Every month, Robert Walters puts a much sought-after position in the spotlight. This month, we focus on the role of an Actuary, a job offering a lot of job security in today’s job market.
An Actuary is an insurance specialist who carries out economic, financial and statistical studies. Based on these studies, he or she calculates the financial risks in order to determine the content of insurance contracts and the amount that the client will have to pay. These risks relate to the insured, the assets, the companies and the financial organisations.
In addition, an Actuary will assess the financial consequences of these risks for the insurance company. Based on these results, the financial needs are determined by the insurance company in case a problem arises.
The Actuary's objective is to minimise financial losses by means of the risk analyses that have been carried out. By doing so, the Actuary optimises the profitability of the organisation where he is employed.
The demand is fairly stable and hidden, in the sense that Actuaries often find a job themselves through word of mouth. For an Actuary looking for a new challenge, it is important to have a broad network or to call upon a recruitment firm to help them find a new challenge. There will always be a need for Actuaries, particularly within insurance companies. That's why we can say that in the job of an Actuary, the chance of unemployment is rather small, and permanent employment contracts are more common.
According to the most recent edition of our Salary Survey, a graduate in an actuary role can count on a gross annual salary of approximately EUR 45,000. An Actuary with 5-9 years of experience can have a gross annual salary between 74,000 and 125,000 EUR. A Senior Actuary with more than 15 years of experience can expect a gross annual salary between EUR 106,000 and EUR 186,000.
An Actuary mainly works for insurance companies, banks, financial institutions, consulting firms, accounting firms, public institutions and regulatory authorities. There's plenty of choice for Actuaries on the lookout.
A successful Actuary is a real number cruncher with an analytical mindset. He or she must be rigorous and accurate in order to perform risk analyses correctly. In addition, strong communication skills are essential. After all, an Actuary must be able to communicate his or her work and key findings to other departments within the organisation.
How to find an employer you can believe in
We all want to work for a company that we can feel good about and that’s aligned with our core values. So how do you find an employer you can believe in? Here are a few key questions to ask… We spend around a third of our adult lives at work, according to the World Health Organisation. Of course, maRead More
Achieving a healthy work-life balance
We all know that maintaining a good work-life balance is important for your personal health and wellbeing on a professional and personal level. A healthy workplace can allow you to better achieve and exceed performance objectives and therefore have a positive impact on your career. Increasing workloRead More
Talking about your salary with colleagues
Telling your colleagues how much you earn remains a taboo subject for many professionals. It is often seen as unprofessional, or it can cause unnecessary tensions between you and the people you work with. Yet there are some situations where you can talk about your salary, and where it can even be usRead More
Come join our global team of creative thinkers, problem solvers and game changers. We offer accelerated career progression, a dynamic culture and expert training.