A tax analyst is a professional who specializes in the analysis and interpretation of tax laws and regulations. They interpret government regulations and internal policies, prepare tax returns and financial statements, and provide advice and guidance on tax-related issues to clients or organizations. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Tax Specialists.

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Main Responsibilities of Tax Specialist

The following list describes the typical responsibilities of a Tax Specialist:

Advise

Advise clients on their actuarial and / or investment related areas.

Analyze

• Analyze business impact of potential initiatives or pricing changes.

• Analyze data, review, and reconcile participant information used for valuation and administration.

• Analyze experience and other Actuarial analysis.

• Analyze external and internal data sources to develop proprietary pricing factors and models.

• Analyze movements in capital requirements and report to senior management.

Apply

• Apply knowledge of insurance regulations and products.

• Apply resolution of problems / discrepancies as they arise in projects.

Assign

Assign and set priorities, and monitor work flow of contractors.

Assist in

• Assist in ad-hoc analysis as required.

• Assist in building, maintaining, & running actuarial models.

• Assist in CALM quarterly valuation processes and liability cashflows.

• Assist in data preparation and testing.

• Assist in identifying pricing opportunities to optimize profitability.

• Assist in preparation of rules and rate manuals.

• Assist in regular profitability reviews of all Portfolio Solutions portfolios.

• Assist in the Annual Preparation of the Appointed Actuary's Report.

• Assist in the design, maintenance, and improvement of pricing models.

• Assist in the pricing of products.

• Assist in updating national databases of Mercer clients.

• Assist in valuations and reporting results.

• Assist Senior Consultant with day-to-day client contact and problem resolution.

• Assist with analysis of the reserving segments.

• Assist with identifying and implementing improvements to actuarial valuation processes.

• Assist with mentoring team members so they can independently produce high quality work.

• Assist with remediation planning and development of manual workarounds.

• Assist with the production of the Annual Appointed Actuary's report.

• Assist with various projects as assigned by direct supervisor.

Attend

• Attend and participate at meetings.

• Attend meetings to discuss and solve work related issues.

Build

• Build relationships across the insurance business.

• Build strong relationships with all key stakeholders at the head office and the field.

Calculate

Calculate pension adjustments (PA) and pension adjustment reversals (PAR).

Carry out

• Carry out a peer review of bonus proposals reporting the outcome to the With-Profits Actuary.

• Carry out reserve analysis for in force programs.

Collaborate with

• Collaborate on maintaining, upgrading and updating software required by the department.

• Collaborate with other departments to launch pricing changes or other initiatives.

• Collaborate with the Business Planning team for the annual planning process and forecast updates.

Communicate

• Communicate and document information.

• Communicate at the right level of complexity for the audience.

• Communicate ideas / decisions clearly.

• Communicate results of various analyses to the Vice President (i.e. through written reports).

• Communicate results to team members and relevant stakeholders.

• Communicate with clients through participation in client calls, meetings, and presentations.

• Communicate with pricing actuaries, underwriters, finance, claims, compliance, and legal departments.

• Communicate with regulatory authorities with respect to filings and rate examinations.

Compile

• Compile and analyze company data for pricing analysis.

• Compile and analyze company data for reserve analysis.

Complete

• Complete Group Benefits Program customizable to your needs.

• Complete projects independently with limited supervision.

• Complete understanding of complex pension plans.

Conduct

• Conduct ad hoc analysis with minimal supervision.

• Conduct analysis to address insurance issues.

• Conduct competitive and market analysis and utilizes this data to support pricing strategies.

• Conduct experience studies as assigned.

• Conduct portfolio reviews and monitor KPIs as required.

• Conduct profitability analysis and identifies potential opportunities to supervisor.

Contribute

• Contribute to development and progression of his team members.

• Contribute to experience studies and annual assumption updates as needed.

• Contribute to research work, new product development and price database updates.

• Contribute to the production of the actuary's report.

Create

Create and validate models to answer business questions as assigned.

Delegate

Delegate and review junior analysts' analysis and client work.

Design

Design monitoring reports necessary to evaluate progress.

Develop

• Develop actuarial knowledge and skills.

• Develop analytical tools to help business effectively manage existing portfolios.

• Develop and deliver presentations to the actuarial group and other departments.

• Develop and deliver presentations to the actuarial groups.

• Develop and enhance the reserve review processes.

• Develop and maintain current knowledge of life insurance products in the U.S. and Canada.

• Develop and Manage plans to implement new products and product updates.

• Develop and perform price monitoring exercises.

• Develop creative new approaches to problem solving and assess impacts of solution options.

• Develop effective plans that define activities, resources, and timelines.

• Develop effective plans that define and track the status of project timelines, resources, and tasks.

• Develop employee contribution strategies to meet employer cost objectives.

• Develop IFRS 17 ready actuarial models in AXIS according to project implementation timeline.

• Develop knowledge and recommend improvements to actuarial valuation process and models.

• Develop, modify, and validate predictive statistical models.

• Develop new product pricing and assess rate adequacy of current programs.

• Develop new rating structures for new products to launch.

• Develop predictive models for in depth analyses and improve current model / process.

• Develop understanding of insurance business, products, and regulatory environments.

• Develop, validate, and maintain actuarial reports to meet business needs.

Document

Document problems, procedures, and analysis of data.

Draft

Draft actuarial memoranda & rate manuals with supervision.

Ensure

• Ensure adherence to the technical pricing standard and actuarial best practices.

• Ensure compliance with OSFI Guideline E-18.

• Ensure data used for pricing and monitoring is complete, accurate, adequate and timely.

• Ensure regulatory compliance with OSFI's Guideline A-4.

Evaluate

• Evaluate and improve pricing methodologies and segmentation for WSP multinational programs.

• Evaluate employer obligations by participating in each step of an actuarial valuation.Evaluate existing processes to find areas for increased efficiency and opportunities for automation.

• Evaluate procedures and processes and recommend alternatives and improvements.

• Evaluate the appropriate IBNR to be booked each quarter, and prepare Sarbanes Oxley documentation.

Gather

Gather and synthesize actuarial data relating to Pricing, Valuation or Modeling.

Generate

Generate clear and user friendly documentation on work produced.

Help

Help to establish appropriate renewal strategies.

Identify

• Identify and report weaknesses and applies controls to mitigate financial and operational risks.

• Identify relatinships, problems / issues, and assess data quality.

Implement

Implement systems rate file changes and produce rate pages where required.

Improve

• Improve current model / process.

• Improve existing data processes and automation.

• Improve valuation methods and processes.

Include

Include automation, auditability, and compliance with policies and standards.

Interpret

• Interpret and communicates results of analyses to supervisor and other actuarial staff.

• Interpret government regulations and internal policies.

• Interpret results of analysis.

• Interpret the model results to managers.

Keep up to date with

Keep up to date with financial markets, products and legislation.

Maintain

• Maintain actuarial databases and files.

• Maintain and improve actuarial databases / SAS programs.

• Maintain and improve P&C valuation models.

• Maintain and improve SAS data procedures.

• Maintain, develop, and validate actuarial reports to meet business needs.

Make

Make pricing recommendations and obtain necessary internal approvals.

Meet

Meet requirements of Allstate Life and Retirement's Actuarial Career Program.

Monitor

• Monitor the performance of various regions, segments and on various business initiatives.

• Monitor the quality of data used in the valuation and facilitate the resolution process.

Operate

Operate in a collaborative manner.

Optimize

Optimize processes to meet business needs.

Own

Own Risk and Solvency Assessment ('ORSA').

Participate in

Participate in the Audit process (Internal, External).

Perform

• Perform analysis / reviews as assigned.

• Perform AXIS model investigations and support valuation models enhancements.

• Perform experience studies (Lapse, Mortality, Morbidity) and communicate results to management.

• Perform independent rate indications of major business lines.

• Perform pricing reviews for personal property and automobile lines of business.

• Perform rate reviews on in force programs.

• Perform related work as required.

• Perform simple analysis and participates in actuarial studies.

• Perform simple calculations using the MetaRisk model to help assess outcomes for clients.

• Perform technical and qualitative peer reviews and coach / mentor more junior staff.

• Perform traditional actuarial ratemaking and segmentation reviews for our Farm line of business.

Prepare

• Prepare and support regulatory rate filings and document actuarial pricing process and models.

• Prepare input data and run various Portfolio optimization analyses.

• Prepare model design specifications to fulfill required actuarial calculations under IFRS 17.

• Prepare presentations or exhibit to the relevant stakeholders, underwriters and senior management.

• Prepare rate filings for current and future states and lines of business.

• Prepare Regulatory fillings / prepare the necessary documentation for Regulatory filings.

• Prepare semi-annual profitability analysis for presentation to profit center and client management.

• Prepare the necessary documentation for the Appointed Actuary report.

Present

Present ideas to audiences in with precision and clarity.

Produce

• Produce premium adequacy reports using relevant profitability metrics.

• Produce suitable and accurate market premium rates to agreed deadlines.

Progress

• Progress in learning about the actuarial techniques and control processes.

• Progress towards Society of Actuaries FSA / FCIA designation.

Provide

• Provide actuarial pricing support to planning / regions / underwriting.

• Provide basic analysis to support business performance reviews.

• Provide business solutions to maximize risk adjusted profit.

• Provide data exhibits and analyses related to the profitability of Commercial Auto products.

• Provide input into reports to the With-Profits Committee and Board.

• Provide inputs into actuarial reporting and business planning.

• Provide rate indications for new and renewal large accounts.

• Provide support for year-end and interim audits.

• Provide support to senior management to inform strategic decision-making.

• Provide training and facilitate knowledge sharing across the team.

Recommend

Recommend and implement enhancements to the Reserving and Planning processes.

Refresh

Refresh basic actuarial and analytic analyses with a high level of supervision.

Research

Research, extract, manipulate, and test the value of complex data from relevant sources.

Respond to

Respond to and resolve regulatory questions.

Review

• Review analysis of colleagues for reasonableness, completeness and accuracy.

• Review and enhance existing process documentation.

• Review and improve the methodologies, processes and tools for analyzing rates and products.

• Review and maintains quality and integrity of actuarial database.

• Review and validate ORSA report.

• Review loss experience of the commercial business and prepare rate indications for all segments.

Show

Show consistent progress toward attaining CAS designations.

Strive

Strive for quality and customer focus.

Supervise

Supervise monthly reporting including variance analysis of results.

Support

• Support and guarantee the on-time delivery of DCAT external peer review reports.

• Support corporate initiatives / projects that require analysis of medical claims data.

• Support development and implementation of AXIS model best practices.

• Support financial risk reporting and analysis.

• Support in production of insightful and meaningful risk appetite reporting for senior management.

• Support ongoing efforts to improve model governance and model risk management functions.

• Support technical development required to build and maintain rating tools for underwriters.

• Support the Economic Capital initiatives with a focus on modelling and analysis.

• Support the wider Actuarial team as and when required.

Take

Take initiative on projects and assignments.

Track

Track and report on broker distribution, submission level, renewal retention and rate changes.

Train

Train / coach other actuarial staff on actuarial methods and actively share expertise with peers.

Understand

• Understand the control framework within the IFRS 17 architecture related to actuarial solutions.

• Understand the needs of our end customers.

• Understand the provisions of the plans and the various applicable laws.

Update

Update and distribute a variety of regular monthly, quarterly, and annual reports.

Validate

Validate the results generated out of the IFRS 17 applications.

Work

• Work efficiently and cooperatively in a team environment and Involve others when appropriate.

• Work in collaboration with a consultant for benefits review projects.

• Work well both independently and as part of a team.

Most In-demand Hard Skills

The following list describes the most required technical skills of a Tax Specialist:

1. Accounting

2. MS Excel

3. CPA

4. Finance

5. TAX

6. Customer Service

7. MS Word

Most In-demand Soft Skills

The following list describes the most required soft skills of a Tax Specialist:

1. Written and oral communication skills

2. Analytical ability

3. Attention to detail

4. Interpersonal skills

5. Problem-solving attitude

6. Organizational capacity

7. Adaptable to changes

8. Team player

9. Leadership

10. Collaborative

11. Accurate

12. Creative

13. Handle multiple priorities

14. Meet deadlines

15. Multi-task

16. Self-motivation

17. Aptitude to understand the clients' business and maintain strong client relationships

18. Time-management

19. Dedication

20. Establish and maintain strong client relationships