Actuaries


Also called : Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Health Actuary, Pricing Actuary, Pricing Analyst, Product Development Actuary, Retirement Actuary

What they do


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.

On the job, one would


  • 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.

KNOWLEDGE


  • 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.

SKILLS


  • 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.

  • Mathematics
    Using mathematics to solve problems.

  • 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.

ABILITIES


  • Mathematical Reasoning
    The ability to choose the right mathematical methods or formulas to solve a problem.

  • Number Facility
    The ability to add, subtract, multiply, or divide quickly and correctly.

  • Deductive Reasoning
    The ability to apply general rules to specific problems to produce answers that make sense.

  • Inductive Reasoning
    The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).

  • Near Vision
    The ability to see details at close range (within a few feet of the observer).

PERSONALITY

People interested in this work, will do well at jobs that need;

  • Analytical Thinking
    Job requires analyzing information and using logic to address work-related issues and problems.

  • Attention to Detail
    Job requires being careful about detail and thorough in completing work tasks.

  • Integrity
    Job requires being honest and ethical.

  • Achievement/Effort
    Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.

  • Dependability
    Job requires being reliable, responsible, and dependable, and fulfilling obligations.

  • Persistence
    Job requires persistence in the face of obstacles.

  • Initiative
    Job requires a willingness to take on responsibilities and challenges.

  • Cooperation
    Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.

  • Adaptability/Flexibility
    Job requires being open to change (positive or negative) and to considerable variety in the workplace.

  • Stress Tolerance
    Job requires accepting criticism and dealing calmly and effectively with high-stress situations.

TECHNOLOGY

  • Analytical or scientific software

  • Business intelligence and data analysis software

  • Compliance software

  • Data base user interface and query software

  • Development environment software

  • Electronic mail software

  • Financial analysis software

  • Object or component oriented development software

  • Object oriented data base management software

  • Office suite software

  • Presentation software

EDUCATION AND TRAINING

  • Preparation

    Considerable Preparation Needed

  • Education

    Four-year bachelor degree

  • Experience

    A considerable amount of work-related skill, knowledge, or experience is needed for these occupation

  • Jobtraining

    Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

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