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Actuaries

O*NET files this work under Actuaries: people who 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. The skills rated most useful are mathematics, reading comprehension, and judgment and decision making. The job can ask you to analyze data to determine premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits. On the six-type interest model it reads CIE, meaning orderly work with data, records and clear procedures comes first, followed by research, analysis and working through hard problems. Getting in usually takes a bachelor’s degree plus a period of work experience, a level O*NET calls considerable preparation. It tends to suit people who want orderly work with data, records and clear procedures, and it offers little for anyone seeking creative work with room for original expression.

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.

Main tasks

  • Analyze data to determine 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.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.

Skills

  • Mathematics
  • Reading Comprehension
  • Judgment and Decision Making
  • Critical Thinking
  • Complex Problem Solving
  • Active Listening

Who this career fits

May suit you if

  • You like clear rules and getting the details right.
  • You enjoy working out why something happens, not just what happened.
  • You are ready to spend around four years on a degree, then build experience.
  • You are comfortable relying on mathematics and reading comprehension.

May not suit you if

  • You get restless with routine, records and exact procedures.
  • You need creative expression to be a big part of your day. Artistic rates 1.1 out of 7 here.
  • You want to avoid a four-year degree or its equivalent.

Interest profile

O*NET rates each occupation from 1 to 7 on six interest types. The code CIE takes the three highest, and Conventional comes first here.

Preparation

Considerable preparation. Most jobs here ask for a bachelor’s degree, and employers usually expect a few years of related experience as well.

Also called

  • Actuarial Analyst
  • Actuarial Associate
  • Actuarial Consultant
  • Actuary
  • Consulting Actuary

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This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.