Associate Actuary (Hybrid)

Prudential Financial•Newark, NJ

1d•Hybrid

About The Position

The Methodology and Modeling Team within the Prudential Retirement Strategies (PRS) Actuarial Group is seeking an Associate Actuary. The team is responsible for developing and refining pricing methodology / framework and managing the development and testing of a spectrum of pricing models that provide critical support to product innovations, pricing / rate setting, and risk analytics. This role will be a part of the Methodology sub-team and plays a critical part in leading cross-functional initiatives between the retail annuity and institutional retirement businesses. The position will be responsible for developing sound methodologies, creating innovative solutions, and testing/comparing capabilities of Prudential’s multiple pricing models across various platforms (MATLAB, Python, GGY-Axis, etc.). This individual will work closely with other members of the methodology team, model development teams and pricing teams during the various model development lifecycles (MDLC), as well as collaborate with Actuarial Model Control (AMC) and Model Risk Management (MRMG) to ensure compliance to model risk governance requirements. Additionally, the individual will be actively engaged in other methodology, framework and R&D projects to support various PRS and enterprise initiatives.

Requirements

4-5 years of actuarial experience or equivalent experience in a similar quantitative financial field; knowledge in retail annuity and institutional retirement products is desirable
Strong quantitative modeling and analytical skills; understanding of financial instruments and asset liability risk management preferred
Solid programming skills (e.g., VBA or other programming languages)
Strong project management skill; strong execution with attention to detail
Good verbal and written communication skills; able to explain technical concepts to non-technical audience
Highly motivated individual who can work equally well independently and in a team environment

Nice To Haves

Experience with MATLAB, Python, and predictive modeling / machine learning is a big plus

Responsibilities

Design, refine and manage the model testing and control processes; incorporate best practices and continuingly improve the effectiveness and efficiency of the processes.
Lead on execution of testing initiatives, including managing testing resources and timelines, prioritizing workstreams, conducting rigorous testing and review, and developing comprehensive testing results documents.
Interact closely with model developers to share testing findings, provide feedback / suggestions, and ensure identified issues are addressed properly.
Coordinate with model users for adequate UATs.
Collaborate with AMC and MRMG to ensure compliance to the model risk governance requirements.
Proactively drive methodology refinements and technology advancements to generate enhanced modeling capabilities by conducting innovative research.
Collaborate with the Modeling, New Initiatives and Pricing Teams to provide support for Business Unit/Enterprise initiatives, such as new methodology for product innovations or pricing framework changes, ALM risk analysis, required capital framework.

Benefits

Market competitive base salaries, with a yearly bonus potential at every level
Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave
401(k) plan with company match (up to 4%).
Company-funded pension plan.
Wellness Programs including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs.
Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
Education Benefit to help finance traditional college enrollment toward obtaining an approved degree and many accredited certificate programs.
Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period), after one year of service.
Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance.

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