Actuaries

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This occupation is part of the Computer and Mathematical cluster

About the Job

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.

It is also Called

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

What They Do

  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Testify before public agencies on proposed legislation affecting businesses.

Interests

People who work in this occupation generally have the interest code: CIE.

This means people who work in this occupation generally have Conventional interests, but also prefer Investigative and Enterprising environments.

Work Values

People who work in this occupation generally prize Working Conditions, but also value Achievement and Independence in their jobs.

Things They Need to Know

  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Things They Need to Be Able to Do

  • Mathematics - Using mathematics to solve problems.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • 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.
  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.

Education Required

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

Wages

In 2012, the average annual wage in California was $100,150.00 with most people making between $57,740.00 and $159,450.00

Outlook

2.67%
avg. annual growth

During 2010, this occupation employed approximately 1,500 people in California. It is projected that there will be 1,900 employed in 2020.

This occupation will have about 40 openings due to growth and about 90 replacement openings for approximately 130 total annual openings.

Common College Majors

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