Assists actuaries with mergers and acquisitions
What does a chief actuary do?
An actuary assesses the risks and benefits of various financial situations, particularly insurance programs. In particular, a chief actuary serves as a manager for a team and typically analyzes financial expenses at a high government or corporate level. The term also often refers to a large organization that forecasts the profitability of various regional government investments.
In general, an actuary uses mathematical methods to evaluate all possible outcomes of a financial system. These calculations take great account of the complexity and functioning of the system, as well as individual variables such as mortality, loss of property, and consumer choices. In some ways, the actuary is the ultimate accountant who makes a comprehensive balance sheet of losses and returns on major projects. The main objective of the actuary is therefore to minimize financial and emotional losses and thereby reduce the importance of insurance-related expenses in the profession. Actuaries also act as directors, appraisers, and investment advisors: all the roles a principal actuary can perform.
Chief actuaries act as the actuary oversight for a corporate or government department. You oversee other actuaries and distribute and manage assignments. Generating reports and reviewing business functions such as budgets and mergers are other common tasks. In addition, a senior actuary drafts and implements actuarial risk analysis policies and guidelines. Day in, day out, the chief actuary can perform all of the analytical and research tasks required of a typical actuary.
Different regional governments have different major actuarial departments. For example, the primary actuarial organization in the United States is the Office of the Chief Actuary (OCACT). This organization manages and forecasts financial trends related to welfare programs such as Social Security and Safety Income or SSI. Just as traditional actuaries help set insurance policies, so do chief actuaries help set rules and guidelines for government insurance programs. OCACT representatives can work with a board of trustees and congressional committees to develop financial strategies for maintaining these programs.
Research and analysis are the most important skills a chief actuary needs. The position conducts statistical demographic research among affected populations and examines various funding options for expenses, particularly insurance-related expenses. The actuaries then use all of this information to predict the level of commitment required and the possible success or failure of an action. Recommendations can also be made.
You have to go through a long and arduous process to enter this challenging profession. Regardless of the regional location, a budding actuary usually has to take several exams to be certified. These range from five to fifteen exams. These exams demonstrate competency in various relevant areas including economics, statistics and corporate finance. Individuals are also required to complete a college curriculum and be placed on a scholarship that enables hands-on experience. Membership in an actuarial society or academy is also required in many regions. A principal actuary is likely to involve years of promotions that are supplemented with political knowledge for positions as principal government actuary.
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