Actuaries

Description

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.

Tasks

Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
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 improving existing business.
Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
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.
Explain changes in contract provisions to customers.
Manage credit and help price corporate security offerings.

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.
Computers and Electronics: Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Administration and Management: Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
English Language: Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Personnel and Human Resources: Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.

Skills

Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Systems Analysis: Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
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.
Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
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.
Mathematics: Using mathematics to solve problems.

Abilities

Number Facility: The ability to add, subtract, multiply, or divide quickly and correctly.
Written Comprehension: The ability to read and understand information and ideas presented in writing.
Oral Expression: The ability to communicate information and ideas in speaking so others will understand.
Mathematical Reasoning: The ability to choose the right mathematical methods or formulas to solve a problem.
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.
Problem Sensitivity: The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Inductive Reasoning: The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Near Vision: The ability to see details at close range (within a few feet of the observer).

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.
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.
Interpreting the Meaning of Information for Others: Translating or explaining what information means and how it can be used.
Updating and Using Relevant Knowledge: Keeping up-to-date technically and applying new knowledge to your job.
Thinking Creatively: Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
Organizing, Planning, and Prioritizing Work: Developing specific goals and plans to prioritize, organize, and accomplish your work.
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.
Provide Consultation and Advice to Others: Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.

Work Context

Electronic Mail: How often do you use electronic mail in this job?
Indoors, Environmentally Controlled: How often does this job require working indoors in environmentally controlled conditions?
Telephone: How often do you have telephone conversations in this job?
Face-to-Face Discussions: How often do you have to have face-to-face discussions with individuals or teams in this job?
Spend Time Sitting: How much does this job require sitting?
Importance of Being Exact or Accurate: How important is being very exact or highly accurate in performing this job?
Impact of Decisions on Co-workers or Company Results: How do the decisions an employee makes impact the results of co-workers, clients or the company?
Work With Work Group or Team: How important is it to work with others in a group or team in this job?
Freedom to Make Decisions: How much decision making freedom, without supervision, does the job offer?
Frequency of Decision Making: How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?

Interests

Conventional: Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Investigative: Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Enterprising: Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Realistic: Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
Artistic: Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
Social: Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.

Work Style

Analytical Thinking: Job requires analyzing information and using logic to address work-related issues and problems.
Integrity: Job requires being honest and ethical.
Attention to Detail: Job requires being careful about detail and thorough in completing work tasks.
Dependability: Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Achievement/Effort: Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Initiative: Job requires a willingness to take on responsibilities and challenges.
Persistence: Job requires persistence in the face of obstacles.
Leadership: Job requires a willingness to lead, take charge, and offer opinions and direction.
Cooperation: Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Adaptability/Flexibility: Job requires being open to change (positive or negative) and to considerable variety in the workplace.

Work Values

Working Conditions: Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Achievement: Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Independence: Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Recognition: Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Support: Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Relationships: Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.

Related Occupations

Cost Estimators

Accountants

Assessors

Credit Analysts

Financial Analysts

Insurance Underwriters

Tax Preparers

Statisticians

Procurement Clerks

Lay Titles

Actuarial Analyst

Actuarial Assistant

Actuarial Associate

Actuarial Mathematician

Actuary

Health Actuary

Insurance Actuary

Pricing Actuary

Pricing Analyst

Product Development Actuary

National Wages and Employment Info

Median Wages (2008):: $45.04 hourly, $93,680 annual.

Employment (2008):: 21,340 employees