Actuary

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.

Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with market research analysts to forecast demand for new products.

With experience, actuaries are often given supervisory roles. They are responsible for delegating tasks and providing advice to senior management. They also may be called on to testify before public agencies on proposed laws that affect their business, such as state laws placing caps on auto insurance prices.

Most actuaries work at insurance companies, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that the premiums are profitable, yet competitive with other insurance companies.

Actuaries in the insurance industry typically specialize in a specific field of insurance, such as one of the following:

Health insurance actuaries help develop long-term care and health insurance policies by predicting expected costs of providing care under the terms of an insurance contract. Their predictions are based on numerous factors, including family history, geographic location, and occupation.

Life insurance actuaries help develop annuity and life insurance policies for individuals and groups by estimating, on the basis of risk factors such as age, gender, and tobacco use, how long someone is expected to live.

Property and casualty insurance actuaries help develop insurance policies that insure policyholders against property loss and liability resulting from accidents, natural disasters, fires, and other events. They calculate the expected number of claims resulting from automobile accidents, which varies depending on the insured person’s age, sex, driving history, type of car, and other factors.

Some actuaries apply their expertise to financial matters outside of the insurance industry. For example, they develop investment strategies that manage risks and maximize returns for companies or individuals. Some actuaries help companies develop broad policies and strategies that assess risks across all areas of business, a practice known as enterprise risk management.

Pension and retirement benefits actuaries design, test, and evaluate company pension plans to determine if the expected funds available in the future will be enough to ensure payment of future benefits. They must report the results of their evaluations to the federal government. Pension actuaries also help businesses develop other types of retirement plans, and healthcare plans for retirees. In addition, they provide retirement planning advice to individuals.

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Actuaries typically have an interest in the Thinker, Persuader and Organiser interest areas, according to the Holland Code framework. The Thinker interest area indicates a focus on researching, investigating, and increasing the understanding of natural laws. The Persuader interest area indicates a focus on influencing, motivating, and selling to other people. The Organiser interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.

If you are not sure whether you have a Thinker or Persuader or Organiser interest which might fit with a career as an actuary, you can take a career test to measure your interests.

Actuaries should also possess the following specific qualities:

Analytical skills. Actuaries use analytical skills to identify patterns and trends in complex sets of data to determine the factors that have an effect on certain types of events.

Communication skills. Actuaries must be able to explain complex technical matters to those without an actuarial background. They must also communicate clearly through the reports and memos that describe their work and recommendations.

Computer skills. Actuaries must know programming languages and be able to use and develop spreadsheets, databases, and statistical analysis tools.

Interpersonal skills. Actuaries serve as leaders and members of teams, so they must be able to listen to other people’s opinions and suggestions before reaching a conclusion.

Math skills. Actuaries quantify risk by using the principles of calculus, statistics, and probability.

Problem-solving skills. Actuaries identify risks and develop ways for businesses to manage those risks.

Agricultural engineers—also known as biological and agricultural engineers—work on a variety of activities. These activities range from aquaculture (raising food, such as fish, that thrive in water) to land farming to forestry; from developing biofuels to improving conservation; from planning animal environments to finding better ways to process food.

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Agricultural and food scientists work to ensure that agricultural establishments are productive and food is safe.

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Airline and commercial pilots fly and navigate airplanes, helicopters, and other aircraft. Airline pilots fly for airlines that transport people and cargo on a fixed schedule. Commercial pilots fly aircraft for other reasons, such as charter flights, rescue operations, firefighting, aerial photography, and aerial application, also known as crop dusting.

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Architects plan and design houses, office buildings, and other structures.

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Biochemists and biophysicists study the chemical and physical principles of living things and of biological processes, such as cell development, growth, and heredity.

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Chemists and materials scientists study substances at the atomic and molecular levels and the ways in which substances react with each other. They use their knowledge to develop new and improved products and to test the quality of manufactured goods.

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Conservation scientists and foresters manage overall land quality of forests, parks, rangelands, and other natural resources.

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Environmental scientists and specialists use their knowledge of the natural sciences to protect the environment and human health. They may clean up polluted areas, advise policy makers, or work with industry to reduce waste.

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Hydrologists study how water moves across and through the Earth’s crust. They can use their expertise to solve problems in the areas of water quality or availability.

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Mathematicians use advanced mathematics to develop and understand mathematical principles, analyze data, and solve real-world problems.

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Microbiologists study the growth, development, and other characteristics of microscopic organisms such as bacteria, algae, and fungi.

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Physicists and astronomers study the ways in which various forms of matter and energy interact. Theoretical physicists and astronomers may study the nature of time or the origin of the universe. Physicists and astronomers in applied fields may develop new military technologies or new sources of energy, or monitor space debris that could endanger satellites.

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Statisticians use statistical methods to collect and analyze data and help solve real-world problems in business, engineering, the sciences, or other fields.

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Urban and regional planners develop plans and programs for the use of land. Their plans help create communities, accommodate population growth, and revitalize physical facilities in towns, cities, counties, and metropolitan areas.

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