What You'll Do

  • 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 improvements to 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 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.

Essential Skills

Reading Comprehension 4.25/5
Mathematics 4.25/5
Critical Thinking 4.25/5
Judgment and Decision Making 4.25/5
Active Listening 4.0/5
Complex Problem Solving 4.0/5
Systems Evaluation 4.0/5
Speaking 3.88/5
Systems Analysis 3.88/5
Writing 3.5/5
Active Learning 3.25/5
Monitoring 3.12/5

Career Fit Overview

Use this summary to sense whether the day to day rhythm and focus of this path line up with what energizes you.

Top passions

  • Organizer: Bringing order to data and processes satisfies you.
  • Analyst: Investigating problems and finding patterns keeps you engaged.
  • Leader: Taking charge and moving ideas forward motivates you.

Common styles

Analytical Thinking, Attention to Detail, Integrity, Dependability, Achievement/Effort

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Key Abilities

This career demands strong capabilities in the following areas:

Mathematical Reasoning 4.62/5
Inductive Reasoning 4.12/5
Number Facility 4.12/5
Oral Comprehension 4.0/5
Written Comprehension 4.0/5
Oral Expression 4.0/5
Written Expression 4.0/5
Deductive Reasoning 4.0/5

Technologies & Tools

Appraisal software ARMON Technologies XLActuary C++ Cash flow software Compliance testing software dBASE Plus GGY AXIS IBM Lotus Notes IBM SPSS Statistics Insightful S-PLUS Insureware ICRFS-ELRF Lewis & Ellis LEAPPS Microsoft Access Microsoft Excel Microsoft Office software Microsoft Power BI Microsoft PowerPoint Microsoft Project Microsoft SQL Server Microsoft Visio

Work Environment & Style

Common Styles for This Career

  • Analytical Thinking (High importance: 4.89/5)
  • Attention to Detail (High importance: 4.71/5)
  • Integrity (High importance: 4.64/5)
  • Dependability (High importance: 4.36/5)
  • Achievement/Effort (High importance: 4.18/5)

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How to Become One

Most employers require a bachelor's degree in a relevant field. Some positions may also require experience through internships, co-ops, or entry-level work to strengthen your candidacy.

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Also Known As

This career is known by many different job titles across industries. Here are all the variations:

Actuarial Analyst Actuarial Associate Actuarial Consultant Actuarial Intern Actuarial Mathematician Actuarial Specialist Actuary Annuity Analyst Consulting Actuary Corporate Actuary Enrolled Actuary Forecast Analyst Health Actuary Insurance Actuary Life Actuary Pricing Actuarial Analyst Pricing Actuary Product Development Actuary Reserving Actuary