Actuaries

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What do they do?

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.

Also known as:

Actuarial Analyst, Actuarial Assistant, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Health Actuary, Pricing Actuary, Pricing Analyst, Product Development Actuary, Retirement Actuary

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Projected Growth Rate

Employment of Actuaries is projected to grow 5 percent from 2018 to 2028, about as fast as average compared to all occupations.

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Projected Employment

No Data Available

Projected Employment Rankings For Virginia:

  • 5%

    Percent Change

    Ranks #14 in job growth rate
  • 20

    Annual Projected Job Openings

    Ranks #24 in net job growth

Select Type of Degree:

Typical College Majors

Majors that prepare Actuaries:

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★ Number of granted degrees for degree type, All, is listed after the major.

Education Level

  • Doctorate or Professional Degree (12.9%)
  • Master's degree (21.9%)
  • Bachelor's degree (63%)
  • Associate's degree (1%)
  • Some college, no degree (1.2%)
  • High school diploma equivalent (0%)
  • Less than high school diploma (0%)

Percent of workers in this field

Colleges that Prepare

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Skills

People in this career often have these skills:

  • Mathematics - Using mathematics to solve problems.
  • 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.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • 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.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
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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.
  • 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.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • 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.
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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.
  • 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.
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • 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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Activities: what you might do in a day

People in this career often do these activities:

  • Manage financial activities of the organization.
  • Develop organizational goals or objectives.
  • Analyze health-related data.
  • Analyze data to identify trends or relationships among variables.
  • Negotiate contracts with clients or service providers.
  • Collaborate with others to develop or implement marketing strategies.
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This page includes data from:

O*NET OnLine Career data: O*NET 24.3 Database by the U.S. Department of Labor, Employment and Training Administration (“USDOL/ETA”). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA

Occupation statistics: USDOL U.S. Bureau of Labor Statistics Occupational Employment Statistics

careeronestop logo Videos: CareerOneStop, USDOL/ETA and the Minnesota Department of Employment & Economic Development

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