities, there are always many open positions available in this area. The fact that Germany has a very large insurance market with numerous different insurance companies makes the job search in this area even easier, for entry-level positions and the positions with a lot of work experience. However, jobs can also be found at authorities and consulting firms. Actuaries can even work as experts in court.

What are the tasks and responsibilities of Actuaries?

Actuaries have a broad range of tasks, e.g. risk assessment for insurance companies. They calculate the best possible design of tariffs and determine which risks can be expected for different policyholders or the conception and creation of calculation models. Besides, they evaluate uncertain future obligations of the company and work out optimal care or financing plans. Thus, they are often employed as specialists in the finance departments of companies. However, most job opportunities arise in the insurance sector – be it in the field of life insurance, pension insurance or any other type of insurance.

Applying actuarial and statistical methods
Software development to create risk models
Risk assessment and control
Value-based risk management
Development of new insurance tariffs
Support of the distribution network
Preparation of actuarial reports
Digitalisation and processing of Big Data
Identification of internal and external data sources

Actuaries have a broad range of tasks, e.g. risk assessment for insurance companies. They calculate the best possible design of tariffs and determine which risks can be expected for different policyholders or the conception and creation of calculation models. Besides, they evaluate uncertain future obligations of the company and work out optimal care or financing plans. Thus, they are often employed as specialists in the finance departments of companies. However, most job opportunities arise in the insurance sector – be it in the field of life insurance, pension insurance or any other type of insurance.

Applying actuarial and statistical methods
Software development to create risk models
Risk assessment and control
Value-based risk management
Development of new insurance tariffs
Support of the distribution network
Preparation of actuarial reports
Digitalisation and processing of Big Data
Identification of internal and external data sources

Which hard and soft skills should Actuaries have?

Actuaries must have a broad range of different skills and qualifications. This does not only include mathematical know-how. They must also be familiar with legal basics and the insurance industry.

Analytical skills
Personal responsibility
Excellent IT skills
A good knowledge of human nature
A quick perception
Structured work
Logical thinking
Independent action
Understanding of data processing

Actuaries must have a broad range of different skills and qualifications. This does not only include mathematical know-how. They must also be familiar with legal basics and the insurance industry.

Analytical skills
Personal responsibility
Excellent IT skills
A good knowledge of human nature
A quick perception
Structured work
Logical thinking
Independent action
Understanding of data processing

How to become an Actuary?

A degree is mandatory if you want to become an actuary. Various courses of study are available for the profession. Subjects such as mathematics, business mathematics, computer science, economics and physics are suitable. This is often followed by in-service training to become a "DAV actuary" (German Actuarial Association), where not only actuarial knowledge is deepened, but also sector-specific specialisation takes place. This prepares you ideally for your professional life.

What is the average salary of Actuaries?

The starting salaries of actuaries are usually good, amounting to between EUR 3,500 and EUR 4,200 per month. Candidates holding a master’s degree can generally expect higher starting salaries than those holding a bachelor’s degree. With increasing professional experience, their monthly salary rises up to EUR 7,000 over the years; actuaries with managerial responsibility may even earn up to EUR 9,000 per month. As in many other professions, the location as well as the company itself plays an important role.