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What They Do
About This Career
Analyzes statistical data, such as mortality, accident, sickness, disability, and retirement rates and constructs 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.
This career is part of the Finance cluster Insurance pathway.
A person in this career:
- Ascertains premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Collaborates with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
- Analyzes statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Designs, reviews, and helps administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Determines, or helps determine, company policy, and explains complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Constructs probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Provides advice to clients on a contract basis, working as a consultant.
- Negotiates terms and conditions of reinsurance with other companies.
- Determines equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Provides expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
Working Conditions and Physical Demands
People who do this job report that:
- You would sit most of the time. There's some walking and standing. You may have to lift and carry things like books, papers or tools weighing 10 lbs. or less.
- Work in this occupation requires being inside most of the time
- Work in this occupation involves sitting more than one-third of the time
Working in this career involves (physical activities):
- Seeing clearly up close
- Speaking clearly enough to be able to be understood by others
- Identifying and understanding the speech of another person
Work Hours and Travel
- Regular working hours and limited travel
Specialty and Similar Careers
Careers that are more detailed or close to this career:
- Corporate Actuary
- Actuarial Analyst
- Actuarial Associate
- Actuarial Consultant
- Consulting Actuary
- Health Actuary
- Pricing Actuary
- Product Development Actuary
- Reserving Actuary
Every year the U.S. Department of Labor conducts national surveys of wage data by occupation in every state and in all industry divisions. These surveys are conducted through the Occupational Employment Statistics (OES) program.
The statistics collected for one year are published the next fall. For example, 2013 wage information was published in the fall of 2014.
There are over 800 occupations in the surveys, and these occupations cover the entire U.S. labor market. The surveys ask for reports in a scale of ranges for both hourly wages and annual wages.
In many cases, these occupations are broad enough to cover many more detailed specialties of an occupation. A specific occupation may be included in a broader occupational category for which labor market data is available. When you look at the statistics for a broad category, be aware that the salary data for a specific career may differ.
For more details about how wage information is collected and calculated by the U.S. Department of Labor, visit their website at http://www.bls.gov/bls/blswage.htm.
Every year the U.S. Department of Labor conducts a national survey of over 400,000
employers in every state and in all industry divisions. This survey is conducted
through the Occupational Employment Statistics (OES) program. Every other year the
department publishes outlook information based on these surveys.
Each outlook period covers 10 years. For example, in 2003 the outlook information
was published for 2004-2014. Employers are asked to report the number of employees
in about 770 different occupations that cover the entire U.S. labor market.
From this information, staffing patterns for different industries are established.
Industry growth is projected into the future based on past trends and current economic
conditions. Industry staffing patterns are then applied to the industry projections
to obtain occupational projections.
In many cases, these occupations are broad enough to cover many more detailed specialties
of an occupation. A specific occupation may be included in a broader occupational
category for which labor market data is available. When you look at the statistics
for a broad category, be aware that the employment data for a specific field may
differ.
For more details about how employment information is collected and calculated by
the U.S. Department of Labor, visit their website at http://stats.bls.gov/news.release/ocwage.tn.htm.
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