Potential Career/Occupation Information

Actuary

Occupation Information table
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.

Degree(s): A.A.S. Accounting 
A.A.S. Management: Marketing Concentration 
A.S. Business Administration (Accounting and Marketing) 
Job Outlook: Employment in this field is projected to increase at a much faster than average rate. An increase of 14% or higher is expected from 2014 to 2024. For comparison, the average growth rate for all occupations over the same time period is projected to be 5%-8%.
Salary Range (National Average): $53,000 to $60,000
Growth: Growth
Education Level: Typically, a Bachelor’s Degree from a 4-year college (some are 5 years) is required to be considered for this occupation.
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.
Recommended Skills:
  • Weighing out the options in a situation or a problem and logically choosing the best course of action.
  • Using mathematics and/or statistics to solve problems.
  • Ability to identify a problem, review related information, develop and evaluate options, and implement a solution.
  • Using logic to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Recommended Values:
  • Being able to decide on how to get something done without significant direction from someone else.
  • Having a routine job where the duties are very predictable and not likely to change over a long period of time.
 

* National data collected by the Department of Labor in 2014 with projections through 2024. For New York green job information .

* For New York salary data information .

* For New York green job information .

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 to fully understand the opportunities available through study in their degree program.

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