My typical day consists of meaningful discussions with a great team where we are trying to improve the well being of our members. One of my primary duties as the chief actuary is the pricing of insurance products. I make projections on costs for the upcoming year and ensure that they are cost effective for Geisinger and our customers.
CAREER
Actuaries
Overview
Salary Median (2023)
$120,000
Projected Job Growth (2023-2033)
+17.6% (much faster than the average)
Career
Roadtrip Nation Leaders in This Career
What Actuaries Do
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.
Other Job Titles Actuaries May Have
Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Corporate Actuary, Health Actuary, Pricing Actuary, Product Development Actuary, Reserving Actuary
How Leaders Describe a Typical Day at Work
Tasks & Responsibilities May Include
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- 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.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- 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.
Education
Level of Education Attained by Actuaries
Most common level of education among people in
this career: Bachelor's degree (79%)
Bachelor's degree
Post-baccalaureate certificate
Professional degree
Majors Related to Career
Additional Skills & Experiences That Can Help You Excel
Strong communication skills are essential. Have the ability to get at the big picture problem. Make the complex simple.
Getting Started
Recommended First Step for:
College Students
Take actuarial exams early. Pick a specialty that you are really interested in and go for it. Target industries that are growing and changing because they are more likely than mature companies to give young people valuable and exciting opportunities.
This page includes information from theO*NET 29.2 Databaseby the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under theCC BY 4.0license. O*NET® is a trademark of USDOL/ETA.
