The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
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.
Sample of reported job titles:
Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Health Actuary, Pricing Actuary, Pricing Analyst, Product Development Actuary, Retirement Actuary
- 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.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Negotiate terms and conditions of reinsurance with other companies.
- 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.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Testify before public agencies on proposed legislation affecting businesses.
- Determine policy contract provisions for each type of insurance.
- 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.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Mathematics — 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.
- Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- 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.
- 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.
- Mathematics — 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.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- 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.
- Speaking — Talking to others to convey information effectively.
- Systems Analysis — Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
- Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
- Writing — Communicating effectively in writing as appropriate for the needs of the audience.
- Operations Analysis — Analyzing needs and product requirements to create a design.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Time Management — Managing one’s own time and the time of others.
- Coordination — Adjusting actions in relation to others’ actions.
- Instructing — Teaching others how to do something.
- Learning Strategies — Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
- Negotiation — Bringing others together and trying to reconcile differences.
- Persuasion — Persuading others to change their minds or behavior.
- 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).
- Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Written Comprehension — The ability to read and understand information and ideas presented in writing.
- Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
- 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).
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- 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.
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- Speech Clarity — The ability to speak clearly so others can understand you.
- 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.
- Selective Attention — The ability to concentrate on a task over a period of time without being distracted.
- Speech Recognition — The ability to identify and understand the speech of another person.
- 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).
- 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.
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
- Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
- 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.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- 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.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- 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.
- Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
- Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.
- Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
- Coaching and Developing Others — Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
- Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.
- Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
- Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
Detailed Work Activities
- Manage financial activities of the organization.
- Develop organizational goals or objectives.
- Analyze health-related data.
- Analyze data to identify trends or relationships among variables.
- Negotiate contracts with clients or service providers.
- Collaborate with others to develop or implement marketing strategies.
- Provide customer service to clients or users.
- Electronic Mail — 100% responded “Every day.”
- Indoors, Environmentally Controlled — 94% responded “Every day.”
- Spend Time Sitting — 69% responded “Continually or almost continually.”
- Telephone — 63% responded “Every day.”
- Face-to-Face Discussions — 69% responded “Every day.”
- Importance of Being Exact or Accurate — 56% responded “Extremely important.”
- Duration of Typical Work Week — 69% responded “More than 40 hours.”
- Impact of Decisions on Co-workers or Company Results — 47% responded “Important results.”
- Work With Work Group or Team — 45% responded “Very important.”
- Structured versus Unstructured Work — 59% responded “Some freedom.”
- Freedom to Make Decisions — 53% responded “Some freedom.”
- Contact With Others — 44% responded “Contact with others most of the time.”
- Time Pressure — 41% responded “Once a month or more but not every week.”
- Frequency of Decision Making — 31% responded “Every day.”
- Level of Competition — 56% responded “Highly competitive.”
- Consequence of Error — 28% responded “Very serious.”
- Responsibility for Outcomes and Results — 53% responded “Moderate responsibility.”
- Letters and Memos — 45% responded “Once a month or more but not every week.”
- Coordinate or Lead Others — 44% responded “Important.”
- Importance of Repeating Same Tasks — 31% responded “Fairly important.”
|Title||Job Zone Four: Considerable Preparation Needed|
|Education||Most of these occupations require a four-year bachelor’s degree, but some do not.|
|Related 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 real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.|
|SVP Range||(7.0 to < 8.0)|
Interest code: CIE
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- 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.
- 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.
- Integrity — Job requires being honest and ethical.
- Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
- Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Persistence — Job requires persistence in the face of obstacles.
- Initiative — Job requires a willingness to take on responsibilities and challenges.
- Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
- Adaptability/Flexibility — 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.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- Independence — Job requires developing one’s own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
- Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
- 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.
- Achievement — Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
- Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Wages & Employment Trends
|Median wages (2018)||$49.46 hourly, $102,880 annual|
|Employment (2018)||25,000 employees|
|Projected growth (2018-2028)||Much faster than average (11% or higher)|
|Projected job openings (2018-2028)||2,200|
|Top industries (2018)|
Source: Bureau of Labor Statistics 2018 wage data
and 2018-2028 employment projections
“Projected growth” represents the estimated change in total employment over the projections period (2018-2028). “Projected job openings” represent openings due to growth and replacement.
Sources of Additional Information
Sources are listed to provide additional information on related jobs, specialties, and/or industries.
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