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Actuary

What They Do

Actuaries Career Video

About This Career

Analyzes 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.

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.
  • 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.
  • Provides advice to clients on a contract basis, working as a consultant.
  • Analyzes statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Constructs probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Negotiates terms and conditions of reinsurance with other companies.
  • 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.
  • Determines equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Testifies before public agencies on proposed legislation affecting businesses.

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:

  • Actuarial Analyst
  • Actuarial Associate
  • Actuarial Consultant
  • Consulting Actuary
  • Health Actuary
  • Pricing Actuary
  • Pricing Analyst — Looks at data available to determine whether or when a company should buy certain products. In addition, they look at the cost of a company's manufacturing activities and help determine the prices the company assigns to its manufactured products.
  • Product Development Actuary
  • Retirement Actuary

Contact

  • Email Support
  • 1-800-GO-TO-XAP (1-800-468-6927)
    From outside the U.S., please call +1 (424) 750-3900
  • North Dakota Career Resource Network
    ndcrn@nd.gov | (701) 328-9733

Support