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.
- A strong background in mathematics is essential.
- Actuaries generally have a bachelor's degree and must pass a series of examinations—often taking 4 to 8 years—to gain full professional status.
- Competition for jobs will be keen as the number of qualified candidates is expected to exceed the number of positions available.
- About 55 percent of actuaries are employed by insurance carriers.