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ACTUARIES
 
Occupation 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 insurance rates required and cash reserves necessary to ensure payment of future benefits.
 
Career Video:
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Typical Tasks:
 
 
  • Negotiate terms and conditions of reinsurance with other companies.
  • 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.
 
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..
  • 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..
  • 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..
 
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..
 
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Education & Training:
 
  Bachelor's degree
 
      View Related Programs on Connecticut's Education & Training ConneCTion site
 
Wage Information:
 
 
Region Average Annual Average Hourly Entry Level (hourly) Mid-Range  (hourly)
Statewide $129,350.00 $62.19 $37.56 $40.78 - $72.75
Bridgeport/Stamford $147,812.00 $71.06 $39.58 $43.08 - $85.11
Hartford $117,794.00 $56.63 $36.49 $39.58 - $67.42
      
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Occupation Outlook:
 
 
Region Employment Average Annual Growth Rate Average Annual Job Openings
2016 2026
State of Connecticut 980 1,170 1.8% 83
 
 
Chart of Growth Rate and Annual Openings   Employment in this occupation is expected to grow much faster than average, but the number of annual openings will offer somewhat limited job opportunities.
Key:
  N/A = Not Applicable, ***** = Over $60.00 per hour, ##### = Over $124,821
 
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