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.

  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Negotiate terms and conditions of reinsurance with other companies.
  • 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.
  • 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 disabled or killed in an accident.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
  • Manage credit and help price corporate security offerings.
  • Explain changes in contract provisions to customers.
Work Context
  • Electronic Mail — 100% responded "Every day".
  • Indoors, Environmentally Controlled — 94% responded "Every day".
  • Spend Time Sitting — 69% responded "Continually or almost continually".
  • Telephone — 63% responded "Every day".
  • Face-to-Face Discussions — 69% responded "Every day".
  • Importance of Being Exact or Accurate — 57% responded "Extremely important".
  • Impact of Decisions on Co-workers or Company Results — 47% responded "Important results".
  • Read More
Work Activities
  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  • Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
  • Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
  • Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
  • Read More
Detailed Work Activities
  • Negotiate contracts with clients or service providers.
  • Manage financial activities of the organization.
  • Analyze health-related data.
  • Manage financial activities of the organization.
  • Collaborate with others to develop or implement marketing strategies.
  • Develop organizational goals or objectives.
  • Read More

Knowledge

Mathematics
  • Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Economics and Accounting
  • Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language
  • Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Read More

Skills

Judgment and Decision Making
  • Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Mathematics
  • Using mathematics to solve problems.
Critical Thinking
  • Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Reading Comprehension
  • Understanding written sentences and paragraphs in work related documents.
Read More

Abilities

Mathematical Reasoning
  • The ability to choose the right mathematical methods or formulas to solve a problem.
Number Facility
  • The ability to add, subtract, multiply, or divide quickly and correctly.
Deductive Reasoning
  • The ability to apply general rules to specific problems to produce answers that make sense.
Oral Comprehension
  • The ability to listen to and understand information and ideas presented through spoken words and sentences.
Read More

Personality

People interested in this work like activities that include ideas, thinking, and figuring things out.
They do well at jobs that need:
  • Achievement/Effort
  • Persistence
  • Initiative
  • Leadership
  • Cooperation
  • Concern for Others
  • Social Orientation
  • Self Control
Read More

Technology

You might use software like this on the job:

Data base user interface and query software
  • Data entry software Hot Technology
  • Microsoft SQL Server Hot Technology
  • Microsoft Access Hot Technology
  • Oracle software Hot Technology
  • Structured query language SQL Hot Technology
  • SAP BusinessObjects Desktop Intelligence
  • dBASE Plus
Office suite software
  • Microsoft Office Hot Technology
Presentation software
  • Microsoft PowerPoint Hot Technology
  • Presentation software
Read More

Education

Bachelor's Degree or
Post-Baccalaureate Certificate
usually needed

Get started on your career:

Job Outlook

New job opportunities are very likely in the future.
Salary
$111,030
$66,030
$196,010