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 Oklahoma City, Oklahoma

Actuaries can find many career and educational opportunities in the Oklahoma City, Oklahoma area. The national trend for actuaries sees this job pool growing by about 21.4% over the next eight years. 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.

A person working as an actuary can expect to earn about $24 per hour or $51,870 yearly on average in Oklahoma and about $40 per hour or $84,810 annually on average in the U.S. as a whole. Compared with people working in the overall category of Statistics Analysis, people working as actuaries in Oklahoma earn more. They earn more than people working in the overall category of Statistics Analysis nationally. Actuaries work in a variety of jobs, including: consulting actuary, actuarial associate, and actuarial analyst.

There is one school within twenty-five miles of Oklahoma City where you can study to be an actuary, among forty-four schools of higher education total in the Oklahoma City area. Actuaries usually hold a Bachelor's degree, so 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 Oklahoma City 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 Central Oklahoma - Edmond, OK

University of Central Oklahoma, 100 N University Dr, Edmond, OK 73034. University of Central Oklahoma is a large university located in Edmond, Oklahoma. It is a public school with primarily 4-year or above programs. It has 13,724 students and an admission rate of 69%. University of Central Oklahoma has a bachelor's degree program in Actuarial Science which graduated five 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: Oklahoma City, Oklahoma

Oklahoma City, Oklahoma
Oklahoma City, Oklahoma photo by CPacker

Oklahoma City is located in Oklahoma County, Oklahoma. It has a population of over 551,789, which has grown by 9.0% in the past ten years. The cost of living index in Oklahoma City, 82, is well below the national average. New single-family homes in Oklahoma City cost $142,600 on average, which is below the state average. In 2008, 1,474 new homes were built in Oklahoma City, down from 2,559 the previous year.

The three most popular industries for women in Oklahoma City are health care, educational services, and accommodation and food services. For men, it is construction, public administration, and accommodation and food services. The average travel time to work is about 21 minutes. More than 24.0% of Oklahoma City residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 8.1%, is higher than the state average.

The unemployment rate in Oklahoma City is 6.5%, which is less than Oklahoma's average of 7.1%.

The percentage of Oklahoma City residents that are affiliated with a religious congregation, 65.7%, is more than both the national and state average. Grace Place Baptist Church, Grace Presbyterian Church and Grace United Methodist Church are some of the churches located in Oklahoma City. The most prominent religious groups are the Southern Baptist Convention, the United Methodist Church and the Catholic Church.

Oklahoma City is home to the Colonial Square and the 50 Penn Place as well as Rotary Park and River Park. Shopping malls in the area include 240 Plaza Shopping Center, 74 South Shopping Center and Council Crossings Shopping Center. Visitors to Oklahoma City can choose from Rodeway Inn Oklahoma City, Harvey Janitorial Sales and Market Source for temporary stays in the area.