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.
Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.
Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
Testify before public agencies on proposed legislation affecting businesses.
Provide advice to clients on a contract basis, working as a consultant.
Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Determine policy contract provisions for each type of insurance.
Manage credit and help price corporate security offerings.
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.
Explain changes in contract provisions to customers.
Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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.
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.
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.
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.
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.
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.
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.
A strong background in mathematics is necessary for persons interested in a career as an actuary. For related information and recommended courses to prepare a strong foundation for this occupation, Tennessee high school students may visit the Business and Information Technology Standards online.
Most employers require job candidates to have a bachelor's degree in mathematics or statistics, preferably with a specialty in actuarial science. Some companies will accept a major in economics or business administration if the candidate has a strong background in calculus and statistics. It usually takes five to ten years to complete the series of ten exams required for full professional status as an actuary.
Mathematics - Using mathematics to solve problems.
Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
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.
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.
Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
Coordination - Adjusting actions in relation to others' actions.
Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Speaking - Talking to others to convey information effectively.
Instructing - Teaching others how to do something.
Time Management - Managing one's own time and the time of others.
Written Comprehension - The ability to read and understand information and ideas presented in writing.
Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Written Expression - The ability to communicate information and ideas in writing so others will understand.
Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
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.
Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly.
Fluency of Ideas - The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
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).
Near Vision - The ability to see details at close range (within a few feet of the observer).
Speech Recognition - The ability to identify and understand the speech of another person.
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.
Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
Estimating the Quantifiable Characteristics of Products, Events, or Information - Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.
Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
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.
Provide Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
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.
First Interest High-Point - Primary-Rank Descriptiveness
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.
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.
Persistence - Job requires persistence in the face of obstacles.
Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Working Conditions - Workers on this job have good working conditions.
Autonomy - Workers on this job plan their work with little supervision.
Security - Workers on this job have steady employment.
Company Policies and Practices - Workers on this job are treated fairly by the company.
Ability Utilization - Workers on this job make use of their individual abilities.
Independence - Workers on this job do their work alone.
Supervision, Human Relations - Workers on this job have supervisors who back up their workers with management.
Working Conditions-Mean Extent - Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Independence-Mean Extent - Occupations that satisfy this work value allow employs to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Achievement-Mean Extent - 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.
Compensation - Workers on this job are paid well in comparison with other workers.
Advancement - Workers on this job have opportunities for advancement.
Responsibility - Workers on this job make decisions on their own.
Activity - Workers on this job are busy all the time.
Recognition - Workers on this job receive recognition for the work they do.
Social Status - Workers on this job are looked up to by others in their company and their community.
Support-Mean Extent - Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Achievement - Workers on this job get a feeling of accomplishment.
Moral Values - Workers on this job are never pressured to do things that go against their sense of right and wrong.
Recognition-Mean Extent - 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.
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