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.
This is a specialization of
Mathematical & Statistical ProfessionalsCareer Overview Video
AI Impact Assessment
AI Resilience Score
Score 4/6: growing job demand means AI will assist but humans remain essential
How we calculated this:
50% of tasks can be accelerated by AI
+22% projected (2024-2034)
EPOCH score: 15/25
Key Responsibilities
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- 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.
- 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.
- Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Provide advice to clients on a contract basis, working as a consultant.
- 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.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
Education & Training
Typical Entry Education
Bachelor's degree
Time to Job Ready
4-6 years
Based on Job Zone 4. For formal education duration only, see education_duration.
Technology Skills
Key Abilities
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Find jobs and training programs for actuaries- Median salary: $120K/year
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Compensation Details
Based on 25,470 employed workers
Also Known As
Data from O*NET 30.1 and BLS Occupational Employment Statistics
O*NET Code: 15-2011.00