National
| Median wages (2008) |
$40.77 hourly, $84,810 annual |
| Employment (2006) |
18,000 employees |
| Projected growth (2006-2016) |
Much faster than average (21% or higher)
|
| Projected need (2006-2016) |
11,000 additional employees |
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 premium rates required and cash reserves necessary to ensure payment of future benefits.
Sample of reported job titles:
Actuary, Actuarial Analyst, Pricing Actuary, Product Development Actuary, Actuarial Assistant, Actuarial Associate, Actuarial Consultant, Consulting Actuary, Health Actuary, Pricing Analyst
Tasks
- 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.
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Tools & Technology
Tools used in this occupation:
| Calculators or accessories — 10-key calculators |
| Desktop computers |
| Notebook computers |
| Personal computers |
Technology used in this occupation:
| Analytical or scientific software — Insightful S-PLUS; SAS software; Statistical software; Wolfram Research Mathematica |
| Data base user interface and query software — Business Objects BusinessObjects Desktop Intelligence; Data entry software; dBase Plus; Microsoft Access |
| Financial analysis software — GGY AXIS; PolySystems Asset Delphi; SS&C PTS; Towers Perrin TAS Tillinghast Actuarial Software |
| Office suite software — Microsoft Office software |
| Spreadsheet software — Microsoft Excel |
| Word processing software — Microsoft Word |
