Actuaries, Mathematicians and Statisticians

What the job involves

• Defining, analysing and solving complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends
• Examining financial projections for general insurance companies, finance companies, government and other organisations
• Designing new types of policies, assessing risks and analysing investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas
• Formulating mathematical models to simulate processes
• Applying models to experimental observations, and adjusting and recasting the models
• Using numerical analysis methods to develop algorithms and perform computations
• Liaising with management and clients to determine the subject or area to be surveyed or examined
• Specifying the data to be collected, and the methodology to be used in collection and analysis
• Evaluating and describing the reliability and utility of source information
• Analysing and interpreting data, and producing relevant statistics to describe and infer particular trends and patterns

Key values of workers in Actuaries, Mathematicians and Statisticians

• Achievement

  Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.

• Recognition

  Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.

• Working Conditions

  Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.

• Relationships

  Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.

• Support

  Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

Top skills required for workers in Actuaries, Mathematicians and Statisticians

• Critical Thinking

  Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.

• Reading Comprehension

  Understanding written sentences and paragraphs in work-related documents.

• 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.

• Complex Problem Solving

  Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.

• Speaking

  Talking to others to convey information effectively.