Career 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 insurance rates required and cash reserves necessary to ensure payment of future benefits.
Actuary Responsibilities
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Negotiate terms and conditions of reinsurance with other companies.
- Determine policy contract provisions for each type of insurance.
- Manage credit and help price corporate security offerings.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Important Job Skills:
- 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.
- Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Reading Comprehension: Understanding written sentences and paragraphs in work-related documents.
- 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.
Other Actuary Job Titles
- Actuarial Analyst
- Actuarial Associate
- Actuarial Manager
- Consulting Actuary
What is the Average Salary of an Actuary
The salary for Actuaries ranges between about $61,140 and $186,110 a year.
Actuaries who work in New York, District of Columbia, or Washington, make the highest salaries.
Becoming an Actuary
What education is needed to be an Actuary?
What work experience do I need to become an Actuary?
Where do Actuaries Work?
The table below shows the approximate number of Actuaries employed by various industries.
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