Actuaries
SOC Code: 15-2011 Job Zone 4: Considerable Preparation Needed
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.
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Prevailing Wage Levels (National)
DOL/OFLC prevailing wage thresholds for Actuaries. Hourly rates x 2,080 = annual.
FY2027 Weighted Lottery Impact
| Level | Lottery Entries | Est. Selection Rate |
|---|---|---|
| Level I (Entry) | 1 entry | ~16% |
| Level II (Qualified) | 2 entries | ~31% |
| Level III (Experienced) | 3 entries | ~45% |
| Level IV (Expert) | 4 entries | ~61% |
Prevailing Wages by Metro Area
| Metro Area | Level I | Level II | Level III | Level IV |
|---|---|---|---|---|
| West South Dakota nonmetropolitan area | $164,778 | $221,520 | $278,242 | $334,984 |
| Sioux City, IA-NE-SD | $94,973 | $155,251 | $215,550 | $275,829 |
| Gainesville, GA | $125,757 | $175,406 | $225,035 | $274,685 |
| Athens-Clarke County, GA | $125,694 | $175,365 | $225,014 | $274,685 |
| Macon-Bibb County, GA | $121,618 | $172,182 | $222,747 | $273,312 |
| Columbus, GA-AL | $120,848 | $171,371 | $221,874 | $272,397 |
| Middle Georgia nonmetropolitan area | $118,518 | $169,395 | $220,251 | $271,128 |
| Rome, GA | $111,696 | $164,091 | $216,507 | $268,902 |
| North Georgia nonmetropolitan area | $110,718 | $163,176 | $215,654 | $268,112 |
| Bridgeport-Stamford-Danbury, CT | $102,690 | $135,616 | $168,522 | $201,448 |
H-1B Filing Data
Top H-1B Employers
| Employer | Filings | Avg Wage |
|---|---|---|
| Ernst & Young U.S. LLP | 204 | $170,036 |
| NEW YORK LIFE INSURANCE COMPANY | 77 | $114,039 |
| American General Life Insurance Company | 70 | $110,828 |
| The Prudential Insurance Company of America | 59 | $7,299,699 |
| WILLIS TOWERS WATSON US LLC | 52 | $123,812 |
| SCOR Global Life Americas Reinsurance Company | 47 | $138,568 |
| Milliman, Inc. | 43 | $127,540 |
| RGA Enterprise Services Company | 41 | $123,096 |
| Cigna Health and Life Insurance Company | 40 | $115,221 |
| Aon Consulting, Inc. | 35 | $138,355 |
Filing Trend
| Year | Filings | Avg Wage |
|---|---|---|
| 2020 | 85 | $117,020 |
| 2021 | 106 | $128,124 |
| 2022 | 87 | $134,866 |
| 2023 | 231 | $137,113 |
| 2024 | 458 | $137,406 |
| 2025 | 515 | $135,737 |
| 2026 | 40 | $10,711,385 |
Key Skills
| Skill | Importance | Level |
|---|---|---|
| Reading Comprehension | 4.2 | |
| Mathematics | 4.2 | |
| Judgment and Decision Making | 4.2 | |
| Critical Thinking | 4.2 | |
| Complex Problem Solving | 4.0 | |
| Active Listening | 4.0 | |
| Systems Evaluation | 4.0 | |
| Speaking | 3.9 | |
| Systems Analysis | 3.9 | |
| Writing | 3.5 |
Knowledge Areas
| Knowledge | Importance |
|---|---|
| Mathematics | 4.9 |
| Computers and Electronics | 4.0 |
| Economics and Accounting | 3.8 |
| English Language | 3.7 |
| Law and Government | 3.0 |
| Administration and Management | 2.9 |
| Education and Training | 2.4 |
| Personnel and Human Resources | 2.3 |
Education Requirements
| Education Level | % of Workers |
|---|---|
| Bachelor's degree | 78.6% |
| Master's degree | 10.7% |
| First professional degree (MD, JD) | 10.7% |
Typical Tasks
- 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 improvements to 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.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Technology Skills
Green = Hot Technology in demand
C++ IBM SPSS Statistics Microsoft Access Microsoft Excel Microsoft Office software Microsoft Power BI Microsoft PowerPoint Microsoft Project Microsoft SQL Server Microsoft Visio Microsoft Visual Basic Microsoft Visual Basic for Applications VBA Microsoft Word Oracle Database Oracle Java
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