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Actuaries

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.

Tasks

Knowledge

Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
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.
Clerical
Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
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.
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.

Skills

Mathematics
Using mathematics to solve problems.
Active Learning
Understanding the implications of new information for both current and future problem-solving and decision-making.
Complex Problem Solving
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
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.
Time Management
Managing one's own time and the time of others.
Reading Comprehension
Understanding written sentences and paragraphs in work related documents.
Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Coordination
Adjusting actions in relation to others' actions.
Speaking
Talking to others to convey information effectively.

Abilities

Mathematical Reasoning
The ability to choose the right mathematical methods or formulas to solve a problem.
Inductive Reasoning
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Deductive Reasoning
The ability to apply general rules to specific problems to produce answers that make sense.
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Information Ordering
The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Written Expression
The ability to communicate information and ideas in writing so others will understand.
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.
Category Flexibility
The ability to generate or use different sets of rules for combining or grouping things in different ways.

Work Activities

Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Interacting With Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Identifying Objects, Actions, and Events
Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
Updating and Using Relevant Knowledge
Keeping up-to-date technically and applying new knowledge to your job.
Organizing, Planning, and Prioritizing Work
Developing specific goals and plans to prioritize, organize, and accomplish your work.
Documenting/Recording Information
Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
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.

Work Context

Electronic Mail
How often do you use electronic mail in this job?
Indoors, Environmentally Controlled
How often does this job require working indoors in environmentally controlled conditions?
Spend Time Sitting
How much does this job require sitting?
Importance of Being Exact or Accurate
How important is being very exact or highly accurate in performing this job?
Face-to-Face Discussions
How often do you have to have face-to-face discussions with individuals or teams in this job?
Telephone
How often do you have telephone conversations in this job?
Structured versus Unstructured Work
To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
Freedom to Make Decisions
How much decision making freedom, without supervision, does the job offer?
Work With Work Group or Team
How important is it to work with others in a group or team in this job?
Impact of Decisions on Co-workers or Company Results
How do the decisions an employee makes impact the results of co-workers, clients or the company?

Interests

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.
Enterprising
Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Realistic
Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
Artistic
Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
Social
Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.

Work Style

Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
Integrity
Job requires being honest and ethical.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative
Job requires a willingness to take on responsibilities and challenges.
Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Achievement/Effort
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Leadership
Job requires a willingness to lead, take charge, and offer opinions and direction.
Innovation
Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
Independence
Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.

Work Value

Working Conditions
Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Achievement
Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Independence
Occupations that satisfy this work value allow employs to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Recognition
Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Support
Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Relationships
Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.

Related Occupations

Common Lay Titles