Details for Actuaries
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 premium rates required and cash reserves necessary to ensure payment of future benefits.
- 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 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.
- Negotiate terms and conditions of reinsurance with other companies.
- 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.
- 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.
Education, training, experience
- Education - Most of these occupations require a four-year bachelor's degree, but some do not.
- Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
- 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.
- Customer and Personal Service -Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Sales and Marketing -Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
- Education and Training -Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
- 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.
- Law and Government -Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- English Language -Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- 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.
- Economics and Accounting -Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Mathematics -Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- 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.
- Writing - Communicating effectively in writing as appropriate for the needs of the audience.
- Speaking - Talking to others to convey information effectively.
- Mathematics - Using mathematics to solve problems.
- Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
- Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
- 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.