Standard Occupational(SOC) Code: 152011
Standard Occupational(SOC) Title: Actuaries

Job Description:
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.


Skills Description
MathematicsUsing mathematics to solve problems.
Active LearningUnderstanding the implications of new information for both current and future problem-solving and decision-making.
Complex Problem SolvingIdentifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Critical ThinkingUsing logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active ListeningGiving 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.

Knowledge Description
MathematicsKnowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
English LanguageKnowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Economics and AccountingKnowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Computers and ElectronicsKnowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Administration and ManagementKnowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.


Experience Definition
Overall ExperienceExtensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.
Job TrainingEmployees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.
EducationA bachelor's degree is the minimum formal education required for these occupations. However, many also require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).



Source: Agency for Workforce Innovation - Labor Market Statistics
Occupational Informational Network(O*Net)