Roles and missions of the actuary
Actuaries are risk management experts who provide advice and services in the fields of finance and insurance. They play a vital role in ensuring that businesses, governments and individuals make the right decisions and manage their finances intelligently. Here is a list of the main roles and missions of an actuary:
- Assess financial risks and uncertainties and provide advice on how to manage these risks.
- Develop models and risk prediction systems to predict the evolution of markets and prices of insurance products.
- Establish interest rates and insurance premiums and use them to establish acceptable coverage premiums.
- Help companies evaluate insurance products and develop risk management strategies.
- Provide advice on investment products and retirement solutions.
- Participate in the development of policies and procedures regulating the insurance industry.
- Use IT tools to assess and manage risks.
- Work with financial institutions and investment companies to manage client portfolios and insurance coverage.
- Participate in the development of business investment budgets and strategies and assist in retirement planning.
- Provide advice to businesses and individuals on asset protection and disaster arrangements.
Salary and career development of the actuary
The salary of an actuary is determined according to his experience and the responsibilities entrusted to him. In France, the annual gross salary of an actuary varies considerably depending on the years of experience:
- 0 to 2 years: between 35,000 and 40,000 euros
- 2 to 5 years: between 40,000 and 50,000 euros
- 5 to 10 years: between 50,000 and 60,000 euros
- 10 to 15 years: between 60,000 and 75,000 euros
- More than 15 years: more than 75,000 euros
Actuaries also have the opportunity to evolve in their career and choose among several professions:
- Financial Analyst ;
- Responsible for risk management;
- Director of Pricing;
- Director of Financial Planning;
- Director of Financial Engineering.
