Finance / Accounting

Actuary

Overview

An actuary is responsible for analyzing data and using statistical models to evaluate and manage financial risks. They work with insurance companies, financial institutions, and other organizations to assess risk and make recommendations for managing risk.

Actuaries use their knowledge of statistics and finance to analyze data and predict the likelihood of future events, such as accidents, natural disasters, or changes in financial markets. They then use this information to help their clients make informed decisions about financial risk management, including developing insurance products, setting premiums, and managing investment portfolios.

Common tasks 

    TaskRelated trait(s)
    Collecting and analyzing data Excellence Conscientiousness 
    Designing and managing insurance policies  Creativity – Optimizing solutions
    Assessing financial risks Excellence Conscientiousness Curiosity  Creativity – Optimizing solutions
    Developing financial models Excellence Conscientiousness  Creativity – Optimizing solutions
    Communicating findings Calmness Presenting with confidence
    Testifying as expert witness  Presenting with confidence
    Collaborating with other professionals Calmness Presenting with confidence
    Ensuring compliance with policies and procedures 

    Soft skills measured by TraitForward

    TraitNo of QuestionsCronbach’s  alpha (α)
    Excellence100.80
    Do they raise the bar for self (and others)?
    Conscientiousness110.82
    Do they have a desirable work ethic?
    Curiosity80.74
    Are they curious and inquisitive?
    Calmness60.80
    Can they keep their composure?
    Cautiousness60.70
    Do they think before they act and speak?
    Creativity – Optimizing solutions100.82
    Can they come up with insights and ideas to find solutions for old or new problems?
    Presenting with confidence50.74
    Do they feel at ease in social situations?
    *Cronbach’s alpha coefficient (α) determines the extent to which the questions consistently measure each trait and it is expressed as a number ranging between 0 and 1 . Higher values indicate higher agreement between questions.  A value of α equal to greater than .7 indicates acceptable reliability or internal consistency.  For more information on the psychometric properties of the solution, please click here.

    Did you Know?

    Source: US Department of Labor – Bureau of Labor Statistics

    Median wage: 

    $105,900 / per year

    $51 / hour

    A relatively low annual wage is $63,620 (10th percentile)

    A relatively high salary of the annual wage is $206,820 (90th percentile)

    Expected employment growth:

    Number of professionals occupied in US in 2021: 28.3 K

    Projected number of professionals occupied in US in 2031: 34.2 K

    Employment percent change: 5,9%

    Find out the psychometric properties for the Actuary Traitforward questionnaire

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