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.
- Actuarial Analyst
- Actuarial Assistant
- Actuarial Associate
- Actuarial Consultant
- Actuarial Manager
- Actuarial Mathematician
- Consulting Actuary
- Health Actuary
- Insurance 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.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
People who work in this occupation generally have the interest code: CIE.
This means people who work in this occupation generally have Conventional interests, but also prefer Investigative and Enterprising environments.
People who work in this occupation generally prize Working Conditions, but also value Achievement and Independence in their jobs.
- 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.
- 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.
- 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.
Most of these occupations require a four-year bachelor's degree, but some do not.
In 2017, the average annual wage in Ohio was $98,340 with most people making between $56,440 and $148,150
During 2014, this occupation employed approximately 1,010 people in Ohio. It is projected that there will be 1,160 employed in 2024.
This occupation will have about 15 openings due to growth and about 35 replacement openings for approximately 50 total annual openings.