Occupation · SOC 15-2011
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.
Median wage
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Projected growth
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Annual openings
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per year
Employed (US)
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Job Zone 4
Typical preparation
Considerable preparation
Stackable credential programs
421 mapped
Core skills
MathematicsCritical ThinkingJudgment and Decision MakingReading ComprehensionComplex Problem SolvingActive ListeningSystems EvaluationSpeaking
Knowledge areas
MathematicsComputers and ElectronicsEconomics and AccountingEnglish LanguageLaw and Government
Technology & tools
Financial analysis softwareObject or component oriented development softwareCompliance softwareData base user interface and query softwareElectronic mail software
Representative tasks
Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of fuCollaborate with programmers, underwriters, accounts, claims experts, and senior management to help Analyze statistical information to estimate mortality, accident, sickness, disability, and retiremenAnalyze data to determine premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
Competency framework
Skill expectations by proficiency level.
emerging
Statistical data sets — compile and organize under direct supervision to support mortality, accident, and disability rate estimation projects.Spreadsheet software and office suite tools — apply to perform basic actuarial calculations following established templates and protocols.Probability concepts and mathematical reasoning — demonstrate by completing guided exercises in life table construction and rate analysis.Premium rate inputs and reserve assumptions — identify and document under supervisor direction for use in standard insurance pricing models.Technical reports and actuarial memoranda — draft initial sections using approved formats under close editorial review.Insurance policy structures and annuity contract terms — recognize and explain basic features when reviewing existing plan documentation.Database query tools and analytical software — execute pre-built queries to retrieve actuarial data sets for senior analyst review.Regulatory and compliance requirements — research and summarize relevant statutes under guidance to support policy administration tasks.Cross-functional team meetings with underwriters and claims experts — participate actively, taking notes and clarifying task assignments.Mathematics and economics principles — apply foundational knowledge to verify simple actuarial calculations in a supervised office environment.
developing
Mortality, accident, sickness, and disability rate tables — analyze statistical information and produce preliminary estimates with limited oversight in an insurance company setting.Premium rate calculations and cash reserve projections — perform using standard actuarial methods to support policy pricing under periodic supervisory review.Probability tables for events such as fires, natural disasters, and unemployment — construct by synthesizing historical data and statistical models with moderate independence.Insurance and pension plan reviews — conduct against financial soundness criteria, flagging anomalies and recommending adjustments to senior actuaries.Actuarial findings and technical summaries — present clearly to internal stakeholders, adapting language for non-technical audiences in routine business contexts.Business intelligence and data analysis software — use proficiently to automate recurring actuarial workflows and validate model outputs.Surplus earnings distribution calculations — perform for participating insurance and annuity contracts in mutual company environments using established equitable-basis frameworks.New line-of-business feasibility analyses — support by modeling financial scenarios and communicating results to underwriters and product development teams.Client engagements on a consulting basis — manage defined project tasks, delivering accurate actuarial work products within agreed timelines.Complex actuarial problems — diagnose root causes and adapt standard analytical approaches to resolve them within familiar organizational contexts.
proficient
Cash reserves, liabilities, and premium rates — determine independently across multiple product lines to ensure long-term solvency for insurance and annuity portfolios.Mortality, morbidity, and retirement rate models — design and validate using advanced statistical and analytical software, interpreting non-routine data patterns autonomously.Insurance, annuity, and pension plan frameworks — review, design, and administer end-to-end, assessing financial soundness and setting actuarially sound premiums.Equitable surplus distribution methodologies — determine and implement for participating contracts in mutual companies, justifying assumptions to senior management and regulators.Probability tables for catastrophic and low-frequency events — construct by integrating diverse statistical data sources and pertinent environmental intelligence.Company policy on risk and financial strategy — help formulate by synthesizing actuarial insights with business objectives and communicating recommendations to executives.Complex technical actuarial matters — explain to government officials, shareholders, and policyholders through clear written and oral communication across regulatory and public forums.Consulting engagements — lead independently, scoping client needs, delivering actionable actuarial analyses, and managing deliverables across contract lifecycle.Cross-disciplinary project teams with programmers, underwriters, and claims experts — coordinate to develop new business lines and improve existing product performance.Systems-level evaluation of actuarial models and business processes — conduct to identify inefficiencies and recommend data-driven improvements within enterprise environments.
advanced
Enterprise-wide actuarial strategy and risk frameworks — set and champion at the executive level to align financial soundness objectives with long-term organizational goals.Reserve adequacy, premium rate adequacy, and liability management policies — establish and govern across all lines of business, presenting conclusions to boards and regulatory bodies.Actuarial talent pipeline — develop by mentoring junior and mid-level actuaries, designing structured learning pathways tied to professional examination milestones.Innovative actuarial methodologies for emerging risks — lead development of, integrating new statistical techniques and technology tools into organizational standard practice.Company policy on complex risk exposures — determine at the senior leadership level, synthesizing actuarial, legal, economic, and market intelligence for executive decision-making.Strategic consulting relationships with major clients — cultivate and oversee, ensuring actuarial advice drives client financial resilience and competitive positioning.Regulatory dialogue with government officials on pension, insurance, and financial solvency matters — lead as primary organizational representative, translating technical positions into policy-relevant language.Cross-functional leadership of new business development initiatives — direct, integrating actuarial, underwriting, technology, and finance teams to bring financially sound products to market.Organizational actuarial governance standards and model risk management frameworks — author and enforce to ensure integrity, compliance, and auditability of all actuarial work products.Thought leadership on actuarial practice in public, industry, and shareholder forums — provide through authoritative written publications and executive-level presentations that shape sector standards.
Also known as
21 alternate job titles map to this occupation.
ActuaryPricing ActuaryLife ActuaryEnrolled ActuaryRetirement Actuarial AnalystInsurance ActuaryForecast AnalystActuarial AssociateAnnuity AnalystActuarial AnalystPricing Actuarial AnalystActuarial ConsultantRisk Adjustment AnalystReserving ActuaryCorporate ActuaryHealth ActuaryActuarial SpecialistProduct Development ActuaryActuarial InternActuarial MathematicianConsulting Actuary