Career & Workforce Preparation
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Actuaries
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 insurance rates required and cash reserves necessary to ensure payment of future benefits.
Common Tasks
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- 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.
- 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.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
Required Education
Bachelor's degree
Wages
In 2016 the mean hourly wage in the Greater Sacramento area was $45.89 . The hourly rate for this occupation typically paid between $26.57 and $64.34 .
In 2016 the mean annual salary in the Greater Sacramento area was $95,453.62 . The annual salary for this occupation typically paid between $55,269.57 and $133,821.74 .
Occupation Outlook
This occupation employed 1,500 people in California during 2014.
By 2024, there is expected to be an increase of 26.7% in the number of jobs in California for this occupation, bringing to total number to 1,900.
By 2024, in California, the median hourly rate for this occupation is expected to be $49.00 with the median annual salary reaching $101,926.
