Occupation Profile for Actuaries

opportunity | video

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.
 

Tasks

  • Core — Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Core — Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Core — Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.
  • Core — Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Core — Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.

Activities

  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
  • Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.