Some have also been involved in accounting, computer programming and long-term planning. Other actuaries are independent consultants who advise private companies (and sometimes governments) on the design and costs of pension programs, and on a variety of other employee benefit agreements. Actuarial science depends on statistics and probability, and is concerned with predicting a large number of financial and investment figures. Insurance companies often hire people with this type of training, which helps to set premium amounts based on people's age, driving history and location, among other things.
In the government sector, actuaries generally work with pension payments and social assistance distribution. They can also deal with government investments, in particular bonds, which predict long-term asset growth based on fixed factors. Bond projections are often made in accordance with the Bernoulli hypothesis, which seeks to balance risks. The GS-6 is the starting salary for Actuarial Science jobs.
Here are some other Federal Government jobs that can be filled by employees with a GS-6 salary. The information provided on these pages comes from the Office of Personnel Management (OPM) Enterprise Human Resources Integration (EHRI) data set. Postal Service data is managed exclusively by the USPS. All information is shown unchanged and as provided by the source agency.
Federal employee salaries are public information under open government laws (5 U.S. USA, USA). FederalPay provides this data for the sake of government transparency. Employee data cannot be used to make commercial requests or sell products of any kind.
Learn more about the FederalPay employee data set here. FederalPay is a free public resource site and is not affiliated with the United States government or any government agency. The minimum salary grade for a job in Actuarial Science is GS-6, and the highest salary grade that can be achieved within this series of jobs is GS-15. There are pension actuaries at Pension Benefit Guarantee Corp (PBGC) and the Office of Personnel Management (OPM). I imagine that the government has CAS actuaries on staff for federal flood and terrorism insurance programs.
There, there is a complete agency, the “Department of Government Actuaries”, with the sole function of providing expert actuarial services to all branches and divisions of government. Most governments hire senior actuarial staff to manage high-level risk analysis for a variety of different transactions. Led by Pete Zouras and a team of experienced actuaries, the Office of the Actuary (OACT) provides actuarial experience and ensures the soundness of the Funds, which provide essential benefits to the military community. This is often considered to save money and time, especially in situations where actuarial calculations do not generate daily or year-round work.
Local governments and community agencies sometimes hire more inexperienced actuaries, but in general, the job of a government actuary is a kind of elite position. Actuaries are often hired directly out of school for this agency and usually find many opportunities for professional growth and development over time. It is not clear how many of them are accredited or how many accredited actuaries could work for the government in a different position. There are a couple of hundred actuarial scientists in the federal government, with the largest number (9) in the PBGC.
The DoD Actuary Office provides actuarial experience in all matters related to military compensation and benefits. A government actuary is a person trained in actuarial science who is employed by a government agency or office. The Office works in support of the DoD Board of Actuaries and the Department of Defense's Board of Retired Health Care Actuaries who meet Medicare requirements. .
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