Actuaries

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 premium rates required and cash reserves necessary to ensure payment of future benefits.

tasks jobzones knowledge skills abilities work_activities work_context interests work_styles work_values

Tasks

• Explain changes in contract provisions to customers.

• Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.

• Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.

• Manage credit and help price corporate security offerings.

• Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.

• Determine policy contract provisions for each type of insurance.

• Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.

• 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.

• Provide advice to clients on a contract basis, working as a consultant.

• Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.

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Job Zone

• Name: Job Zone Five: Extensive Preparation Needed

• Experience: Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.

• Education: A bachelor's degree is the minimum formal education required for these occupations. However, many also require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).

• Job training: Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.

• Examples: These occupations often involve coordinating, training, supervising, or managing the activities of others to accomplish goals. Very advanced communication and organizational skills are required. Examples include librarians, lawyers, aerospace engineers, physicists, school psychologists, and surgeons.

• Svp range: (8.0 and above)

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Knowledge

Browse Knowledge

• Mathematics
  Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

• 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.

• Economics and Accounting
  Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

• 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.

• 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.

• 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.

• Law and Government
  Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

• Clerical
  Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.

• 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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Skills

Browse Skills

• Mathematics
  Using mathematics to solve problems.

• Active Learning
  Understanding the implications of new information for both current and future problem-solving and decision-making.

• Critical Thinking
  Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

• 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.

• 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.

• Monitoring
  Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

• Coordination
  Adjusting actions in relation to others' actions.

• Judgment and Decision Making
  Considering the relative costs and benefits of potential actions to choose the most appropriate one.

• Speaking
  Talking to others to convey information effectively.

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Abilities

Browse Abilities

• Written Comprehension
  The ability to read and understand information and ideas presented in writing.

• Oral Expression
  The ability to communicate information and ideas in speaking so others will understand.

• Inductive Reasoning
  The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).

• Written Expression
  The ability to communicate information and ideas in writing so others will understand.

• Deductive Reasoning
  The ability to apply general rules to specific problems to produce answers that make sense.

• Mathematical Reasoning
  The ability to choose the right mathematical methods or formulas to solve a problem.

• Oral Comprehension
  The ability to listen to and understand information and ideas presented through spoken words and sentences.

• Category Flexibility
  The ability to generate or use different sets of rules for combining or grouping things in different ways.

• Number Facility
  The ability to add, subtract, multiply, or divide quickly and correctly.

• Fluency of Ideas
  The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).

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Work Activities

Browse Work Activities

• Processing Information
  Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.

• Analyzing Data or Information
  Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

• Updating and Using Relevant Knowledge
  Keeping up-to-date technically and applying new knowledge to your job.

• Thinking Creatively
  Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.

• Making Decisions and Solving Problems
  Analyzing information and evaluating results to choose the best solution and solve problems.

• Getting Information
  Observing, receiving, and otherwise obtaining information from all relevant sources.

• Organizing, Planning, and Prioritizing Work
  Developing specific goals and plans to prioritize, organize, and accomplish your work.

• Identifying Objects, Actions, and Events
  Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.

• Estimating the Quantifiable Characteristics of Products, Events, or Information
  Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.

• Communicating with Supervisors, Peers, or Subordinates
  Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

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Work Context

• Electronic Mail
  How often do you use electronic mail in this job?

• Indoors, Environmentally Controlled
  How often does this job require working indoors in environmentally controlled conditions?

• Spend Time Sitting
  How much does this job require sitting?

• Importance of Being Exact or Accurate
  How important is being very exact or highly accurate in performing this job?

• Face-to-Face Discussions
  How often do you have to have face-to-face discussions with individuals or teams in this job?

• Telephone
  How often do you have telephone conversations in this job?

• Structured versus Unstructured Work
  To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?

• Freedom to Make Decisions
  How much decision making freedom, without supervision, does the job offer?

• Work With Work Group or Team
  How important is it to work with others in a group or team in this job?

• Impact of Decisions on Co-workers or Company Results
  How do the decisions an employee makes impact the results of co-workers, clients or the company?

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Interests

Browse Interests

• Conventional
  Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

• Investigative
  Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.

• Realistic
  Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.

• Enterprising
  Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

• Artistic
  Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.

• Social
  Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.

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Work Styles

• Attention to Detail
  Job requires being careful about detail and thorough in completing work tasks.

• Analytical Thinking
  Job requires analyzing information and using logic to address work-related issues and problems.

• Integrity
  Job requires being honest and ethical.

• Dependability
  Job requires being reliable, responsible, and dependable, and fulfilling obligations.

• Initiative
  Job requires a willingness to take on responsibilities and challenges.

• Cooperation
  Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.

• Achievement/Effort
  Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.

• Leadership
  Job requires a willingness to lead, take charge, and offer opinions and direction.

• Innovation
  Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.

• Independence
  Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.

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Work Values

Browse Work Values

• Working Conditions
  Workers on this job have good working conditions.

• Autonomy
  Workers on this job plan their work with little supervision.

• Security
  Workers on this job have steady employment.

• Company Policies and Practices
  Workers on this job are treated fairly by the company.

• Ability Utilization
  Workers on this job make use of their individual abilities.

• Independence
  Workers on this job do their work alone.

• Supervision, Human Relations
  Workers on this job have supervisors who back up their workers with management.

• Working Conditions-Mean Extent
  Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.

• Independence-Mean Extent
  Occupations that satisfy this work value allow employs to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.

• Achievement-Mean Extent
  Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.

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