Actuary
Controller Job Description
Actuaries analyze numbers and statistics to assess risk. They are the professionals responsible for setting your insurance rates, ensuring your retirement plan meets your financial needs, and much more. They use tools to help companies determine potential liabilities and decrease the negative effects from possible future events. Actuaries help businesses plan for the future and insulate them from losses. Their work is essential in the insurance industry, where they help design policies and determine premiums that are profitable yet competitive. Actuaries evaluate risk and opportunity – applying mathematical, statistical, economic and financial analyses to a wide range of business problems. Insurance, superannuation, wealth management, investments, health financing and banking, are the more readily recognised fields in which actuaries work, but they also work in new, high-growth fields, such as data analytics, energy resources and the environment. Many actuaries also hold executive positions in the operational management of financial institutions. However your actuarial career may look, skills in data analysis and management, risk management and data-based decision making are vital in many industries.
Actuaries need to be analytical problem solvers as their tasks include examining complex data and identifying patterns and trends to determine which factors are responsible for specific outcomes. Actuaries deal with numbers, so being able to do basic arithmetic quickly and correctly is a definite requirement. However, the math associated with actuarial science can be more complicated. Knowledge of calculus, statistics, and probability are also essential. Actuaries frequently use models and tables to evaluate large amounts of data. Not only are basic computer skills and a knowledge of Microsoft Office absolutely essential, but being able to program in a statistical programming language is also a necessity. They are responsible for evaluating insurance or pension plans, advising businesses on how to limit exposure to financial risk, and providing banks with expert opinions on maximizing returns for a variety of investment products. This requires a sound understanding of business and financial concepts.
The most direct educational path is an undergraduate actuarial science degree. Another common approach is to complete a bachelor’s degree in finance, economics, or commerce. Prospective actuaries can also choose seemingly unrelated majors like engineering or art, as employers put more emphasis on completed certification exams. You can complete a degree in an unrelated field may need to complement your undergraduate studies with courses in economics, statistics, and corporate finance. Prospective actuaries will benefit from learning key technologies used in the field, such as programming languages, computer science, and the use of spreadsheets, databases, and statistical analysis tools.
Typical duties of a Controller
• Compile statistical data and other information for further analysis
• Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
• Design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability
• Produce charts, tables, and reports that explain calculations and proposals
• Explain their findings and proposals to company executives, government officials, shareholders, and clients
Skills:
• Analytical skills
• Communication skills
• Computer skills
• Interpersonal skills
• Math skills
• Problem-solving skills
Qualifications: Bachelor’s degree in finance, economics, or commerce