In the first year of actuarial work, you will most likely be learning the actuarial, insurance, and company environment, and will probably be assigned some pretty routine calculations. After you've gained some experience, you will be given larger dollar amount projects, and higher level work.
The work varies by specialty and by employer, but typically you'll be working with quite a bit of data, performing various calculations, looking for patterns and trends, and recommending what price to charge for an insurance deal or how much to set aside to pay for claims.
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