Popular Careers

Career Development

Career development resources for aspiring professionals.

Career Change Center

Career change guides, tutorials and resources for professionals in transition.

Job Search Resources

Job search resources, websites, guides and directories for job seekers.


Career and Education Opportunities for Actuaries in Cleveland, Ohio

If you want to be an actuary, the Cleveland, Ohio area offers many opportunities both for education and employment. Currently, 760 people work as actuaries in Ohio. This is expected to grow by 26% to 960 people by 2016. This is better than 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.

A person working as an actuary can expect to earn about $38 hourly or $79,740 per year on average in Ohio and about $40 per hour or $84,810 yearly on average in the U.S. as a whole. Earnings for actuaries are better than earnings in the general category of Statistics Analysis in Ohio and better than general Statistics Analysis category earnings nationally. Jobs in this field include: pricing actuary, health actuary, and actuarial analyst.

There are 103 schools of higher education in the Cleveland area, including one within twenty-five miles of Cleveland where you can get a degree to start your career as an actuary. The most common level of education for actuaries is a Bachelor's degree. 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 Cleveland 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

Kent State University Kent Campus - Kent, OH

Kent State University Kent Campus, , Kent, OH 44242-0001. Kent State University Kent Campus is a large university located in Kent, Ohio. It is a public school with primarily 4-year or above programs. It has 22,944 students and an admission rate of 80%. Kent State University Kent Campus has a master's degree program in Actuarial Science which graduated thirteen 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: Cleveland, Ohio

Cleveland, Ohio
Cleveland, Ohio photo by FlickreviewR

Cleveland is situated in Cuyahoga County, Ohio. It has a population of over 433,748, which has shrunk by 9.3% over the last ten years. The cost of living index in Cleveland, 81, is well below the national average. New single-family homes in Cleveland are valued at $94,100 on average, which is far less than the state average. In 2008, one hundred nine new homes were built in Cleveland, down from one hundred eighty-four the previous year.

The three big industries for women in Cleveland are health care, accommodation and food services, and educational services. For men, it is metal and metal products, construction, and accommodation and food services. The average travel time to work is about 26 minutes. More than 11.4% of Cleveland residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 3.8%, is lower than the state average.

The unemployment rate in Cleveland is 10.5%, which is greater than Ohio's average of 10.0%.

The percentage of Cleveland residents that are affiliated with a religious congregation, 57.8%, is more than both the national and state average. Hellenic Orthodox Church of the Annunciation, Abyssinia Baptist Church and Highland Christian Church are among the churches located in Cleveland. The largest religious groups are the Catholic Church, the United Methodist Church and the American Baptist Churches in the USA.

Cleveland is home to the Mastick Woods Golf Course and the Dock Number 32 as well as Shaker Square Historic District and Newton Avenue Historic District. Shopping malls in the area include Shaker-Moreland Shopping Center, Shaker Square Shopping Center and Clark West 30th Shopping Center. Visitors to Cleveland can choose from Hilton Garden Inn Cleveland Gateway, Airport Sheraton and Extended Stayamerica for temporary stays in the area.