Career Overview
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.
Also Known As
- Actuarial Analyst
- Actuary
- Consulting Actuary
- Pricing Actuary
Alternate Job Titles
- Actuarial Analyst
- Actuarial Associate
- Actuarial Consultant
- Actuarial Intern
- Actuarial Mathematician
- Actuarial Specialist
- Actuary
- Annuity Analyst
- Consulting Actuary
- Corporate Actuary
- Enrolled Actuary
- Forecast Analyst
- Health Actuary
- Insurance Actuary
- Life Actuary
What You'll Do
In this role, your typical responsibilities include:
- 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.
Emerging Responsibilities
As this field evolves, you may also:
- Analyze data to determine premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
Knowledge You'll Use
You'll need solid knowledge in these areas:
- Mathematics
- Computers and Electronics
- Economics and Accounting
- English Language
Essential Skills
Success in this career requires strong skills in:
- Reading Comprehension
- Mathematics
- Critical Thinking
- Judgment and Decision Making
- Active Listening
- Complex Problem Solving
- Systems Evaluation
- Speaking
- Systems Analysis
Key Abilities
This career requires key abilities in:
- Mathematical Reasoning
- Number Facility
- Inductive Reasoning
- Oral Comprehension
- Oral Expression
- Written Expression
- Written Comprehension
- Deductive Reasoning
- Category Flexibility
- Problem Sensitivity
Work Style
People who excel in this career typically demonstrate:
- Attention to Detail
- Cautiousness
- Dependability
- Intellectual Curiosity
- Integrity
What Matters in This Career
This career tends to satisfy these work values:
- Working Conditions
- Achievement
- Independence
- Recognition
- Support
Education & Preparation
Typical Education: Bachelor's Degree
On-the-Job Training: Over 6 months, up to and including 1 year
Education Details: Most of these occupations require a four-year bachelor's degree, but some do not.
Experience Required: 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.
Technology You'll Use
Popular Technologies & Software
- C++
- IBM SPSS Statistics
- Microsoft Access
- Microsoft Excel
- Microsoft Office software
- Microsoft Power BI
- Microsoft PowerPoint
- Microsoft Project
- Microsoft SQL Server
- Microsoft Visio
Tools & Equipment
- 10-key calculators
- Desktop computers
- Notebook computers
- Personal computers
Work Environment
- Indoors, Environmentally Controlled
- Spend Time Sitting
- Face-to-Face Discussions with Individuals and Within Teams
- Telephone Conversations
Salary & Job Market
| Salary Percentile | Annual Wage |
|---|---|
| Entry-Level (10th percentile) | $75,240 |
| Median | $125,770 |
| Top Earners (90th percentile) | $206,430 |
Workers Employed Nationally: 28,340
Related Careers
If you're interested in this career, you might also consider:
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Occupational data sourced from the O*NET OnLine database, developed by the U.S. Department of Labor, Employment and Training Administration. Wage data from the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS), 2024.