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

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    Work Activities

    Work Activities

    • 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.
    • 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.
    • Negotiate terms and conditions of reinsurance with other companies.
    • 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 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.
    • Determine policy contract provisions for each type of insurance.
    • Manage credit and help price corporate security offerings.
    • Explain changes in contract provisions to customers.

    Skills

    • 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.

    • Mathematics

      Using mathematics to solve problems.

    WorkKeys®

    Applied Math
    6
    Workplace Documents
    6
    Graphic Literacy
    5

    Abilities

    • Mathematical Reasoning

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

    • Number Facility

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

    • Deductive Reasoning

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

    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.

    Career Video

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    Pay

    • Ohio Annual Salary 90580/yr
    • Typical Salary
    • Ohio Hourly Wage 43.55/hr
    • Typical Hourly Wage

    Ohio Employment Trends

    • Currently Employed 1,640
    • Yearly Projected Openings 150

    Typical Education

    Personality

    Conventional: People interested in this work like activities that include data, detail, and regular routines. They do well at jobs that need:
    • Analytical Thinking
    • Attention to Detail
    • Integrity
    • Achievement/Effort
    • Dependability
    • Persistence

    Tools

    • Personal computers
    • Notebook computers
    • Desktop computers
    • Desktop calculator

    Technology

    • Object or component oriented development software
    • Financial analysis software
    • Development environment software
    • Data base user interface and query software
    • Analytical or scientific software

    Tags

    • InDemand occupations are considered a priority by the state of Ohio.
    • Bright Outlook occupations will grow rapidly in the next few years, have a large number of openings, or are new and emerging careers.

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    Workforce Supply Tool

    Workforce Supply Tool

    The Workforce Supply Tool provides statistics for the occupations in highest demand throughout Ohio.

    You can view statewide statistics as well as more region specific information.

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