Actuaries

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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

  • Retirement Actuary
  • Product Development Actuary
  • Pricing Analyst
  • Pricing Actuary
  • Insurance Actuary
  • Health Actuary
  • Consulting Actuary
  • Actuary
  • Actuarial Mathematician
  • Actuarial Manager
show all

What They Do

  • Explain changes in contract provisions to customers.
  • 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.
  • 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.
  • Determine policy contract provisions for each type of insurance.
  • Testify before public agencies on proposed legislation affecting businesses.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • 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.
  • Negotiate terms and conditions of reinsurance with other companies.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.

Interests

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

This means people who work in this occupation generally have Conventional interests, but also prefer Artistic 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.
  • 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.
  • 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.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • 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.
  • 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.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.

Preparation Required

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

Wages

In 2016, the average annual wage in California was $113,880 with most people making between $65,670 and $164,750

Outlook

2.67%
avg. annual growth

During 2014, this occupation employed approximately 1,500 people in California. It is projected that there will be 1,900 employed in 2024.

This occupation will have about 40 openings due to growth and about 50 replacement openings for approximately 90 total annual openings.