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Career and Education Opportunities for Actuaries in San Antonio, Texas

Actuaries can find many career and educational opportunities in the San Antonio, Texas area. Currently, 700 people work as actuaries in Texas. This is expected to grow 18% to about 830 people by 2016. This is not quite as good as the national trend for actuaries, which sees this job pool growing by about 21.4% over the next eight years. 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.

Income for actuaries is about $41 hourly or $86,580 annually on average in Texas. Nationally, their income is about $40 hourly or $84,810 per year. Incomes for actuaries are better than in the overall category of Statistics Analysis in Texas, and better than the overall Statistics Analysis category nationally. Actuaries work in a variety of jobs, including: actuarial associate, insurance actuary, and actuarial mathematician.

The San Antonio area is home to forty schools of higher education, including one within twenty-five miles of San Antonio where you can get a degree as an actuary. Actuaries usually hold a Bachelor's degree, so you can expect to spend about four years training to become 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 San Antonio 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

The University of Texas at San Antonio - San Antonio, TX

The University of Texas at San Antonio, One UTSA Circle, San Antonio, TX 78249-1644. The University of Texas at San Antonio is a large university located in San Antonio, Texas. It is a public school with primarily 4-year or above programs. It has 28,413 students and an admission rate of 93%. The University of Texas at San Antonio has a bachelor's degree program in Actuarial Science which graduated two 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: San Antonio, Texas

San Antonio, Texas
San Antonio, Texas photo by Zereshk

San Antonio is situated in Bexar County, Texas. It has a population of over 1,351,305, which has grown by 18.1% in the past ten years. The cost of living index in San Antonio, 80, is well below the national average. New single-family homes in San Antonio are valued at $174,900 on average, which is near the state average. In 2008, 2,665 new homes were constructed in San Antonio, down from 4,253 the previous year.

The three most popular industries for women in San Antonio are health care, educational services, and accommodation and food services. For men, it is construction, accommodation and food services, and health care. The average commute to work is about 24 minutes. More than 21.6% of San Antonio residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.9%, is higher than the state average.

The unemployment rate in San Antonio is 6.6%, which is less than Texas's average of 8.1%.

The percentage of San Antonio residents that are affiliated with a religious congregation, 65.1%, is more than both the national and state average. El Buen Samaritano United Methodist Church, Pentecostal Holiness Church and Pentecostal Home Missionary Church are all churches located in San Antonio. The most common religious groups are the Catholic Church, the Southern Baptist Convention and the Charismatic Churches Independent.

San Antonio is home to the Monte Vista Residential Historic District and the Main and Military Plazas Historic District as well as Kennedy Park and Buckeye Park. Shopping centers in the area include Windsor Park Mall, Windsor Park Shopping Center and Wonderland Shopping Center. Visitors to San Antonio can choose from Alpha Hotel, Alamo Executive Suites Inc and Chevy Chase Apartments & Townhomes for temporary stays in the area.