Top MBA Jobs: Actuarial Analyst
Chances are that a multitude of options will become available to you once you’ve earned your MBA. But first, you’ll need to decide just how you’ll focus your degree. As you survey schools and specializations, a couple of questions may arise. What is the job market like in my potential major? How well can I put my knowledge to practical use once I earn my MBA?
One career choice that answers both questions in the affirmative is that of Actuarial Analyst. In this article we’ll take a look at the different aspects of this field, its salary potential, some well respected degree programs for actuaries, and some current openings that are available.
What is an Actuarial Analyst?
Put very simply, actuarial analysts take raw data and apply it to real world scenarios. Using their well honed analytical skills, they calculate the probability of certain events, such as accidents, injuries, product malfunctions, or property damage. This information then adjusts pricing of insurance policies. Actuarial analysts may also analyze the likelihood of catastrophic events such as health pandemics, terrorist attacks, hurricanes, earthquakes or tornadoes in order to assess risk exposure for companies.
Financial services firms also employ actuarial analysts to design pension plans and investment portfolios for their clients.
Actuarial Analyst Salary
According to recent Glassdoor data, the national average salary for an actuarial analyst is $74,000 per year, not inclusive of bonuses. It’s important to note, however, that salaries range widely for this field. As in many other professions in finance and insurance, possessing certifications gives you added value to any organization. To reach the associate level, analysts must take a series of exams administered by either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).
Students can take some of the exams while still in school, and many firms will hire those who have passed one or two. The next level of certification is the fellowship level, which takes two to three years, and at this point salary potential increases even more.
The good news is that the field is set to experience a high level of growth over the next decade—22 percent according to the U.S. Bureau of Labor Statistics. Advancement opportunities are also abound for actuarial analysts.
“It’s not uncommon for actuarial analysts who show superb business results, intuition and dedication, often combined with a master’s degree in business, to advance to Chief Risk Officer or Chief Financial Officer at their company,” notes an article on learn.org.
Actuarial Science Business School Programs
While entry level actuary jobs are available to those without an MBA or MS, it probably comes as no surprise that the top companies seek those with advanced degrees.
Rutgers Business School
Rutgers University New Brunswick’s Master of Business and Science with a concentration in Actuarial and Statistical Analysis. As with most schools offering this concentration, Rutgers requires a strong background of study in calculus and linear algebra, as well as GRE scores. Of the 43 credits needed for the degree, 24 are in the sciences and 19 are in business.
Columbia Business School
Columbia also offers a well regarded Master’s program, with courses taught by actuarial and analytics professionals. Columbia considers itself on the cutting edge of the industry, with a strong focus upon machine learning, predictive modeling, and the tech that drives financial markets. The Columbia MS in Actuarial Science has 36 required credits, and can be completed on a full or part-time basis.
Those interested in Actuarial Science can earn a 36-credit degree at Columbia Business School in New York City, either full or part-time.
The Wharton School at the University of Pennsylvania
The Wharton School of Business offers an MBA concentration in Actuarial Science within the Statistics department. The major is comprised of three required courses, an additional course, and an advanced study project. Detailed requirements for Wharton’s program can be found here.
Among the other schools with top actuarial science programs are Florida State, Ohio State, Baruch College, and Penn State.
Who’s Hiring?
Data from Payscale states companies that are currently hiring, along with their estimated salary ranges. They include United Health Group ($75,000); Mercer, LLC ($69,000); Milliman, Inc. and Anthem ($65,000); Willis Towers Watson ($64,000); and Aetna ($62,000).
Top MBA Recruiters: MetLife
Founded in 1868, MetLife—one of the world’s largest providers of insurance, annuities, and employee benefit programs—currently serves over 90 million customers in over 60 countries, including more than 90 of the 100 Fortune 500 companies. With such a rich history, it’s fairly easy to see why MetLife careers can be so appealing for MBA candidates and recent grads.
What MBAs Love About MetLIfe
According to Glassdoor, associates (a common entry-level job for MBA graduates) can pull an average salary of $90,522, with another $26,781 in cash bonuses. This figure is well above the national insurance associate annual average of $42,849; a 47 percent difference in salary alone.
Another one of the main perks of working at MetLife is the variety of great benefits. MetLife offers health, dental, vision, disability, accident, auto, home, life, and even pet insurance. These insurance plans are also adaptable for MetLife employees who regularly travel internationally.
Legal services are also provided through MetLaw® for a wide range of potential legal issues, such as will and estate planning documents, real estate, traffic defense, and identity theft. MetLaw®, provided by Hyatt Legal Plans (a MetLife company), is a network of over 15,000 lawyers, with an average of 25 years of experience per attorney.
Working at MetLife
MetLife prides itself on offering employees training and development opportunities, allowing them to realize their full potential. MetLife’s international profile also offers employees the opportunity for global mobility and maximum geographic versatility.
The company actively fosters diversity through two distinct mechanisms. The first of which factors recruiting traditionally underrepresented minority groups. For example, the Global Women’s Initiative seeks out qualified female candidates and offers career development. The Veteran’s Initiative seeks to provide positive transition from military service to working life. And the People with Different Abilities Initiative empowers those with disabilities, striving to find the differently-abled candidates positions in which they can thrive.
The other method in which MetLife encourages an inclusive environment is through employee networks, such as the Global Multicultural Professionals (to create awareness around culturally diversity and to support diverse talent), Local Inclusion Action Teams (which support diversity in specific offices), GLAM (a network for LGBTQ+ employees and allies), and Families at MetLife (created promote a culture of understanding for working families).
MetLife sponsors a number of different resources designed to facilitate a healthy work-life balance. Work-Life ASSIST specifically offers coaching and resources to help employees with their day-to-day lives. Childcare and Eldercare support similarly offers resources for working families. On top of all that, workplace flexibility and PTO are integral to the livelihood of a MetLife employee.
Volunteer efforts, like its partnership with Habitat for Humanity, makes working at MetLife more than just a traditional job.
Finding MetLife Careers
MetLife has several programs that might appeal to recent MBA grads. The Global Leadership Development program offers those with three-to-five years of related experience an opportunity to cross-train in three rotational assignments, in conjunction with advice from a designated mentor and other senior leaders.
MetLife also prides itself on being proactive with regard to recent technological advances. As is the case across most industries, candidates with tech backgrounds are in high demand.
Current MetLife Careers
Several positions that favor individuals with MBAs are currently available at MetLife. Most of these jobs are located within the U.S.. However, there are also openings in Mexico, Singapore, Hong Kong, and the UK.
Associate – Asset Management: Washington DC
Candidates with five-or-more years of experience in asset management or commercial real estate might be interested in this Washington DC position at MetLife Investments. This position focuses on managing and reporting on existing MetLife assets, while also exploring stable ways to expand MetLife revenue through investments.
Director – Global Customer Experience Strategy and Planning: New York City
This NYC position is best suited for those who specialize in customer experience. It requires eight-or-more years of professional experience in management consulting or strategy and program management. However, it is perfect for those with a global mindset and entrepreneurial disposition.
