CareerGPS

Actuaries
Summary Occupational Forecast Data for Actuaries
Employment Employment Change Average Annual Job Openings Wage & Training Levels
2018 2023 Numerical Percent New Jobs Replacement Jobs Total Median Hourly Median Annual Training Levels
72 85 13 17.57% 3 5 7 $54.03 $112,375 Bachelor's degree
Description: 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.
Staffing Pattern Data Forecast Data Source: EMSI (2nd Quarter 2018)

Occupation Details

The information in this section represents occupational characteristics included in O*NET which defines key features of an occupation as a standardized, measurable set of variables called "descriptors". These distinguishing characteristics of an occupation are described in greater detail in the O*NET Content Model. All items are listed in descending order of importance.

  • Ascertain 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 improving existing business.
  • Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Testify before public agencies on proposed legislation affecting businesses.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Determine policy contract provisions for each type of insurance.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.

Knowledge

99%
Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
77%
Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
72%
Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
72%
English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
59%
Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
57%
Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

Skills

85%
Mathematics - Using mathematics to solve problems.
81%
Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
81%
Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
75%
Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
75%
Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
72%
Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
72%
Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
69%
Speaking - Talking to others to convey information effectively.
69%
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.
60%
Learning Strategies - Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
60%
Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
56%
Operations Analysis - Analyzing needs and product requirements to create a design.
56%
Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
56%
Writing - Communicating effectively in writing as appropriate for the needs of the audience.
56%
Management of Financial Resources - Determining how money will be spent to get the work done, and accounting for these expenditures.
53%
Coordination - Adjusting actions in relation to others' actions.
53%
Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
50%
Persuasion - Persuading others to change their minds or behavior.
50%
Time Management - Managing one's own time and the time of others.

Abilities

88%
Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
81%
Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly.
78%
Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
75%
Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
75%
Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
72%
Written Comprehension - The ability to read and understand information and ideas presented in writing.
72%
Near Vision - The ability to see details at close range (within a few feet of the observer).
72%
Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
69%
Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
65%
Category Flexibility - The ability to generate or use different sets of rules for combining or grouping things in different ways.
65%
Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
62%
Selective Attention - The ability to concentrate on a task over a period of time without being distracted.
62%
Written Expression - The ability to communicate information and ideas in writing so others will understand.
62%
Speech Clarity - The ability to speak clearly so others can understand you.
56%
Fluency of Ideas - The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
56%
Flexibility of Closure - The ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.
56%
Speech Recognition - The ability to identify and understand the speech of another person.
53%
Originality - The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
50%
Perceptual Speed - The ability to quickly and accurately compare similarities and differences among sets of letters, numbers, objects, pictures, or patterns. The things to be compared may be presented at the same time or one after the other. This ability also includes compa

Work Activities

97%
Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
95%
Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
94%
Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
93%
Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
91%
Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
89%
Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
85%
Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
83%
Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
80%
Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
77%
Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
71%
Provide Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
70%
Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
69%
Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
69%
Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.
68%
Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
67%
Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
66%
Guiding, Directing, and Motivating Subordinates - Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
64%
Estimating the Quantifiable Characteristics of Products, Events, or Information - Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
61%
Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
60%
Coaching and Developing Others - Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
55%
Training and Teaching Others - Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
55%
Developing and Building Teams - Encouraging and building mutual trust, respect, and cooperation among team members.
55%
Coordinating the Work and Activities of Others - Getting members of a group to work together to accomplish tasks.
52%
Scheduling Work and Activities - Scheduling events, programs, and activities, as well as the work of others.
Title Job Zone Four: Considerable Preparation Needed
Overall Experience A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job Training Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Job Zone Examples Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, environmental engineers, criminal investigators, and special agents.
Education Most of these occupations require a four-year bachelor's degree, but some do not.

Interests

Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Investigative - Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Work Styles

Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
Integrity - Job requires being honest and ethical.
Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Initiative - Job requires a willingness to take on responsibilities and challenges.
Persistence - Job requires persistence in the face of obstacles.

Work Values

Working Conditions - Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.