Thursday, February 2, 2012

Career Spotlight: Actuaries

Actuaries use math and statistics to calculate the odds that an event will happen. They design insurance programs and pension plans.

You might be surprised to learn that in 2002, actuary was listed by the Jobs Rated Almanac as one of the ten best jobs to hold. In fact, it was listed second, only behind biologist! In 2007, it was ranked highly by a major news magazine. Jobs were studied based on factors including stress, income, and security, among others.

Actuaries have different duties depending on whether they work in insurance, finance, or employee benefits. Actuaries who work for insurance companies predict insurance risk by using statistics. They figure the odds of fires or other natural disasters occurring. They calculate death, accident, and unemployment rates. They also estimate the rates at which disabilities and retirements occur. Actuaries determine how much insurance should cost. They do this by comparing the cost of providing coverage with the money needed to cover expected losses. Then they set insurance rates accordingly.

Actuaries who work for banks or other financial companies also calculate odds. They design pension plans by calculating the amount of money that can be made on investments. They calculate how much people need to pay into their pension or retirement plans to offset pension payments. Some price corporate stock offerings.

Actuaries may help decide company policy or develop new financial or insurance products. They are sometimes called on to testify at public hearings or in court on issues that affect their companies.

Consulting actuaries provide advice and services to clients on a contract basis.

*Use statistics to calculate odds
*Often work for insurance companies
*Most often work alone
*Must hold at least a bachelor's degree
*Take a series of exams over 5-10 years
*Ohio Median salary: $87,260 per year
To find out more about a career as an Actuary, or about hundreds of other careers go to the Ohio Career Information System website. User name:celinahs Password: ohiocis03