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

Physics
Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub- atomic structures and processes.
History and Archeology
Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
Therapy and Counseling
Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counseling and guidance.
Philosophy and Theology
Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.
Biology
Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
Building and Construction
Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
Mechanical
Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
Foreign Language
Knowledge of the structure and content of a foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.
Chemistry
Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.
Fine Arts
Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.

Skills

Troubleshooting
Determining causes of operating errors and deciding what to do about it.
Operation and Control
Controlling operations of equipment or systems.
Equipment Selection
Determining the kind of tools and equipment needed to do a job.
Installation
Installing equipment, machines, wiring, or programs to meet specifications.
Equipment Maintenance
Performing routine maintenance on equipment and determining when and what kind of maintenance is needed.
Repairing
Repairing machines or systems using the needed tools.

Abilities

Trunk Strength
The ability to use your abdominal and lower back muscles to support part of the body repeatedly or continuously over time without 'giving out' or fatiguing.
Manual Dexterity
The ability to quickly move your hand, your hand together with your arm, or your two hands to grasp, manipulate, or assemble objects.
Arm-Hand Steadiness
The ability to keep your hand and arm steady while moving your arm or while holding your arm and hand in one position.
Wrist-Finger Speed
The ability to make fast, simple, repeated movements of the fingers, hands, and wrists.
Speed of Limb Movement
The ability to quickly move the arms and legs.
Reaction Time
The ability to quickly respond (with the hand, finger, or foot) to a signal (sound, light, picture) when it appears.
Rate Control
The ability to time your movements or the movement of a piece of equipment in anticipation of changes in the speed and/or direction of a moving object or scene.
Response Orientation
The ability to choose quickly between two or more movements in response to two or more different signals (lights, sounds, pictures). It includes the speed with which the correct response is started with the hand, foot, or other body part.
Multilimb Coordination
The ability to coordinate two or more limbs (for example, two arms, two legs, or one leg and one arm) while sitting, standing, or lying down. It does not involve performing the activities while the whole body is in motion.
Sound Localization
The ability to tell the direction from which a sound originated.

Work Activities

Inspecting Equipment, Structures, or Material
Inspecting equipment, structures, or materials to identify the cause of errors or other problems or defects.
Repairing and Maintaining Electronic Equipment
Servicing, repairing, calibrating, regulating, fine-tuning, or testing machines, devices, and equipment that operate primarily on the basis of electrical or electronic (not mechanical) principles.
Controlling Machines and Processes
Using either control mechanisms or direct physical activity to operate machines or processes (not including computers or vehicles).
Drafting, Laying Out, and Specifying Technical Devices, Parts, and Equipment
Providing documentation, detailed instructions, drawings, or specifications to tell others about how devices, parts, equipment, or structures are to be fabricated, constructed, assembled, modified, maintained, or used.
Handling and Moving Objects
Using hands and arms in handling, installing, positioning, and moving materials, and manipulating things.
Performing General Physical Activities
Performing physical activities that require considerable use of your arms and legs and moving your whole body, such as climbing, lifting, balancing, walking, stooping, and handling of materials.
Operating Vehicles, Mechanized Devices, or Equipment
Running, maneuvering, navigating, or driving vehicles or mechanized equipment, such as forklifts, passenger vehicles, aircraft, or water craft.
Repairing and Maintaining Mechanical Equipment
Servicing, repairing, adjusting, and testing machines, devices, moving parts, and equipment that operate primarily on the basis of mechanical (not electronic) principles.

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.

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