actuarial science
The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.
Actuarial consultants analyse, manage and provide guidance on financial impact of risks. They can work in fields related to insurance, pension, investment, banking, healthcare etc. Actuarial consultants apply technical and statistical models and theories to give strategic, commercial, and financial advice.
Competences and skills
35 ESCO relationsEssential knowledge 5 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceCross-sector
4 competencesempirical analysis
The evidence-based method that is used to analyse and interpret information with the aim of drawing conclusions about a specific issue.
financial products
The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.
quantitative analysis
The technique of employing statistical and mathematical modelling and measurement to represent a specific reality through numbers.
digital
statistics
The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
Essential skills and competences 9 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
Cross-sector
9 competencesadvise on financial matters
Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
analyse market financial trends
Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
apply statistical analysis techniques
Use models (descriptive or inferential statistics) and techniques (data mining or machine learning) for statistical analysis and ICT tools to analyse data, uncover correlations and forecast trends.
digital
create a financial plan
Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
obtain financial information
Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
perform risk analysis
Identify and assess factors that may jeopardise the success of a project or threaten the organisation's functioning. Implement procedures to avoid or minimise their impact.
produce statistical financial records
Review and analyse individual and company financial data in order to produce statistical reports or records.
provide support in financial calculation
Provide colleagues, clients or other parties with financial support for complex files or calculations.
synthesise financial information
Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.
Optional knowledge 11 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceprinciples of insurance
The understanding of the principles of insurance, including third party liability, stock and facilities.
Cross-sector
10 competencesbanking activities
The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
business loans
Loans which are intended for business purposes and which can either be secured or unsecured depending on whether a collateral is involved. The different types of business loans such as bank loans, mezzanine finance, asset-based finance, and invoice finance.
credit control processes
The various techniques and procedures applied to ensure that credit is given to the suitable customers and that they pay on time.
debt systems
The processes needed to obtain goods or services before payment and when a sum of money is owed or overdue.
insurance law
The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.
insurance market
The trends and major driving factors in the insurance market, insurance methodologies and practices, and the identification of the major stakeholders in the insurance sector.
modern portfolio theory
The theory of finance that attempts to either maximise the profit of an investment equivalent to the risk taken or to reduce the risk for the expected profit of an investment by judiciously choosing the right combination of financial products.
Monte Carlo simulation
A mathematical technique used to predict, estimate, and analyse a range of future possible outcomes for an uncertain event. The process is performed through a simulation to estimate a range of values.
digital
types of insurance
The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.
types of pensions
The types of monthly sums paid to someone in retirement, such as employment-based pensions, social and state pensions, disability pensions and private pensions.
Optional skills and competences 10 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceconsult credit score
Analyse the credit files of an individual, such as credit reports which outlines a person's credit history, in order to assess their creditworthiness and all the risks that would be involved in granting a person a loan.
Cross-sector
9 competencesadvise on risk management
Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
analyse financial risk
Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
analyse insurance risk
Analyse the probability and size of the risk that is to be insured, and estimate the value of the insured property of the client.
analyse loans
Examine and analyse the loans provided to organisations and individuals through different forms of credit such as overdraft protection, export packing credit, term loan, and purchase of commercial bills.
communicate with banking professionals
Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
develop investment portfolio
Create an investment portfolio for a customer that includes an insurance policy or multiple policies to cover specific risks, such as financial risks, assistance, reinsurance, industrial risks or natural and technical disasters.
examine credit ratings
Investigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.
provide cost benefit analysis reports
Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.
review investment portfolios
Meet with clients to review or update an investment portfolio and provide financial advice on investments.