What they do
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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.
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| Also called: |
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Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Health Actuary, Pricing Actuary, Pricing Analyst, Product Development Actuary, Retirement Actuary
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Wages
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| Vermont - 2021 |
| Percentile1 | Hourly | Yearly |
| 10% |
$ 36.72 |
$76,380 |
| 25% |
$ 48.60 |
$101,080 |
| Median |
$ 67.61 |
$140,620 |
| 75% |
$ 80.89 |
$168,240 |
| 90% |
$ 91.47 |
$190,260 |
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| Average |
$ 67.15 |
$139,670 |
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| More at CareerOneStop |
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Industries of Employment
| United States - 2020 |
| Industry | Percent of total |
- Insurance carriers and related activities
| 73% |
- Professional, scientific, and technical services
| 11% |
- Management of companies and enterprises
| 5% |
- Securities, commodity contracts, and other financial investments and related activities
| 3% |
- State government, excluding education and hospitals
| 2% |
| More at BLS |
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Knowledge
| People in this career often know a lot about: |
- Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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- Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
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- English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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- Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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- Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
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| More at O*NET |
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Skills
| People in this career often have these skills: |
- Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
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- Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
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- Mathematics
Using mathematics to solve problems.
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- Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
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- 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.
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| More at O*NET |
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Interests
| People in this career often prefer these work environments: |
- 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.
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- 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.
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- 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.
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| What are your interests? Take the O*NET Interest Profiler |
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Work Styles
| People in this career will do well at jobs that need: |
- Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
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- Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
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- Integrity
Job requires being honest and ethical.
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- Achievement/Effort
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
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- Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
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| More at O*NET |
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Other Resources
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- CareerOneStop
resource for job seekers, students, businessess and career professionals
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- O*NET Online
nation's primary source of occupational information
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| Related Occupations
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| Career Video
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Projected Employment
Projected employment not available for Vermont
but may be for the nation and other states at
CareerOneStop |
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Education and Experience:
- Typical education needed for entry
Bachelor's degree
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- Work experience in a related occupation
None
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- Typical on-the-job training needed to attain competency
Long-term on-the-job training
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| Based on BLS Education and Training Classifications |
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Job Zone
| Considerable Preparation Needed |
- Specific Vocational Preparation Range
(7.0 to < 8.0) - A typical worker will require
over 2 years up to and including 4 years
of training to achieve average performance in this occupation.
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| Based on O*Net Job Zones and SVP |
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Education Level
| How much education do most people in this career have? |
| Education level |  | Percent of
U.S. Workers |
Doctoral or professional degree
or post-MA certificate | | 13% |
Master's degree or
post-BA certificate | | 25% |
| Bachelor's degree | | 63% |
| Associate's degree | | 0% |
Certificate or some college,
no degree | | 0% |
High school diploma
or equivalent | | 0% |
| Less than high school diploma | | 0% |
| More at O*NET |
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Abilities
| People in this career often have talent in: |
- Mathematical Reasoning
The ability to choose the right mathematical methods or formulas to solve a problem.
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- Number Facility
The ability to add, subtract, multiply, or divide quickly and correctly.
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- Deductive Reasoning
The ability to apply general rules to specific problems to produce answers that make sense.
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- Inductive Reasoning
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
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- Near Vision
The ability to see details at close range (within a few feet of the observer).
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| More at O*NET |
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Work Activities
| In general, what you might do: |
- Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
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- Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
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- Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
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- Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
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- Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
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| More at O*NET |
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Detailed Work Activities
| What you might do in a day: |
- Manage financial activities of the organization.
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- Develop organizational goals or objectives.
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- Analyze health-related data.
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- Analyze data to identify trends or relationships among variables.
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- Negotiate contracts with clients or service providers.
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| More at O*NET |
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Tasks
| On the job, you would: |
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
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- Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
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- Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
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- Provide advice to clients on a contract basis, working as a consultant.
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- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
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| More at O*NET |
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