Actuaries Go Back to List 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.

Technology used in this occupation:
	Financial analysis software

Tasks
	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 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.

Skills
	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.
	Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
	Speaking - Talking to others to convey information effectively.
	Writing - Communicating effectively in writing as appropriate for the needs of the audience.

Knowledge
	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.
	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.
	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.
	Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
	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.
	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.

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Education & Training   Education:   Most of these occupations require a four-year bachelor's degree, but some do not.   Related Experience:   A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

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Wage Information
	Region Average Entry Level  Mid-Range  Annual  Hourly  Statewide $152,380.00 $73.26  $46.98  $51.96 - $86.71  Bridgeport/Stamford $148,216.00 $71.26  $45.87  $51.12 - $86.91  Hartford $153,221.00 $73.67  $47.36  $53.10 - $85.66

Occupation Outlook ( 2016 - 2026 ) Average Annual Job Openings:   98   Employment in this occupation is expected to grow faster than average, but the number of annual openings will offer good or favorable job opportunities.

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	Some of the occupational information on this page is formulated from O*NETTM v17.0 data. O*NETTM is a trademark of the U.S. Department of Labor, Employment and Training Administration.