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Alabama Department of Labor

Labor Market Information Division
SOC: 15-2011 Actuaries
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 premium rates required and cash reserves necessary to ensure payment of future benefits.
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Education: Most of these occupations require a four-year bachelor's degree, but some do not.
OJT: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Tasks: Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits. Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public. Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums. Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates. Provide advice to clients on a contract basis, working as a consultant. Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business. Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings. Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information. Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies. Testify before public agencies on proposed legislation affecting businesses. Determine policy contract provisions for each type of insurance. 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.
License: License not required.
Outlook: Good
Alabama Employment Outlook
Alabama Wage Data
Hourly Wage   Annual Wage
Entry $26.86   Entry $55,867.00
Mean $42.09   Mean $87,538.00
Experience $49.70 Experience $103,369.00

The data is based on the May 2016 Occupation Employment Survey employment and wage estimate file. The wages have been aged using the most current ECI factors reflecting wages as of June 2017.

Alabama Projections
Estimated Employment 2014Projected Employment 2024Annual Average OpeningsAnnual Growth Rate
607051.55
Related Occupations: Postsecondary Institutions With Programs:
Accountants
Biostatisticians
Budget Analysts
Clinical Data Managers
Insurance Underwriters
Logistics Analysts
Operations Research Analysts
Regulatory Affairs Specialists
Risk Management Specialists
Statistical Assistants
No postsecondary schools reported programs.
Occupational Videos
15-2011.00 Actuaries