TOP Actuarial Interview Questions and Answers
What are the skills required to become actuarial?
Skills required to become actuarial is
- Good understanding of statistics and math’s
- General knowledge of business and finance
- Basic knowledge of programming languages, statistical analysis programs, spreadsheets and databases
- Good communication skills which include preparing reports and giving presentation
- Good analytical and problem-solving skills
Mention the role of Actuary in consulting firm?
The role of the actuary in consulting firm varies, it may include
- Give investment advice
- Evaluating a company’s insurance program cost for the employees
- Can work for a labor union to evaluate and estimate what the new health plan provided would cost
- Giving evidence on how automobile insurance rates should be determined
- Testify in court about the loss of potential lifetime earnings by a person who has been disabled or killed in an accident
- Determining the future pension benefits based on the current value in divorce cases.
What are the benefits of working as an actuary?
- Flexibility in working hours: Actuary can have flexible working hours and can balance his professional commitments
- High Salaries: From beginning onwards, salary package are excellent, and in high paying jobs it is considered as one of them
- International Opportunities: There is no limitation to one country, it is applicable all over the world
- Central Role: Many companies and government institute are highly dependent on the research and result of the actuary. On the basis of their calculation, they take a decision whether to implement the new ideas or not
- Wide Scope: The area or field for actuary is wide, you can work in a specialist area like insurance, pensions, benefits, healthcare, investments and banking, etc.
What is the role of actuary analysts in investment?
The main role of actuary analysts is to save companies money and time, by identifying the possible risk in investment. Apart from that they have to
- Identify an area of investment having a minimum risk factors
- Avoid the situation where the quantifiable risk is relatively low in terms of the potential gains
- To provide actual quantifiable estimates by creating complex financial models
- Providing rating or ranking of different investment opportunities based on the risks to the possible returns
Explain the role of chief actuaries?
Chief actuaries act as an actuary head or supervisor for the government organization as well as corporate. They keep an eye on other actuaries and distribute and direct assignments. Also, they prepare reports and reviews of business functions like budgets and mergers. Further, they implement policies and guidelines relating to actuary risk analysis.