World of actuarial mathematics

Lucie TeislerCase studies

 

The world of actuarial mathematics 

 

Candidates with an actuarial or related profile are not only present in life and non-life insurance, pricing, reporting, risk, but also in other fields such as data mining, big data, data business analyzes, modeling etc., both for the financial sector and for other sectors such as energy.

Future members of the actuarial teams will increasingly link classical actuarial mathematics to the field of processing and evaluating a large amount of data owned by the insurance company to streamline product creation and the overall risk adjustment process to the customer.

Areas where insurance companies can look for actuaries for their teams are following:

• Sectors, where candidates who have graduated in the fields of actuarial, econometrics or statistics, apply in the field of big data, modeling, data and statistical analysis, such as the banking sector, including many types of credit financial services.

Over 15% of eligible candidates would consider changing under conditions of improved financial performance and career advancement

About 10% of the interviewed candidates do not focus too much on the financial side of the offer, but its content, greater interconnection with business and methodical management of the team.

For employees outside of the field of actuarial affiliation, there is an attractive link between the field of data analysis, big data with actuarial mathematics and a stronger connection with business.

The salaries of employees in actuarial departments range from CZK 40-50,000 for analysts, junior actuaries range from CZK 50,000, senior actuaries from CZK 70,000. For managerial and executive functions over CZK 100,000, about 130,000 CZK in larger insurance companies. Counseling firms have salaries higher than usual for senior positions -above 150,000 CZ.

 

To read the entire study, click here: The world of actuaries 2017