jdidj.com

When a business such as banks, insurance companies and other financial institutions, think about beginning a new endeavor, it is the job of the actuarial consultant to evaluate and advise on the financial risks that may be involved. They do this by applying their knowledge of business and economics, understanding of probability theory, statistics and investment theory to the concept and come up with the strategic commercial and financial risks. Their roles can range from highly technical roles developing complex financial products in investment banking or pensions to consultants for insurance companies for those seeking client facing areas. Actuarial consultants start out as trainee consultants or risk analysts while they are still studying for exams. The can work their way up to partners in consulting firms, chief risk officers in large banks or board level positions in insurance companies or other financial institutions. Their day to day work involves developing new financial products, conducting evaluations on assets and liabilities, assessing profitability of investment portfolios and overseeing asset and liability modeling, product development and profit testing, among other things.