Actuaries
Overview
Salary
Demand
Core Tasks
Technology Skills
Tools Used
Top 10 Knowledge Required
Top 10 Skills
Top 10 Abilities
Top 10 Work Activities
Detailed Work Activities
Work Context
Education
Majors
Interests
Top 10 Work Styles
Work Values
Related Careers
Overview
Job Zone Four: Considerable Preparation Needed
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.
Education
Most of these occupations require a four-year bachelor's degree, but some do not.
Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Examples
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.
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.
Salary Salary
Salary at 10th Percentile: $66K
Salary at 25th Percentile: $83K
Median Salary: $111K
Salary at 75th Percentile: $151K
Salary at 90th Percentile: $196K
Demand
Core Tasks
Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
Provide advice to clients on a contract basis, working as a consultant.
Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Negotiate terms and conditions of reinsurance with other 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.
Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
Testify before public agencies on proposed legislation affecting businesses.
Determine policy contract provisions for each type of insurance.
Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person disabled or killed in an accident.
Manage credit and help price corporate security offerings.
Explain changes in contract provisions to customers.
Technology Skills
Technology
Example
Hot Technology
Tools Used
Tool
Example
Top 10 Knowledge Required
Mathematics
100%
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Economics and Accounting
84%
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Computers and Electronics
75%
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
English Language
75%
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Administration and Management
67%
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.
Law and Government
67%
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Customer and Personal Service
52%
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Education and Training
50%
Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Personnel and Human Resources
50%
Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
Sales and Marketing
47%
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Top 10 Skills
Critical Thinking
85%
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making
85%
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Mathematics
85%
Using mathematics to solve problems.
Reading Comprehension
83%
Understanding written sentences and paragraphs in work related documents.
Active Listening
80%
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.
Complex Problem Solving
80%
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Systems Evaluation
80%
Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
Speaking
78%
Talking to others to convey information effectively.
Systems Analysis
78%
Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
Active Learning
68%
Understanding the implications of new information for both current and future problem-solving and decision-making.
Top 10 Abilities
Mathematical Reasoning
90%
The ability to choose the right mathematical methods or formulas to solve a problem.
Number Facility
85%
The ability to add, subtract, multiply, or divide quickly and correctly.
Deductive Reasoning
83%
The ability to apply general rules to specific problems to produce answers that make sense.
Inductive Reasoning
80%
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Near Vision
80%
The ability to see details at close range (within a few feet of the observer).
Oral Comprehension
80%
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
80%
The ability to read and understand information and ideas presented in writing.
Category Flexibility
78%
The ability to generate or use different sets of rules for combining or grouping things in different ways.
Information Ordering
78%
The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
Oral Expression
78%
The ability to communicate information and ideas in speaking so others will understand.
Top 10 Work Activities
Analyzing Data or Information
98%
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Processing Information
94%
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Getting Information
93%
Observing, receiving, and otherwise obtaining information from all relevant sources.
Interacting With Computers
93%
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Making Decisions and Solving Problems
93%
Analyzing information and evaluating results to choose the best solution and solve problems.
Evaluating Information to Determine Compliance with Standards
88%
Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Updating and Using Relevant Knowledge
88%
Keeping up-to-date technically and applying new knowledge to your job.
Communicating with Supervisors, Peers, or Subordinates
87%
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Interpreting the Meaning of Information for Others
85%
Translating or explaining what information means and how it can be used.
Estimating the Quantifiable Characteristics of Products, Events, or Information
78%
Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
Detailed Work Activities
Negotiate contracts with clients or service providers.
Manage financial activities of the organization.
Analyze health-related data.
Collaborate with others to develop or implement marketing strategies.
Develop organizational goals or objectives.
Analyze data to identify trends or relationships among variables.
Provide customer service to clients or users.
Work Context
Electronic Mail
How often do you use electronic mail in this job?
Indoors, Environmentally Controlled
How often does this job require working indoors in environmentally controlled conditions?
Face-to-Face Discussions
How often do you have to have face-to-face discussions with individuals or teams in this job?
Spend Time Sitting
How much does this job require sitting?
Telephone
How often do you have telephone conversations in this job?
Importance of Being Exact or Accurate
How important is being very exact or highly accurate in performing this job?
Impact of Decisions on Co-workers or Company Results
What results do your decisions usually have on other people or the image or reputation or financial resources of your employer?
Frequency of Decision Making
How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?
Work With Work Group or Team
How important is it to work with others in a group or team in this job?
Importance of Repeating Same Tasks
How important is repeating the same physical activities (e.g., key entry) or mental activities (e.g., checking entries in a ledger) over and over, without stopping, to performing this job?
Education
Majors
Major
Interests
Conventional
86%
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.
Investigative
62%
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.
Enterprising
48%
Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Realistic
29%
Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
Artistic
24%
Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
Social
15%
Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Top 10 Work Styles
Analytical Thinking
97%
Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail
95%
Job requires being careful about detail and thorough in completing work tasks.
Integrity
94%
Job requires being honest and ethical.
Achievement/Effort
89%
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Dependability
88%
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative
84%
Job requires a willingness to take on responsibilities and challenges.
Persistence
84%
Job requires persistence in the face of obstacles.
Cooperation
80%
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Adaptability/Flexibility
77%
Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Stress Tolerance
77%
Job requires accepting criticism and dealing calmly and effectively with high stress situations.
Work Values
Working Conditions
72%
Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Achievement
67%
Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Independence
67%
Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Recognition
62%
Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Support
62%
Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Relationships
53%
Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
