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Career Details : Actuaries

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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.

Experience

Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.

Education

A bachelor's degree is the minimum formal education required for these occupations. However, many also require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).

Training

Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.

Tasks

  • Determines mortality, accident, sickness, disability, and retirement rates.
  • Constructs probability tables regarding fire, natural disasters, and unemployment based on analysis of statistical data and other pertinent information.
  • Designs or reviews insurance and pension plans and calculates premiums.
  • Ascertains premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Determines equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.

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    Important Abilities

    General Work Activities

    Important Skills

    Frequent Work Context

    • Importance of Being Exact or Accurate
    • Importance of Being Sure All Is Done
    • Sitting
    • Indoors
    • Objective or Subjective Information

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