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15-2011.00 - Actuaries


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.


Key Facts
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Bright Outlook
1
Career Details
Green Job
Career Details
Current Employment
24,600
Estimate
Forecasted Employment
29,000
Estimate
Change in Employment
+4,400
Estimate
Change in Employment %
+18.1%
Estimate
Tasks
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Tasks
The tasks listed below can be performed to prepare you for a career in this field.
Core
  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • 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, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Testify before public agencies on proposed legislation affecting businesses.
  • Provide advice to clients on a contract basis, working as a consultant.
  • 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.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Determine policy contract provisions for each type of insurance.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Negotiate terms and conditions of reinsurance with other companies.
Supplemental
  • 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.
  • Explain changes in contract provisions to customers.
All data sourced from US Department of Labor, Employment & Training Administration O*Net Database.
Knowledge
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Knowledge

The items listed below are organized into sections that contain knowledge useful for pursuing a career in this field. Each section also contains a "Percentage of Importance" statistic that shows how relevant an item is to the occupation.
 Mathematics
  • 99%
    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.
 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.
 Computers and Electronics
  • 75%
    Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
 Law and Government
  • 67%
    Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
 Administration and Management
  • 66%
    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.
 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.
All data sourced from US Department of Labor, Employment & Training Administration O*Net Database.
Tools
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Tools
The tools listed below include machines, equipment, tools, and software that is useful for individuals who are interested in this career.
 Computers
  • Notebook computers
  • Desktop computers
  • Personal computers
 Calculating machines and accessories
  • 10-key calculators
All data sourced from US Department of Labor, Employment & Training Administration O*Net Database.
Technology
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Technology
The technologies listed below include machines, equipment, tools, and software that is useful for individuals who are interested in this career.
 Business function specific software
  • Microsoft ProjectHOT
  • Microsoft OfficeHOT
 Finance accounting and enterprise resource planning ERP software
  • ARMON Technologies XLActuary
  • Appraisal software
  • Cash flow software
  • GGY AXIS
  • Insureware ICRFS-ELRF
  • Lewis & Ellis LEAPPS
  • Milliman Corporate Affinity
  • Milliman ReservePro
  • Oak Mountain Software AnnuityValue
  • PolySystems Asset Delphi
  • Pricing software
  • SS&C PTS
  • Towers Perrin MoSes
 Content authoring and editing software
  • Microsoft VisioHOT
  • Microsoft WordHOT
  • Word processing software
  • Microsoft PowerPointHOT
  • Presentation software
  • Microsoft ExcelHOT
  • Spreadsheet software
 Data management and query software
  • Data entry softwareHOT
  • Microsoft AccessHOT
  • Microsoft SQL ServerHOT
  • Oracle softwareHOT
  • SAP BusinessObjects Desktop Intelligence
  • Structured query language SQLHOT
  • dBASE Plus
  • Microsoft Visual FoxPro
  • Qlik Tech QlikViewHOT
 Development software
  • Microsoft Visual BasicHOT
  • Microsoft Visual Basic for Applications VBAHOT
  • C++HOT
  • Oracle JavaHOT
  • PythonHOT
  • RHOT
 Industry specific software
  • IBM SPSS StatisticsHOT
  • Insightful S-PLUS
  • SASHOT
  • Statistical software
  • Wolfram Research Mathematica
  • Compliance testing software
 Information exchange software
  • IBM Lotus Notes
All data sourced from US Department of Labor, Employment & Training Administration O*Net Database.
Certifications
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Certifications
The certifications listed below are useful to pursue if you are interested in a career in this field.
 Specialty
 Advanced
 Core
All data sourced from US Department of Labor, Employment & Training Administration O*Net Database.
Licensing
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Licensing
The licensing information below is organized into sections and is useful for pursuing if you are interested in a career in this field.
No specific licensing information is listed for this occupation in the area you have selected.
All data sourced from US Department of Labor, Employment & Training Administration O*Net Database.
Related Programs
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Programs related to this career, offered by participating institution(s), are listed below.

Clicking on the Degree programs in the list below will take you away from the Careers page.
INSTITUTION
PROGRAMS
Germanna Community College
 Programs
J Sargeant Reynolds Community College
 Programs
Northern Virginia Community College
 Programs
Virginia Western Community College
 Programs
Wytheville Community College
 Programs
Jobs
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