Actuary is a person who calculates and analyses reasonableness or the consequences of financial risks. Therefore actuaries can work for any company where the financial risk management is needed, such as investment firms and banks, large corporations, consulting companies, government, and insurance companies. To become an actuary, a person should obtain a corresponding educational background and pass the actuarial exams. The educational background needed is that of mathematics and statistics, business, management. Also additional courses in Economics, Computer science and liberal arts will be helpful. Another requirement is to pass at least one examination, either by the Society of Actuaries (SOA) or by the Casualty Actuarial Society (CAS). Once a person passes the exam he/she becomes a member or the associate of that professional group. The first group SOA is a professional organisation of actuaries working in health insurance industry, pensions, and employee benefits. The second one CAS unites actuaries working in fire, automobile and liability insurance and employees’ compensation. (What is an Actuary?) Also prospective actuaries should show good results at school, since the GPA will be considered by employers as well. The entry into this profession is rather competitive. The salary of an actuary depends on the number of professional exams passed and on the number of years of experience. The median salary is about $87 thousand. (DW Simpson 2012 SALARY SURVEY)
Insurance Investigator is a career of a private detective which has both positive and negative sides. The positive side is the excitement this job brings when fighting fraud and corruption. The negative side appears when dealing with corrupt and dishonest people on a regular basis, also irregular or extra working hours is not good for the personal life. In this profession a Bachelor’s degree will be enough, but the working experience is more important here than in any insurance job. (Kolakowski)People working on this position should have strong analytical and interpersonal skills to succeed. They should be able to persuade other people to help them in investigation. There are no formal certifications, except the internal trainings and experience. The job may require conducting surveillance and analysing the databases. Insurance investigator needs sometimes to obtain photos, oral or written testimonies of witnesses and claimants. The average salary is $50 thousand; the top 10% earns more than $79 thousand. (Insurance Investigator Career and Salary Profile)
“DW Simpson 2012 SALARY SURVEY.” 2012. DW Simpson Global Actuarial And Analytical Recruitment. .
Insurance Investigator Career and Salary Profile. n.d. .
Kolakowski, Mark. Insurance Investigators. n.d. .
What is an Actuary? 2010.