CompGeo Salary Survey Benchmark Job Summary and Competencies

Actuaries

The Benchmark Job Description below represents the specific Position Characteristics of the job used in the Salary Survey. Benchmark Job Descriptions should be inspected carefully to review the degree of matching between an organizations' Job and the Salary Survey Benchmark. Matching internal Jobs to Salary Survey Benchmark Jobs should not be done on Job Title alone. A thorough comparison of Salary Survey Benchmark to Internal Job Descriptions is recommended. A good overlap should exist on any comparisons used on critical Job Dimensions and Competencies.
 
CompGeo Occupation Group: Insurance
Job Family: Actuarial
Benchmark Title: Actuaries
 
Summary Job Description Tasks
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. 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 improving existing business.
 
Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
 
Testify before public agencies on proposed legislation affecting businesses.
 
Provide advice to clients on a contract basis, working as a consultant.
 
Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
 
Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
 
Determine policy contract provisions for each type of insurance.
 
Manage credit and help price corporate security offerings.
 
Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
 
Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
 
Explain changes in contract provisions to customers.
 
 
CompGeo Occupation Group: Insurance
Job Family: Actuarial
Benchmark Title: Actuaries
 
Important Knowledge Competencies Competency Description
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
 
Economics and Accounting Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
 
Computers and Electronics Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
 
English Language Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
 
Law and Government Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
 
Administration and Management Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
 
 
CompGeo Occupation Group: Insurance
Job Family: Actuarial
Benchmark Title: Actuaries
 
Important Skill Competencies Competency Description
Mathematics Using mathematics to solve problems.
 
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
 
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
 
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
 
Complex Problem Solving Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
 
Systems Analysis Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
 
Systems Evaluation Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
 
Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
 
Speaking Talking to others to convey information effectively.
 
Active Learning Understanding the implications of new information for both current and future problem-solving and decision-making.
 
Learning Strategies Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
 
Writing Communicating effectively in writing as appropriate for the needs of the audience.
 
Social Perceptiveness Being aware of others' reactions and understanding why they react as they do.
 
Operations Analysis Analyzing needs and product requirements to create a design.
 
Management of Financial Resources Determining how money will be spent to get the work done, and accounting for these expenditures.
 
Monitoring Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
 
Coordination Adjusting actions in relation to others' actions.
 
Persuasion Persuading others to change their minds or behavior.
 
Time Management Managing one's own time and the time of others.
 
Instructing Teaching others how to do something.
 
Service Orientation Actively looking for ways to help people.
 
Negotiation Bringing others together and trying to reconcile differences.
 
Management of Personnel Resources Motivating, developing, and directing people as they work, identifying the best people for the job.
 
 
CompGeo Occupation Group: Insurance
Job Family: Actuarial
Benchmark Title: Actuaries
 
Important Ability Competencies Competency Description
Mathematical Reasoning The ability to choose the right mathematical methods or formulas to solve a problem.
 
Number Facility The ability to add, subtract, multiply, or divide quickly and correctly.
 
Deductive Reasoning The ability to apply general rules to specific problems to produce answers that make sense.
 
Oral Expression The ability to communicate information and ideas in speaking so others will understand.
 
Inductive Reasoning The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
 
Written Comprehension The ability to read and understand information and ideas presented in writing.
 
Problem Sensitivity The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
 
Near Vision The ability to see details at close range (within a few feet of the observer).
 
Oral Comprehension The ability to listen to and understand information and ideas presented through spoken words and sentences.
 
Information Ordering The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
 
Category Flexibility The ability to generate or use different sets of rules for combining or grouping things in different ways.
 
Written Expression The ability to communicate information and ideas in writing so others will understand.
 
Selective Attention The ability to concentrate on a task over a period of time without being distracted.
 
Speech Clarity The ability to speak clearly so others can understand you.
 
Fluency of Ideas The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
 
Flexibility of Closure The ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.
 
Speech Recognition The ability to identify and understand the speech of another person.
 
Originality The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
 
Perceptual Speed The ability to quickly and accurately compare similarities and differences among sets of letters, numbers, objects, pictures, or patterns. The things to be compared may be presented at the same time or one after the other. This ability also includes comparing a presented object with a remembered object.
 
Speed of Closure The ability to quickly make sense of, combine, and organize information into meaningful patterns.
 
Visualization The ability to imagine how something will look after it is moved around or when its parts are moved or rearranged.
 
Far Vision The ability to see details at a distance.
 
 
CompGeo Occupation Group: Insurance
Job Family: Actuarial
Benchmark Title: Actuaries
 
Tools/Technology Example Product Category
ARMON Technologies XLActuary Financial analysis software
 
Appraisal software Financial analysis software
 
Business Objects BusinessObjects Desktop Intelligence Data base user interface and query software
 
Cash flow software Financial analysis software
 
Compliance testing software Compliance software
 
Data entry software Data base user interface and query software
 
GGY AXIS Financial analysis software
 
IBM Lotus Notes Electronic mail software
 
Insightful S-PLUS Analytical or scientific software
 
Insureware ICRFS-ELRF Financial analysis software
 
Lewis & Ellis LEAPPS Financial analysis software
 
Microsoft Access Data base user interface and query software
 
Microsoft Excel Spreadsheet software
 
Microsoft Office software Office suite software
 
Microsoft Visual Basic Development environment software
 
Microsoft Visual FoxPro Object oriented data base management software
 
Microsoft Word Word processing software
 
Milliman Corporate Affinity Financial analysis software
 
Milliman ReservePro Financial analysis software
 
Oak Mountain Software AnnuityValue Financial analysis software
 
PolySystems Asset Delphi Financial analysis software
 
Presentation software Presentation software
 
Pricing software Financial analysis software
 
SAS software Analytical or scientific software
 
SPSS software Analytical or scientific software
 
SS&C PTS Financial analysis software
 
Spreadsheet software Spreadsheet software
 
Statistical software Analytical or scientific software
 
Structured query language SQL Data base user interface and query software
 
Towers Perrin TAS Tillinghast Actuarial Software Financial analysis software
 
Wolfram Research Mathematica Analytical or scientific software
 
Word processing software Word processing software
 
dBase Plus Data base user interface and query software
 
10-key calculators Calculators or accessories
 
Desktop computers Desktop computers
 
Notebook computers Notebook computers
 
Personal computers Personal computers
 
 
CompGeo Occupation Group: Insurance
Job Family: Actuarial
Benchmark Title: Actuaries
 
Prerequisite Qualification Category Education and Experience Level
Required Level of Education Bachelor's Degree
 
On-Site or In-Plant Training None
 
On-the-Job Training Over 4 years, up to and including 10 years
 
 
CompGeo Occupation Group: Insurance
Job Family: Actuarial
Benchmark Title: Actuaries
 
Alternate Job Title(s)
Actuarial Analyst
Actuarial Assistant
Actuarial Associate
Actuarial Consultant
Actuarial Mathematician
Actuary
Consulting Actuary
Health Actuary
Insurance Actuary
Pricing Actuary
Pricing Analyst
Product Development Actuary
 
CompGeo Occupation Group: Insurance
Job Family: Actuarial
Benchmark Title: Actuaries
 
 
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