- My Career Path
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 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.
- 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.
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.
- 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).
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.
Job requires being honest and ethical.
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Job requires persistence in the face of obstacles.
Job requires a willingness to take on responsibilities and challenges.
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
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.
- 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
Considerable Preparation Needed
Four-year bachelor degree
A considerable amount of work-related skill, knowledge, or experience is needed for these occupation
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.