Skip navigation

Actuaries

Also called: Actuary, Actuarial Analyst, Pricing Actuary, Product Development Actuary

What they do:
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.
On the job, you would:
  • 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.

Knowledge

Math and Science
  • arithmetic, algebra, geometry, calculus, or statistics
Business
  • accounting and economics
  • management
Arts and Humanities
  • English language
Engineering and Technology
  • computers and electronics

Skills

Basic Skills
  • using math to solve problems
  • thinking about the pros and cons of different ways to solve a problem
People and Technology Systems
  • thinking about the pros and cons of different options and picking the best one
  • figuring out how a system should work and how changes in the future will affect it
Problem Solving
  • noticing a problem and figuring out the best way to solve it

Abilities

Math
  • choose the right type of math to solve a problem
  • add, subtract, multiply, or divide
Verbal
  • communicate by speaking
  • read and understand what is written
Ideas and Logic
  • use rules to solve problems
  • make general rules or come up with answers from lots of detailed information
Attention
  • pay attention to something without being distracted

Personality

People interested in this work like activities that include data, detail, and regular routines.
They do well at jobs that need:
  • Analytical Thinking
  • Integrity
  • Attention to Detail
  • Dependability
  • Achievement/Effort
  • Initiative

Technology

You might use software like this on the job:

Financial analysis software
  • GGY AXIS
  • PolySystems Asset Delphi
Analytical or scientific software
  • Insightful S-PLUS
  • SAS software
Data base user interface and query software
  • dBASE Plus
  • SAP BusinessObjects Desktop Intelligence

Education

Education: (rated 4 of 5)
bachelor's degree or
professional degree
usually needed

Get started on your career:

Find Training Find Certifications

Job Outlook

Bright Outlook
New job opportunities are very likely in the future.
Salary
$93,680
per year, on average
Check out my state Local Salary Info Find Jobs

Explore More

See more details at O*NET OnLine about actuaries.