Do you know what an actuary is? An actuary is someone who assesses risk and then determines how to minimize that risk. Most often we think of actuaries functioning in the insurance industry. However, businesses everywhere have determined that using actuaries to determine areas of risk and then minimize that risk is very important. Therefore, businesses of every ilk have begun to use actuaries to determine and minimize risk. In addition, criminal sentencing is often based upon actuarial determinations; such as if the offender has committed a crime before, previous behavior, severity of crime, drug use, and so on.
Where Do Actuaries Work?
Did you know that actuary recruiters are needed in every industry to find new actuary professionals? An actuary recruiter helps match actuarial candidates with the right fit in terms of firm, location, point of focus, and more.
Oftentimes, actuarial recruiters are employed by firms that specialize in matching actuarial candidates to the proper actuarial jobs. This helps the actuarial candidate be more efficient in their job search. When he or she gets in touch with the recruiter, that recruiter distributes resumes to the proper companies and will be seen by many more people than it would if the candidates did this on their own.
In addition though, actuary recruiters can also give candidates interview advice and even information about the companies they will interview with. Recruiters can also give actuary job hunters some advice on career counseling, and talk to them about salary requirements, whether or not they should relocate, and so on. It's important for candidates to know that the recruiters don't charge the actuary job candidates for their services; they are paid either by clients looking for candidates, or by the recruitment company they work for.
Qualities and Qualifications of an Ideal Actuary Candidate
Some recruiters feel that candidates can land entry-level actuarial jobs without taking any exams as long as they have had at least a 3.3 grade point average in their undergraduate work. However, many recruiters feel that actuary candidates need to have passed at least one exam and preferably two. This gives prospective employers the security of knowing the candidate really wants to pursue this career and has the ability to perform the job duties required. If candidates have passed one exam, sometimes they can actually receive help, if hired, to pass another. Many times, entry-level actuary positions give both financial assistance and provide time to study in order to help employees pass future exams.
Education
For those who want to become an actuary, ideal undergraduate degrees are in actuarial science, mathematics, statistics, or economics. In some cases, computer programming or computer sciences may also be good choices.
Candidate and Recruiter Working Together
When the candidate and recruiter begin working together to find a job placement, the candidate submits a resume to the recruiter, who then submits it to interested companies. In some cases, the recruiter may help with the construction of the resume itself and/or provide other career-oriented assistance. It should be noted that if the recruiter suggests changes to the resume, they will not be made without the candidate's approval. Once a final version has been agreed upon, that resume is then submitted to the respective companies.
The recruiter then follows-up with the company and gets feedback as applicable. The recruiter also helps arrange interviews for companies interested in the candidate (again, with the candidate's permission). Finally, once interviews have taken place and offers are made, the recruiter can provide a go-between for the candidate and the company to address any issues that arise, such as job duties, payment, and so on.
Recruiters have spent a long time developing relationships with various companies needing actuary services. Because of that, they have a lot of experience whereby they can provide the candidate a lot of advice on interview standards, qualifications, flexibility within given situations, and so on. Besides that, recruiters continually scout out new employment opportunities and follow-up with companies who've received candidate resumes. This makes the whole process of looking for a job much more efficient than if the candidate were to do it on their own.
In addition, once job offers are made to a candidate, the recruiter has the knowledge to negotiate on behalf of the client for the best compensation, or to field questions such as why a particular company may not be making an immediate offer. Because of this, the recruiter knows how to approach companies and find out what's going on without ruffling any feathers or otherwise causing discord. It's also true that not every offer made can be negotiated, and a recruiter will know this, too.
Other Benefits of a Recruiter
Beyond the recruiter's help with job searches and knowledge of the vagaries of the interview and job offer processes, they're also helpful in assisting a candidate’s placement in the proper geographic location, too. For example, if a candidate is willing to relocate, this gives the recruiter many more options with the job search itself. However, if a candidate wants to stay within a certain geographic area, a recruiter will still have many more resources available. It should be noted that some companies feel recruiters are not appropriate for entry-level candidates because skills at that level are relatively limited. They're certainly beneficial for more experienced candidates and often for entry-level candidates, too.
The Job Market
The actuarial job market is increasing in scope and size as the economy takes a downturn. Businesses want to minimize their risk even more now than in times of prosperity. Therefore, job outlook for actuaries is good in most sectors. It should be noted that in some cases, actuarial work in the life insurance industry has declined because life insurance policies have fallen out of favor somewhat; people have turned away in favor of investing in "higher return" investments; this may change now that the financial sector has taken such a major hit.
In Conclusion
A career as an actuary can be challenging and rewarding. You can find actuarial work in just about any field, so if this is something you're interested in, you should be able to find your niche with relatively little trouble. Experience in statistics, mathematics, or computer science, and degrees in any of these areas or in actuarial science itself is helpful if you want an actuary career. An actuary recruiter helps actuary candidates find jobs; the recruiter's job, too, is a very rewarding career and one sure to be in demand as more and more businesses look to hire actuaries to help manage risk.
