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Occupation information - In brief...



Career Interests 

Interest categories related to this occupation:

This occupation is associated with the following interest categories. These categories can be explored by clicking on the titles.

Administrative
Investigative
Enterprising

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Course Suggestions - CAO

Courses related to this or similar occupations:

If you are interested in this occupation, then these CAO courses may also be of interest. Note that these course suggestions are not intended to indicate that they lead directly to this occupation, only that they are related in some way and may be worth exploring.
Central Applications Office 100 courses found.
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In Brief... Actuary

 Brief Description:

Uses mathematical and statistical methods to assess financial probabilities for projects found mainly in the insurance industry.



Being an Actuary involves assessing probability, calculating the odds. An Actuary may have to put together a report predicting the likely number of accidents outside of the main cities in the coming year, for example. Using statistics from previous records and other influential factors the actuary can calculate and predict a likely number for this report. The financial implications of such figures to the insurance company are then accessed.

Actuaries deal in the calculation of statistics to formulate predictions. An Insurance Company needs to design policies for pensions and insurance schemes and therefore they need an Actuary to calculate the possible risks and formulate a suitable policy.



Personal Attributes: analytical, numerical ability, able to take responsibility, good communicator.

Typical tasks undertaken in this profession: 14

»  

Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits. 

»  

Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public. 

»  

Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums. 

»  

Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates. 

»  

Provide advice to clients on a contract basis, working as a consultant. 

»  

Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business. 

»  

Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings. 

»  

Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information. 

»  

Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies. 

»  

Testify before public agencies on proposed legislation affecting businesses. 

4 In Detail...
A detailed description of this occupation can be found on a number of online databases. Follow the link(s) below to access this information:
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Go.. Actuary - from:  Career Directions
Go.. Actuary - from:  N.C.S. [UK]
Go.. Actuary - from:  icould [UK] Video
Go.. Actuary - from:  GradIreland

JobZone

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Education
Most of these occupations require qualifications at NFQ Levels 7 or 8 (Ordinary / Honours Degrees) but some do not.

Related Experience
A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an engineer must complete four years of college and work for several years in engineering to be considered qualified.

Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Job Zone Examples
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, computer programmers, teachers, chemists, environmental engineers, criminal investigators, and financial analysts.


Qualifications required?

Level 8 Honours Degree that involves maths as a major subject plus Professional body award.

Typical entry routes:

Most entrants are graduates, usually with a degree in Mathematics, Statistics or Financial and Actuarial Science. Exemptions available for some relevant degrees.

Related courses

Click here to search the National Courses database for courses related to this occupation or occupational area.
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Sectors related to this occupation:

This occupation is typically found in the sectors below. You can explore information relating to sectors by clicking on the titles below.

Banking, Insurance & Financial Services
Accountancy & Taxation
Physical & Mathematical Sciences

Future Skills Requirements & Concerns

Current Labour Market Research highlights concerns in some occupations. These comments are presented here where available: [source: Forfas]


 
This occupation has been viewed 190260 times
 
1 Salary Information
Note: All salaries are in thousands of euros and refer to annual salaries.

Job Title
Actuary
Salary Range*
30 - 180
Related Information:
Chief Actuary 120 - 180
Pricing Specialist 90 - 115
Life Actuary Qualified 85 - 105
Life Actuary Part-Qualified 55 - 80
Pensions Actuary Qualified 90 - 120
Pensions Actuary Part-Qualified 32 - 50
Non Life Actuary Qualified 80 - 115
Non Life Actuary Part-Qualified 30 - 50
Data Source(s):
Brightwater / Morgan McKinley / Robert Walters/ Hudson

Last Updated: February, 2011
* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.

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1 LABOUR MARKET INFORMATION


The following information is based on the National Skills Bulletin 2012 and displays some useful information about selected occupations, or occupation groups.

Each occupation is examined in terms of its employment profile (based on the data from the Quarterly National Household Survey by the Central Statistics Office (CSO)), recent employment trends and other available indicators on the demand and supply of skills.

Identified shortages are defined in terms of their characteristics, i.e. skill shortage or labour shortage. For more information see the Labour Market Information section of this site.

 
Labour / Skills shortage indicator

This provides an indication of shortage for this occupation.

High level, Niche areas
 
 


Growth Rate 2007 - 2011

This shows the average annual employment growth for the period. May be a guide to future trends
 
+0%
 
Scale
 
 
-3%
 
     
Part-time workers

This shows the percentage of part-time workers in the total employment of an occupation

Total employed in this occupation: 6000
%
Part-time
13%
 
Scale
 
 
87%
Full-time
 
 
Older workers

This shows the percentage of workers over 55 in the total employment of an occupation
%
Over 55
9%
 
Scale
 
 
91%
Under 55
 
     
Ratio of Male / Female workers

This shows the percentage of male and female workers in the total employment of an occupation
%
Male
50%
 
Scale
 
 
50%
Female
 
 
Non-Irish National workers

This shows the percentage of Irish national and non-Irish national workers in the total employment of an occupation
%
Non-Irish
22%
 
Scale
 
 
78%
Irish
 

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