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Career and Education Opportunities for Actuaries in St. Louis, Missouri

Many educational and employment opportunities exist for actuaries in the St. Louis, Missouri area. About 330 people are currently employed as actuaries in Missouri. By 2016, this is expected to grow 11% to about 370 people employed. This is not quite as good as the nation as a whole, where employment opportunities for actuaries are expected to grow by about 21.4%. 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.

The average wage in the general category of Statistics Analysis jobs is $31 per hour or $65,502 per year in Missouri, and an average of $36 per hour or $74,836 per year nationwide. Actuaries work in a variety of jobs, including: actuarial associate, actuarial consultant, and actuarial analyst.

There are two schools within twenty-five miles of St. Louis where you can study to be an actuary, among seventy-one schools of higher education total in the St. Louis area. Given that the most common education level for actuaries is a Bachelor's degree, it will take about four years to learn 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. Louis 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

Lindenwood University - Saint Charles, MO

Lindenwood University, 209 S Kingshighway, Saint Charles, MO 63301-1695. Lindenwood University is a large university located in Saint Charles, Missouri. It is a private not-for-profit school with primarily 4-year or above programs. It has 10,253 students and an admission rate of 40%. Lindenwood University has a bachelor's degree and a master's degree program in Actuarial Science.

Maryville University of Saint Louis - Saint Louis, MO

Maryville University of Saint Louis, 650 Maryville University Drive, Saint Louis, MO 63141-7299. Maryville University of Saint Louis is a small university located in Saint Louis, Missouri. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,522 students and an admission rate of 54%. Maryville University of Saint Louis has a bachelor's degree and a master's degree program in Actuarial Science which graduated zero and five students respectively 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. Louis, Missouri

St. Louis, Missouri
St. Louis, Missouri photo by Dschwen

St. Louis is located in St. Louis City County, Missouri. It has a population of over 354,361, which has grown by 1.8% over the last ten years. The cost of living index in St. Louis, 83, is well below the national average. New single-family homes in St. Louis are priced at $111,600 on average, which is far less than the state average. In 2008, one hundred fifty-seven new homes were built in St. Louis, down from two hundred sixty-one the previous year.

The top three industries for women in St. Louis are health care, educational services, and accommodation and food services. For men, it is accommodation and food services, construction, and educational services. The average travel time to work is about 25 minutes. More than 19.1% of St. Louis residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.6%, is lower than the state average.

The unemployment rate in St. Louis is 10.9%, which is greater than Missouri's average of 8.9%.

Nativity of Our Lord Church, Church of the Good Shepard and Church of the Holy Communion are among the churches located in St. Louis.

St. Louis is home to the Terminal Railroad Association Building and the Memorial Home as well as Washington Park and Willmore Park. Shopping malls in the area include Hampton Village Shopping Center and Loughborough Shopping Center.