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Actuaries

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.   (O'Net 15-2011.00)

 
Reported job titles:   Actuarial Analyst, Actuarial Assistant, Actuarial Associate, Actuarial Consultant, Actuarial Manager, Actuarial Mathematician   (view all job titles)
 
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    Career Video
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    Wages
    for Actuaries
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    No wage data for this occupation.
     


    Employment Trends
    for Actuaries
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    Location Employment Annual % change
    (compounded)
    Annual job openings
    (due to growth and
    net replacements)
    2014 2024
    Vermont 63 73 1.5% 3
    source: Employment Projections, Vermont Economic & Labor Market Information, in cooperation with U.S. Bureau of Labor Statistics, statewide estimates released July 2016.
     


    Industries of Employment
    for Actuaries
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    Industry Percent of Total
    2014
    Insurance carriers and related activities 70.1%
    Management, scientific, and technical consulting services 13.2%
    Management of companies and enterprises 8.7%
    State government, excluding education and hospitals 2.2%
    Federal government, all industries 1.2%
    source: Employment Projections, U.S. Bureau of Labor Statistics, National Employment Matrix, released July 2016.
     


    Tasks
    for Actuaries
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  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
     
  • Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
     
  • Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
     
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
     
  • Provide advice to clients on a contract basis, working as a consultant.
     
  • Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.
     
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
     
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
     
  • 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.
     
    source: Occupational Information Network: Actuaries  updated June 2009
     


    Knowledge
    for Actuaries
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  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
     
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
     
  • 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.
     
  • 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.
     
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
     
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
     
  • Personnel and Human Resources - Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
     
  • Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
     
    source: Occupational Information Network: Actuaries  updated June 2009
     


    Skills
    for Actuaries
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  • 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.
     
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
     
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
     
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
     
  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
     
  • 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.
     
  • 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.
     
  • Speaking - Talking to others to convey information effectively.
     
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
     
    source: Occupational Information Network: Actuaries  updated June 2010
     


    Abilities
    for Actuaries
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  • 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).
     
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
     
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
     
  • 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 Comprehension - The ability to read and understand information and ideas presented in writing.
     
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
     
  • Category Flexibility - The ability to generate or use different sets of rules for combining or grouping things in different ways.
     
    source: Occupational Information Network: Actuaries  updated June 2009
     


    Work Activities
    for Actuaries
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  • Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
     
  • Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
     
  • 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.
     
  • Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
     
  • Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
     
  • Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
     
  • Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
     
  • 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.
     
  • Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
     
    source: Occupational Information Network: Actuaries  updated June 2009
     


    Interests
    for Actuaries
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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.
     
    source: Occupational Information Network: Actuaries  updated June 2008
     


    Work Styles
    for Actuaries
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  • 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.
     
  • Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction.
     
  • 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.
     
    source: Occupational Information Network: Actuaries  updated June 2009
     


    State of Vermont License Information
    that may be required for Actuaries
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    No state licenses listed for this occupation.
     


    Education and Training Requirements
    for Actuaries
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  • Job Zone Four: Considerable Preparation Needed
  •  
  • Education: Most of these occupations require a four-year bachelor's degree, but some do not.
  •  
  • Training: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  •  
  • 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.
  •  
    source: Occupational Information Network: Actuaries  updated June 2009
     


    Schools
    offering instructional programs related to Actuaries
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      Related Instructional Programs
     
    • Actuarial Science.
     
    • Applied Mathematics, General.
     
    • Computational and Applied Mathematics. (NEW)
     
    • Mathematical Statistics and Probability.
     
    • Mathematics and Statistics. (NEW)
     
    • Statistics, General.
     
    • Statistics, Other.
     
     Search for schools offering these programs at
     
     
     
    source: National Center for Education Statistics 2000 Classification of Instructional Programs .
     


    Other Resources
    for Actuaries
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  • Labor Exchange Information
  • A source for occupational characteristics, such as age, gender, race, and years of education and an alternative source for occupational wage rates. Limited to people looking for jobs and the jobs advertised through VDOL Vermont Job Link.
  • Look for statewide information over the latest 12 months for Actuaries.
  •  
  • Occupational Outlook Handbook
  • The Occupational Outlook Handbook is a nationally recognized source of career information, designed to provide valuable assistance to individuals making decisions about their future work lives. Revised every two years, the Handbook describes what workers do on the job, working conditions, the training and education needed, earnings, and expected job prospects in a wide range of occupations.
    Go to Occupational Outlook Handbook
    Handbook occupations related to Actuaries :
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    Related Occupations
    Occupations with skill requirements similar to Actuaries
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  • Accountants
  •  
  • Auditors
  •  
  • Biostatisticians
  •  
  • Compensation and Benefits Managers
  •  
  • Financial Analysts
  •  
  • Logistics Analysts
  •  
  • Market Research Analysts and Marketing Specialists
  •  
  • Regulatory Affairs Specialists
  •  
  • Risk Management Specialists
  •  
    source: Occupational Information Network: Actuaries 
     

     
     
     
    Vermont.gov State of Vermont Department of Labor