Actuaries: experts when it comes to risk management
Actuaries are primarily employed in the insurance industry, where they are responsible for the successful handling of risks. They use actuarial mathematics to assess and control risks.
Which 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. 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. 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
Which hard skills 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.
Excellent IT skills
A good knowledge of human nature
A quick perception
A relevant university degree
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.