Actuary

 Actuary
actuarial studies manager, insurance engineer
Anticipating the unforeseeable, measuring financial risks and setting the rates that will be imposed on policyholders, the actuary seeks to guarantee the profitability of the company that employs him. With a bac + 5 diploma, he has no trouble juggling numbers and IT tools. Organized and rigorous, he knows how to collect information and learn from it. A rare pearl coveted by insurance companies, but also banks and brokerage firms.

Professional life
Increasing needs
Although the number of jobs is still modest (there are currently 2,000 actuaries in France), needs are increasing regularly. Indeed, to distinguish themselves from their competitors, insurers must imagine original formulas and offer increasingly personalized guarantees. Companies rely on actuaries to innovate while preserving the profitability of the products they put on the market.
Rapid progress
In general, it does not take more than 5 years for an actuary to occupy management positions (leadership of a team of technicians and research managers). He can then progress to the highest responsibilities. The proportion of actuaries who reach a general management position in insurance is estimated at around 16%.
Beginner's salary
From 3100 to 3500 euros gross per month.
Working conditions
At the company headquarters
The actuary works at the headquarters of an insurance company, in other words most of the time in Île-de-France. However, he is required to travel to the regions to meet the professionals responsible for distributing insurance products.
Team work
Occupying a central function within the company, the actuary has many contacts: he collaborates with salespeople, marketing managers, lawyers and general management. If he is responsible for a service, he supervises a team of research managers.
In insurance... and elsewhere
Traditionally hired by insurance companies, actuaries are moving into the banking and finance sectors where their skills are sought after to prescribe, for example, the purchase or sale of securities.
SKILLS
A math whiz
A high-level expert, the actuary has in-depth knowledge of mathematics, statistics, finance and probability calculation. It also relies on solid foundations in insurance law and taxation. His mastery of software and computer programs allows him to carry out all kinds of simulations.
Methodical and logical
Intended to collect an enormous amount of information, he must organize his research carefully. To cross-reference very diverse data and make sense of the figures, he must take a step back and use his ability to synthesize.
Good at communication
Skills in leading a team, communicating and negotiating are necessary to progress. Often, actuary functions have an international dimension: speaking English is therefore essential.
Nature of the work
Adapt or create contracts
Depending on market needs, the actuary modifies existing insurance contracts or creates new ones. Drawing on the marketing department's databases, and exploiting the information that salespeople bring back from the field, it uses very sophisticated software to make hypotheses and simulate disaster scenarios: floods, attacks, etc.
Quantify the risk
Having reviewed all the possible and imaginable risks, he assesses their probability and the cost that this would represent for the insurance company. He can then define the pricing. When drawing up a life insurance contract, for example, it will rely on mortality tables to set the amount of contributions.
Support and correct
It offers advice and technical assistance to professionals responsible for marketing contracts. He follows with the greatest attention the operating results of the company and the evolution of financial reserves. If he observes any deviations, he searches for the causes and tries to correct them.
Training to enter the profession
To become an actuary, you must have a bac + 5 level diploma (school diploma or professional university master's degree) and have, initially, a solid background in mathematics and statistics. This diploma is prepared, in initial training, in one of the 7 establishments recognized by the Institute of Actuaries: the National School of Statistics and Economic Administration (ENSAE); Paris-Dauphine University; the Institute of Financial Science and Insurance (ISFA) of Lyon 1; the Institute of Statistics (ISUP) of Paris 6; the University of Strasbourg 1; the Euro-Institute of Actuarial Science (EURIA) of Brest and the Higher School of Economic Sciences