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Actuaries

  • Finance

Tasks

What tasks do Actuaries perform?

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

  • 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.

  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.

  • Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.


Knowledge

What do Actuaries need to know?

  • Mathematics

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

  • 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.


Skills

What skills do Actuaries need?

  • Mathematics

    Using mathematics to solve problems.

  • Reading Comprehension

    Understanding written sentences and paragraphs in work-related documents.

  • Critical Thinking

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



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Data on career profiles are based on information supplied by the O*NET Program, sponsored by U.S. Department of Labor, Employment, and Training Administration.