Actuaries
Skills & Knowledge
Most Important Skills for Actuaries
- Mathematics—Using mathematics to solve problems.
- Making Decisions—Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Thinking Critically—Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Reading—Understanding written sentences and paragraphs in work related documents.
- Solving Complex Problems—Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Evaluating a System or Organization—Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
- Understanding a System or Organization—Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
- Learning New Things—Understanding the implications of new information for both current and future problem-solving and decision-making.
- 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.
Most Important Knowledge Areas for Actuaries
- 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.
- 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.
- 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.
- Personnel and Human Resources—Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
- Education and Training—Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
- Sales and Marketing—Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
- Customer and Personal Service—Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Interests
Different careers may be a good fit for your personality or interests. This career is:
- Conventional—Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
- Investigative—Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Learn more about your interests. Take the MnCareers Interest Assessment.
Describe Your Skills
People who have worked in this career typically perform the following tasks.
These statements can help a prospective employer understand what you can do, on a resume or during an interview.
- Analyzing data or information.
- Compiling, calculating, tabulating, or otherwise processing information.
- Making decisions or solving problems.
- Using computers.
- Collecting information from different sources.
- Evaluating information to determine compliance with standards.
- Keeping up-to-date with new knowledge.
- Communicating with supervisors, co-workers, or people that work under you.
Careers that Use Similar Skills
The following careers use skills, knowledge, and abilities that are similar to those used for Actuaries.
View more careers in the Finance cluster
View more careers in the Insurance pathway
This page includes information from the O*NET 24.2 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.
Source: You can learn about our data sources in the About Us section.
