Actuarial position of insurance company

Actuaries mainly work in insurance companies. In foreign countries, a small number of actuaries work in banks, securities and investment companies, and their main functions are debt assessment and risk management. Because actuaries have mastered financial analysis and management methods under uncertain conditions, they have room to play a role in investment, project financial evaluation, credit rating, risk management and so on. However, due to the market's one-sided understanding of the actuary's ability, especially in China, the actuary's work is still limited to the pricing of insurance products and the liability evaluation of insurance companies.

The actuarial department of an insurance company is the core technical department, and the work of each department needs the support and consultation of the actuarial department. Including marketing department, underwriting department, supervision department and investment department. The products sold by the marketing department need to be developed by actuaries and provide the final explanation; The demand for new product development put forward by the marketing department also needs the cooperation of the actuarial department for feasibility analysis, final development and pricing; The risk management of investment department needs the support of actuarial department, and some investment-type insurance products need to publish the return on investment regularly, and the return on investment and dividend ratio need to be completed by the cooperation of two departments.

Finally, as far as China is concerned, the supply of actuaries exceeds the demand. It is estimated that there are at least 100 actuarial graduates who graduate every year. The employment pressure is very great, and the treatment is much worse than that of financial accounting with the same education. What's more, apart from insurance companies, other financial companies are generally reluctant to recruit actuarial graduates, and other companies don't know what actuarial science is, which makes it very difficult for actuarial graduates to find jobs at present. Take Nankai as an example, there are 49 fresh graduates of actuarial masters, and it is estimated that less than 15 of them will eventually get actuarial positions. Other schools estimate that it is lower than this ratio. Other students who can't engage in actuarial positions will find it difficult to find a better job unless their comprehensive quality is particularly excellent. In fact, these students' efforts and solid comprehensive knowledge of mathematics, statistics, finance and modeling technology are very good, but they are not known to outsiders and misunderstood by the market.

As long as you study hard in the traditional major of financial accounting, even the positions and benefits of many big four companies without positions, such as banks, are very good.

The above are personal opinions, for reference only!

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.