Occupation Details
Actuaries
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.
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Interests
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.
Enterprising
Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
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.
Work Values
Achievement
Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Working Conditions
Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Independence
Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Salary & Job Outlook
Starting Salary
$82,580.00
New York StateMedian Salary
$136,200.00
New York StateExperienced Salary
$189,100.00
New York StateNational Average for Comparison
New York State Job Market Outlook
Jobs Right Now (2018)
2,650
professionals in NYFuture Job Growth (2030)
3,270
+62 jobs/yearNew Jobs Every Year
224
new opportunities yearlyGrowth Rate
0.2%
projected increasePreparation: Experience, Training, and Education
The list below outlines the prior educational experience required to perform in this occupation.
Degree Needed - Four-year college
Experience Requirements
A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Education Requirements
Most of these occupations require a four-year bachelor's degree, but some do not.
Training Details
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Transferrable Skills and Experience
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, conservation scientists, art directors, and cost estimators.
School Programs
The following lists school programs which are applicable to this occupation.
Licensing & Certification
State License and Certifications Requirements are not currently associated with this occupation.
Skills
The list below includes the skills required by workers in this occupation; skills are what allow you to learn more quickly and improve your performance.
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.
Complex Problem Solving
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
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.
Systems Analysis
Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
Skill level is measured on a seven point scale, where one means 'some competence required for this occupation' and seven means 'a high level of expertise required for this occupation'.
Knowledge
The list below includes knowledge items, the principles and facts required by this occupation.
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.
Knowledge level is measured on a seven point scale, where one means 'some competence required for this occupation' and seven means 'a high level of expertise required for this occupation'.
Work Environment
The list below includes the physical and social factors that influence the nature of work in this occupation.
Hover over or tap each factor to see its description.
Work Styles
Included in the list below are the personal work style characteristics that can affect how well a worker is likely to perform in this occupation.
Achievement/Effort
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Adaptability/Flexibility
Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative
Job requires a willingness to take on responsibilities and challenges.
Integrity
Job requires being honest and ethical.
Persistence
Job requires persistence in the face of obstacles.
Stress Tolerance
Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
Tools & Technology
This list below describes the machines, equipment, tools, software, and information technology that workers in this occupation will use.
Tools
- 10-key calculators
- Desktop computers
- Notebook computers
Technology
- Appraisal software
- C++
- Cash flow software
- Compliance testing software
- GGY AXIS
- IBM Lotus Notes
- Insightful S-PLUS
- Lewis & Ellis LEAPPS
- Microsoft Access
- Microsoft Excel
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Project
- Microsoft SQL Server
- Microsoft Visio
- Microsoft Visual Basic for Applications VBA
Duties
Duties are job behaviors describing activities that occur on multiple jobs. The generalized and detailed work activities described in the list below apply to this occupation.
- prepare reports
- prepare technical reports or related documentation
- communicate technical information
- make presentations on financial matters
- make presentations
- develop mathematical ideas or interpretations
- create mathematical or statistical diagrams or charts
- develop mathematical simulation models
- recognize interrelationships among social statistics or indicators
- advise clients or customers
- provide expert testimony on research results
- advise clients on financial matters
- explain complex mathematical information
- interpret charts or tables for social or economic research
- follow contract, property, or insurance laws
- use current social research
- maintain awareness of social trends
- use public speaking techniques
- use knowledge of investigation techniques
- use mathematical or statistical methods to identify or analyze problems
- use quantitative research methods
- collect statistical data
- use computers to enter, access or retrieve data
- use relational database software
- use spreadsheet software
- use word processing or desktop publishing software
- develop or maintain databases
- compile numerical or statistical data
- develop tables depicting data
- analyze scientific research data or investigative findings
- perform statistical modeling
- evaluate degree of financial risk
- analyze social or economic data
Tasks
The list below outlines specific tasks that a worker in this occupation is called upon to do regularly.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Provide advice to clients on a contract basis, working as a consultant.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Negotiate terms and conditions of reinsurance with other companies.
- Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- 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 disabled or killed in an accident.
- Manage credit and help price corporate security offerings.
- Explain changes in contract provisions to customers.
Learning Resources
More information on this occupation may be found in the links provided below.
Actuaries
Visit this link for additional information on this career from the Occupational Outlook Handbook; a publication produced and maintained by the United States Department of Labor.
Learn MoreAnalyze Math: Mathematics Tutorials and Problems
Free mathematics tutorials to help you explore and gain deep understanding of math topics. The site includes several java applets to investigate Graphs of Functions and Equations. Algebra,Trigonometry, Calculus, Geometry and Precalculus tutorials can be used either as complements to topics already studied or to learn a new topic through exploration.
Learn MoreBe An Actuary, A Career Without Boundaries
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Learn MoreBe An Actuary; a Career Without Boundaries
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Learn MoreCareers in Statistics: A World of Opportunity
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Learn MoreCertified Public Accountants Career Opportunities Handbook
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Learn MoreColumbia Education Center's Math Mini-Lessons (Elementary)
Youth Net is a server on the Internet that sponsors this group of lesson plans that came from the Columbia Education Center's Summer Workshops. They were done by a consortium of teachers from 14 states dedicated to improving the quality of education in the rural, western, United States.
Learn MoreColumbia Education Center's Math Mini-Lessons (High School)
Youth Net is a server on the Internet that sponsors this group of lesson plans that came from the Columbia Education Center's Summer Workshops. They were done by a consortium of teachers from 14 states dedicated to improving the quality of education in the rural, western, United States.
Learn MoreColumbia Education Center's Math Mini-Lessons (Intermediate)
Youth Net is a server on the Internet that sponsors this group of lesson plans that came from the Columbia Education Center's Summer Workshops. They were done by a consortium of teachers from 14 states dedicated to improving the quality of education in the rural, western, United States.
Learn MoreGoudreau Museum of Mathematics in Art and Science
The Goudreau Math Museum offers workshops for staff development. Workshops can be done either at the Goudreau Museum, located in New Hyde Park, NY, or at your school. The topics include using teddy bears, clowns and animals to help young children develop logical thinking to use as a problem-solving strategy, the concepts of shape, balance, symmetry, reflection, and 2-3 and 3-d space using geometric shapes to develop Art-Tessellations and a look at some surprising places to find math in and out of the classroom are available.
Learn MoreIlluminations: Activities
Illuminations is designed to provide standards based resources that improve the teaching and learning of mathematics for all students. The library of 90 online activities sorted by age group help to make math come alive in the classroom or at home.
Learn MoreIlluminations: Lessons
Illuminations is designed to provide standards based resources that improve the teaching and learning of mathematics for all students. The collection of 524 lessons for preK12 math educators is easily sorted by age group and topic.
Learn MoreInterMath
InterMath is a professional development effort designed to support teachers in becoming better mathematics educators. It focuses on building teachers' mathematical content knowledge through mathematical investigations that are supported by technology. Lesson plans include handouts.
Learn MoreJohnnie's Math Page
Johnnie's Math Page is a collection of K8 interactive math activities gathered by an elementary math teacher. This is great for individual practice or whole-group interactive whiteboard use. The activities include measurement, fractions, multiplication and more.
Learn MoreLearn NC: Math
Learn NC gives you what you need for K12 teaching. The site leads you to web resources and complete lesson plans. The math link covers math topics from a lesson called Dinosaur Math(K) for manipulatives learning to algebra and discrete mathematics named To be or not to be(8-12).
Learn MoreMath Dude: See How Cool Math Can Be Algebra Video Series
The Math Dude, a new video series helps middle and high school students improve their Algebra skills. These fast?paced programs are aimed at helping students with Algebra I and each five- to seven-minute episode may be viewed online through podcasts and iTunes.
Learn MoreMrs. Glosser's Math Goodies
Mrs. Glosser's Math Goodies' interactive math lessons, puzzles and worksheets are self-paced learning modules ideal for students of all ages and abilities and aspire to the NCTM Standards for Teaching mathematics. These interactive math lessons were created to help children develop problem-solving skills.
Learn MorePROMYS: Program in Mathematics for Young Scientists
PROMYS is a six week summer program at Boston University designed to encourage motivated high school students to explore the creative world of mathematics in a supportive community of peers, counselors, research mathematicians, and visiting scientists.
Learn MorePolytechnic University Mathematics Institute
The Mathematics Institute at Polytechnic University focuses on giving high school students real-world, problem-solving experience with an emphasis on pure and applied mathematics. Students will build their skills within areas such as Number Theory, Geometry, Combinatorics, and Elementary Analysis.
Learn MoreRader's NumberNut
NumberNut.com is a website that teaches the basics of math to all ages. It has sections on artithmetic which includes addition, subtraction, multiplication, and division. More advanced ideas like fractions, decimals, and percentages have been added. Information on prealgebra topics is coming!
Learn MoreStudent Learning Assistance Center Math Tutorials
Looking to help your students get the most out of their math education? These math tutorials contain lessons for basic mathematics, algebra and geometry, precalculus and calculus. Interactive review exercises, powerpoint slides and easily printed text are included.
Learn MoreTools for Understanding: A Resource Guide for Extending Mathematical Understanding in Secondary Schools
This site is intended for educators who teach mathematics and are interested in integrating common technologies into their daily instruction. While much of this site focuses on mathematics, there are a number of lessons and activities that are intended to blend mathematics with writing and make use of mathematical reasoning in other content areas such as social studies.
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