Actuaries

What the job really is

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.

At a glance

• Sector: Computer & Mathematical
• O*NET-SOC code: 15-2011
• O*NET job zone: 4 — considerable preparation
• Work sample tasks on file: 12
• Tools and technologies listed: 12

What you actually do

Work sample tasks recorded for this occupation:

• Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
• 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.
• Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
• 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.
• Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
• Provide advice to clients on a contract basis, working as a consultant.
• Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
• Negotiate terms and conditions of reinsurance with other companies.
• Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
• Testify before public agencies on proposed legislation affecting businesses.
• Determine policy contract provisions for each type of insurance.

Tools and technology

C++, IBM SPSS Statistics, Microsoft Access, Microsoft Excel, Microsoft Office software, Microsoft Power BI, Microsoft PowerPoint, Microsoft Project, Microsoft SQL Server, Microsoft Visio, Microsoft Visual Basic, Microsoft Visual Basic for Applications VBA

What employers expect you to already be comfortable with.

Where this job leads

Related occupations — the usual moves up and sideways:

• Personal Financial Advisors
• Financial Risk Specialists
• Financial and Investment Analysts
• Compensation, Benefits, and Job Analysis Specialists
• Accountants and Auditors
• Economists
• Insurance Underwriters
• Statistical Assistants

Getting in

O*NET assigns this occupation job zone 4 (considerable preparation). The related occupations above are the realistic routes in and out.

Find openings

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Check this against the source

O*NET OnLine: Actuaries — the authoritative public-domain profile this page is derived from, including the full task list, reported skills and the wage estimates for your region.

Derived and rewritten from the public-domain O*NET database (U.S. Department of Labor / Employment and Training Administration). Figures are observations, not promises — always confirm salary, licensing and visa requirements with the employer and the relevant authority.