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Career and Education Opportunities for Actuaries in West Valley City, Utah

There are many career and education opportunities for actuaries in the West Valley City, Utah area. About seventy people are currently employed as actuaries in Utah. By 2016, this is expected to grow 22% to ninety people employed. This is better than the national trend for actuaries, which 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.

Income for actuaries is about $36 hourly or $76,220 per year on average in Utah. Nationally, their income is about $40 per hour or $84,810 per year. Compared with people working in the overall category of Statistics Analysis, people working as actuaries in Utah earn more. They earn more than people working in the overall category of Statistics Analysis nationally. Jobs in this field include: pricing actuary, product development actuary, and pricing analyst.

There is one school within twenty-five miles of West Valley City where you can study to be an actuary, among thirty-three schools of higher education total in the West Valley City area. 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 West Valley 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

Brigham Young University - Provo, UT

Brigham Young University, Main Campus, Provo, UT 84602. Brigham Young University is a large university located in Provo, Utah. It is a private not-for-profit school with primarily 4-year or above programs. It has 34,227 students and an admission rate of 69%. Brigham Young University has a bachelor's degree program in Actuarial Science which graduated one student 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: West Valley City, Utah

West Valley City, Utah
West Valley City, Utah photo by Joe Tordiff

West Valley City is situated in Salt Lake County, Utah. It has a population of over 123,447, which has grown by 13.4% in the past ten years. The cost of living index in West Valley City, 87, is well below the national average. New single-family homes in West Valley City are valued at $108,600 on average, which is far less than the state average. In 2008, ninety-eight new homes were constructed in West Valley City, down from two hundred thirty-five the previous year.

The three most popular industries for women in West Valley City are finance and insurance, health care, and educational services. For men, it is construction, accommodation and food services, and administrative and support and waste management services. The average travel time to work is about 23 minutes. More than 11.4% of West Valley City residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 2.8%, is lower than the state average.

The unemployment rate in West Valley City is 8.3%, which is greater than Utah's average of 6.3%.

The percentage of West Valley City residents that are affiliated with a religious congregation, 67.5%, is more than the national average but less than the state average. The Church of Jesus Christ of Latter Day Saints, Atonement Lutheran Church and Saints Peter and Paul Catholic Church are some of the churches located in West Valley City. The most common religious groups are the LDS (Mormon) Church, the Catholic Church and the Southern Baptist Convention.

West Valley City is home to the Valley Indoor Market Place and the Mini Warehouse Condominium. Shopping malls in the area include Redwood Shopping Center, Valley Fair Mall and Granger Shopping Center.