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.Number of Jobs in 2010: 252
Number of Jobs in 2020: 303
Yearly Job Growth Rate: 20.2
Annual Openings: 20
Entry Wage: $21.75
Median Wage: $28.05
Education Requirement: Bachelor's degree
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- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Provide advice to clients on a contract basis, working as a consultant.
- Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Testify before public agencies on proposed legislation affecting businesses.
- Determine policy contract provisions for each type of insurance.
- Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
- Explain changes in contract provisions to customers.
- Manage credit and help price corporate security offerings.
Indivduals currently working as Actuaries can easily transition into any of the occupations lisated below.
- Risk Management Specialists
- Market Research Analysts and Marketing Specialists*
- Financial Analysts
- Compensation and Benefits Managers
- Financial Examiners
- Compensation, Benefits, and Job Analysis Specialists
- Budget Analysts
- Survey Researchers
- Cost Estimators*
* The occupation mentioned is in demand in the state of Maine, and is projected to employ new workers each year.
Occupational data obtained from the Maine Department of Labor and O*NET
Last updated on January 29, 2013