Actuaries
SOC: 15-2011.00

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.


National Salary Information:

Hourly Statistics:

Annual Statistics:

Source: Bureau of Labor Statistics 2015 wage data.


Employment Projections:

Employment (2014):
24,600 employed

Projected (2024):
29,000 employed

Projected growth (2014-2024)


Source: Bureau of Labor Statistics 2015 2014-2024 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.


Alternate Titles:

  • Actuarial Analyst
  • Actuarial Assistant
  • Actuarial Associate
  • Actuarial Consultant
  • Actuarial Manager
  • Actuarial Mathematician
  • Actuary
  • Consulting Actuary
  • Health Actuary
  • Insurance Actuary
  • Pricing Actuary
  • Pricing Analyst
  • Product Development Actuary


  • Job Zone Four: Considerable Preparation Needed

    Experience:

    A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

    Education:

    Most of these occupations require a four-year bachelor's degree, but some do not.

    Job Training:

    Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.


    Required Skills:

  • Reading Comprehension
  • Active Listening
  • Writing
  • Speaking
  • Mathematics
  • Science
  • Critical Thinking
  • Active Learning
  • Learning Strategies
  • Monitoring
  • Social Perceptiveness
  • Coordination
  • Persuasion
  • Negotiation
  • Instructing
  • Service Orientation
  • Complex Problem Solving
  • Operations Analysis
  • Technology Design
  • Programming
  • Operation Monitoring
  • Quality Control Analysis
  • Judgment and Decision Making
  • Systems Analysis
  • Systems Evaluation
  • Time Management
  • Management of Financial Resources
  • Management of Material Resources
  • Management of Personnel Resources

  • Knowledge Used:

  • Administration and Management
  • Clerical
  • Economics and Accounting
  • Sales and Marketing
  • Customer and Personal Service
  • Personnel and Human Resources
  • Production and Processing
  • Computers and Electronics
  • Engineering and Technology
  • Design
  • Mathematics
  • Psychology
  • Sociology and Anthropology
  • Geography
  • Medicine and Dentistry
  • Education and Training
  • English Language
  • Public Safety and Security
  • Law and Government
  • Telecommunications
  • Communications and Media
  • Transportation


  • Tasks:

  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • 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.
  • 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 or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Testify before public agencies on proposed legislation affecting businesses.
  • Provide advice to clients on a contract basis, working as a consultant.
  • 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.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Determine policy contract provisions for each type of insurance.
  • Manage credit and help price corporate security offerings.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Explain changes in contract provisions to customers.

  • Tools & Technology:

  • 10-key calculators
  • Desktop computers
  • Notebook computers
  • Personal computers
  • Appraisal software
  • ARMON Technologies XLActuary
  • C++
  • Cash flow software
  • Compliance testing software
  • Data entry software
  • dBASE Plus
  • GGY AXIS
  • IBM Lotus Notes
  • Insightful S-PLUS
  • Insureware ICRFS-ELRF
  • Lewis & Ellis LEAPPS
  • Microsoft Access
  • Microsoft Excel
  • Microsoft Office software
  • Microsoft PowerPoint
  • Microsoft Visio
  • Microsoft Visual Basic
  • Microsoft Visual FoxPro
  • Microsoft Word
  • Milliman Corporate Affinity
  • Milliman ReservePro
  • Oak Mountain Software AnnuityValue
  • PolySystems Asset Delphi
  • Presentation software
  • Pricing software
  • R
  • SAP BusinessObjects Desktop Intelligence
  • SAS software
  • Spreadsheet software
  • SPSS software
  • SS&C PTS
  • Statistical software
  • Structured query language SQL
  • Towers Perrin TAS Tillinghast Actuarial Software
  • Wolfram Research Mathematica
  • Word processing software


  • computer and mathematical


    industry stats

    SOC: 15-0000

    Total Employed: 4,005,250

    Average Annual Salary: $86,170