DETAILED OCCUPATION DATA
15-2011 Actuaries
Occupational 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.| Percentiles | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Geography | Employment | Emp SE* | Mean | Mean SE* | 10th | 25th | Median | 75th | 90th |
| Southwest Minnesota | N/A | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Minnesota | 460 | 72 | $53.99/hr | $1.78/hr | $32.19/hr | $38.91/hr | $48.58/hr | $62.71/hr | $84.17/hr |
| U S | 22,260 | 846 | $58.76/hr | $0.65/hr | $31.50/hr | $39.44/hr | $52.63/hr | $72.24/hr | $94.04/hr |
| *SE = Standard error, a measure of the statistical reliability of the estimate. | |||||||||
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| Occupation (click title for details) | OES | Projections | |
|---|---|---|---|
| Employment | Median Wage | % Change 2020 - 2030 | |
| Accountants and Auditors | 970 | $29.79/hr | 4.2% |
| Cost Estimators | 200 | $31.30/hr | 1.4% |
| Credit Analysts | 130 | $29.47/hr | -2.9% |
| Insurance Underwriters | 40 | $25.22/hr | -3.7% |
| Procurement Clerks | 40 | $20.90/hr | -2.6% |
| Statisticians | 10 | $37.51/hr | N/A |
| Tax Preparers | N/A | $26.20/hr | N/A |
Tasks for Actuaries
- Determines mortality, accident, sickness, disability, and retirement rates.
- Constructs probability tables regarding fire, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Designs or reviews insurance and pension plans and calculates premiums.
- Ascertains premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Determines equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
