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Career and Education Opportunities for Actuaries in St. Paul, Minnesota

If you want to be an actuary, the St. Paul, Minnesota area offers many opportunities both for education and employment. There are currently 290 working actuaries in Minnesota; this should grow 23% to 360 working actuaries in the state by 2016. This is better than the nation as a whole, where employment opportunities for actuaries are expected to grow by about 21.4%. Actuaries generally analyze statistical data, such as mortality, accident, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits.

Income for actuaries is about $44 hourly or $91,540 annually on average in Minnesota. Nationally, their income is about $40 per hour or $84,810 annually. Earnings for actuaries are better than earnings in the general category of Statistics Analysis in Minnesota and better than general Statistics Analysis category earnings nationally. Jobs in this field include: actuarial associate, product development actuary, and insurance actuary.

There are seventy-seven schools of higher education in the St. Paul area, including two within twenty-five miles of St. Paul where you can get a degree to start your career as an actuary. Actuaries usually hold a Bachelor's degree, so you can expect to spend about four years studying to be an actuary if you already have a high school diploma.

CAREER DESCRIPTION: Actuary

Actuary video from the State of New Jersey Dept. of Labor and Workforce Development

In general, actuaries analyze statistical data, such as mortality, accident, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. They also may ascertain premium rates required and cash reserves necessary to ensure payment of future benefits.

Actuaries ascertain premium rates required and cash reserves and liabilities needed to insure payment of future benefits. They also decide on or help decide on company policy, and explain complex technical matters to company executives or the public. Equally important, actuaries have to analyze statistical data to estimate mortality and retirement rates. They are often called upon to collaborate with programmers and senior management to help companies design plans for new lines of business or improving existing business. They are expected to testify in court as expert witnesses or to furnish legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident. Finally, actuaries testify before public agencies on proposed legislation affecting businesses.

Every day, actuaries are expected to be able to deal with basic arithmetic problems. They need to articulate ideas and problems. It is also important that they read and understand documents and reports.

It is important for actuaries to furnish advice to customers on a contract basis, working as a consultant. They are often called upon to decide on policy contract provisions for each type of insurance. They also decide on equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies. They are sometimes expected to furnish expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings. Somewhat less frequently, actuaries are also expected to oversee credit and help price corporate security offerings.

Actuaries sometimes are asked to construct probability tables for events such as fires and unemployment, on the basis of analysis of statistical data and other pertinent data. and explain changes in contract provisions to clients. And finally, they sometimes have to furnish advice to customers on a contract basis, working as a consultant.

Like many other jobs, actuaries must be able to absorb the factors involved and a problem and provide a well thought out solution and have exceptional integrity.

Similar jobs with educational opportunities in St. Paul include:

  • Operations Research Analyst. Formulate and apply mathematical modeling and other optimizing methods using a computer to develop and interpret information that assists management with decision making, policy formulation, or other managerial functions. May develop related software, service, or products. Frequently concentrates on collecting and analyzing data and developing decision support software. May develop and supply optimal time, cost, or logistics networks for program evaluation, review, or implementation.

EDUCATIONAL OPPORTUNITIES: Actuary Training

University of Minnesota-Twin Cities - Minneapolis, MN

University of Minnesota-Twin Cities, 100 Church Street SE, Minneapolis, MN 55455-0213. University of Minnesota-Twin Cities is a large university located in Minneapolis, Minnesota. It is a public school with primarily 4-year or above programs. It has 51,140 students and an admission rate of 53%. University of Minnesota-Twin Cities has a bachelor's degree program in Actuarial Science.

University of St Thomas - Saint Paul, MN

University of St Thomas, 2115 Summit Ave, Saint Paul, MN 55105-1078. University of St Thomas is a large university located in Saint Paul, Minnesota. It is a private not-for-profit school with primarily 4-year or above programs. It has 10,960 students and an admission rate of 81%. University of St Thomas has a bachelor's degree program in Actuarial Science which graduated fifteen students in 2008.

CERTIFICATIONS

Certified Pension Consultant: The Certified Pension Consultant (CPC) credential is designed for benefits professionals working in plan administration, pension actuarial administration, insurance, and financial planning.

For more information, see the American Society of Pension Professionals and Actuaries website.

Qualified 401(k) Administrator: The Qualified 401(k) Administrator (QKA) credential is conferred by ASPPA to retirement plan professionals who work primarily with 401(k) plans.

For more information, see the American Society of Pension Professionals and Actuaries website.

Associateship in the Casualty Actuarial Society: Candidates for Associateship in the Casualty Actuarial Society must fulfill the examination requirements by successful completion of, or credit for, Exams 1-7, and have credit by Validation by Educational Experience (VEE) for the required topics of economics, corporate finance, and applied statistical methods.

For more information, see the Casualty Actuarial Society website.

Associate of the Society of Actuaries: An Associate of the Society of Actuaries has demonstrated knowledge of the fundamental concepts and techniques for modeling and managing risk.

For more information, see the Society of Actuaries website.

LOCATION INFORMATION: St. Paul, Minnesota

St. Paul, Minnesota
St. Paul, Minnesota photo by Gridge

St. Paul is located in Ramsey County, Minnesota. It has a population of over 279,590, which has shrunk by 2.6% in the past ten years. The cost of living index in St. Paul, 99, is near the national average. New single-family homes in St. Paul are valued at $213,300 on average, which is well below the state average. In 2008, thirty new homes were built in St. Paul, down from seventy-four the previous year.

The three most popular industries for women in St. Paul are educational services, health care, and finance and insurance. For men, it is educational services, professional, scientific, and technical services, and construction. The average commute to work is about 21 minutes. More than 32.0% of St. Paul residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 12.0%, is higher than the state average.

The unemployment rate in St. Paul is 7.4%, which is greater than Minnesota's average of 7.0%.

The percentage of St. Paul residents that are affiliated with a religious congregation, 61.3%, is more than both the national and state average. Zion Church, Convent of the Visitation and Saint Paul Cathedral are some of the churches located in St. Paul. The most prominent religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the Baptist General Conference.

St. Paul is home to the Saint Paul Orphange and the Wilder Center as well as Terrace Park and East View Playground.