Actuaries
Overview
Snapshot
Summary
Actuaries analyse mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning.
Tasks
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Defines, analyses and solves complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends.
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Examines financial projections for general insurance companies, finance companies, government and other organisations.
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Designs new types of policies, assesses risks and analyses investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas.
Characteristics
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University
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Analytical
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Administrative
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Sedentary
Outlook
JSA produces employment projections to show where likely future job opportunities may be. Employment projections data are only produced for occupations at the broad four digit Australian and New Zealand Standard Classification of Occupations (ANZSCO) level. While data are not available for this occupation, projections data are available for the parent occupation, Actuaries, Mathematicians and Statisticians, under the outlook section.
Earnings and hours
Working arrangements
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Around 88% of people employed as Actuaries work full-time hours, in all their jobs combined. This is 22 percentage points above the all jobs average (66%).
Full-time workers work an average of 43 hours per week in their main job. This is similar to the all jobs average (44 hours per week).
Sources:Full-time share and full-time hours: ABS, 2016 Census, customised report. Compared to the all jobs average.
Industries
Main industries
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Most Actuaries work in the Financial and insurance services industry. They are also employed in industries like:
- Professional, scientific and technical services
- Public administration and safety
- Administrative and support services.
Source: Based on ABS Census 2016, Customised Report.
Regions
Employment across Australia
NSW
VIC
QLD
SA
WA
TAS
NT
ACT
Employment by State and Territory (% Share)
State | Actuaries | All Jobs Average |
---|---|---|
NSW | 72.5 | 31.6 |
VIC | 19.4 | 25.6 |
QLD | 4.3 | 20.0 |
SA | 1.0 | 7.0 |
WA | 1.2 | 10.8 |
TAS | 0.2 | 2.0 |
NT | 0.2 | 1.0 |
ACT | 1.2 | 1.9 |
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Around 97% of Actuaries live in capital cities, compared with the all jobs average of 62%.
New South Wales has a large share of employment relative to its population size.
The regions with the largest share of workers are:
- Sydney - North Sydney and Hornsby
- Sydney - City and Inner South
- Sydney - Ryde
- Sydney - Inner West
- Sydney - Eastern Suburbs.
Source: Based on ABS Census 2016, Customised Report. Share of workers across Australian states, territories and regions, in this job compared to the all jobs average.
Worker profile
Age and gender
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The median age of Actuaries is 33 years. This is younger than the all jobs average of 40 years.
A large share of workers are aged 25 to 34 years.
Females make up 34% of the workforce. This is 14 percentage points below the all jobs average of 48%.
Source: Based on ABS Census 2016, Customised Report. Age profile and gender share compared to the all jobs average.
Age Profile (% Share)
Age Bracket | Actuaries | All Jobs Average |
---|---|---|
15-19 | 0.2 | 5.0 |
20-24 | 11.1 | 9.3 |
25-34 | 45.1 | 22.9 |
35-44 | 23.0 | 22.0 |
45-54 | 12.7 | 21.6 |
55-59 | 4.1 | 9.0 |
60-64 | 1.8 | 6.0 |
65 and Over | 2.1 | 4.2 |
Median Age | 33 | 40 |
Source: Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.
Employment Pathways
Education, training and experience
A bachelor degree in actuarial studies or actuarial science is needed to work as an Actuary. Many workers have a postgraduate qualification.
Registration with the Actuaries Institute is required.
Visit
- Course Seeker to search and compare higher education courses.
- ComparED to compare undergraduate and postgraduate student experiences and outcomes.
Highest Level of Education (% Share)
Type of Qualification | Actuaries | All Jobs Average |
---|---|---|
Post Graduate/Graduate Diploma or Graduate Certificate | 26.5 | 10.1 |
Bachelor degree | 69.7 | 21.8 |
Advanced Diploma/Diploma | 0.4 | 11.6 |
Certificate III/IV | 0.2 | 21.1 |
Year 12 | 3.2 | 18.1 |
Year 11 | 0.0 | 4.8 |
Year 10 and below | 0.0 | 12.5 |
Source: ABS Census 2016, Customised Report. Highest qualification completed by workers in this job (in any field of study). Qualifications needed by new workers might be different from the qualifications of workers already in the job.
Skills and Knowledge
Employers look for Actuaries, Mathematicians and Statisticians who have strong attention to detail, can communicate clearly and can work well in a team.
Skills
Skills can be improved through training or experience.
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70%
MathematicsUsing maths to solve problems.
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68%
Critical thinkingThinking about the pros and cons of different ways to solve a problem.
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68%
Judgment and decision makingFiguring out the pros and cons of different options and choosing the best one.
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64%
Complex problem solvingNoticing a problem and figuring out the best way to solve it.
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64%
Reading comprehensionReading work related information.
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64%
Systems analysisFiguring out how a system should work and how changes in conditions, operations, and the environment will affect it.
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64%
Systems evaluationMeasuring how well a system is working and how to improve it.
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63%
Active listeningListening to others, not interrupting, and asking good questions.
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59%
Active learningBeing able to use what you have learnt to solve problems now and again in the future.
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59%
WritingWriting things for co-workers or customers.
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57%
SpeakingTalking to others.
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54%
PersuasionTalking people into changing their minds or their behaviour.
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52%
Learning strategiesFiguring out the best way to teach or learn something new.
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52%
Management of financial resourcesFiguring out how money is needed to do something, and keeping track of the money that's being spent.
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52%
MonitoringKeeping track of how well work is progressing so you can make changes or improvements.
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50%
Operations analysisUnderstanding needs and product requirements to create a design.
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50%
InstructingTeaching people how to do something.
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48%
Social perceptivenessUnderstanding why people react the way they do.
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48%
Coordination with othersBeing adaptable and coordinating work with other people.
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48%
Time managementManaging your own and other peoples' time to get work done.
Knowledge
These are important topics, subjects or knowledge areas.
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97%
MathematicsArithmetic, algebra, geometry, calculus, or statistics.
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76%
Economics and accountingEconomics and accounting, the financial markets, banking and checking and reporting of financial data.
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74%
Computers and electronicsCircuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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65%
Administration and managementBusiness principles involved in strategic planning, leadership, and coordinating people and resources.
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61%
English languageEnglish language including the meaning and spelling of words, rules of composition, and grammar.
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53%
Personnel and human resourcesRecruiting and training people, managing pay and other entitlements (like sick leave), and negotiating pay and conditions.
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52%
Law and governmentHow our laws and courts work. Government rules and regulations, and the political system.
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50%
Sales and marketingShowing, promoting, and selling including marketing strategy, product demonstration, sales techniques, and sales control systems.
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48%
Education and trainingCurriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
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44%
Customer and personal serviceUnderstanding customer needs, providing good quality service, and measuring customer satisfaction.
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37%
ClericalWord processing, managing files and records, stenography and transcription, designing forms, and other office work.
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36%
Communications and mediaMedia production, communication, and dissemination. Includes written, spoken, and visual media.
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29%
PsychologyHuman behaviour; differences in ability, personality, and interests; learning and motivation; research methods; assessing and treating disorders.
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29%
GeographyDescribing land, sea, and air, including their physical characteristics, locations, how they work together, and the location of plant, animal, and human life.
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23%
Sociology and anthropologyGroup behaviour and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.
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20%
Technical designDesign techniques, tools, and principles used to make detailed technical plans, blueprints, drawings, and models.
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16%
Production and processingRaw materials, production processes, quality control, costs, and ways of making and distributing goods.
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15%
Medicine and dentistryDiagnose and treat human injuries, diseases, and deformities, including preventive health-care measures.
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15%
Public safety and securityUse of equipment, rules and ideas to protect people, data, property, and institutions.
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9%
TelecommunicationsTransmission, broadcasting, switching, control, and operation of telecommunications systems.
Abilities
Workers use these physical and mental abilities..
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71%
Working with numbersAdd, subtract, multiply, or divide.
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70%
Oral expressionCommunicate by speaking.
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70%
Written comprehensionRead and understand written information.
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68%
MathematicsChoose the right maths method or formula to solve a problem.
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66%
Deductive reasoningUse general rules to find answers or solve problems logically.
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64%
Oral comprehensionListen to and understand what people say.
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63%
Inductive reasoningUse lots of detailed information to come up with answers or make general rules.
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63%
Near visionSee details that are up-close (within a few feet).
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63%
Problem spottingNotice when something is wrong or is likely to go wrong, even if you can't solve the problem.
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61%
Written expressionWrite in a way that people can understand.
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59%
Sorting or orderingOrder or arrange things in a pattern or sequence (e.g., numbers, letters, words, pictures, mathematical operations).
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57%
BrainstormingCome up with a number of ideas about a topic, even if the ideas aren't very good.
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57%
Speech claritySpeak clearly so others can understand you.
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55%
CategorisingCome up with different ways of grouping things.
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54%
Speech recognitionIdentify and understand the speech of another person.
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52%
Selective attentionPay attention to something without being distracted.
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52%
OriginalityCome up with unusual or clever ideas, or creative ways to solve a problem.
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48%
Flexibility of closureSee a pattern (a figure, object, word, or sound) hidden in other distracting material.
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43%
Far visionSee details that are far away.
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43%
Perceptual speedUse your eyes to quickly compare groups of letters, numbers, pictures, or other things.
Activities
These are kinds of activities workers regularly do in this job.
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96%
Making sense of information and ideasLooking at, working with, and understanding data or information.
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90%
Collecting and organising informationCompiling, coding, categorizing, calculating, tabulating, auditing, or checking information or data.
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88%
Making decisions and solving problemsUsing information to work out the best solution and solve problems.
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82%
Researching and investigatingLooking for, getting and understanding different kinds of information.
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81%
Explaining things to peopleHelping people to understand and use information.
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81%
Keeping your knowledge up-to-dateKeeping up-to-date with technology and new ideas.
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81%
Thinking creativelyUsing your own ideas for developing, designing, or creating something new.
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76%
Checking compliance with standardsDeciding whether events or processes comply with laws, regulations, or standards.
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76%
Giving expert adviceProviding guidance and expert advice to management or other groups.
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76%
Planning and prioritising workDeciding on goals and putting together a detailed plan to get the work done.
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74%
Communicating within a teamGiving information to co-workers by telephone, in writing, or in person.
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74%
Working with computersUsing computers to program, write software, set up functions, enter data, or process information.
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70%
Communicating with the publicGiving information to the public, business or government by telephone, in writing, or in person.
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67%
Coming up with systems and processesDeciding on goals and figuring out what you need to do to achieve them.
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66%
Building good relationshipsBuilding good working relationships and keeping them over time.
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66%
Looking for changes over timeComparing objects, actions, or events. Looking for differences between them or changes over time.
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65%
Coaching and developing othersWorking out the needs of others and coaching, mentoring, or helping them to improve.
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64%
Estimating amounts, costs and resourcesWorking out sizes, distances, amounts, time, costs, resources, or materials needed for a task.
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63%
Guiding and directing staffGuiding and directing staff, including setting and monitoring performance standards.
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58%
Documenting or recording informationEntering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
Interests and demands
Learn about the daily activities, and physical and social demands faced by workers. Explore the values and work styles that workers rate as most important.
Interests
Interests are the style or type of work we prefer to do. All interest areas are shown below.
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86%
AdministrativeFollowing set procedures and routines. Working with numbers and details more than with ideas, usually following rules.
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62%
AnalyticalIdeas and thinking. Searching for facts and figuring out problems in your head.
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48%
EnterprisingStarting up and carrying out projects. Leading people and making many decisions. Sometimes require risk taking and often deal with business.
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29%
PracticalPractical, hands-on work. Often with plants and animals, or materials like wood, tools, and machinery.
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24%
CreativeWorking with forms, designs and patterns. Often need self-expression and can be done without following rules.
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14%
HelpingWorking with people. Helping or providing service to others.
Values
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71%
Working conditionsJob security and good working conditions. There is usually a steady flow of interesting work, and the pay and conditions are generally good.
-
67%
AchievementResults oriented. Workers are able to use their strongest abilities, giving them a feeling of accomplishment.
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67%
IndependenceWork alone and make decisions. Workers are able to try out their own ideas, make decisions on their own, and work with little or no supervision.
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62%
RecognitionAdvancement and the potential to lead. Workers are recognised for the work that they do, they may give directions and instructions to others, and they are looked up to in their company and their community.
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62%
SupportSupportive management that stands behind employees. Workers are treated fairly by their company, they are supported by management, and have supervisors who train them well.
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52%
RelationshipsServe and work with others. Workers usually get along well with each other, do things to help other people, and are rarely pressured to do things that go against their sense of right and wrong.
Demands
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100%
Electronic mailUse electronic mail.
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96%
TelephoneTalk on the telephone.
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96%
Face-to-face discussionsTalk with people face-to-face.
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96%
Spend time sittingSpend time sitting at work.
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95%
Indoors, heat controlledWork indoors with access to heating or cooling.
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92%
Being exact or accurateBe very exact or highly accurate.
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90%
Impact of decisionsMake decisions that have a large impact on other people.
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85%
Freedom to make decisionsHave freedom to make decision on your own.
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83%
Unstructured workHave freedom to decide on tasks, priorities, and goals.
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80%
TeamworkWork with people in a group or team.
-
78%
Frequent decision makingFrequently make decisions that impact other people.
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77%
Letters and memosWrite letters and memos.
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76%
Contact with peopleHave contact with people by telephone, face-to-face, or any other way.
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74%
CompetitionCompete with others, or be aware of competitive pressures.
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73%
Time pressureWork to strict deadlines.
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67%
Responsible for outcomesTake responsibility for the results of other people's work.
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65%
Consequence of errorWork where mistakes have serious consequences.
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65%
Lead or coordinate a teamLead others to do work activities.
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59%
Automation of tasksDo tasks that are mostly automated.
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57%
Conflict situationsDeal with conflict or disagreements.
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
The skills and importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 15-2011.00 - Actuaries.
Links and downloads
Research and reports
The Skills Priority List provides a current labour market rating and a future demand rating for nearly 800 occupations nationally. Current labour market ratings are available for occupations at a state and territory level.
Downloads
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Occupation profiles data are available for download.
The Employment Projections are available for download.