What they do
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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.
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| Also called: |
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Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Corporate Actuary, Health Actuary, Pricing Actuary, Product Development Actuary, Reserving Actuary
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Wages
Wage rates not available for Vermont
but may be for the nation and other states at
CareerOneStop |
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Industries of Employment
| United States - 2020 |
| Industry | Percent of total |
- Insurance carriers and related activities
| 73% |
- Professional, scientific, and technical services
| 11% |
- Management of companies and enterprises
| 5% |
- Securities, commodity contracts, and other financial investments and related activities
| 3% |
- State government, excluding education and hospitals
| 2% |
| More at BLS |
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Knowledge
| People in this career often know a lot about: |
- Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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- Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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- Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
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- English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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- Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
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| More at O*NET |
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Skills
| People in this career often have these skills: |
- Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
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- Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
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- Mathematics
Using mathematics to solve problems.
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- Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
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- 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.
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| More at O*NET |
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Interests
| People in this career often prefer these work environments: |
- Conventional
Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
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- Investigative
Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.
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- Enterprising
Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.
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Work Styles
| People in this career will do well at jobs that need: |
- Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
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- Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
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- Integrity
Job requires being honest and ethical.
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- Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
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- Achievement/Effort
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
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| More at O*NET |
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Tasks
| On the job, you would: |
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
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- 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.
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- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
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- Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
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- Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
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| More at O*NET |
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| Related Occupations
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| Career Video
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Projected Employment
Projected employment not available for Vermont
but may be for the nation and other states at
CareerOneStop |
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Education and Experience:
- Typical education needed for entry
Bachelor's degree
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- Work experience in a related occupation
None
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- Typical on-the-job training needed to attain competency
Long-term on-the-job training
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| Based on BLS Education and Training Classifications |
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Physical Work Activity
Performing physical activities that require considerable use of your arms and legs and moving your whole body, such as climbing, lifting, balancing, walking, stooping, and handling materials.
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- Physical activity is Seldom Important
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- Level of activity is Very Low
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| Low |  | High |
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| Compare Occupations at O*NET |
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Job Zone
| Considerable Preparation Needed |
- Specific Vocational Preparation Range
(7.0 to < 8.0) - A typical worker will require
over 2 years up to and including 4 years
of training to achieve average performance in this occupation.
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| Based on O*Net Job Zones and SVP |
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Education Level
| How much education do most people in this career have? |
| Education level |  | Percent of
U.S. Workers |
Doctoral or professional degree
or post-MA certificate | | 11% |
Master's degree or
post-BA certificate | | 11% |
| Bachelor's degree | | 79% |
| Associate's degree | | 0% |
Certificate or some college,
no degree | | 0% |
High school diploma
or equivalent | | 0% |
| Less than high school diploma | | 0% |
| More at O*NET |
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Abilities
| People in this career often have talent in: |
- Mathematical Reasoning
The ability to choose the right mathematical methods or formulas to solve a problem.
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- Inductive Reasoning
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
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- Number Facility
The ability to add, subtract, multiply, or divide quickly and correctly.
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- Category Flexibility
The ability to generate or use different sets of rules for combining or grouping things in different ways.
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- Deductive Reasoning
The ability to apply general rules to specific problems to produce answers that make sense.
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| More at O*NET |
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Work Activities
| In general, what you might do: |
- Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
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- Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
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- Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
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- Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
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- Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
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| More at O*NET |
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Detailed Work Activities
| What you might do in a day: |
- Manage financial activities of the organization.
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- Collaborate with others to develop or implement marketing strategies.
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- Analyze health-related data.
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- Develop organizational goals or objectives.
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- Analyze data to identify trends or relationships among variables.
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| More at O*NET |
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Other Resources
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- CareerOneStop
resource for job seekers, students, businessess and career professionals
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- O*NET Online
nation's primary source of occupational information
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