CareerTraQ

Prospective Student?
Apply here
Current Student?
Register here
 

The Office of Career Services
Library Building, Room 429 & 430
222-05 56th Avenue
Bayside, NY 11364
Phone: (718) 631-6297

Search other Careers:

Search by Career
 

Occupation Info


Actuary

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.A.S. Management: Real Estate-Insurance 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.
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 between 2008-2012.
* For New York salary data information please click here
* For New York green job information please click here.

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.