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Details for 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 premium 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.
  • 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 improving 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.

Interests

  • 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.

Knowledge

Skills

  • 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.
  • 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.
  • Learning Strategies - Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
  • Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Persuasion - Persuading others to change their minds or behavior.
  • Instructing - Teaching others how to do something.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Operations Analysis - Analyzing needs and product requirements to create a design.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • 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.
  • Management of Financial Resources - Determining how money will be spent to get the work done, and accounting for these expenditures.

Related Careers

  • Accountants
  • Assessors
  • Cost Estimators
  • Credit Analysts
  • Financial Analysts
  • Insurance Underwriters
  • Procurement Clerks
  • Statisticians
  • Tax Preparers
Wages for this career
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