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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

    • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
    • Determine policy contract provisions for each type of insurance.
    • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
    • Negotiate terms and conditions of reinsurance with other companies.
    • Manage credit and help price corporate security offerings.
    • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
    • 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.
    • Explain changes in contract provisions to customers.
    • Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
    • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
    • 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.

    Skills

    • Science

      Using scientific rules and strategies to solve problems.

    • Complex Problem Solving

      Noticing a problem and figuring out the best way to solve it.

    • Quality Control Analysis

      Testing how well a product or service works.

    • Systems Evaluation

      Measuring how well a system is working and how to improve it.

    • Systems Analysis

      Figuring out how a system should work and how changes in the future will affect it.

    • Equipment Maintenance

      Planning and doing the basic maintenance on equipment.

    • Management of Financial Resources

      Making spending decisions and keeping track of what is spent.

    • Monitoring

      Keeping track of how well people and/or groups are doing in order to make improvements.

    • Negotiation

      Bringing people together to solve differences.

    • Learning Strategies

      Using the best training or teaching strategies for learning new things.

    • Operation and Control

      Using equipment or systems.

    • Speaking

      Talking to others.

    • Critical Thinking

      Thinking about the pros and cons of different ways to solve a problem.

    • Repairing

      Repairing machines or systems using the right tools.

    • Management of Personnel Resources

      Selecting and managing the best workers for a job.

    • Instructing

      Teaching people how to do something.

    • Reading Comprehension

      Reading work-related information.

    • Technology Design

      Making equipment and technology useful for customers.

    • Installation

      Installing equipment, machines, wiring, or computer programs.

    • Active Listening

      Listening to others, not interrupting, and asking good questions.

    • Coordination

      Changing what is done based on other people's actions.

    • Social Perceptiveness

      Understanding people's reactions.

    • Operations Analysis

      Figuring out what a product or service needs to be able to do.

    • Writing

      Writing things for co-workers or customers.

    • Service Orientation

      Looking for ways to help people.

    • Active Learning

      Figuring out how to use new ideas or things.

    • Equipment Selection

      Deciding what kind of tools and equipment are needed to do a job.

    • Mathematics

      Using math to solve problems.

    • Persuasion

      Talking people into changing their minds or their behavior.

    • Troubleshooting

      Figuring out what is causing equipment, machines, wiring, or computer programs to not work.

    • Judgment and Decision Making

      Thinking about the pros and cons of different options and picking the best one.

    • Programming

      Writing computer programs.

    • Time Management

      Managing your time and the time of other people.

    • Operations Monitoring

      Watching gauges, dials, or display screens to make sure a machine is working.

    • Management of Material Resources

      Managing equipment and materials.

    WorkKeys®

    Applied Math
    6
    Workplace Documents
    6
    Graphic Literacy
    5

    Abilities

    • Deductive Reasoning

      Using rules to solve problems.

    • Category Flexibility

      Grouping things in different ways.

    • Time Sharing

      Doing two or more things at the same time.

    • Arm-Hand Steadiness

      Keeping your arm or hand steady.

    • Finger Dexterity

      Putting together small parts with your fingers.

    • Response Orientation

      Quickly deciding if you should move your hand, foot, or other body part.

    • Night Vision

      Seeing at night or under low light.

    • Glare Sensitivity

      Seeing something even if there is a glare or very bright light.

    • Dynamic Strength

      Exercising for a long time without your muscles getting tired.

    • Reaction Time

      Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.

    • Far Vision

      Seeing details that are far away.

    • Peripheral Vision

      Seeing something to your side when your are looking ahead.

    • Mathematical Reasoning

      Choosing the right type of math to solve a problem.

    • Memorization

      Remembering words, numbers, pictures, or steps.

    • Speed of Closure

      Quickly knowing what you are looking at.

    • Spatial Orientation

      Knowing where things are around you.

    • Control Precision

      Quickly changing the controls of a machine, car, truck or boat.

    • Gross Body Coordination

      Moving your arms, legs, and mid-section together while your whole body is moving.

    • Visual Color Discrimination

      Noticing the difference between colors, including shades and brightness.

    • Trunk Strength

      Using your lower back and stomach.

    • Auditory Attention

      Paying attention to one sound while there are other distracting sounds.

    • Stamina

      Exercising for a long time without getting out of breath.

    • Rate Control

      Changing when and how fast you move based on how something else is moving.

    • Dynamic Flexibility

      Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.

    • Written Expression

      Communicating by writing.

    • Speech Clarity

      Speaking clearly.

    • Explosive Strength

      Jumping, sprinting, or throwing something.

    • Sound Localization

      Noticing the direction that a sound came from.

    • Inductive Reasoning

      Making general rules or coming up with answers from lots of detailed information.

    • Information Ordering

      Ordering or arranging things.

    • Number Facility

      Adding, subtracting, multiplying, or dividing.

    • Flexibility of Closure

      Seeing hidden patterns.

    • Perceptual Speed

      Quickly comparing groups of letters, numbers, pictures, or other things.

    • Visualization

      Imagining how something will look after it is moved around or changed.

    • Selective Attention

      Paying attention to something without being distracted.

    • Manual Dexterity

      Holding or moving items with your hands.

    • Multilimb Coordination

      Using your arms and/or legs together while sitting, standing, or lying down.

    • Wrist-Finger Speed

      Making fast, simple, repeated movements of your fingers, hands, and wrists.

    • Extent Flexibility

      Bending, stretching, twisting, or reaching with your body, arms, and/or legs.

    • Oral Expression

      Communicating by speaking.

    • Speed of Limb Movement

      Quickly moving your arms and legs.

    • Written Comprehension

      Reading and understanding what is written.

    • Problem Sensitivity

      Noticing when problems happen.

    • Oral Comprehension

      Listening and understanding what people say.

    • Gross Body Equilibrium

      Keeping your balance or staying upright.

    • Originality

      Creating new and original ideas.

    • Near Vision

      Seeing details up close.

    • Hearing Sensitivity

      Telling the difference between sounds.

    • Static Strength

      Lifting, pushing, pulling, or carrying.

    • Depth Perception

      Deciding which thing is closer or farther away from you, or deciding how far away it is from you.

    • Fluency of Ideas

      Coming up with lots of ideas.

    • Speech Recognition

      Recognizing spoken words.

    Knowledge

    • Transportation

      Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.

    • Computers and Electronics

      Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

    • Psychology

      Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.

    • Therapy and Counseling

      Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counseling and guidance.

    • English Language

      Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

    • 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.

    • Building and Construction

      Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.

    • Law and Government

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

    • Biology

      Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.

    • Engineering and Technology

      Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.

    • Mathematics

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

    • Fine Arts

      Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.

    • 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.

    • Public Safety and Security

      Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.

    • Economics and Accounting

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

    • Production and Processing

      Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.

    • Sociology and Anthropology

      Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.

    • History and Archeology

      Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.

    • Medicine and Dentistry

      Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.

    • Physics

      Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub-atomic structures and processes.

    • Education and Training

      Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

    • Geography

      Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.

    • Philosophy and Theology

      Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.

    • Food Production

      Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.

    • Administrative

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

    • Mechanical

      Knowledge of machines and tools, including their designs, uses, repair, and maintenance.

    • Telecommunications

      Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.

    • 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.

    • Chemistry

      Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.

    • 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.

    • Communications and Media

      Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.

    • Foreign Language

      Knowledge of the structure and content of a foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.

    • Design

      Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.

    Career Video

    Additional videos and more information available on CareerOneStop

    Pay

    • Ohio Annual Salary 99590/yr
    • Typical Salary
    • Ohio Hourly Wage 47.88/hr
    • Typical Hourly Wage

    Ohio Employment Trends

    • Currently Employed 2,010
    • 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

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

    Technology

    • Analytical or scientific software
    • Business intelligence and data analysis software
    • Compliance software
    • Data base user interface and query software
    • Development environment software
    • Electronic mail software
    • Financial analysis software
    • Object or component oriented development software
    • Object oriented data base management software
    • Office suite software
    • Presentation software
    • Process mapping and design software
    • Project management software
    • Spreadsheet software
    • Word processing software

    Tags

    • InDemand occupations are considered a priority by the state of Ohio.

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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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