Occupation Profile 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.
Signficant Points
- A strong background in mathematics is essential; actuaries must pass a series of examinations to gain full professional status.
- About 6 out of 10 actuaries are employed in the insurance industry.
- Employment opportunities should remain good for those who qualify, because the stringent qualifying examination system restricts the number of candidates.
Knowledge
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- 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.
- Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- 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.
Skills
- Mathematics — Using mathematics to solve problems.
- Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
- Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
Abilities
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
- Written Comprehension — The ability to read and understand information and ideas presented in writing.