Actuaries

Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

Median Annual Wage: $96,700

Education: Bachelor's degree (52%); Professional degree (27%); Post-baccalaureate certificate (15%)

Projected Growth: Much faster than average (22% or higher)

Related Job Titles: Actuary; Actuarial Analyst; Pricing Actuary; Product Development Actuary; Actuarial Assistant; Actuarial Associate; Actuarial Consultant; Consulting Actuary; Health Actuary; Pricing Analyst

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Source: O*NET OnLine information for Actuaries.

More Computer and Mathematical Careers

  • Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Testify before public agencies on proposed legislation affecting businesses.
  • Determine policy contract provisions for each type of insurance.
  • Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.

Source: O*NET OnLine information for Actuaries.

  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  • Speaking - Talking to others to convey information effectively.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.

Source: O*NET OnLine information for Actuaries.

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