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ACTUARIES
An Occupation in
 
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:
  Video Icon  Actuaries
  Open-captioning or video transcript included for the hearing impaired. Career videos brought to you by CareerOneStop. Copyright © 2017 All Rights Reserved.
 
Typical Tasks:
 
 
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
 
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 $155,922.00 $74.96 $47.64 $53.52 - $88.89
Hartford $158,796.00 $76.35 $48.74 $55.35 - $90.01
New Haven $140,324.00 $67.47 $47.54 $54.25 - $87.79
      
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Occupation Outlook:
 
 
Region Employment Average Annual Growth Rate Average Annual Job Openings
2022 2032
State of Connecticut 1,230 1,370 0.1% 75
 
 
Chart of Growth Rate and Annual Openings   Employment in this occupation is expected to grow more slowly than average, and the number of annual openings will offer limited job opportunities.
Key:
  N/A = Not Applicable, ***** = Over $60.00 per hour, ##### = Over $124,821
 
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