Occupation Profile

Actuaries

(SOC Code : 15-2011)

in California

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

Employers are usually looking for candidates with a Bachelor's degree .

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Occupational Wages

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Area	Year	Period	Hourly Mean	Hourly by Percentile
				25th	Median	75th
California	2012	1st Qtr	$45.37	$32.94	$44.04	$55.00

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Occupational Projections of Employment (also called "Outlook" or "Demand")

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Area	Estimated Year-Projected Year	Employment		Employment Change		Annual Avg Openings
		Estimated	Projected	Number	Percent
California	2010 - 2020	1,500	1,900	400	26.7	130

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Job Openings from JobCentral National Labor Exchange

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Enter a Zip Code Find a Zip code in California

Within miles of Zip Code.

Industries Employing This Occupation (click on Industry Title to View Employers List)

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Industry Title

Number of Employers in State of California

Percent of Total
Employment for Occupation in State of California

Insurance Carriers

4,763

32.2%

Management of Companies and Enterprises

914

19.5%

Management & Technical Consulting Svc

28,222

18.2%

Insurance Agencies, Brokerages & Support

28,682

13.8%

About Staffing Patterns

Training Programs (click on title for more information)

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Program Title

Actuarial Science

Applied Mathematics, General

Statistics, General

About Training & Apprenticeships

About This Occupation (from O*NET - The Occupation Information Network)

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Top Tasks (Specific duties and responsibilities of this job.)

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.

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Top Skills used in this Job

Mathematics - Using mathematics to solve problems.

Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.

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

Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.

Reading Comprehension - Understanding written sentences and paragraphs in work related documents.

Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.

Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.

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.

Speaking - Talking to others to convey information effectively.

Learning Strategies - Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.

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Top Abilities (Attributes of the person that influence performance in this job.)

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.

Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).

Oral Expression - The ability to communicate information and ideas in speaking so others will understand.

Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.

Near Vision - The ability to see details at close range (within a few feet of the observer).

Written Comprehension - The ability to read and understand information and ideas presented in writing.

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Top Work Values (Aspects of this job that create satisfaction.)

Working Conditions - Occupations that satisfy this work value offer job security and good working conditions.

Achievement - Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment.

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Top Interests (The types of activities someone in this job would like.)

Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Investigative - Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.

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