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Actuaries

OaSIS code 21210.03

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

Overview

Also known as

  • Actuary
  • Consulting actuary
  • Insurance actuary

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

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

Work characteristics

Work characteristics gathers the various components describing the work environment of each occupation, such as employers, work activities, and the work context. Each category displays up to 10 descriptors in descending order based, firstly, on their attributed ratings by the level of complexity (for Work Activities) or other measurement dimensions (for Work Context), and secondly, in alphabetical order. The whole list of descriptors and their ratings can be expanded at the bottom of each page.

Work Activities

Proficiency or complexity level
Analyzing Data or Information
5 - Highest Level
Estimating the Quantifiable Characteristics
5 - Highest Level
Evaluating Information to Determine Compliance
5 - Highest Level
Getting Information
5 - Highest Level
Interpreting the Meaning of Information for Others
5 - Highest Level

Work Context

Structural Job Characteristics

Structured versus Unstructured Work
Degree of freedom to determine tasks and priorities
3 - Moderate amount of freedom
Work Week Duration
Worked hours in a typical week
2 - Between 35 to 40 hours

Physical Work Environment

Physical Proximity
Physical distance from others
3 - Somewhat close (e.g. share office)

Physical Demands

Sitting
Duration
5 - All the time, or almost all the time
Standing
Duration
1 - Very little time
Bending or Twisting the Body
Duration
1 - Very little time

Interpersonal Relations

Contact with Others
Frequency
4 - Every day, a few times per day
Duration
3 - About half the time
Work with Work Group or Team
Importance
3 - Important
Frequency
4 - Every day, a few times per day

Workplaces/employers

  • Banks and trust companies
  • Governments
  • Insurance companies
  • Pension benefit consulting firms
  • Professional associations
  • Science and engineering consulting firms
  • Self-employed
  • Universities

Skills and abilities

This section displays the various competencies required for an occupation. Each category displays up to 10 descriptors in descending order based, firstly, on their attributed ratings by the level of proficiency (for Skills and Abilities) or importance (for Personal Attributes) and secondly, in alphabetical order. The whole list of descriptors and their ratings can be expanded at the bottom of each page.

Abilities

Proficiency or complexity level
Deductive Reasoning
5 - Highest Level
Inductive Reasoning
5 - Highest Level
Information Ordering
5 - Highest Level
Mathematical Reasoning
5 - Highest Level
Numerical Ability
5 - Highest Level

Skills

Proficiency or complexity level
Critical Thinking
5 - Highest Level
Digital Literacy
5 - Highest Level
Evaluation
5 - Highest Level
Management of Financial Resources
5 - Highest Level
Numeracy
5 - Highest Level

Personal Attributes

Importance
Analytical Thinking
5 - Extremely important
Attention to Detail
5 - Extremely important
Adaptability
4 - Highly important
Collaboration
4 - Highly important
Independence
4 - Highly important