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OaSIS 2025 Version 1.0
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21210.03 – Actuaries

Actuaries apply mathematics, statistics, probability and risk theory to assess potential financial impacts of future events.

Overview

Example job titles

  • Actuary
  • Consulting actuary
  • Insurance actuary

Core competencies

  • Numeracy to construct probability tables used to calculate premium rates and policy values
  • Critical Thinking and Problem Solving to evaluate future risks associated with premiums, contributions and benefits for insurance policies, pension and superannuation plans
  • Mathematical Reasoning and Numerical Ability to apply mathematical models to forecast and calculate the probable future costs of insurance and pension benefits
  • Inductive Reasoning to assist investment fund managers in portfolio asset allocation decisions and risk management based on forecasted economic changes
  • Attention to Detail to review insurance policies and asset allocation to determine necessary modifications based on changing circumstances
  • Knowledge in Accounting to understand complex accounting terms, money management methods and theories to conduct research and advance understanding in the field

Main duties

This group performs some or all of the following duties:

  • Apply mathematical models to forecast and calculate the probable future costs of insurance and pension benefits
  • Design life, health, and property insurance policies, and calculate premiums, contributions and benefits for insurance policies, and pension and superannuation plans
  • May assist investment fund managers in portfolio asset allocation decisions and risk management. They also use these techniques to provide legal evidence on the value of future earnings.

Additional information

  • With experience, actuaries may progress to managerial positions in consulting, insurance and finance. They may also be self-employed.

Similar occupations classified elsewhere

Exclusions:

  • Financial advisors (11102)
  • Financial and investment analysts (11101)
  • Financial auditors and accountants (11100)
  • Financial managers (10010)
  • Insurance, real estate and financial brokerage managers (10020)
  • Other financial officers (11109)

NOC hierarchy breakdown

NOC version

NOC 2021 Version 1.0

Broad occupational category

2 – Natural and applied sciences and related occupations

TEER

1 – Occupations usually require a university degree

Major group

21 – Professional occupations in natural and applied sciences

Sub-major group

212 – Professional occupations in applied sciences (except engineering)

Minor group

2121 – Mathematicians, statisticians, actuaries and data scientists

Unit group

21210 – Mathematicians, statisticians and actuaries

Occupational profile

21210.03 – Actuaries

O*NET in-it

This page includes information from the O*NET 27.2 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. Employment and Social Development Canada has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications.