Associate Manager, Actuarial Job Listing at Prudential in iselin, NJ (Job ID PRI0003J)
The Stable Value Actuarial team is responsible for the pricing and valuation of Prudential’s stable value wrap business. The area is also often called upon to contribute to the development of other products for Prudential Retirement. Prudential Retirement is a market leader in stable value products, with over $100 billion in total book value guaranteed. The stable value wrap component of Prudential’s stable value block has been growing rapidly in recent years and exceeded $70 billion in account values as of June 30, 2013.
As a member of the team you will gain expertise with products that are very important to defined contribution plan participants, and you will contribute to a dynamic work environment with creative, leading edge approaches to risk evaluation and modeling.
The Stable Value Actuarial team’s operations are based in Woodbridge, New Jersey near the Metropark train station.
1. Maintain and enhance stochastic models that calculate required capital and fees for stable value wrap transactions:
· suggest and implement improvements in the models to keep pace with best financial practices
· build new functionality to support the continued enhancement of our ability to measure and understand risks embedded in stable value products
· gather and execute on suggestions for improvements to models and processes
· implement new products to the stochastic model
2. Maintain controls over models and ensure compliance with company standards and develop best practices for the business.
3. Assist in the periodic review of assumptions for use in pricing and the setting of required capital.
4. Assist in the documentation and development of operational rules, guidelines, and controls for the pricing and risk management of stable value products.
5. Analyze impact of product design and assumption changes on expected profitability
6. Provide support for various pricing initiatives, including assumption setting and analysis of new product concepts
7. Monitoring the risk and profitability of the book of business
1. BA/BS degree required, preferably in mathematics, economics, or other quantitatively oriented discipline
2. MATLAB and VBA experience required.
3. Significant programming experience, either in an academic or a business environment preferred, especially with object-oriented design.
4. Knowledge of probability and statistics at the level expected of college mathematics majors is required
5. Strong technical and analytical skills, including an ability to solve complex problems.
6. Experience with, or a strong interest in learning about, fixed income investments, investment-oriented insurance products, and financial risk modeling.
7. Strong written and oral communication skills
1. Strong attention to detail
2. Demonstrates leadership, initiative, and resourcefulness
3. Ability to work independently
4. Ability to collaborate with a diversity of personalities and professional backgrounds across the pricing team and other functional areas, including investment professionals, attorneys, actuaries, and the senior management of Prudential Retirement.
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