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|Overview:||Actuaries calculate insurance company premium rates and policy conditions. To do this they organize and statistically analyze data to calculate probabilities of death, sickness, injury and financial loss from fire, theft and accidents.|
|Duties:||Actuaries determine statistical rates of death, accident, sickness, disability and retirement for the purpose of determining the number of payments to be made by insurance companies. They construct probabality tables to predict the number of deaths, accidents, fire, disasters, unemployment, etc, that can be expected based on past statistical data.
Actuaries design insurance and pension plans and calculate the amount of insurance premiums that must be paid by clients to ensure the insurance company makes a profit. They use computers and statistical models to make projections for the public's future insurance needs based on demographic data such as age, sex, race, education level, etc.
A.A.S. Management: Marketing Concentration
A.S. Business Administration (Accounting and Marketing)
|Job Outlook:||Employment of actuaries is expected to grow much faster than average through 2018. Job growth will be in financial services and consulting with slower growth in the insurance industry.|
|Salary Range (National Average):||$53,000 to $60,000|
|Education Level:||Training for this occupation generally requires an Associate Degree from a 2 year or community college.|
|Additional Training/Education:||A good educational background for a beginning position in a large insurance company is a bachelor's degree in a business area such as statistics, economics, finance or accounting. A strong mathematics background is essential. Professional status as an actuary is achieved by passing exams sponsored by national actuarial societies.|
|Advancement Info:||Beginning actuaries often rotate into different duties in order to learn various aspects of the job. At first they may prepare data and perform other simple tasks. Advancement depends largely on job performance and the number of actuarial exams passed. Actuaries may advance to administrative and executive positions. Some may advance to management positions in other areas. Some teach at colleges and universities.|
Understanding acquiring positions in this field may be enhanced through continuing academic study (i.e. earning a baccalaureate or a master's degree) and/or work experience in the field, Queensborough Community College has established transfer agreements with other institutions for students who wish to further pursue their educational goals. Students are highly encouraged to meet with one of our Career Services Advisor to fully understand the opportunities available through study in their degree program.